LACEY, WASH. — Dermody Properties has purchased Meridian Campus Corporate Park, a 777,579-square-foot industrial park in the Seattle submarket of Lacey, for an undisclosed sum. The park is located at 9107, 9127 and 9225 Polaris Lane. Meridian Campus Corporate Park contains three Class A buildings that feature 30-foot clear heights. The acquisition also includes 18 acres of land where Dermody plans to develop a new distribution building. The new facility will contain 318,028 square feet with a 36-foot clear height and 80 trailer parking stalls. Construction is expected to begin this November. CBRE’s Monte Decker and Andrew Hitchcock will market the property for lease. Dermody acquired the park from the California State Teachers’ Retirement System (CalSTRS).
ENGLEWOOD, COLO. — Bentall Kennedy has received $52.4 million in financing to acquire a 223,177-square-foot trophy office asset in Englewood. The asset is located at 9151 E. Panorama Circle within the Panorama Corporate Center. The property was built in 2017. It is fully leased to Arrow Electronics. Amenities include an employee kitchen, cafeteria, 8,000 square feet of meeting space, and a fitness center with showers and a locker room. HFF’s Cary Abod and Eric Tupler secured the five-year, 3.41 percent fixed-rate, full-term, interest-only loan through a correspondent life insurance company lender.
BOISE, IDAHO — EdR has opened Honors College and Sawtooth Hall, a 656-bed residence hall located on the campus of Boise State University. EdR is leasing the land from the university, and owns the five-story, 236,000-square-foot property. The community includes a dedicated Honors living-learning center and first-year accommodations in the form of 235 two- and four-person, private and semi-private suites. A number of apartment-style units are also included to provide alternatives for upper-division students in the Honors College. The building includes classrooms, study lounges, Honors offices and dining facilities.
SOUTHERN CALIFORNIA — JCH Senior Housing Investment Brokerage has arranged the sale of an assisted living facility in Southern California for $9.6 million. The name of the 97-unit property was not disclosed. Both the buyer and seller are local, single-asset operators. Jim Hazzard and Nick Stahler were the lead agents on the transaction.
FULLERTON, CALIF., AND VANCOUVER, WASH. — Retail Opportunity Investment Corp. (ROIC) has acquired two shopping centers on the West Coast for a total of $96.5 million. The purchase includes Fullerton Crossroads, a 221,636-square-foot, grocery-anchored community center in Fullerton, and Riverstone Marketplace, a 108,323-square-foot, grocery-anchored shopping center in Vancouver. Fullerton Crossroads was built in 1971 at 3200–3362 E. Yorba Linda Blvd. It was renovated in 1996 and 2005. The center is 98 percent leased to tenants like Ralphs, Kohl’s, JoAnn Fabric & Craft and Daiso Japan. Riverstone Marketplace is located at 19215 and 19221 S.E. 34th St. and 3415, 3425 and 3505 S.E. 192nd Ave. in the Fisher’s Landing area of Vancouver. The center is 99 percent leased, with Quality Food Center as the anchor. ROIC represented itself in this stock transaction, while JLL’s Geoff Tranchina represented the seller, the Uhlmann Family Trust. “The seller was looking to divest itself of the day-to-day operations of these properties while maintaining its relationship and exposure to high-quality, West Coast retail real estate,” says Tranchina. “These unique tax-deferred structures, while complex to execute, provide long-term holders of real estate the potential to diversify their risk, eliminate management responsibilities and provide liquidity flexibility in the …
SAN DIEGO — George Smith Partners has provided an $85 million bridge loan for the 317-room Pendry Hotel in downtown San Diego. The new luxury hotel is located at 550 J St. The Pendry opened in February. It features a rooftop pool, spa, six restaurants and bars, and 35,000 square feet of high-end meeting and event space. Robert Green Co. and Dan Kloiber own the hotel, which is part of Montage Hotels & Resorts. The loan was provided by Malcolm Davies, Evan Kinne and Alex Rossinsky.
IRVINE, CALIF. — HCP (NYSE: HCP), an Irvine-based healthcare REIT, has closed on a new $2 billion unsecured revolving credit facility. The new facility reduces the company’s funded interest cost for committed loans by five basis points and has a maturity date of Oct. 19, 2021. Based on the company’s current senior unsecured long-term debt ratings, the facility bears interest annually at LIBOR plus 100 basis points and has a facility fee of 20 basis points. The facility also includes two six-month extension options and the ability to increase the commitments by an aggregate amount up to $750 million.
WESTMINSTER, COLO. — HFF has arranged the $4.3 million sale of Brookhill Towne Center, a 99,142-square-foot retail center in Westminster, located 11 miles north of Denver. Jules Sherwood of HFF represented the seller and procured the buyer, Experimental Holdings Inc. Constructed in 1989, Brookhill Towne Center was 81.5 percent leased at the time of sale to Fruehauf’s, Guiry’s and Dollar Tree.
LOS ANGELES — Bob’s Discount Furniture plans to open six new stores in the Los Angeles market simultaneously on Feb. 15, 2018. New locations will open in Baldwin Park, Huntington Beach, Midtown, Long Beach, West Hills and Valencia. These six stores will be the first on the West Coast for the furniture retailer. Bob’s currently has 89 stores in 15 states across the East Coast, Mid-Atlantic and Midwest regions, after adding more than a dozen new stores in the past year. In addition to the six new stores in Los Angeles, the furniture retailer has three others set to open on the same day in Pennsylvania and Virginia. The nine store openings will bring the company to 98 stores nationwide.
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Forecast Survey: What’s Your Take on Real Estate in 2018?
France Media, Inc. is conducting a brief online survey to gauge market conditions, and we welcome your participation. This survey should only take a few minutes to complete. Questions range from property sectors that your firm is most bullish on heading into 2018 to trends in deal volume to the outlook for interest rates. The results will be collated and published in the January 2018 issue of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information. To participate in our broker/agent survey, click here. For developers/owners/managers, click here. For lenders and financial intermediaries, click here. (Note: Please remember to click on “done” to properly submit the survey.) Sincerely, Matt Valley Editorial Director, Real Estate Regionals France Media, Inc.