SAN DIEGO — CBRE has brokered the $1.9 million sale of a 9,840-square-foot strip center in San Diego. The seven-tenant property, located at 3280 Main St., is 83 percent leased. Joel Wilson, Reg Kobzi and Michael Peterson of CBRE represented the seller, 1987 Butler Living Trust, in the transaction. Curtis Gabhart of KW Commercial represented the buyer, Jehan Enterprises.
NORTH BERGEN, N.J. — Urban Edge Properties (NYSE: UE) has obtained a $100 million loan to refinance Tonnelle Commons, a 410,015-square-foot retail power center in the New York City suburb of North Bergen. The Class A center is located at 2100 88th St. at the corner of Tonnelle Avenue. Tonnelle Commons is fully leased to 16 tenants. Anchors include Walmart, BJ’s Wholesale Club, PetSmart and Staples. Other tenants include Applebee’s, the Vitamin Shoppe, GameStop, SuperCuts and Mattress Firm. The property was built in 2009 less than 10 miles from Midtown Manhattan and four miles from the entrance to the New Jersey Turnpike. The center is situated at the northern edge of Hudson County, the most densely populated county in New Jersey. HFF’s debt placement team, led by Scott Aiese and Mike Tepedino , secured the 10-year, non-recourse, fixed-rate loan. Urban Edge Properties is a REIT that manages, acquires, develops and redevelops retail real estate in urban communities, primarily in the New York metropolitan region. The REIT’s stock closed at $24.93 per share on Thursday, May 11, down from $27.38 one year ago. — Nellie Day
PORTLAND, ORE. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has arranged a total of $24.3 million in financing for the acquisition of Hawthorne Gardens and Pacific Pointe Retirement Inn, both seniors housing communities located in Portland. The two nonrecourse bridge loans included $12 million for the 58-unit Hawthorne Gardens and $12.3 million for the 114-unit Pacific Pointe. The buyer and seller were not disclosed. Grandbridge’s Richard Thomas and Meredith Davis negotiated the financing. The company’s proprietary lending platform, BB&T Real Estate Funding’s structured loan product. Hawthorne Gardens was most recently sold in September 2015 for $10.8 million.
SOUTHERN CALIFORNIA — Meridian Capital Group has arranged $39 million in bridge loans to refinance of a two-property, 355-bed skilled nursing portfolio in Southern California. The specific names and locations of the properties were not disclosed. A national balance sheet lender is providing the capital for the three-year loans. The financing features interest-only payments for two years and an 85 percent loan-to-value ratio. The borrower has owned both properties for more than 10 years. Ari Adlerstein, Ari Dobkin and Josh Simpson, all based in Meridian’s New York City headquarters, negotiated the transaction.
MENLO PARK, CALIF. — Pacific Biosciences of California has leased space at the 180,000-square-foot Menlo Park Labs life science building. The space is located at 1305 O’Brien Drive. The structure was formerly an Office Max distribution facility. Other tenants at the lab include Refuge Biotechnologies and AccuraGen. The space will serve as Pacific Biosciences’ corporate headquarters. The firm leased the space through 2027. The landlord is Tarlton Properties.
GLENDALE, ARIZ. — Investment bank HJ Sims has provided $5.1 million in financing for the construction of an independent living community in the Phoenix suburb of Glendale. An affiliate of Sante Partners is developing the property, which has not yet been named. Once completed, a large, national operator will manage the community. This will be Sante’s sixth development. The financing is structured as a mezzanine loan and preferred equity investment.
SEATTLE — Seattle-based Nordstrom Inc. has hired Anne Bramman as chief financial officer (CFO), effective June 2, 2017. Bramman comes to Nordstrom from Avery Dennison Corp. where she has served as senior vice president and CFO since 2015. She has an extensive financial leadership background in a variety of industries, including retail. Mike Koppel retired as the company’s CFO on May 1, 2017, after 16 years and will continue to support Nordstrom in a consulting and advisory role through the end of the year. Nordstrom Inc. is a fashion specialty retailer. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 353 stores in 40 states, including 122 full-line stores in the United States, Canada and Puerto Rico; 220 Nordstrom Rack stores; two Jeffrey boutiques; and two clearance stores.
CHICAGO — Ivanhoé Cambridge and Callahan Capital Properties have acquired 125 S. Wacker Drive in downtown Chicago for $145 million. The 576,000-square-foot office building is situated at the corner of South Wacker Drive and West Adams Street in the West Loop. The property features a variety of tenant amenities, including a fitness center, conference center, quick-serve restaurant and financial services. The 31-story tower was originally constructed as a headquarters facility for Northern Trust. The new owners plan to make upgrades to the lobby, elevators and other amenities.
HOUSTON — McCord Development has broken ground on Lockwood Business Park, a 25-acre industrial flex campus situated within Generation Park, a 4,000-acre, master-planned development in northeast Houston. The industrial project will comprise three buildings totaling approximately 163,000 square feet built on a speculative basis. Completion of Lockwood Business Park is scheduled for the first half of 2018, according to the Houston Business Journal.
SAN ANTONIO — Castle Lanterra Properties has purchased Agave, a 349-unit, Class A multifamily community located at 633 S. Saint Mary’s St. near downtown San Antonio. The property, which was built in 2016, features amenities such as a resort-style pool, outdoor kitchen and gaming area, fitness center and a yoga studio. A joint venture between Greystar and asset management firm The Carlyle Group sold the property to Castle Lanterra for an undisclosed price.
