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HFF Arranges $210M Financing for 10-Property Retail Portfolio

by Katie Sloan

PITTSBURGH — Pittsburgh-based HFF has arranged $210 million in first lien financing for a 10-property retail portfolio totaling 973,985 square feet in Arizona, California, Kansas, North Carolina and Texas. Kevin MacKenzie, Jim Curtin, Cory Fowler, Jamie Kline and Lauren LaFever of HFF worked on behalf of the borrower, Westwood Financial Corp., to place a 10-year, $110 million, fixed-rate portfolio loan with a life insurance company and a $100 million senior credit facility with Wells Fargo Bank’s Real Estate Capital Markets Group. The loans were secured in correlation with Westwood’s recent $1.2 billion consolidation and reorganization. The $110 million loan was secured against six retail assets including the 79,575-square-foot Village Plaza in Phoenix; the 65,054-square-foot Plaza Del Rio in San Juan Capistrano, Calif.; the 103,124-square-foot Stateline Village in Prairie Village, Kan.; the 46,789-square-foot Hebron Parkway Plaza in Carrollton, Texas; the 226,414-square-foot Old Town Shopping Center in Dallas; and the 79,226-square-foot Steelecroft Shopping Center in Charlotte, N.C. Tenants at the 91 percent-leased portfolio include Harris Teeter, Sprouts, Hy-Vee, Tom Thumb, Vons, PetSmart, LA Fitness and Michaels. The assets included in the Wells Fargo credit facility included the 77,031-square-foot Camelback Village anchored by AJ’s Fine Foods in Phoenix; the 89,506-square-foot Mercado Del Rancho …

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CaliforniaRetailWestern

Colliers Arranges $70M Sale of 220 Post Street in San Francisco

by Nellie Day

SAN FRANCISCO — Colliers International has arranged the sale of 220 Post Street, a 37,500-square-foot retail building located in the Union Square neighborhood of San Francisco, for over $70 million. Saks Fifth Avenue currently occupies the property, but will vacate the location in October. An undisclosed Taiwanese investor sold the property to Los Angeles-based Angelo, Gordon & Co. Julie Taylor, Tony Crossley, Tim Maas, Darren Kuiper and Frank Wheeler of Colliers International represented the seller in the transaction. The Colliers team worked alongside China capital expert Yang Chen to negotiate the sale.

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CaliforniaLoansMultifamilySeniors HousingWestern

Dekel Provides $16.1M for Development of 130-Unit Assisted Living Community in Thousand Oaks

by Nellie Day

THOUSAND OAKS, CALIF. — Dekel Strategic Investors, the equity fund of Dekel Capital, has provided $16.1 million for the development of Sage Mountain Senior Living, a 130-unit assisted living and memory care community in the Los Angeles suburb of Thousand Oaks. The four-story, 58,154-square-foot facility will feature 98 assisted living units and 32 memory care units. Construction started earlier this month for scheduled completion in early 2018. Los Angeles-based bank Dekel Capital launched Dekel Strategic Investors in January 2014, and has invested more than $100 million through the platform so far.

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CaliforniaRetailWestern

CBRE Arranges $14M Sale of Retail Strip Center in San Diego

by Nellie Day

SAN DIEGO — CBRE has arranged the $14 million sale of Taco Bell and Shops, an 18,175-square-foot retail strip center in San Diego. Tenants at the center include Taco Bell, El Pollo Loco, Pick Up Stix, AT&T and T-Mobile. Philip Voorhees, Jimmy Slusher, Megan Wood, Matt Burson, Kirk Brummer, Preston Fetrow, John Read and Reg Kobzi of CBRE represented the seller, Los Angeles-based MVR LLC. David Lachoff of Newmark Grubb Knight Frank represented the buyer, an undisclosed, California-based private investor.

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ArizonaMultifamilySeniors HousingWestern

Boston Capital Invests in Rehabilitation of Affordable Seniors Housing Communities in Arizona

by Nellie Day

KINGMAN, ARIZ. — Boston Capital has invested an undisclosed amount of capital for the rehabilitation of Kingman Heights Apartments and Amy Neal Retirement Center, two affordable seniors housing communities in Kingman, located approximately midway between Phoenix and Las Vegas. The two communities feature a total of 57 units. Tax credit equity from the Low Income Housing Tax Credit (LIHTC) program will help fund the rehabilitation. The Foundation for Senior Living (FSL), a nonprofit senior living organization, owns the communities. This will be Boston Capital’s sixth partnership with FSL. Kingman Heights features seven one-story buildings containing 33 one-bedroom units and a community building. Amy Neal Retirement Center features four one-story buildings containing four studios and 20 one-bedroom units and a community building. After the rehabilitation, units will feature central air conditioning, blinds, ceiling fans, microwaves and patios. Improvements will also feature the installation of new smoke detectors, windows, doors, flooring, cabinets, kitchen appliances and roll-in showers. Boston Capital is a Boston-based investment and advisory firm specializing in affordable housing.

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CaliforniaLoansRetailWestern

HFF Arranges $5.5M in JV Equity for Oliveira Plaza in Port Hueneme

by Nellie Day

PORT HUENEME, CALIF. — HFF has arranged $5.5 million in joint venture equity for the acquisition of Oliveira Plaza, a 116,000-square-foot shopping center located in the Southern California community of Port Hueneme. The center consists of six single-story buildings that are 92 percent leased to tenants including Big Lots, Bank of America, Rite Aid, Citibank, West Marine, Dollar Tree, Panda Express and Carl’s Jr. Greg Brown and Jamie Kline of HFF worked on behalf of Progression REI to arrange the joint venture equity with an institutional equity investor.

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MultifamilyNew YorkNortheast

Red Apple, Mc Gowan Complete Construction at The Margo in Brooklyn

by Jaime Lackey

NEW YORK CITY — Red Apple Group and Mc Gowan have completed construction at The Margo, a 15-story, mixed-use building featuring 228 apartments and ground-floor retail space at 180 Myrtle Avenue in downtown Brooklyn. Construction management firm Mc Gowan oversaw construction of the 250,000-square-foot building for developer Red Apple Group. Dattner Architects designed the property. Features include south-facing gardens and terraces, an exercise room, playroom and lounge. More than 10,600 square feet of commercial space anchors the first floor, along with a community area. Additionally, the building has approximately 133 ground-floor parking spaces with the capacity to increase available parking through the use of stackers. The building also features a 114-space bicycle room. Tenants began moving into the building in early September.

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IndustrialMassachusettsNortheast

Stubblebine/CORFAC Handles 163,000 SF Lease in Massachusetts Build-to-Suit Project

by Jaime Lackey

WEST BOYLSTON, MASS. — The Stubblebine Company/CORFAC International has arranged a 163,000-square-foot lease at 70 Hartwell Street West Boylston for Curtis Industries, which produces tractors and mowers, as well as recreation and work vehicles. David and James Stubblebine, Al Ringuette, and Rob Stave of The Stubblebine Company represented landlord D & S Realty LLP in the transaction and procured the tenant. The transaction included an existing 53,000-square-foot building and an addition of 110,000 square feet of 24-foot clear high bay distribution space. The expansion will be completed in July 2017.

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LoansMultifamilyNew YorkNortheast

Meridian Capital Group Arranges $34 Million Acquisition Loan for Brooklyn Multifamily Property

by Jaime Lackey

NEW YORK CITY— Meridian Capital Group has arranged $34 million in acquisition financing for the purchase of a multifamily property with retail and parking, located at the intersection of the Bedford Stuyvesant, Clinton Hill and Williamsburg neighborhoods in Brooklyn. The six-story property, located at 756 Myrtle Avenue, comprises 72 units; 17,000 square feet of retail space on the ground floor, partially occupied by Duane Reade; and a 48-car parking garage. Sam Shifer of Meridian negotiated the five-year loan, which provided by a regional balance sheet lender and features a fixed-rate of 3.25 percent as well as an interest-only component.

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New YorkNortheastOffice

HFF Brokers $8 Million Sale of Two Hudson Valley Office Buildings

by Jaime Lackey

MIDDLETOWN, NEW YORK — Holliday Fenoglio Fowler (HFF) has arranged the $8 million sale of two adjacent buildings totaling 68,831 square feet in the Hudson Valley community of Middletown. The two properties, 100 and 110 Crystal Run Road, are located in the healthcare-focused district of Middletown near the recently completed Orange Regional Medical Center. They offer immediate access to Interstate 84 as well as close proximity to Route 17, Interstate 87 and the Port Jervis Line, a commuter rail line offering access to Manhattan. The 43,518-square-foot 100 Crystal Run Road is fully leased to law, consulting and healthcare companies, including DaVita Dialysis Center and Cornerstone Environmental Group, while the 24,380-square-foot 110 Crystal Run Road is 95 percent leased. Tenants include Orange Regional Medical Center and Prime Time Early Learning Center. Rob Hinckley, Stephen Simonelli, Michael Oliver, and Jose Cruz of HFF represented the undisclosed seller.

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