Property Type

Core5 Acquires 173 Acres to Develop 2.5 MSF Industrial Business Park in DeSoto County, Mississippi

by Kristin Harlow March 24, 2017

DESOTO COUNTY, MISS. — Atlanta-based Core5 Industrial Partners has acquired a 173-acre land site to develop DeSoto 55 Logistics Center, a 2.5 million-square-foot business and logistics park in DeSoto County, located just across the state border from Memphis, Tenn. Anticipated development costs will exceed $125 million, according to a news release from the developer. Core5 will immediately begin construction on two speculative buildings of office and warehouse space totaling 883,720 square feet. Both buildings are planned for delivery this fall. The 582,400-square-foot Building A is expandable up to 1.5 million square feet and will offer 36-foot clear heights, 98 trailer storage spaces and 342 car parking spaces. Building B, totaling 301,320 square feet, will feature 32-foot clear heights, 80 trailer storage spaces and 270 auto spaces. Located at U.S. Highway 51, the park will offer close proximity to the I-55 transportation corridor. Upon planned completion by the end of 2019, DeSoto 55 Logistics Center will accommodate over 2.5 million square feet in up to five separate buildings. The acquisition marks Core5’s entry into the greater Memphis market. “After an extensive review of potential development sites and interviews with local employers, it was clear that the location of DeSoto 55 Logistics …

March 24, 2017

Bob Kramer, National Investment Center for Seniors Housing & Care

Features Healthcare Multifamily Seniors Housing Top Stories Western Feature Archive

Seniors Housing Industry Looks for New Ways to Bend Cost Curve, Improve Health Outcomes

by Jeff Shaw March 24, 2017

SAN DIEGO — Breaking down the silos between the traditional real-estate-based seniors housing providers and the growing number of health, wellness and supportive services providers will lead to better health outcomes for residents and slow the long-term growth of medical costs. But it’s a shift that won’t happen overnight. That’s one of the key messages Bob Kramer, founder and CEO of the National Investment Center for Seniors Housing & Care (NIC), aims to deliver. The 2017 NIC Spring Investment Forum, which happened March 22 through March 24 at the Hilton San Diego Bayfront, drew more than 1,600 industry professionals, a record number for the show, including more than 350 first-time attendees. The title of this year’s program was “Unlocking New Value Through Senior Care Collaboration.” Industry leaders are feeling a sense of urgency to tackle this issue. Five percent of Medicare recipients consume half of the federal program’s total expenditures, or about $60,000 per beneficiary, according to Kramer. By comparison, the bottom 20 percent account of Medicare recipients account for under $1,000 per beneficiary. “In terms of bending the cost curve — a favorite phrase in healthcare reform — the initial target is very much understandably on the high-need, high-cost population. They …

March 24, 2017

California Loans Office Western

MetroGroup Realty Finance Secures $34.3M in Acquisition Financing for San Diego Flex Campus

by Nellie Day March 23, 2017

SAN DIEGO — MetroGroup Realty Finance has secured $34.3 million in acquisition financing for a 132,695 square-foot office/flex campus in the Kearney Mesa submarket of San Diego. The complex is located at 9404 Chesapeake Drive and 5775, 5785 & 5788 Roscoe Court. The borrower was Klein Investment Family Limited Partnership, which was involved in a 1031 exchange. The financing included permanent financing for a seven-year term and 25-year amortization schedule and an interest-only bridge loan floating over LIBOR for a one-year term. The campus is fully leased to Cobham Advanced Electronic Solutions, a subsidiary of UK-based Cobham PLC, a technology company for the aerospace and defense industries.

March 23, 2017

California Multifamily Western

Mallard Pointe Apartment Complex in San Francisco Sells for $18.2M

by Nellie Day March 23, 2017

SAN FRANCISCO — A local unidentified private investor has purchased the 22-unit Mallard Pointe apartment complex in the San Francisco submarket of Belvedere has sold to a for $18.2 million. The community is located at 1-22 Mallard Drive. Mallard Pointe was built in 1951 and has been renovated several times during the past five decades. The property is situated on Belvedere Lagoon, directly across from Angel Island, a California state park. Ryan Wagner of Colliers International and Matt Wagner of Paragon Commercial represented both parties in the transaction. The seller was a local private investor who owned the property for almost 80 years.

March 23, 2017

California Office Western

DivcoWest Acquires Historic Office Building in San Jose

by Nellie Day March 23, 2017

SAN JOSE, CALIF. — DivcoWest has acquired 2 West Santa Clara, an 83,896-square-foot historic office building in downtown San Jose, for an undisclosed sum. The building is situated at the corner of West Santa Clara and North First streets. The property was built in 1910 and expanded in 1927 with the addition of a nine-story annex. The asset has been extensively renovated within the past few years. DivcoWest plans to carry out a full rehabilitation to provide smaller tenants with the opportunity to have a full-floor presence. The space served as one of the first examples of steel-framed office construction in California. It was originally the home of First National Bank. The property was also the headquarters for Bank of the West and, later, lumber company Pacific States Industries. Ritchie Commercial represented the buyer and seller in this transaction. The acquisition is part of a joint venture with an investment group led by Gary Dillabough.

March 23, 2017

California Office Western

Ellis Partners, Intercontinental Real Estate Corp. Purchase Oakland Land Parcel for Office Tower Project

by Nellie Day March 23, 2017

OAKLAND, CALIF. — A joint venture between Ellis Partners and Intercontinental Real Estate Corp. has purchased a vacant parcel in downtown Oakland known as 1100 Broadway. The acquisition includes the dilapidated, historic Key System building, which contains 34,000 square feet across seven floors. The JV plans to restore the vacant building and integrate it into a new Class A office tower to be built on the site. The Key System building was constructed in 1911 as the headquarters of the Key System Railway, which transported East Bay residents locally and across the lower deck of the Bay Bridge to San Francisco. The seller, SKS, purchased the lot and vacant building in 2008. JLL’s Capital Markets team of Michel Seifer, Rob Hielscher and Erik Hanson brokered the transaction.

March 23, 2017

Nevada Office Western

Alston Construction Completes IGT Las Vegas Campus Remodel

by Nellie Day March 23, 2017

LAS VEGAS — Alston Construction has completed the $7 million remodel of the International Game Technology (IGT) campus in Las Vegas. The campus is located at 6355 S. Buffalo Drive. The project included a complete remodel of a Class A, three- story office building that features high-tech capabilities and extensive security requirements. The work was finished in six phases to reduce the impact on the more than 700 employees that occupied the campus and were temporarily relocated during construction. Southwest Corporate Park owns the property. It was developed by Panattoni Development.

March 23, 2017

Multifamily Texas

Hunt Mortgage Arranges $62.6M in Loans for Three Multifamily Properties

by Taylor Williams March 23, 2017

LAS COLINAS, SAN ANTONIO AND HOUSTON — Hunt Mortgage Group has arranged three Fannie Mae loans totaling $62.6 million for multifamily properties in Houston, Las Colinas and San Antonio on behalf of Ilan Investments LLC, a Houston-based investment manager. Acquisition financing was secured for Portofino at Las Colinas, a 224-unit complex located at 11601 Lago Vista West in Farmers Branch, and for Vineyard Springs Apartments, a 364-unit property located at 18200 Blanco Springs Road in San Antonio. Additionally, refinancing funds were secured for Thorntree Apartments, a 224-unit complex located at 13502 N. Thorntree Drive in Houston.

March 23, 2017

Retail Texas

Adolfson & Peterson Completes Parking Garage in Downtown Fort Worth

by Taylor Williams March 23, 2017

FORT WORTH, TEXAS — Adolfson & Peterson Construction has completed Cowtown Place Garage, a 312,500-square-foot, nine-story parking deck with 26,000 square feet of retail space on the ground level. Located next to Sundance Square in downtown Fort Worth, the structure houses 850 parking spaces. Woodbranch Investments served as general contractor on the project.

March 23, 2017

Multifamily Seniors Housing Texas

Love Funding Secures $2.6M in Bridge Financing for Seniors Housing Facility in Tomball, Texas

by Taylor Williams March 23, 2017

TOMBALL, TEXAS — Love Funding has arranged a $2.6 million FHA loan to cover the bridge financing for the acquisition of Forever Young Senior Living, an assisted living and memory care facility in Tomball, a northwestern suburb of Houston. Located at 609 S. Pine St., the facility offers a choice of 16 private suites, personal laundry services, private party room and professional hair salon. The loan features a 35-year term with non-recourse financing.

March 23, 2017

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