Property Type

LTC Purchases Assisted Living Community in Athens for $14.3M

by John Nelson July 14, 2016

ATHENS, GA. — LTC Properties Inc., a seniors housing and healthcare REIT, has acquired Village at Athens, a 70-unit assisted living and memory care community in Athens, for $14.3 million. The seller, Atlanta-based developer and operator Thrive Senior Living, finished construction of the community in May. Thrive will stay on to operate under the new ownership. This is the third seniors housing partnership between LTC and Thrive, and the companies expect to open two more developments by year’s end. Village at Athens features 50 assisted living units and 20 memory care units. Home of the University of Georgia, Athens is located approximately 70 miles east of Atlanta.

July 14, 2016

Florida Loans Multifamily Southeast

KeyBank Arranges $12.3M Loan for Apartment Complex in Jacksonville

by John Nelson July 14, 2016

JACKSONVILLE, FLA. — KeyBank Real Estate Capital has arranged a $12.3 million loan for City Ridge Apartments, a 288-unit property in Jacksonville that was built in 1972. Tom Peloquin of KeyBank’s commercial mortgage group arranged the loan, which was used to refinance a bridge loan used to acquire the property in September 2015.

July 14, 2016

California Hospitality Top Stories Western

Carey Watermark Investors 2 Purchases San Jose Marriott in Silicon Valley for $154M

by John Nelson July 14, 2016

SAN JOSE, CALIF. — Carey Watermark Investors 2 Inc. (CWI 2), a non-traded lodging REIT, has acquired the San Jose Marriott for $154 million. The recently renovated hotel includes 510 guestrooms and is located in downtown San Jose, one of Silicon Valley’s strongest lodging markets. CWI 2 financed the acquisition using $88 million of senior debt. Built in 2004, the San Jose Marriott features 23,000 square feet of meeting and event space, three food and beverage outlets, a concierge lounge, business center, fitness center and an outdoor swimming pool. “Given the limited supply of institutional-quality assets in the Silicon Valley market, the San Jose Marriott represented a unique investment opportunity,” says Michael Medzigian, CEO of CWI 2. “The property is the newest hotel in downtown San Jose and the acquisition adds a top-performing, well-located asset in a high growth market with high barriers to entry to CWI 2’s portfolio.” The hotel is connected to the newly renovated and expanded San Jose McEnery Convention Center and is in close proximity to San Jose State University and attractions such as the Tech Museum of Innovation, the San Jose Museum of Modern Art and the SAP Center, home of the NHL’s San Jose …

July 14, 2016

Features Office Top Stories

San Francisco Remains Top Tech Market, But Cost of Living Boosts Other Metros, Says CBRE

by John Nelson July 14, 2016

LOS ANGELES — The San Francisco Bay Area remains the nation’s leading tech market, but the competition for talent is getting tougher as more highly skilled tech workers — especially Millennials — are flocking to cities where the cost of living is lower and tech jobs are plentiful, according to CBRE Group Inc.’s (NYSE: CBG) research report, “Scoring Tech Talent.” The annual report ranks 50 U.S. and Canadian markets according to their ability to attract and grow tech talent. To appeal to skilled talent at a lower cost of doing business, both new and expanding companies are establishing footprints in more affordable markets — including Nashville, Charlotte, Tampa, Seattle and Phoenix — leading to a rise in demand for office space and a decrease in office vacancy. “Tech talent markets share several distinct characteristics, including high concentrations of college-educated workers, major universities producing tech graduates and large Millennial populations,” said Colin Yasukochi, who authored the report on behalf of CBRE Research. “The robust entrance of Millennials into the labor pool contributed greatly to the growth in tech talent across all 50 downtown markets in our ranking this year.” Tech Talent Scorecard Established tech markets, namely the San Francisco Bay Area, …

July 14, 2016

Market Reports Michigan Midwest Midwest Market Reports Retail

Creativity is Driving Force Behind Keeping Metro Detroit Retail Market Fresh

by Christina Cannon July 14, 2016

To get a sense of what is happening in Southeast Michigan retail these days, the place to start looking is the past. It’s interesting and important to recognize that the seeds of many of the retail trends manifesting themselves today were planted years ago. Fortunately, the overall retail marketplace in Southeast Michigan remains generally strong. The marketplace may change over time, but one constant that remains unaltered is that quality rises to the top. Thoughtfully designed and developed retail projects in favorable locations have always done well — and that has remained the case through recessionary ups and downs and the whims of a consumer base that can be quick to change. Rethinking e-commerce Today, one of the most discussed topics of conversation for any retailer is the competitive pressure of the online and mobile marketplace. The convenience of virtual transactions, the rise of Internet powers like Amazon, and an increasingly tech-savvy population of shoppers who are comfortable and confident shopping online for a wider variety of goods and services has prompted the vast majority of brick-and-mortar retailers to work hard to carve out their own space in the digital marketplace. Online and mobile growth has had less of a …

July 14, 2016

Multifamily New Mexico Student Housing Western

Signet Development, UNM Break Ground on $35M Student Housing Community

by Nellie Day July 13, 2016

ALBUQUERQUE, N.M. — Signet Development, in partnership with the University of New Mexico (UNM), has broken ground on Lobo Rainforest, a $35 million, 160,000-square-foot living-learning community located within the planned Innovate ABQ district in downtown Albuquerque. The six-story property will house over 300 UNM students studying in entrepreneurial education programs. Signet will own and develop the property through a lease arrangement with UNM, which will manage and operate the facility. The property will also be home to UNM’s Innovation Academy, meeting and collaboration rooms, and several business startup organizations including Innovate New Mexico and STC.UNM’s Joseph L. Cecchi VentureLab business incubator. Other tenants will include the Air Force Research Laboratory and various retail outlets. Dekker/Perich/Sabatini is the architect for the project, and Jaynes Cos. is the construction group. The property is scheduled for completion in August 2017.

July 13, 2016

Colorado Multifamily Seniors Housing Western

Rocky Mountain Senior Housing Taps OZ Architecture to Design 111-Unit Assisted Living Community in Colorado

by Nellie Day July 13, 2016

GOLDEN, COLO. — Rocky Mountain Senior Living has hired OZ Architecture to design Golden Lodge Assisted Living, a 111-unit assisted living and memory care community in the Denver suburb of Golden. The community will feature two buildings – a 65,000-square-foot, four-story assisted living community with 75 units, and a 24,000-square-foot, single-story memory care community with 36 units. Colorado-based Vivage Senior Living will operate the community once it is completed. Construction is scheduled to begin in the fourth quarter of 2016 for completion in the fall of 2017. OZ Architecture is a Colorado-based design firm.

July 13, 2016

California Retail Western

Hanley Investment Group Arranges $15M Sale of Grocery-Anchored Center in Ukiah

by Nellie Day July 13, 2016

UKIAH, CALIF. — Hanley Investment Group has arranged the $15 million sale of Ukiah Crossroads, a 106,460-square-foot shopping center located in Ukiah. Ed Hanley and Kevin Fryman of Hanley represented both the buyer, a San Pedro, Calif.-based private investor, and the seller, Columbus Pacific Properties, in the 1031 exchange transaction. Raley’s Supermarkets anchors the 98 percent occupied center, which is also home to Dollar Tree, O’Reilly Auto Parts, Rue 21, Rent-A-Center, U.S. Cellular and Advance America. The purchase also included a developable 1.39-acre pad site.

July 13, 2016

California Office Western

Covington Capital Management Renews Office Lease in Downtown LA

by Nellie Day July 13, 2016

LOS ANGELES — Covington Capital Management has renewed its lease for 17,122 square feet of office space in downtown Los Angeles. The space is located at 601 S. Figueroa St., within the Figueroa at Wilshire building. The property was built in 1990. The renewal was for 10 years. Jonathan Larsen, Eric Moore and Chandler Larsen of Avison Young represented the wealth management firm. The landlord, Brookfield Office Properties, was represented in-house by John Barganski and Marin Turney.

July 13, 2016

Loans Multifamily Student Housing Texas

NorthMarq Capital Arranges Financing for Student Housing Community in San Marcos

by Haisten Willis July 13, 2016

SAN MARCOS, TEXAS — Steve Whitehead and Lee Weaver of NorthMarq Capital have arranged acquisition financing for Villagio Apartments, a 492-unit student housing property located at 1850 Aquarena Springs Drive in San Marcos. The financing was structured with a seven-year term with one year of interest-only payments followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.

July 13, 2016

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