Western

TMG Partners, KKR Acquire Office Building in Downtown Oakland for $255M

by John Nelson December 4, 2018

OAKLAND, CALIF. — TMG Partners and KKR have purchased 1221 City Center, an office tower in downtown Oakland that houses the global headquarters of Clorox. The sales price was not disclosed, but the San Francisco Business Times reports the Swiss financial giant UBS AG (NYSE: UBS) sold the office tower for $255 million. The business publication also reports that this is the third time that the 24-story building has traded in the past six years. In 2012, Clorox Co. sold the asset for $110 million. Located at the intersection of Broadway and 12th Street, the 522,000-square-foot office building was 99 percent leased at the time of sale to various tenants, including Union Bank, Stanford Health Care, Wells Fargo Bank and Parsons Brinkeroff. The LEED-Platinum certified building offers direct access to Bay Area Rapid Transit (BART) in its lobby, one of only three Oakland office buildings with that amenity. The property also features panoramic views of the Oakland skyline and the Bay, as well as onsite retail amenities, bike lockers, showers and parking. This acquisition is the second transaction by TMG and KKR in Oakland this year, following the purchase of 1330 Broadway in July. KKR is making the investment through …

December 4, 2018

Acquisitions Multifamily Nevada Western

Tower 16 Capital Partners Buys 314-Unit Evergreen Apartments in Las Vegas for $29.5M

by Amy Works December 3, 2018

LAS VEGAS — San Diego-based Tower 16 Capital Partners, in a joint venture with Henley USA, has purchased Evergreen Apartments, a multifamily property located two miles west of the Las Vegas Strip. Encinitas, Calif.-based The Apartment Co. sold the property for $29.5 million. Located at 2950 S. Decatur Blvd., Evergreen Apartments features 314 units in a mix of one- and two-bedroom layouts with covered parking and private patios. Community amenities include two pools, barbecue and picnic areas, a fitness facility, business center, playground and on-site laundry facilities. Tower 16 will oversee $4 million in renovations and upgrades to the property. Renovations will include upgrades to commons areas, relocating the leasing office, expanding the gym and renovating all apartment interiors with new vinyl flooring, appliances, plumbing, lighting fixtures and paint. Las Vegas-based Pinnacle will manage the property. Brian Anderson and Angela Powers of Berkadia represented the seller in the deal.

December 3, 2018

Arizona Development Multifamily Seniors Housing Western

Wolff Breaks Ground on Independent Living Community in Scottsdale, Arizona

by Amy Works December 3, 2018

SCOTTSDALE, ARIZ. — The Wolff Company, a Scottsdale-based private equity firm and senior living developer, has broken ground on Revel Scottsdale, an independent living apartment community in the company’s hometown. The three-story community is expected to open in late 2020 and will feature 157 units in studio, one- and two-bedroom layouts. Wolff cited an underserved and growing affluent senior population in Scottsdale as the reason for building. The U.S. Census Bureau named Scottsdale, a suburb of Phoenix, as the fourth-fastest-growing metropolitan area in the country. Revel Scottsdale joins a portfolio of 18 other senior living communities from The Wolff Company that are either under development or currently open.

December 3, 2018

Loans Multifamily Washington Western

Hunt Real Estate Capital Refinances Three-Property Multifamily Portfolio in Washington

by Amy Works December 3, 2018

LAKEWOOD AND TACOMA, WASH. — Hunt Real Estate Capital has provided three Freddie Mac Small Balance Loans totaling $11.1 million for a multifamily portfolio in Washington. The company funded two cash-out refinances, which provided liquidity for the acquisition of the third property. The loans have a five-year fixed-rate term, with no interest-only period, amortized over 30 years. The name of the borrower was not released. Hunt Real Estate provided a $6.7 million loan to acquire Springtree Apartments, a 103-unit multifamily property located at 4810 127th Street Court SW in Lakewood. The 13-building complex features 14 one-bedroom, one-bathroom units and 89 two-bedroom, one-bath apartments. On-site amenities include a laundry facility, sport court, playground, barbecue/picnic area and on-site manager, as well as 41 surface parking spots. Additionally, the company funded $1.7 million in refinancing for Southcrest Apartments, located 5410, 5416, 5420 and 5422 Boston Ave. SW in Lakewood. Built in 1970, the five-building property features 35 one-bedroom/one-bath units and one two-bedroom/two-bath unit. The community also features 46 surface parking spots. In the third transaction, Hunt Real Estate Capital provided a $2.7 million loan for the refinancing of Colonial Village Apartments, located at 9220 Pacific Ave. S. in Tacoma. Built in 1961, the …

December 3, 2018

Acquisitions Colorado Office Western

Newmark Knight Frank Arranges $5.6M Sale of Office Asset in Denver

by Amy Works December 3, 2018

DENVER — Newmark Knight Frank has brokered the sale of an office property, located at 3650 E. First Ave. in Denver. Great Western Bank acquired the property from 4N LLC for $5.6 million. The building features 17,189 square feet of office space. Riki Hashimoto, Daniel Grooters and John Gustafson of Newmark Knight Frank represented the seller in the transaction. Cushman & Wakefield, Kentwood Commercial and Land Title Guarantee Co. assisted in the deal.

December 3, 2018

California Company News Office Western

SRS Real Estate Partners Adds Mike Rielly to Lead New Signature Group in New LA Office

by Amy Works December 3, 2018

LOS ANGELES — SRS Real Estate Partners has hired Mike Rielly as senior vice president and managing principal in the Dallas-based company’s new Los Angeles office, which is scheduled to open in early 2019. In this role, Rielly will also lead the newly formed SRS Signature Group nationally. The group is a one-of-a-kind service offering that will cater to aspirational and high-end brands targeting coast-to-coast growth in high-street, Class A mall, lifestyle, premium outlet and design/arts district environments. Rielly has nearly 20 years of experience in commercial real estate and an extensive background incubating and serving best-in-class brands in various categories. Additionally, he has expertise in assisting international retailers with U.S. transitions or expansions, as well as early retail template formation for domestic and global brands.

December 3, 2018

Acquisitions California Retail Western

Shea Properties Sells The Dunes on Monterey Bay Shopping Center for $45M

by Amy Works November 30, 2018

MARINA, CALIF. — Shea Properties has completed the sale of the retail component of The Dunes of Monterey Bay, located on 19.3 acres at 101-145 General Stilwell Drive in Marina. A Southern California-based private investor purchased the property for $45 million. Built in 2007, the power center consists of 233,892 square feet of retail space along the Pacific Coast Highway. At the time sale of the property was 100 percent leased to national and regional tenants, including Best Buy, Old Navy, Kohl’s, Bed Bath & Beyond, Michaels, Party City and REI. Kirk Brummer, Megan Wood, James Tyrrell, Jimmy Slusher, Philip Voorhees and Preston Fetrow of CBRE’s National Retail Partners-West represented the seller in the deal.

November 30, 2018

California Development Loans Office Western

Acclaim Cos. Receives $65.7M in Construction Financing for 100,000 SF Office Building in Redwood City, California

by Amy Works November 30, 2018

REDWOOD CITY, CALIF. — Menlo Park, Calif.-based Acclaim Cos. has received $65.7 million in non-recourse construction financing for the 855 Main Street, a speculative office project development in downtown Redwood City. The company received entitlement approvals for the project in June and will develop the building with a team that includes W.L. Butler and DES Architects. The neoclassical-designed building will feature 100,000 square feet of office and retail space within a short walking distance of downtown amenities, multifamily buildings and public transit opportunities. Ramsey Daya, Chris Moritz and Travis Bailey of Newmark Knight Frank secured the financing for the borrower.

November 30, 2018

California Leasing Activity Retail Western

SRS Brings Seven New Tenants to Burbank Town Center

by Amy Works November 30, 2018

BURBANK, CALIF. — SRS Real Estate Partners has signed leases with seven tenants to bring 130,000 square feet of new retail space to Burbank Town Center, located at 201 E. Magnolia Blvd. in Burbank. With the new tenants, the 1.2 million-square-foot property is 94 percent occupied. The asset recently underwent a $60 million upgrade, including a new ground-floor food court and upper-level dining terrace. New tenants are: H&M (26,500 sf) Round 1 Bowling and Entertainment (45,000 sf) Bob’s Furniture (32,000 sf) A 7,200-square-foot contemporary Asian bar and grill concept Carter’s (4,600 sf) An international virtual reality concept (4,500 sf) Panini Kabob Grill (3,000 sf) Terrison Quinn and Casey Mahoney of SRS Real Estate Partners represented the landlord in the transactions.

November 30, 2018

Acquisitions Arizona Multifamily Student Housing Western

Holualoa Cos. Purchases 552-Bed Student Housing Community in Tucson for $12.9M

by Amy Works November 30, 2018

TUSCON, ARIZ. — Tucson-based Holualoa Cos. has acquired Gateway at Tucson, a student housing property located at 2800 W. Broadway Blvd. in Tucson. Bethesda, Md.-based CW Capital Asset Management sold the property, which was marketed via RealINSIGHT Marketplace, for $12.9 million. Gateway at Tucson features 188 units, totaling 552 beds, in a mix of one-, two, three- and four-bedroom layouts, averaging 1,074 square feet. Each unit is rented fully furnished, including a full appliance package, and each bedroom features a private bathroom. Built in 2015, the property is comprised of 10 two-story residential buildings and two single-story common area buildings. Community amenities include a swimming pool and spa, basketball court, fitness center, business center, study rooms, tanning beds and shuttle service to University of Arizona and Pima Community College. Jim Crews of Cushman & Wakefield’s Phoenix office represented the seller in the deal.

November 30, 2018

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