Top Stories

Maplewood Senior Living, Omega Healthcare Investors Open 23-Story Senior Living Community in Manhattan

by Julia Sanders March 12, 2021

NEW YORK CITY — Maplewood Senior Living and Omega Healthcare Investors Inc. have opened Inspīr Carnegie Hill, a high-rise senior living community in Manhattan’s Upper East Side neighborhood. Inspīr Carnegie Hill rises 23 stories at 1802 Second Ave. The property features 215 units of assisted living and memory care with a range of studio to two-bedroom options and over 50,000 square feet of amenity spaces. Community amenities include a salon, an open-air SkyPark, a lounge, library, fitness center, heated saltwater pool, screening room, two fine dining options with meals included, a 24-hour attended lobby, concierge, Mercedes-Maybach house car available daily and limousine service available upon request. Additionally, the community will offer residents Stage Access, an on-demand streaming platform that delivers performing arts content directly to residents via television or virtual reality. The seniors housing community also has a partnership with The Actors Fund, which integrates entertainment and arts professionals into the rhythm of each day through dance, music, storytelling and acting. Claire Davenport has joined the property’s integrated care team as house geriatrician through a collaboration with the Brookdale Department of Geriatrics and Palliative Medicine at the Icahn School of Medicine at Mount Sinai, which was recently ranked the No. …

March 12, 2021

Arizona Multifamily Top Stories Western

Institutional Property Advisors Brokers $117M Sale of Montreux Multifamily Community in Phoenix

by Katie Sloan March 11, 2021

PHOENIX — Institutional Property Advisors (IPA) has brokered the $117 million sale of Montreux, a 335-unit luxury multifamily property located within the master-planned community of Desert Ridge in Phoenix. Montreux offers a mix of one-, two- and three-bedroom units averaging 1,058 square feet with 9-foot ceilings; sound-absorbing mechanisms that assist in mitigating sound transfer; fiber-optic high-speed internet; keyless entry; and motion sensor management. Shared amenities at the property include a clubhouse, rooftop terrace, creative workshop, game room, fitness center, dog park, two resort-style swimming pools, a business center, and tennis, bocce and pickleball courts. Completed in 2020, Montreux is located adjacent to Loop 101, State Route 51 and Interstate 17 — three of the most traveled freeways in Arizona. It is also near the corporate headquarters for Sprouts Farmers Market and offices for American Express, Vanguard, Nationwide, Axon and the Mayo Clinic Hospital. The community was 60 percent occupied at the time of sale. Steve Gebing and Cliff David of IPA represented the seller, The Statesman Group, in the transaction and procured the buyer, Pacific Development Partners. “The Phoenix MSA continues to be among the fastest-growing metropolitan areas in the nation with a wide range of industries that attract a …

March 11, 2021

Colorado Development Multifamily Top Stories Western

Crescent Communities Plans $181M Apartment Project in Denver’s RiNo Art District

by Kristin Harlow March 10, 2021

DENVER — Crescent Communities has started development of NOVEL RiNo, a $181 million apartment project in Denver’s River North (RiNo) Art District and Cole neighborhood. Located at 1300 40th St., the community will feature 483 multifamily units, 15,800 square feet of retail space with a 2,702-square-foot rooftop cocktail lounge. The property will feature a mix of studio, one- and two-bedroom floor plans, with a portion of the units designated as affordable housing. Community amenities will include a sixth-floor pool deck, three outdoor courtyards, a covered outdoor pavilion and a food truck reserved for resident use. The project will embrace the artistic and industrial history of the neighborhood through art installations by local artists and industrial-inspired architecture, according to the developer. Crescent and its equity partner, Dart Interests, acquired the development site in February from EXDO Development. Sumitomo Mitsui Banking Corp. is providing project financing. “Denver is a place we identified years ago for its long-term potential, and we are excited to find an opportunity that matches our investment criteria,” says Jonathan Winson, senior vice president of investments for Dart. The first residences are slated to open in spring 2023. JLL is managing the retail leasing, additional details of which will …

March 10, 2021

Acquisitions California Office Top Stories Western

Kilroy Realty Agrees to Sell Dropbox-Anchored Office Campus in San Francisco for $1B

by John Nelson March 9, 2021

SAN FRANCISCO — Kilroy Realty Corp. (NYSE: KRC) has agreed to sell The Exchange on Sixteenth, a 750,000-square-foot office campus located at 1800 Owens St. in San Francisco’s Mission Bay neighborhood. The buyer was not disclosed, but the San Francisco Chronicle reported it was KKR, a private equity firm based in New York. The agreed purchase price is a little more than $1 billion, equating to approximately $1,440 per square foot. Kilroy Realty says this is the highest per-square-foot sales price for a “major property” in the history of San Francisco’s commercial real estate market. The Chronicle reports the sale represents the second largest transaction for a single property in the city’s history. “This transaction demonstrates that quality assets in quality locations remain highly attractive to buyers, and in this case generated a record price,” says John Kilroy, chairman and CEO of Kilroy Realty. Software storage giant Dropbox Inc. (NASDAQ: DBX) signed a 15-year lease for its corporate headquarters at the campus in 2017. The San Francisco Business Times reported last summer that the company listed 270,000 square feet of its space at the campus for sublease as the COVID-19 pandemic caused most of its staff to work remotely. Kilroy …

March 9, 2021

Acquisitions California Office Top Stories Western

CIM Group Sells Uptown Station Office Building in Oakland for $419M

by Taylor Williams March 8, 2021

OAKLAND, CALIF. — Los Angeles-based investor and developer CIM Group has sold Uptown Station, a 397,000-square-foot office building in Oakland. Local media outlets including the East Bay Times report that the sales price was $419 million, and that the property sold to Mapletree Investments, which is based in Singapore. The price equates to roughly $1,057 per square foot, which the Times reports would be a record for an Oakland office building. Newmark brokered the deal. Square Inc., a locally based provider of financial services like mobile payments that is headed by Twitter founder Jack Dorsey, occupies the entire eight-story building. The property was originally built in 1929 to house a Sears department store. CIM Group acquired the asset in December 2017 from Uber, which was in the process of redeveloping the building into an urban office campus. Uptown Station is situated at the nexus of three arteries — Broadway, Telegraph Avenue, and 20th Street — in Oakland’s Uptown district. The property is located directly above a BART station, offers outdoor roof decks and includes 35,000 square feet of retail space that is leased to Shake Shack and One Medical. “CIM Group delivered on its vision for Uptown Station, bringing a …

March 8, 2021

California Development Mixed-Use Top Stories Western

Pacific Equity Properties Receives $130M Construction Financing for Mixed-use Development in Malibu, California

by Julia Sanders March 5, 2021

MALIBU, CALIF. — Pacific Equity Properties Inc. has received $130 million in construction financing for Cross Creek Ranch Malibu, a 112,000-square-foot mixed-use development in Malibu, a beach city just west of downtown Los Angeles. Cross Creek Ranch is the largest development to be approved since Malibu incorporated in 1991, according to the developer. The property will offer 70,000 square feet of retail and restaurant space, including 10,000 square feet of interior dining, and 42,000 square feet of Class A office space. More than 80 percent of Cross Creek Ranch’s 12.9-acre grounds will be dedicated to landscape architecture, water treatments and gathering places. The development will also feature subterranean and perimeter surface parking. The project is slated for completion in 2023. “As opposed to focusing exclusively on the shopping experience of the center, we have put an emphasis on the communal aspect of Cross Creek Ranch. Our aim is to create an intimate, rural village atmosphere,” says Bryan Gordon, CEO of Pacific Equity Properties. The site is located near shopping destinations such as Malibu Country Mart, Malibu Village, The Park at Cross Creek and Malibu Lumber Yard, immediately adjacent to a new expansion campus of Santa Monica College. Integrated Capital Management …

March 5, 2021

Retail Top Stories Western

Disney to Close 60 Stores in North America, Shift Focus to E-Commerce

by Katie Sloan March 4, 2021

BURBANK, CALIF. — Once a shopping mall mainstay, The Walt Disney Co. (NYSE: DIS) has announced plans to close at least 60 of its brick-and-mortar locations — or 30 percent — in the U.S. and Canada in a bid to shift its focus to e-commerce. These closures are being described as the “beginning” of the company’s downsizing efforts, according to The New York Times, with a significant number of overseas stores also expected to close in 2021. The specific stores to be closed were not disclosed. Changing consumer behavior was cited as a catalyst for the announced closures, according to CNBC. The Walt Disney Co. owns and operates 200 Disney Stores in North America, 60 in Europe, 45 in Japan and two in China, according to the company’s annual report for fiscal year 2020. These closures mark the company’s latest effort in revamping the Disney Store shopping experience. The Walt Disney Co. redesigned a number of stores in 2017 in an attempt to boost business, according to The New York Times, incorporating live video feeds from the company’s theme parks and skewing merchandise away from toys and towards fashion for young adults. Disney also expanded its merchandising relationship with Target during 2019, announcing …

March 4, 2021

Acquisitions Hospitality Nevada Top Stories Western

Sands Corp. to Sell Off All Las Vegas Assets for $6.2B

by Kristin Harlow March 3, 2021

LAS VEGAS — Las Vegas Sands Corp. (NYSE: LVS) has agreed to sell its Las Vegas properties and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center, for an aggregate purchase price of approximately $6.2 billion. Under the terms of the agreement, VICI Properties Inc. (NYSE: VICI) will acquire all of the land and real estate assets associated with the Venetian for $4 billion in cash, representing a capitalization rate of 6.2 percent. Affiliates of Apollo Global Management Inc. (NYSE: APO) will acquire the operating company of the Venetian for $2.2 billion, of which $1.2 billion is in the form of a secured term loan, and the remainder is payable in cash. The closing of the transactions is subject to customary closing conditions, including regulatory approvals. It is expected to be completed by the end of the year. Regarding the sale, Sands says it plans to focus on reinvestment in Asia and pursue new growth prospects. “Asia remains the backbone of this company and our developments in Macao and Singapore are the center of our attention. We will always look for ways to reinvest in our properties and those communities,” says Robert Goldstein, chairman and …

March 3, 2021

California Development Loans Mixed-Use Multifamily Retail Top Stories Western

Signature Development Receives $130M in Construction Financing for Mixed-Use Project in Oakland’s Brooklyn Basin

by Amy Works March 2, 2021

OAKLAND, CALIF. — Signature Development Group has received $130 million in construction financing for the development of Brooklyn Basin – Parcel G, an unnamed apartment and retail property located on 2.7 acres within the master-planned Brooklyn Basin community in Oakland. The project is entitled for 371 apartments and 31,000 square feet of retail space. Designed by California-based TCA Architects, the residential property will offer a fitness center, clubhouse, outdoor courtyard and roof deck with views of San Francisco Bay. Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance arranged the financing behalf of Signature Development. Bank OZK provided the construction loan. “Even with the pandemic-driven challenges posed to the multifamily market, Parcel G’s exceptional location and unique offering for tenants presented a compelling opportunity for lenders,” says Moritz. “This, combined with the strength and experience of the sponsor, resulted in significant interest from the debt markets.” Brooklyn Basin is a 63-acre master-planned development located along Oakland’s waterfront. The project will include market-rate housing, affordable housing and townhome residences, including Parcel G. Orion Apartments is currently leasing units, while MidPen Housing’s Paseo Estero and Vista Estero affordable housing communities are set to open this spring. Last November, Township Commons …

March 2, 2021

Loans Multifamily Southeast Top Stories Virginia

JLL Arranges $135M Refinancing for Altaire Apartments in Arlington, Virginia

by Taylor Williams March 1, 2021

ARLINGTON, VA. — JLL has arranged a $135 million loan for the refinancing of Altaire Apartments, a 451-unit luxury high-rise community located in Arlington. The property is located on the border of the Crystal City and Pentagon City neighborhoods near major landmarks and institutions such as Arlington National Cemetary, the Pentagon and Ronald Reagan International Airport. Pentagon City is the neighborhood where Amazon is building its $2.5 billion second headquarters. Constructed in 2018, Altaire Apartments is a two-building development that features studio, one- and two-bedroom floor plans. Units are furnished with stainless steel appliances, kitchen islands, wood-style flooring, walk-in closets, individual washers and dryers and keyless entry mechanisms. Rents start at approximately $1,800 per month for a studio unit, according to Apartments.com. Communal amenities include a sky lounge, rooftop terrace, fitness center, courtyard, fire pits, grilling area, pool, game room, penthouse lounge and pet washing area. The property is LEED Gold certified. Residents are offered concierge package handling services along with Luxer package lockers. Jamie Leachman and Paul Spellman of JLL arranged the five-year, floating-rate loan through an undisclosed lender on behalf of the borrower, LCOR, an investment and management firm with offices throughout the mid-Atlantic. Proceeds will be used to …

March 1, 2021

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