Western

PCCP Provides $44.5M Acquisition Loan for 518,156 SF Office Campus in Sacramento

by Nellie Day February 8, 2018

SACRAMENTO, CALIF. — PCCP has provided a $44.5 million senior loan to S&P Co. and Basin Street Properties for the acquisition of Prospect Green, a 518,156-square-foot office campus in the Sacramento submarket of Rancho Cordova. The campus is located at 10877 to 10951 White Rock Road and 10850 and 10860 Gold Center Drive. The property is 73 percent occupied. Notable tenants include the State of California, Liberty Financial Home Equity, Allstate Insurance and NEC Solutions. The five buildings were developed in phases between 1990 and 2001 and range from 70,000 square feet to 124,000 square feet. The campus also features a workout facility, showers and cafe.

February 8, 2018

Colorado Industrial Western

Lincoln Property Co. Buys 101,000 SF Industrial Building in Colorado for $13.5M

by Nellie Day February 8, 2018

ENGLEWOOD, COLO. — Lincoln Property Co. has acquired Highfield Building 5, a 101,000-square-foot industrial building in Englewood, for $13.5 million. The building is located at 14150 Grasslands Drive within the Highfield Business Park. The Class A industrial distribution facility is fully leased to two tenants, Charter Communications and Gateway Classic Cars. Building 5 was initially launched as a speculative project but reached full occupancy within 12 months of breaking ground. CBRE’s Jim Bolt, Tyler Carner and Jeremy Ballenger represented the seller, a partnership between Confluent Development and Bradbury Properties, in this transaction.

February 8, 2018

California Industrial Western

Newcastle Partners Completes Construction of Inland Empire Industrial Facility, Starts Construction of Another

by Nellie Day February 8, 2018

RIVERSIDE AND CHINO HILLS, CALIF. — Newcastle Partners has completed construction of the 503,592-square-foot Meridian Distribution Center II in Riverside. It is situated on a 26.9-acre land parcel at 22000 Opportunity Way. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield’s Ontario office are responsible for marketing the project. Newcastle also started construction of a 100,326-square-foot building in the Chino Hills Commerce Center in Chino Hills. The center is located at 15291 Fairfield Ranch Road and is situated on approximately 5 acres of land. David Consani, Jim Koenig and Jason Chao of CBRE are responsible for marketing the asset for sale or lease. Newcastle Partners has developed more than 5 million square feet of industrial product in the Inland Empire region over the past eight years.

February 8, 2018

Loans Office Oregon Western

Ready Capital Closes $7.5M Acquisition Loan for Creative Office Property in Portland

by Nellie Day February 8, 2018

PORTLAND, ORE. — Ready Capital has closed a $7.5 million acquisition loan for a 26,000-square-foot creative office property in Portland. The asset is situated in the Pearl District. The non-recourse, floating-rate bridge loan will fund the acquisition, renovation and stabilization of the asset. Further details were not disclosed.

February 8, 2018

California Multifamily Western

Demmon Partners Acquires 272-Unit Apartment Community in Sacramento

by Nellie Day February 8, 2018

SACRAMENTO, CALIF. — Demmon Partners has acquired The Falls at Arden apartments in Sacramento for an undisclosed sum. The 272-unit community is located at 2345 Northrop Ave. The Falls at Arden was built in 1986. It includes studio to two-bedroom units that are currently 95 percent occupied. The asset has received $3.6 million in improvements since March 2016. Jason Parr of Cushman & Wakefield represented the seller, FPA Multifamily, in this transaction.

February 8, 2018

California Mixed-Use Top Stories Western

Brookfield Residential Acquires Developer OliverMcMillan, Including ‘Certain Assets’

by John Nelson February 8, 2018

CALGARY, ALBERTA AND SAN DIEGO — Brookfield Residential Properties Inc., the residential development arm of private equity firm Brookfield Asset Management, has closed on its acquisition of OliverMcMillan, a San Diego-based developer of large-scale mixed-use properties. Details of the acquisition were not disclosed, but on a conference call Wednesday (Feb. 7), Brookfield Residential chairman and CEO Alan Norris stated that the acquisition encompasses “certain assets” of OliverMcMillan. According to a release from Brookfield Residential, OliverMcMillan will continue to design and build mixed-use developments and will also continue to manage its existing real estate assets. “We simply could not have found a better long-term home,” says Dene Oliver, CEO of OliverMcMillan, in a prepared statement about the merger with Brookfield Residential. OliverMcMillan has several mixed-use projects under development across the country, including the second phases of River Oaks District in Houston and Buckhead Atlanta in Atlanta’s Buckhead district. As part of the merger, Brookfield Residential is acquiring the future pipeline of these two projects but not the operations of the existing assets, according to a source familiar with the acquisition. The second phase of Buckhead Atlanta includes 315,000 square feet of office space, according to the OliverMcMillan website. The project’s first …

February 8, 2018

California Features Top Stories Western

Investors in Buy Mode, Keen on Value-Add Opportunities, Concludes RCM Survey

by Camren Skelton February 8, 2018

CARLSBAD, CALIF. — A majority of commercial real estate investors indicate that they are in a buying mode in 2018 and are particularly focused on properties in the value-add space, according to a survey conducted by Real Capital Markets (RCM). The National Investor Sentiment Report and follow-up interviews were completed in early January by RCM, a Carlsbad-based online technology platform for buying and selling commercial real estate. RCM surveyed more than 250 investors active in all property types across the United States to gauge their investment strategies and outlook for the year ahead. More than 75 percent of respondents classified their investment strategy as buy, or buy but trending toward hold, according to the survey. “Investors across the country continue to see great opportunity and benefit in commercial real estate investing,” says Steve Shanahan, executive managing director of RCM. “Regardless of the product type or whether the strategy is core or value-add, the focus is on finding assets that can deliver strong yields that outpace other investment options.” Of the respondents, a majority (58 percent) characterized themselves as value-add investors. In other words, they are looking for growth through renovation or repositioning properties to enhance value. These types of properties are …

February 8, 2018

California Loans Multifamily Western

G.H. Palmer Receives $233.6M Refinancing for Two LA Multifamily Assets

by Nellie Day February 7, 2018

LOS ANGELES — G.H. Palmer has received $233.6 million in cash-out refinancing for two Los Angeles multifamily assets. Those assets include The Medici at 725 S. Bixel St. and Orsini I at 505 N. Figueroa St. The Medici features studio to three-bedroom floor plans with a 24-hour doorman, complimentary tanning salon, private one-acre park, jogging track, two tennis courts, a putting green, golf driving cages, and several pools and spas. Orsini I features studio to two-bedroom apartments with complimentary yoga classes, a regulation-size indoor basketball court, a movie theatre, karaoke lounge, virtual bowling and golf, a heated swimming pool and spa, private dry saunas and steam rooms, and a rooftop pool and spa overlooking skyline views. The 10-year, non-recourse loan closed at 4.02 percent and was sized at 60 percent of value. Gary M. Tenzer of George Smith Partners was able to arrange the loan with interest-only payments for the entire 10-year term.

February 7, 2018

California Loans Retail Western

HFF Arranges $83.5 Million Loan for 141,420 SF Retail Center in Bay Area

by Nellie Day February 7, 2018

EMERYVILLE, CALIF. — HFF has arranged an $83.5 million loan for Emeryville Public Market, a 141,420-square-foot shopping center in the San Francisco Bay Area community of Emeryville. Peter Smyslowski of HFF arranged the five-year, floating-rate loan through ACORE Capital on behalf of the borrower, a partnership between City Center Realty Partners LLC and Angelo, Gordon & Co. Proceeds of the loan will be used to retire an existing Bank of America loan, complete construction of an additional 26,350 square feet of retail space, add a 300-stall parking structure and expand an on-site public park. Emeryville Public Market is home to tenants including Guitar Center, Urban Outfitters and a food hall. The property was originally constructed in 1920, but underwent expansions and renovations in 1988 and 2017.

February 7, 2018

California Loans Multifamily Western

Ready Capital Closes $8.8M Acquisition Loan for Apartment Building in Hollywood

by Nellie Day February 7, 2018

LOS ANGELES — Ready Capital has closed an $8.8 million loan for the purchase of a 43-unit multifamily property in Hollywood. The community is situated in the Larchmont/East Hollywood neighborhood. The non-recourse, senior, floating-rate bridge loan will be used to acquire, renovate and stabilize the asset.

February 7, 2018

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