Western

Chapman University To Build 402-Bed Student Housing Development in Orange, California

by Nellie Day January 5, 2018

ORANGE, CALIF. — Chapman University has received approval for the adaptive reuse of a historic packing house. The university will develop a 402-bed student housing community adjacent to its campus in Orange. The historic Villa Park Orchards Association Packing House will be converted into a museum, student services center and classrooms or offices for the university. The new student housing development will target upperclassmen, and is being designed to reflect the character of the packing house and the surrounding community. The project’s designers are Togawa Smith Martin Inc. and AC Martin. KTGY Architecture + Planning is the university’s design advisor and project representative, and has helped to ensure project consistency, coordinate with various design firms, provide design recommendations and shepherd the project through the approval process. Additional details and a planned completion date have yet to be announced.

January 5, 2018

California Hospitality Western

Khanna Enterprises Buys 376-Room Wyndham Hotel in Garden Grove, California

by Nellie Day January 5, 2018

GARDEN GROVE, CALIF. — Khanna Enterprises has purchased the 376-room Wyndham Anaheim Garden Grove hotel in Orange County for an undisclosed sum. The hotel is located at 12021 Harbor Blvd. The property includes more than 30,000 square feet of meeting space, three food and beverage outlets, a fitness center and an outdoor pool. Pacific Hospitality Group developed the Wyndham Anaheim as the Crowne Plaza Anaheim Resort in 1999. The hotel was rebranded under the Wyndham flag in May 2014 and, since then, PHG has invested more than $5 million in capital improvements to the hotel. Renovations included including a transformation of the lobby and food and beverage outlets. Following the sale, the purchaser plans to renovate, reposition and reflag the hotel as a Delta by Marriott.

January 5, 2018

Multifamily Seniors Housing Washington Western

SLIB Brokers Sale of 65-Bed Skilled Nursing Facility in Washington

by Nellie Day January 5, 2018

CASHMERE, WASH. — Senior Living Investment Brokerage has arranged the sale of Cashmere Convalescent Center, a 65-bed skilled nursing facility in Cashmere, located between Seattle and Spokane. The price was not disclosed. A regional owner-operator based in Idaho purchased the property, seeking to expand its footprint beyond the northern Rocky Mountain region. The 21,820-square-foot facility sits on four acres of land, leaving room for future expansion. Jason Punzel, Brad Goodsell and Nick Cacciabando of Senior Living Investment Brokerage handled the transaction.

January 5, 2018

California Retail Western

Quarry Creek Investors Sells 15,690 SF Retail Center in Oceanside

by Nellie Day January 5, 2018

OCEANSIDE, CALIF. — Quarry Creek Investors has completed the disposition of Quarry Creek Plaza, a retail center located at 3460 and 3480 Marron Road in Oceanside. Completed in 2003, the 15,690-square-foot property is 92.6 percent leased to a variety of tenants, including Jamba Juice, Subway, Los Tacos, Poki Poki, Supercuts, American Dry Clean, Happiness Nails and Smashburger. Gleb Lvovich of HFF, along with Mike Moser of Retail Insite, represented the seller. Terms of the transaction and the name of the buyer were not released.

January 5, 2018

California Western

KBS Completes Acquisition of Empire Services

by Nellie Day January 5, 2018

OCEANSIDE, CALIF. — Kellermeyer Bergensons Services LLC (KBS), a provider of property services to multi-site and multi-region customers in North America, has completed the acquisition of Empire Services, an independently owned commercial facility maintenance company headquartered in New Orleans. Empire provides commercial janitorial, pressure washing, porter services, truck-mounted regenerative air sweeper truck operations, general contracting, painting, sheetrock, demolition services, electrical services, construction cleanup, special event services, emergency services, water extraction and dehumidification, landscape maintenance, trash removal, engineering services, HVAC, mechanical and facility maintenance services. Based in Oceanside, Calif., KBS is majority owned by GI Partners.

January 5, 2018

Arizona Multifamily Western

Avesta Communities Acquires 320-Unit Coronado Crossings Apartments in Arizona

by Nellie Day January 4, 2018

CHANDLER, ARIZ. — Avesta Communities has purchased the 320-unit Coronado Crossings in Chandler for an undisclosed sum. The community is located at 700 N. Coronado St. in the Price Corridor. Avesta plans to fully renovate the property, upgrading all interior units and community amenities. Intel announced plans last year to invest $7 billion in a new facility in Chandler, which would create 3,000 jobs. Avesta deployed more than $119 million of equity into eight communities across four states in 2017. The company now operates in Arizona, Colorado, Florida and Texas.

January 4, 2018

California Multifamily Seniors Housing Western

Sabra Health Care REIT Completes $103.3M Sale of 20 Skilled Nursing Facilities Leased to Genesis

by Nellie Day January 4, 2018

IRVINE, CALIF — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has completed the previously announced sale of 20 skilled nursing facilities leased to Genesis Healthcare Inc. in Kentucky, Ohio and Indiana for $103.3 million. The 20 facilities are part of the original 35 facilities marketed for sale under the previously announced memoranda of understanding with Genesis. Under the terms of the deal, Genesis’s annual rent obligations to Irvine-based Sabra will be reduced by $9.3 million as a result of the sale of these facilities. Sabra expects to use the proceeds from the sale to repay borrowings under its revolving credit facility. The dispositions are part of the REIT’s “Sabra 3.0” plan to have more scale and diversification within the company’s portfolio as far as continuum of care, operator and geography. Sabra plans to sell its entire portfolio of Genesis-operated skilled nursing facilities for aggregate sales proceeds of $425 million to $475 million.

January 4, 2018

Colorado Office Western

Broe Real Estate Group Buys 461,000 SF Office, Lab Facility in Longmont, Colorado

by Nellie Day January 4, 2018

LONGMONT, COLO. — Broe Real Estate Group has purchased a 461,000-square-foot office/lab facility in Longmont, approximately 15 miles northeast of Boulder. The 24-acre business campus was built in 1989. The property was renovated and expanded in 2001 to facilitate a long-term lease with Maxtor Corp. (now Seagate Technology). Seagate vacated the property in 2007, but continued to make lease payments until the expiration of its lease in 2016. Shortly thereafter, the property was transferred through a deed in lieu of foreclosure transaction to a special servicer.

January 4, 2018

California Loans Multifamily Seniors Housing Western

The Ensign Group Receives $112M HUD Refinancing for 17-Property Seniors Housing Portfolio

by Nellie Day January 4, 2018

MISSION VIEJO, CALIF. — The Ensign Group Inc. (NASDAQ: ENSG), the parent company of the Ensign group of skilled nursing, rehabilitative care services, home health care, hospice care and assisted living companies, has completed a $112 million portfolio financing. The fixed-rate loans have an amortization schedule between 30 and 35 years, and are secured by mortgages on 17 of the 63 properties owned by Ensign subsidiaries. Jason Dopoulos of Lancaster Pollard Mortgage Company LLC arranged the loans, which are insured by the Department of Housing and Urban Development (HUD). Loan proceeds will be primarily deployed to pay down previously drawn amounts on Mission Viejo-based Ensign’s revolving line of credit. In addition to refinancing existing borrowings, the proceeds of the HUD-insured debt will be used to fund acquisitions; renovate and upgrade existing and future facilities; cover working capital needs; and for other business purposes.

January 4, 2018

Colorado Loans Office Western

Harbert Management Corp., Bancroft Capital Obtain $44.6M Refinancing for Denver Highlands Office Building

by Nellie Day January 4, 2018

DENVER — A joint venture between Harbert Management Corporation and Bancroft Capital has obtained a $44.6 million loan to refinance Denver Highlands, a 359,919-square-foot office property in Denver. The asset is located at 10375 and 10065 E. Harvard Ave. The JV acquired the property in 2014 and repositioned the property. Renovations included exterior building improvements, landscaping, renovated lobbies and common areas, new elevators and tenant amenity space. Proceeds will be used to pay off the existing loan and fund leasing costs to bring the property to stabilization. Dennis Williams of NorthMarq Capital arranged the three-year, interest-only loan. Funds were provided by Bedrock Capital.

January 4, 2018

Newer Posts

Older Posts