California

Strata Equity Group Acquires 24-Property Multifamily Portfolio in Southeast for $720M

by Katie Sloan October 11, 2016

SAN DIEGO — Strata Equity Group has acquired a 24-property multifamily portfolio from an affiliate of New York City-based DRA Advisors LLC for $720 million. The Southeast Residential Portfolio consists of 6,294 units located throughout 13 metropolitan areas in Georgia, North Carolina, Tennessee and South Carolina. The properties were built between 1985 and 2000, with an average year built of 1996. Over the past three years, net rental income for the portfolio has increased 12.2 percent while averaging 95.3 percent occupancy. Malcom McComb of CBRE negotiated the transaction on behalf of the seller. Bill Chiles and Robert LaChapelle of CBRE also secured $500 million in acquisition financing for Strata. The financing features a mixture of seven- and 10-year fixed- and floating-rate loans provided by Freddie Mac. “We negotiated a portion of the portfolio under a newly created version of the Freddie Mac Revolving Credit Facility,” says Chiles. “This facility gives Strata Equity Group more financing flexibility for certain assets, as well as an attractive vehicle for new purchases with similar business plans.” The names of only three properties in the portfolio were disclosed: Alta Mills, 1650 Anderson Mill Road, Austell, Ga.; Eagle Pointe Apartments, 8608 Eagle Pointe Drive, Knoxville, Tenn.; …

October 11, 2016

California Multifamily Student Housing Western

Capstone Development, University of the Pacific Break Ground on $36M, 381-Bed Residence Hall

by Nellie Day October 10, 2016

STOCKTON, CALIF. — Capstone Development Partners and the University of the Pacific have broken ground on a 381-bed, on-campus residence hall in Stockton. The 158,000-square-foot development will include two four-story buildings consisting of 142 studio, two- and four-bedroom units. A 15,000-square-foot amenity space will offer social and study areas for residents. Mogavero Architects designed the $36 million project, which is scheduled to open for occupancy in January 2018. Sundt Construction has been tapped to build the facility.

October 10, 2016

California Retail Western

Radius Commercial Acquires Hagelis Retail Firm

by Nellie Day October 10, 2016

SANTA BARBARA, CALIF. — Santa Barbara-based brokerage firm Radius Commercial Real Estate & Investments has acquired Ventura, Calif.-based Hagelis Group – The Retail Property Advisors, as part of the firm’s effort to expand service and reach in the Tri-Counties. Hagelis will now operate under the Radius banner while maintaining its office at 4227 E. Main St in Ventura. Bill Hagelis and Linda Hagelis, co-founders, will take on roles as senior vice presidents at Radius. Additional Hagelis team members include Rob Devericks and Lisa Engel. With this acquisition, Radius now has 21 brokers.

October 10, 2016

California Retail Western

SVN, NAI Capital Negotiates $11M Sale of Retail Property in West Hollywood

by Nellie Day October 7, 2016

WEST HOLLYWOOD, CALIF. — SVN-Rich Investment Real Estate Partners and NAI Capital have arranged the sale of Hollyway Center, a retail property located at 8351 Santa Monica Blvd. in West Hollywood. The Levitt Family Trust sold the property for $11 million, more than $1,250 per foot. The 8,790-square-foot property consists of three retail units. Hollyway Cleaners and Earthbar are the major tenants at the property. Rob Zaharia of SVN and Tim Steuernol of NAI Capital represented the seller, while David Chasin of Pegasus Investments represented the buyer in the transaction.

October 7, 2016

California Retail Western

Colliers Arranges Sale of Sutter Square Galleria in Midtown Sacramento

by Nellie Day October 7, 2016

SACRAMENTO, CALIF. — Colliers International has brokered the sale of Sutter Square Galleria, a two-building mixed-use property located at 2901 K St. in Midtown Sacramento. A Canadian-based private investor acquired the property for an undisclosed sum. Sutter Health, UC Davis Extension, Placer Title Co. and Safe Credit Union occupy the 62,763-square-foot property. Heath Charamuga and Scott Laeber of Colliers represented the seller, while Roop Purewal represented the buyer in the deal.

October 7, 2016

California Retail Western

STC Ventures Acquires Sunnyvale Town Center in Sunnyvale from Wells Fargo

by Nellie Day October 7, 2016

SUNNYVALLE, CALIF. — STC Ventures has purchased Sunnyvale Town Center, a 36-acre unfinished mixed-use project in Sunnyvale. STC is a joint venture between affiliates of Hunter Storm, Sares Regis Group of Northern California and institutional investors advised by J.P. Morgan Asset Management. Wells Fargo sold the property for an undisclosed price. The buyer plans to first complete the 186-unit residential component of the development and then focus on the retail portions of the project.

October 7, 2016

California Retail Western

Progressive Real Estate Partners Arranges $2.5M Sale of Retail Property in West Covina

by Nellie Day October 7, 2016

WEST COVINA, CALIF. — Progressive Real Estate Partners has brokered the sale of a two-story retail property located at 203 S. Azusa Ave. in West Covina. Options for Learning acquired the property from a San Diego-based private investor for $2.5 million. The buyer plans to open a preschool in the 14,700-square-foot building. Frank Vora of Progressive Real Estate Partners represented the seller in the deal.

October 7, 2016

California Multifamily Western

R&V Management Corp. Acquires Oak Springs Ranch Near Temecula for $78.5M

by Nellie Day October 6, 2016

WILDOMAR, CALIF. — R&V Management Corp. has purchased the 312-unit Oak Springs Ranch in Wildomar for $78.5 million. The community is located at 24055 Clinton Keith Road, just north of Temecula. Oak Springs Ranch was built in 2014. Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen of Berkadia executed the sale. The seller was Oak Springs Ranch LLC, which is composed of developer GLJ Partners and affiliates of Sarofim Realty Advisors.

October 6, 2016

California Hospitality Western

The Concourse Hotel Transitions to Hyatt Regency at LAX with $75M Renovation

by Nellie Day October 6, 2016

LOS ANGELES — Hyatt Hotels Corporation has completed the transition of the Concourse Hotel at Los Angeles Airport to the Hyatt Regency Los Angeles International Airport. The 580-room hotel is undergoing an extensive $75 million renovation. The hotel is situated less than one block from the Los Angeles International Airport. It is the closest hotel to the airport, and the only airport hotel with direct shuttle service to LAX. The hotel offers more than 50,000 square feet of meeting space, including one of the largest ballrooms in the LAX market at 14,000 square feet. The Hyatt also features the only outdoor event lawns in the area, which can accommodate up to 750 guests. A newly built conference center includes more than 10,000 square feet of meeting space. Dining options include Open Market and Unity L.A. The Hyatt Regency Los Angeles International Airport is currently open and accepting guests.

October 6, 2016

California Multifamily Western

Pacific Urban Residential Buys IMT Thousand Oaks Apartments for $67M

by Nellie Day October 6, 2016

LOS ANGELES — An affiliate of Pacific Urban Residential has purchased the 191-unit IMT Thousand Oaks apartments for $67 million. The community is located at 491 W. Gainsborough Road in the Los Angeles submarket of Thousand Oaks. IMT Thousand Oaks is situated along U.S. Highway 101. Notable employers in the area include Amgen, General Dynamics Corp., Verizon, WellPoint, JD Power & Associates, Teledyne Technologies, Audi, Kythera Biopharmaceuticals and the Dole Food Co. The community was built in 1973. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented the seller, IMT Capital LLC, in this transaction.

October 6, 2016

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