California

American Campus Communities, UC Irvine Begin Construction of 1,441-Bed Residence Hall

by Amy Works May 17, 2018

IRVINE, CALIF. — American Campus Communities and the University of California, Irvine, have broken ground on a 1,441-bed, on-campus residential building and a bike storage facility. This marks the beginning of Phase IV of the partnership’s on-campus development plan. The past three phases of development have brought a total of 5,162 units to the campus. Benchmark Contractors, a subsidiary of Morley Builders, was the general contractor for the past three phases on UCI’s campus, and is moving forward with a design-assist approach for the new large development. KTGY is the architect for the project. The development is set to open at the end of summer 2019.

May 17, 2018

Acquisitions California Industrial Western

Pacific Industrial Buys 157,204 SF Asset in California for $33M

by Amy Works May 17, 2018

COSTA MESA, CALIF. — Pacific Industrial, along with a private equity fund advised by Crow Holdings Capital, has acquired a two-building industrial asset in Costa Mesa for $33 million. Located at 3030 and 3080 Airway Ave. and adjacent to John Wayne Airport, the 157,204-square-foot asset comprises one building occupied by the U.S. headquarters of RipCurl, and a second building that was recently vacated by Karma. The buyer plans to make interior and exterior upgrades to the vacant building. Trent Walker and Carl Johnson of Voit Real Estate Services represented the buyer in the off-market transaction.

May 17, 2018

California Development Multifamily Seniors Housing Western

Steadfast Nears Completion of $95.5M Seniors Housing Community Near Los Angeles

by Amy Works May 17, 2018

LAGUNA NIGUEL, CALIF. — Steadfast Senior Living has started pre-leasing at Crestavilla, a 201-unit, $95.5 million independent living, assisted living and memory care community in the Los Angeles suburb of Laguna Niguel. Atria Senior Living has been brought on to manage the 215,000-square-foot, three-story community. A luxury community located on 11.5 acres, rents will range from $6,600 to $15,000 per month. Santa Ana-based William Hezmalhalch Architects designed the community, which Bernards is building. Steadfast is pursuing LEED certification for Crestavilla, which would make it Atria’s 11th LEED-certified community.

May 17, 2018

Acquisitions California Retail Western

Commercial Asset Group Negotiates Sale of 4,200 SF Retail Building in Los Angeles

by Amy Works May 17, 2018

LOS ANGELES — Commercial Asset Group has brokered the sale of a retail building located at 5520 San Vicente Blvd. in Los Angeles. A Burbank-based family partnership acquired the property from Wilshire Vista of Hollywood for $4.2 million. Built in the 1930s, the 4,200-square-foot, single-tenant property was renovated in 2014. Yummy.com Neighborhood Market, a chain of grocery stores with a large online/delivery presence, occupies the freestanding building. David Aschkensay of Commercial Asset Group represented the buyer and seller in the transaction.

May 17, 2018

California Features Multifamily Seniors Housing Western

Buckingham: Encourage Talent and You’ll Cultivate Careers in Senior Care

by Katie Sloan May 17, 2018

SAN DIEGO — Marcus Buckingham has a rather simple yet effective piece of advice for seniors housing operators: stop focusing on the negative. “We have strengths and we have weaknesses. What should you spend more time on?” he asked. “Most people are way more focused on the weaknesses and identifying flaws and fixing them. It has a lot to do with fear. We should be honoring strengths.” Buckingham, a leadership and management expert, delivered the comments to more than 2,500 seniors housing executives on May 15 at the 2018 Argentum Senior Living Executive Conference & Expo held at the San Diego Convention Center. There are currently 93,300 people working in seniors housing in the U.S., according to Argentum, an inadequate number Buckingham said. Experts note there should be a one-to-one ratio of employees to residents. Compounding matters is that more exciting industries like technology and creative professions draw the younger generations away from traditional career roles, resulting in a jobs crisis. While seniors housing may not be as sexy as the tech sector, Buckingham believes a change in attitude can do wonders for employee retention. “There is a lot of turnover in the first 90 days, but people don’t measure …

May 17, 2018

Acquisitions California Loans Office Western

George Smith Partners Secures $41M Loan for Office Building Acquisition in Silicon Valley

by Amy Works May 16, 2018

LOS ALTOS, CALIF. — George Smith Partners has secured a $41 million bridge loan for the acquisition of an office property located at 5150 El Camino Real in Los Altos within Silicon Valley. The borrower was Vahe Tashkian of Dutchints Development. The borrower plans to acquire the 71,000-square-foot office property from an institutional seller for an undisclosed price. Malcolm Davies, Evan Kinne, Zachary Streit, Alexander Rossinsky and Rachael Lewis of George Smith Partners arranged the non-recourse loan, which features interest-only payments for the 24-month term and an 85 percent loan-to-cost ratio.

May 16, 2018

California Development Industrial Western

Murphy Development Breaks Ground on 79,050 SF Industrial Building in San Diego

by Amy Works May 16, 2018

SAN DIEGO — Murphy Development has broken ground for the final building at its 2.1 million-square-foot Siempre Viva Business Park in San Diego’s Otay Mesa neighborhood. Located at 8500 Kerns St., the $11.9 million Building 17 will feature 79,050 square feet, 28-foot clear heights, 2,000 amps of 277/480 volt power, manufacturing sewing and water capacity, ESFR sprinklers, concrete truck courts, wide column spacing and high dock door ratios designed for distribution users. The adjacent building, Building 18, was completed in late 2016. Located at 2600 Melksee St., the 121,970-square-foot property is partially occupied by Mainfreight USA. The development team includes Gene Cipparone as architect, K&S Engineering and Lusardi Construction. Andy Irwin and Joe Anderson of JLL have been retained to market the property for lease.

May 16, 2018

California Company News Western

Real Estate Veterans Launch Matter Real Estate Group

by Amy Works May 16, 2018

SAN DIEGO — Real estate veterans Matt Root, Jim Stuart and Kevin Burke have formed Matter Real Estate Group. Based in San Diego, the real estate development company unites design, construction and operating strategy. Matter Real Estate primarily develops within the Western United States with projects in planning or under construction in major cities, including Dallas, Las Vegas, Los Angeles and Phoenix. Together the principals bring more than 80 years of combined experience and over 20 million square feet developed or acquired. The company strives to blend institutional operating expertise with a hands-on approach. Matter Real Estate also looks to improve cities alongside the development of innovative projects. To that end, the company created its ’10 in 10′ initiative where it invests 10 percent of profits into the community within the immediate 10 miles of a project.

May 16, 2018

Acquisitions California Company News Western

DivcoWest, CalSTRS Enter into $300M Acquisition Venture

by Amy Works May 15, 2018

SAN FRANCISCO — DivcoWest Real Estate Services has entered into a new $300 million venture with the California State Teachers’ Retirement System (CalSTRS). The joint venture will focus on acquiring core and core-plus commercial real estate assets in growth-oriented markets throughout the United States. The partnership will concentrate its activities on commercial real estate opportunities in targeted markets, including San Francisco, Los Angeles, San Diego, Seattle, Boston, New York City, Washington, D.C. and Austin, Texas. These markets have been identified for their strong local economics and highly qualified workforces, as well as substantial tenant bases in new economy industries. DivcoWest and CalSTRS have a 15-year history of investing together, with DivcoWest putting the more than $1.5 billion that CalSTRS committed into various DivcoWest-sponsored investment vehicles.

May 15, 2018

Affordable Housing California Loans Louisiana Multifamily North Carolina Western

Arbor Realty Funds $19.7M in Financing for Affordable Housing Properties Across the United States

by Amy Works May 15, 2018

STOCKTON, SONORA AND JAMESTOWN, CALIF., HICKORY, N.C., AND SHREVEPORT, LA. — Uniondale, N.Y.-based Arbor Realty Trust has funded five loans totaling $19.7 million under the Fannie Mae DUS Multifamily Affordable Housing product line for properties across the United States. The borrower was Apartment Corp., a privately held real estate investment firm with a portfolio exceeding 20,000 units. Apartment Corp. is using the loans for both refinancing and acquisition purposes. Alexander Kaushansky of Arbor Realty Trust arranged the financing. The transactions involved are: $3 million in refinancing for Pacific Pointe, an 80-unit Low-Income Housing Tax Credit (LIHTC) property in Stockton. $3.7 million in refinancing for Granite Ridge, an 80-unit LIHTC property in Stockton. $3.7 million in acquisition financing for Silver Spring Terrace, a 100-unit LIHTC property in Hickory. $2.7 million in acquisition funding for Yorkshire & Windsor Village, a 132-unit LIHTC property in Shreveport. $6.7 million in refinancing for the Sonora Portfolio, a three-property, 220-unit LIHTC portfolio in Sonora and Jamestown.

May 15, 2018

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