SAN FRANCISCO — ACORE Capital, a global credit manager focused on commercial real estate lending, has raised $1 billion to launch ACORE Hospitality Partners (AHP). Backed by a group of institutions, AHP is an investment strategy focused on providing North American hotel operators with rescue capital to navigate the ongoing COVID-19 pandemic. AHP’s strategy is to originate and acquire structured hotel debt investments, including senior and mezzanine loans, B-notes and preferred equity. The investment strategy will invest across the entire spectrum of hotel types, ranging from high-end luxury resorts to smaller limited-service hotels, focusing on assets in high-barrier markets with compelling rebound characteristics. “The pandemic has had a disproportionate and historic impact on the lodging industry leading to unprecedented distress and liquidity issues for hotel owners,” says Warren de Haan, managing partner at ACORE. “We formed ACORE Hospitality Partners to solve this liquidity crisis by providing hotel owners with the capital they require to continue operations and keep people working.” AHP will benefit from ACORE’s extensive experience originating and managing debt investments. Since its inception in 2015, ACORE has originated more than $4.2 billion of hospitality investments. The ACORE team includes more than 80 commercial real estate finance professionals that …
ROHNERT PARK, CALIF. — Bell Partners, on behalf of its Fund VII investors, has purchased Windsor at Redwood Creek, an apartment property in Rohnert Park. The buyer plans to rename the 232-unit property to Bell Rohnert Park. The seller and price were not released. Built in 2005 on 12.3 acres, Bell Rohnert Park features a resort-style swimming pool and spa with poolside dining area and gas grills, a clubhouse, fitness center, resident lounge, playground, dog park and detached garages. Each unit has a fully equipped kitchen with stainless steel appliances, washers/dryers, walk-in closets and a private balcony or patio, while select units include fireplaces. The acquisition represents Bell Partners’ second owned community in the Bay Area and second West Coast purchase of 2021, continuing the firm’s expansion into the region.
LOS ANGELES — DAUM Commercial Real Estate Services has negotiated the sale of an automotive retail building and lot located 9220 S. Sepulveda Blvd. in Los Angeles. S.A.S Services Group acquired the asset from a private partnership for $3.5 million. Situated adjacent to Los Angeles International Airport (LAX), The property includes a 1,114-square-foot building sitting on a 10,454-square-foot land parcel in a corner location in close proximity to a new parking and car rental development. Kurt Yacko, Dennis Sandoval and Brian Sandoval of DAUM represented the seller in the deal.
LA MIRADA, CALIF. — Capital Source 1031 has purchased an all-purpose data center, located at 16680 Valley View Ave. in La Mirada, for an undisclosed price. The property was acquired for CS1031 California Data Center, a Delaware statutory trust. Cogent Communications, an internet service provider, occupies the 16,529-square-foot building. Cogent delivers internet, ethernet and colocation services to more than 88,100 customers in more than 207 markets and 47 countries across the globe. The tenant has more than 13 years remaining on its double-net lease with annual rental increases of 3 percent through the initial term and two five-year renewal options. Jeffrey Jackson of CBRE Capital Markets represented the undisclosed seller, while Capital Source 1031 was self-represented the in the deal.
By Cray Carlson, CBRE With 2020 coming to an end, we look back at a year of much uncertainty, confusion and unprecedented restrictions. Yet amidst all that, the Inland Empire multifamily market has been going steady, continuing to thrive in spite of some substantial drops in sales volumes. Total multifamily sales of eight units and larger in the Inland Empire were $2.5 billion in 2018 and $2.1 billion in 2019. That compares with only $1.09 billion in 2020, as of October. We expect total sales volumes in the area could ultimately show a reduction of up to 40 percent for the full year. So, how is the Inland Empire maintaining its title as one of the strongest apartment markets in the nation? Collections A recent housing and employment study examined the ability for renters to make their rent payments. The Inland Empire led the category of households caught up on those payments. Respondents also indicated a high confidence level in their ability to meet their future lease obligations. Among the 15 metros surveyed, the Inland Empire ranked second. Vacancy Rates Rent vacancies have decrease in the Inland Empire to as low as 3.7 percent as rent growth has risen 6.2 …
RIVERSIDE COUNTY, SAN BERNARDINO COUNTY AND TORRANCE, CALIF. — Premier Design + Build, as contractor, is constructing three industrial facilities in Southern California for Black Creek Group, a Denver-based real estate investment management firm. Totaling nearly 696,000 square feet, the projects include Perris DC III in Riverside County, Fontana Logistics Center in San Bernardino County and Gateway Logistics Center in Torrance. Situated on 24.5 acres, Perris DC III will feature a 251,000-square-foot facility with 32-foot clear heights, 37 truck dock positions, a drive-in door and 216 excess trailer stalls. Perris DC III is slated for completion in first-quarter 2021. Located on a vacant 8.9-acre site, Fontana Logistics Center will feature a 193,000-square-foot industrial warehouse offering 36-foot clear heights, 27 truck dock positions, two drive-in doors and office space. Completion is scheduled for first-quarter 2021. Slated for completion in fourth-quarter 2021, Gateway Logistics Center will feature a 252,000-square-foot building with 36-foot clear heights, 42 truck doors, two drive-in doors and 67 trailer parking stalls.
MORGAN HILL, CALIF. — Trammell Crow Co. and CBRE Global Investors have broken ground on Butterfield 5 Technology Park in Morgan Hill, approximately 70 miles southeast of San Francisco. Totaling 410,076 square feet, the park will feature five Class A industrial buildings on 24 acres at the intersection of Butterfield and Sutter boulevards. Completion is scheduled for first-quarter 2021. The buildings will range from 70,280 square feet to 91,738 square feet and are designed to accommodate tenants that require as little as 35,000 square feet of space. The buildings will feature prominent glass entries, extensive landscaping, clear heights ranging from 28 feet to 32 feet, and convenient access to Monterey Road and US 101. CBRE’s Rob Shannon, Chip Sutherland and Brian Matteoni is representing the project.
LONG BEACH, CALIF. — Stepp Commercial has arranged the sale of a 22-unit apartment building located at 1315 W. 19th St. in Long Beach. A Chino-based private investor acquired the property from a Long Beach-based seller for $5.2 million, or $236,000 per unit. Built in 1963, the property features two one-bedroom units, 16 two-bedroom units and four three-bedroom units. The building also offers 14 garages, gated access and on-site laundry facilities. Half of the units were renovated to include laminate hardwood flooring, shaker-style cabinets, quartz countertops, stainless steel appliances, new bathroom tile, modern lighting, ceiling fans and fixtures throughout. Robert Stepp and Michael Toveg of Stepp Commercial represented the seller in the transaction.
Waterford, CSCDA Acquire Parallel Apartments in Anaheim for $156M, Plan Workforce Housing Conversion
ANAHEIM, CALIF. — Waterford Property Co., in partnership with the California Statewide Communities Development Authority (CSCDA), has purchased Parallel Apartments, a multifamily property located in Anaheim. UDR sold the asset for $156 million. Located at 1105 E. Katella Ave., Parallel Apartments features 386 apartments, which the buyers plan to convert to workforce housing as part of a new California program that aims to address the deepening gap in the middle-income housing market. Built in 2018, the community was 95.5 percent leased at the time of acquisition. On-site amenities include a resort-style pool, rooftop fitness center and basketball court. According to CSCDA, the acquisition allows the organization to lower rents to meet the needs of middle-income residents making between 80 percent and 120 percent of the area median income. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented the buyers and seller in the transaction.
DOWNEY, CALIF. — Avison Young has arranged the sale of a vacant, two-building medical office property located at 8600 and 8630 Florence Ave. in Downey. An entity of The Whole Child (TWC) acquired the property from a Los Angeles-based private investor for $4.4 million. Built in 1969 on one acre, the 15,213-square-foot property, which was formerly used as a dialysis center, features a reception area, lunch room and restrooms. The buyer plans to use the larger building, which is just over 11,000 square feet, for its headquarters. Patrick Barnes of Avison Young represented the seller, while Gary Martinez of NAI Capital represented the buyer in the deal.