Property Type

Griffin Fine Living Opens 95-Unit Assisted Living Community in Metro Atlanta

by John Nelson October 18, 2016

ROSWELL, GA. — Griffin Fine Living has opened The Georgian Lakeside, a 95-unit assisted living and memory care community in the Atlanta suburb of Roswell. KTGY Architecture + Planning designed the project, which Griffin manages. Canyon Partners Real Estate LLC provided the investment capital. The Georgian is a resort-style community featuring 70 assisted living and 25 memory care units. Amenities include multiple dining options, a private dining room, theater, hair salon, library, physical therapy and private doctors’ examination rooms, along with numerous activity rooms and an exercise facility. Griffin Fine Living provides design, construction, development, marketing and operational management services for seniors housing and multifamily communities. Canyon Partners Real Estate is the real estate direct investing arm of Canyon Partners. The Los Angeles-based company provides debt and equity capital for commercial real estate in primary and secondary markets across the U.S. KTGY Architecture + Planning is an architecture firm with offices in Chicago, Denver, Irvine, Los Angeles, Oakland, Pune and Tysons.

October 18, 2016

Georgia Loans Multifamily Southeast

NXT Capital Provides $17M Acquisition Loan for Apartment Community in Georgia

by John Nelson October 18, 2016

GAINESVILLE, GA. — NXT Capital has provided a $17 million acquisition loan for Park Creek Apartments, a 200-unit, garden-style apartment community in Gainesville. Situated near Lake Lanier, the Class B property features gated access, a business center, laundry facility, fitness center and a swimming pool. Park Creek also offers a playground, two lighted tennis courts, car care center, grilling/picnic areas and 20 garage spaces. Melissa Marcolini Quinn of NorthMarq Capital’s Orlando office arranged the loan through NXT Capital on behalf of the borrower.

October 18, 2016

North Carolina Retail Southeast

Slate Retail REIT Buys Shopping Center in Metro Charlotte for $16.7M

by John Nelson October 18, 2016

MOORESVILLE, N.C. — Slate Retail REIT, a Toronto-based owner and operator of U.S. grocery-anchored properties, has acquired Mooresville Town Square, a Lowes Foods-anchored retail center in Mooresville, a northern suburb of Charlotte. The publicly traded REIT purchased the asset for $16.7 million, or $186 per square foot. The shopping center was 88 percent leased at the time of sale to tenants such as Famous Toastery, Jimmy Johns, Firestorm Pizza and Fusion Bowl. Mooresville Town Square is the sixth property in North Carolina for Slate Retail REIT.

October 18, 2016

Illinois Midwest Office Top Stories

Beacon Capital Partners Acquires AMA Plaza in Chicago for $467.5 Million

by Katie Sloan October 18, 2016

CHICAGO — Beacon Capital Partners has acquired AMA Plaza, a 1.2 million-square-foot office building and an adjacent 902-stall parking garage, for $467.5 million. The Class A asset is located in the River North neighborhood of Chicago. The office component of the property is located above a 316-room Langham Hotel, which was not included in the sale. The hotel is housed on levels two through 13 of the building. The LEED Gold-certified property is situated on the banks of the Chicago River, and is a designated Chicago landmark listed on the National Register of Historic Places. It is also the last and largest American building designed by German-American architect Ludwig Mies van der Rohe. The building was 96-percent leased at the time of sale to tenants including the American Medical Association, the law firm of Latham & Watkins LLP, SmithBucklin Corp., BDO USA LLP and Swanson, Martin & Bell LLP. Originally opened in 1973, the property recently underwent $73.8 million in renovations including the addition of all new mechanical systems, elevators, HVAC, restrooms and a green Roof. Jaime Fink, Jeff Bramson, Mark Katz, Michael Kavanau, John Pelusi, Gerard Sansosti and Patrick Shields of HFF represented the seller, an affiliate of Five …

October 18, 2016

Arizona Market Reports Retail Western Western Market Reports

Retail Occupancy Rises in Phoenix

by Camren Skelton October 18, 2016

As we approach the fourth quarter of 2016, the Phoenix retail market is experiencing its lowest vacancy rates since 2008. Vacancy has dropped to just under 9 percent, a slight improvement from the start of 2015, while rental rates have climbed 0.8 percent to $14.53 per square foot. Positive economic indicators such as population growth, a favorable job market, and new-home construction are all contributing toward a healthy retail market in Phoenix. Consumer confidence continues to rise and demand for retail space has become stronger than previous years. Vacant spaces in core locations are being absorbed by national, regional and local retailers as well. Anchor space activity continues to be geared around value-oriented retailers, fitness users, family entertainment concepts and alternative uses. Quick-serve restaurants are the most active tenants in the market. These concepts include Panera Bread, Starbucks, Café Rio, Pieology, MOD Pizza and Jimmy John’s. In addition, new health-conscious restaurants are starting to look at Phoenix for store openings in 2017, such as Ahi Poki, Eat Fit Go, Grabba Green and Nekter. Supermarkets are driving new development in core trade areas of Phoenix, as well as in high-growth markets. Fry’s Food & Drug has started construction on seven new …

October 18, 2016

Office Washington Western

LBA Realty Buys Broadacres Office Building in Seattle for $25.4M

by Nellie Day October 17, 2016

SEATTLE — LBA Realty has purchased the 123,108-square-foot Broadacres office building in Seattle for $25.4 million. The building is located at 1601 2nd Ave., two blocks from Sound Transit-King County Metro’s Westlake station and one block from Pike Place Market. The 10-story property is a value-add, creative office redevelopment opportunity, according to HFF, which represented the seller, Principal Real Estate Investors, in this transaction. Nicholas Kucha led the firm’s team, which marketed the property in partnership with KG Investment Properties.

October 17, 2016

California Office Western

C.W. Driver Companies Completes $55M Sciences Building at Saddleback College in Mission Viejo

by Nellie Day October 17, 2016

MISSION VIEJO, CALIF. — C.W. Driver has completed work on the 81,980-square-foot Sciences Building at Saddleback College in Mission Viejo. The $55 million project is part of a large-scale renovation of the college’s academic and research facilities, aimed at boosting the institution’s environmental sustainability and overall learning experience. The three-story building contains approximately 2,600 square feet of classroom space; 44,400 square feet divided between 26 modern laboratories for academic programs in astronomy, biology, chemistry, geology, marine science, physics and related disciplines; and 1,800 square feet of office space. In addition to the extensive lab space, the building also features a 500-square-foot observatory with 22 student-accessible telescopes.

October 17, 2016

California Retail Western

Faris Lee Arranges $7.8M Sale of CVS/pharmacy in Metro San Francisco

by Nellie Day October 17, 2016

DALY CITY, CALIF. — Faris Lee Investments has arranged the $7.8 million sale of a freestanding, 14,500-square-foot retail property occupied by CVS/pharmacy in Daly City, roughly nine miles outside San Francisco. Rick Chichester, Donald MacLellan and Thomas Chichester of Faris Lee represented the seller, 550 Larkin Street LLC, and the buyer, Barchester Corp., in the 1031 exchange transaction. CVS/pharmacy has 23 years remaining on its lease.

October 17, 2016

California Multifamily Seniors Housing Western

Evans Senior Investments Negotiates $6.5M Sale of Memory Care Community in Costa Mesa

by Nellie Day October 17, 2016

COSTA MESA, CALIF. — Evans Senior Investments has arranged the sale of Villa Rose Memory Care, a 98-bed memory care community in the Los Angeles suburb of Costa Mesa, for $6.5 million. Pacifica Senior Living acquired the property from Sorenson Capital. The purchase price equates to $130,000 per unit. The 31,900-square-foot community underwent a $1.7 million renovation in 2011.

October 17, 2016

California Colorado Midwest North Dakota Retail South Dakota Western

Ross Stores Opens 34 New Locations, Adds 93 Total Stores in 2016

by Nellie Day October 17, 2016

DUBLIN, CALIF. — Ross Stores has opened 25 Ross Dress for Less and nine dd’s DISCOUNTS stores across 16 different states in September and October. These new locations round out the company’s 2016 expansion plans to add approximately 90 locations during the year. Ross Stores, Inc. is headquartered in Dublin, Calif., with 1,342 stores in 36 states, the District of Columbia and Guam. The company also currently operates 193 dd’s DISCOUNTS in 15 states.

October 17, 2016

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