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Willow-Glen-Apts-San-Diego-CA
AcquisitionsCaliforniaMultifamilyWestern

Trion Properties Sells 97-Unit Willow Glen Apartments in San Diego for $17.9M

by Amy Works

SAN DIEGO — Trion Properties has completed the disposition of Willow Glen Apartments, located in the Rolando/College Area submarket of San Diego. Bernard Xavier acquired the property for $17.9 million. Located at 3635 College Ave., Willow Glen Apartments features 97 units, high-speed internet and free Wi-Fi for residents. Trion purchased the property in June 2015 for $9.6 million and implemented $2.2 million in capital improvements and rebranding. Renovations included the installation of quartz countertops, stainless steel appliances and new cabinetry in each of the units. Exterior upgrades include a revamped façade with new paint, as well as the integration of low-water and drought-tolerant landscaping to minimize operating costs and improve the sustainability of the property. Peter Scepanovic and Corey McHenry of Colliers International represented the seller in the deal.

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Regents-La-Jolla-CA
AcquisitionsCaliforniaLoansMultifamilyWestern

HFF Arranges Sale of, Financing for 333-Unit Multifamily Property in Metro San Diego

by Amy Works

LA JOLLA, CALIF. — HFF has directed the sale of Regents La Jolla, a mid-rise multifamily property located at 9253 Regents Road in La Jolla. LaSalle Investment Management sold the property to Raintree Partners for an undisclosed price, but free and clear of existing financing. Charles Halladay and Chris Collins of HFF worked on behalf of the new owner to secure 10-year, fixed-rate financing with Pacific Life Insurance Co. Hunter Combs and Sean Deasy, also of HFF, represented the seller in the transaction. Completed in 2000, Regents La Jolla consists of nine four-story buildings and a single-story cabana building that feature a total of 333 apartments in a mix of one- and two-bedroom units averaging 966 square feet. Situated on 8.5 acres, the community features two swimming pools, a fitness center, sports lounge, movie theatre and professional entertaining kitchen. At the time of sale, the asset was 96 percent occupied. Additionally, the property is part of a 574-home development that includes 241 condominium units, which were not included in the sale.

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CaliforniaDevelopmentHospitalityWestern

Three-Company Partnership to Develop 173-Key Moxy Hotel in Oakland

by Amy Works

OAKLAND, CALIF. — A partnership between EJF Capital, San Francisco-based Tidewater Capital and Minneapolis-based Graves Hospitality plans to develop Marriott International’s new Moxy hotel in the Uptown neighborhood of Oakland. EJF is providing equity capital for the project primarily from EJF OpZone Fund I LP, a fund formed by the global alternative asset manager to invest in new construction projects within opportunity zones. Slated to open in 2021, the hotel will feature 173 guest rooms, high-speed Wi-Fi and an active lobby with bar and lounge areas. The $50 million investment is expected to generate 50 permanent jobs for the Uptown Oakland area, which qualifies as an Opportunity Zone under the Tax Cuts and Jobs Acts of 2017. Moxy is Marriott’s newest brand and is a three-star boutique hotel targeted toward millennials. There are currently 14 Moxy hotels in operation in the United States, 39 in Europe and three in Asia.

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The-Ashley-Place-Lodi-CA
AcquisitionsCaliforniaMultifamilySeniors HousingWestern

Blueprint Negotiates Sale of 145-Bed Seniors Housing Community in Lodi, California

by Amy Works

LODI, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Ashley Place, a 145-bed assisted living community in Lodi, located south of Sacramento and east of San Francisco.  A single-asset owner-operator seeking to exit seniors housing sold the property for an undisclosed price. The buyer was a joint venture between a Northern California-based operator and Atlantis Senior Living. The property does not currently offer memory care, so was marketed as a value-add opportunity for prospective buyers. Blueprint’s Jacob Gehl and Scott Frazier led the transaction.

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Howard-Johnson-Salem-OR
AcquisitionsHospitalityOregonWestern

Crystal Investment Property Directs Sale 69-Key Howard Johnson in Oregon

by Amy Works

SALEM, ORE. — Crystal Investment Property has arranged the sale of Howard Johnson by Wyndham Salem, located at 2250 Mission St. SE in Salem. Terms of the sale were not released. The interior-corridor hotel features 69 guest rooms and a one-bedroom/one-bath owner’s quarters unit. On-site amenities include an outdoor pool, breakfast area, exercise room, guest laundry facilities, truck/bus/RV parking and a business center. Joseph Kennedy of Crystal Investment Property handled the transaction for undisclosed seller and buyer.

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Del-Taco-Chatsworth-CA
AcquisitionsCaliforniaRestaurantRetailWestern

SRS Brokers $3M Sale of Del Taco-Occupied Restaurant in Chatsworth, California

by Amy Works

CHATSWORTH, CALIF. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of a single-tenant restaurant asset, located at 21920 Lassen St. in Chatsworth. A private investor acquired the property for $3 million, or $1,540 per square foot. Del Taco occupies the approximately 1,961-square-foot property, which features a 24-hour drive-thru, on a long-term absolute triple-net, corporate-guaranteed lease with more than 12 years remaining. Built in 1989, the property is situated on 0.4 acres. Matthew Mousavi and Patrick Luther of SRS, in cooperation with Brandon Trevellyan of Capital Real Estate Ventures, represented the seller, a privately held partnership, while Warren Berzack of Lee & Associates represented the buyer in the deal.

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Finance InsightHealthcareHospitalityIndustrialLoansMidwestMultifamilyNortheastOfficeRetailSoutheastTexasVideoWestern

TD Bank: Construction Delays have Bolstered the Multifamily Market

by Jaime Lackey

  It may sound counterintuitive, but Gregg Gerken, head of U.S. commercial real estate at TD Bank, believes some of the challenges the multifamily development market has faced have actually benefited the market. He specifically references labor shortages and construction delays. There were concerns in some areas that too much product might come online too fast, hampering absorption and rent growth. But the recent speedbumps have allowed the pipeline to even out a bit, staggering the delivery of new units and preventing overbuilding. Demand still outpaces supply in many markets, which has led to average vacancy rates of around 5 percent and healthy rent growth. Both developers and renters can look forward to new product delivering at a steady pace in 2019. Watch the video to hear takeaways from MBA CREF and 2019 predictions from Gerken.

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The-Park-Woodinville-WA
AcquisitionsIndustrialWashingtonWestern

Park Row LLC Acquires 239,607 SF Industrial Park Near Seattle for $47.2M

by Amy Works

WOODINVILLE, WASH. — Locally based Park Row LLC has purchased The Park at Woodinville, a Class A industrial park located at 14103 NE 200th St. in Woodinville, a suburb approximately 20 miles northwest of Seattle. Newport Beach, Calif.-based KBS sold the property for $47.2 million, or $197 per square foot, in an off-market transaction. Todd Gauthier and Jason Bloom of Kidder Mathews represented the buyer in the deal. The five-building, 239,607-square-foot industrial park features a café/deli, loading docks and outdoor patios.

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CaliforniaIndustrialLoansOfficeWestern

Talonvest Capital Secures $22.4M Acquisition Loan for Business Park in Northern California

by Amy Works

FREMONT, CALIF. — Talonvest Capital has arranged a $22.4 million bridge loan for CIP Real Estate for the purchase of Fremont Business Center, a flex business park located in Fremont. The four-year non-recourse bank loan will finance up to 68 percent of total project costs, including future funding for capital improvements and leasing costs. Fremont Business Center consists of five research-and-development buildings totaling 148,926 square feet of space. The property features suites ranging in size from 5,736 square feet to 28,391 square feet. Erich Pryor, Tom Sherlock and Eric Snyder of Talonvest Capital secured the financing.

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Alere-Property-Orange-CA
AcquisitionsCaliforniaIndustrialWestern

Alere Property Group Buys Industrial Business Park in Orange County for $21.9M

by Amy Works

ORANGE, CALIF. — Alere Property Group has acquired North Orange Industrial Park, an industrial business park located in Orange from an undisclosed seller for $21.9 million in an off-market transaction. Mike Cargile and Loren Cargile of Voit Real Estate Services represented the buyer in the deal. The three-building asset features 138,970 square feet of industrial space in a variety of ground-level unit sizes and multi-tenant dock-high spaces. At the time of sale, the property was 100 percent occupied by a tenant mix of light industrial and distribution users.

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