Western

Luxo II Apartment Homes Acquires 40-Unit Complex in San Diego for $21.3M

by Amy Works July 24, 2018

SAN DIEGO — Luxo II Apartment Homes has purchased Villa Cusma, a 40-unit apartment complex at 1907 Columbia St. in San Diego’s Little Italy neighborhood. The price was $21.3 million, more than $500,000 per unit. Raymond Choi of Marcus & Millichap represented the seller, 1907 Columbia St. LLC, and procured the buyer in the all-cash transaction. Built in 2012, Villa Cusma features 24 one-bedroom/one-bath apartments, one two-bedroom/one-bath unit and 15 two-bedroom/two-bath apartments. Additionally, the property features a a gated subterranean parking garage and a 2,475-square-foot, ground-floor retail space leased to Harumama, a sushi and ramen restaurant.

July 24, 2018

Acquisitions Industrial Nevada Western

RealComm Advisors Facilitates $2.4M Sale of Industrial Property in North Las Vegas

by Amy Works July 24, 2018

NORTH LAS VEGAS — RealComm Advisors has arranged the sale of an industrial property located at 3890 E. Craig Road in North Las Vegas. Goldfish West LLC acquired the property from Walritz LLC for $2.4 million. Mike De Lew and Greg Pancirov of RealComm Advisors represented the seller and buyer in the deal.

July 24, 2018

Loans Multifamily Seniors Housing Washington Western

Live Oak Bank Provides $2.2M Acquisition Financing for Boutique Assisted Living Community Near Seattle

by Amy Works July 24, 2018

SEATTLE — Live Oak Bank has provided a $2.2 million loan for the acquisition of an assisted living community in a northern suburb of Seattle. The community features 12 beds across two adjacent buildings. The boutique community has monthly rents between $6,000 and $10,000. A husband-and-wife team, one of which is a longtime employee at the community, acquired the property from an undisclosed seller. The SBA loan features 90 percent loan-to-cost ratio.

July 24, 2018

Colorado Market Reports Multifamily Western Western Market Reports

Denver’s Multifamily Market Tests Its Limits

by Taylor Williams July 24, 2018

An interesting metric was reached in the Denver multifamily market during the first quarter of 2018 — and that’s record absorption. The city already boasts accolades for quality of life, talks of strong in-migration and speculation of becoming the location for the second Amazon headquarters. After these, the most common topic of conversation for multifamily professionals is the unprecedented construction pipeline and just when will we hit an inflection point where the market won’t accept any more Class A, market-rate apartments. It seems we’re still not there. As of the first quarter of 2018, the trailing 12-month absorption was more than 10,000 units. That’s more units than what was completed in 2017 and the highest absorption on record. The result was metro-wide vacancy dipping year-over-year to 5.79 percent, limited concessions and metro-wide annual rent growth at 3.8 percent. Denver’s average rent now stands at $1,405 per unit and $1.62 per square foot. The Central Business District (CBD) experienced the most absorption this quarter, accounting for nearly 25 percent of total metro absorption. Annual rents also grew by 2.7 percent, leading the CBD to regain its title for most expensive rental submarket in Denver with rents per-unit averaging $1,835. But development …

July 24, 2018

Acquisitions California Healthcare Office Western

Pinnacle Capital, Harrison Street Buy Medical Office Building Near San Francisco for $30M

by Amy Works July 23, 2018

DALY CITY, CALIF. — A joint venture between Pinnacle Capital Management Services and Harrison Street Real Estate Capital has purchased Physicians Medical Center. The medical office building is located at 901 Campus Drive in Daly City, south of San Francisco. Swift Real Estate Partners sold the property for $30 million. Situated on 2.4 acres, the purpose-built medical office building features 70,705 square feet of space. At the time of sale, the three-story property was 92 percent leased to a variety of tenants, including Palo Alto Medical Foundation, Sutter Health, Campus Surgery Center and AmSurg/Envision Healthcare. Evan Kovac, Andrew Milne and David Dokko of HFF represented the seller and procured the buyer in the deal. Additionally, HFF’s Zack Holderman, John Chun and Trent Jemmett arranged a $25 million, non-recourse, floating-rate acquisition loan for the buyer.

July 23, 2018

Development Multifamily Nevada Seniors Housing Western

Mission Senior Living Starts Construction of $8M Community in Nevada

by Amy Works July 23, 2018

MESQUITE, NEV. — Mission Senior Living has started construction of Mesa Valley Estates Assisted Living and Memory Care, an $8 million seniors housing community in Mesquite, near the Arizona border. The 61,386-square-foot, one-story community will feature 54 assisted living apartments and a memory care neighborhood with 24 apartments. Project partners include Pinnacle Architects and MSL Construction. The project is scheduled for completion in summer 2019.

July 23, 2018

California Development Industrial Self-Storage Western

Platinum Storage Group to Develop 1,087-Unit Self-Storage Facility in Oakland

by Amy Works July 23, 2018

OAKLAND, CALIF. — Orange County-based Platinum Storage Group is developing Storage Direct Oakland, a self-storage facility in Oakland. With construction is slated to begin immediately, the four-story, 155,000-square-foot property will feature 1,087 self-storage units. Completion is scheduled for July 2019. Platinum’s portfolio comprises 2.5 million square feet of space with a value of approximately $250 million.

July 23, 2018

Acquisitions California Retail Western

Progressive Arranges Sale of Gas Station Near Los Angeles for $2.9M

by Amy Works July 23, 2018

CHINO, CALIF. — Progressive Real Estate Partners has facilitated the sale of a retail property located at 12510 Central Ave. in Chino. An undisclosed buyer acquired the property and business for $2.9 million. A Shell-branded gas station and convenience store occupies the free-standing property. Built in the mid-1980s, the property features four 10,000-gallon tanks and an 840-square-foot, 24-hour convenience store. The full-service store offers a variety of snacks, to-go coffee, drinks, beer, wine and ATM. Victor Buendia and Mike Lin of Progressive Real Estate represented the buyer and the undisclosed seller in the transaction.

July 23, 2018

Acquisitions California Retail Western

SRS Real Estate Negotiates $2.8M Sale of Retail Property in Orange County

by Amy Works July 23, 2018

ORANGE, CALIF. — SRS Real Estate Partners has arranged the sale of retail property located at the intersection of East Katella Avenue and North Tustin Street in Orange. A San Francisco-based private investor acquired the property from a Los Angeles-based private investor for $2.8 million. BIG-O Tires occupies the 3,380-square-foot property on a triple-net lease basis with 5.5 years remaining on the lease at the close of escrow. Matthew Mousavi and Michael Walseth of SRS’ National Net Lease Group represented the seller, while Eric Chin of Coldwell Banker Residential Brokerage represented the buyer in the transaction.

July 23, 2018

Acquisitions California Office Top Stories Western

Boston Properties, CPPIB Acquire 47-Acre Business Park in Santa Monica for $627.5M

by Taylor Williams July 23, 2018

SANTA MONICA, CALIF. — A joint venture between Boston Properties Inc. (NYSE: BXP) and Canada Pension Plan Investment Board (CPPIB) has acquired the 47-acre Santa Monica Business Park for approximately $627.5 million. The seller was not disclosed. Santa Monica Business Park consists of 21 buildings totaling roughly 1.2 million square feet of office and retail space in Santa Monica, a coastal city just west of downtown Los Angeles. The property is located near Interstates 10 and 405 and features a variety of on-site services, including a health club, restaurants, banks, a car wash and a dog park. The property lies within the Ocean Park neighborhood and was 94 percent leased at the time of sale. Boston Properties will invest $147.4 million in the acquisition, yielding a 45 percent ownership stake, while CPPIB will invest $180.1 million. An undisclosed lender provided a $300 million acquisition loan to fund the remainder of the acquisition. The loan features a 4.06 percent interest rate and matures in July 2025. Approximately 70 percent of the rentable square footage is subject to a ground lease with 80 years remaining, including renewal periods. The ground lease provides the joint venture with the right to purchase the land …

July 23, 2018

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