Western

Fitzsimons Junction Apartments in Colorado Sells for $13.2M

by Nellie Day February 6, 2018

AURORA, COLO. — A local private investor has acquired the 126-unit Fitzsimons Junction apartment complex in Aurora for $13.2 million. The community is located at 14155 Montview Blvd. It was built in 1974. Fitzsimons Junction is made up of one-, two- and three-bedroom units, all with decks or patios. Amenities include numerous laundry rooms, covered parking and an outdoor swimming pool. Greg Price and Jason Hornik of Marcus & Millichap represented both the buyer and seller, another private investor, in this transaction.

February 6, 2018

California Restaurant Retail Western

Cracker Barrel Old Country Store Opens First California Location

by Nellie Day February 6, 2018

VICTORVILLE, CALIF. — Cracker Barrel Old Country Store has opened its newest location in Victorville, which is the first Cracker Barrel store to open in the Golden State. The restaurant combines dining and shopping. Each Cracker Barrel location is decorated with authentic artifacts, memorabilia and signage collected by a team of Americana experts. In Victorville, Cracker Barrel’s new store celebrates the history and culture of the local area through decorative walls that pay homage to the famous Route 66, the area’s contributions to the film industry and to California’s Gold Rush era. Guests can also shop in the old country store for toys, games, food items, apparel, accessories and other items. Cracker Barrel Old Country Store Inc. was established in 1969 in Lebanon, Tenn. Cracker Barrel and its affiliates operate 649 company-owned Cracker Barrel Old Country Store locations in 45 states and own the fast-casual Holler and Dash restaurants.

February 6, 2018

Nevada Western

Real Estate Veteran Matt Bear Launches Investment Services Firm

by Nellie Day February 6, 2018

LAS VEGAS — Matt Bear, a 28-year commercial real estate veteran, has launched Bear Real Estate Advisors LLC, a boutique real estate services firm. The company focuses on buyer representation for 1031 exchanges, national single-tenant investment sales and acquisitions, net lease investments, joint venture advisory, capital structure advisory, build-to-suit developments, debt/equity, specialized search and family office/professional investor buyer representation. Prior to founding Bear Real Estate Advisors, Bear served as vice president of CBRE and was previously a principal with Avison Young. In 2001, Bear was a founding partner of Venture Development Group, which specialized in the development of single-tenant buildings, neighborhood shopping centers and power center projects. In addition, Bear is a member of the International Council of Shopping Centers (ICSC), from which he earned the senior certified leasing specialist certification.

February 6, 2018

Colorado Office Western

Northstar Commercial Partners Buys 52,000 SF Office Property in Denver for $17.1M

by Nellie Day February 5, 2018

DENVER — Northstar Commercial Partners has purchased Offices at the Art, a 52,000-square-foot office property in Denver, for $17.1 million. The Class AA asset is situated along Broadway. Offices at the Art was built in 2015. It enjoys access to Broadway, Speer Boulevard, Interstate 25, Cherry Creek, Capitol Hill and downtown Denver.

February 5, 2018

California Multifamily Seniors Housing Western

WNC, Community Preservation Partners Complete $6.6M Renovation of Affordable Community in Anaheim

by Nellie Day February 5, 2018

ANAHEIM, CALIF. — WNC and its subsidiary Community Preservation Partners (CPP), along with nonprofit Jamboree Housing Corp., have completed the $6.56 million (or $36,635 per unit) renovation of Miracle Terrace Apartments in Anaheim. WNC provided approximately $17 million in low-income housing tax credit (LIHTC) equity to help fund the acquisition of and renovations to the 179-unit, age-restricted, affordable community. The community features 71 studio units, 107 one-bedroom units, and a single two-bedroom unit for the onsite manager. The community is open to seniors age 62 and older with household incomes between 35 percent and 60 percent of the area’s median income level. CPP is an affordable housing rehabilitation company that owns more than 5,000 units across the United States.

February 5, 2018

Idaho Loans Multifamily Seniors Housing Western

Hunt Mortgage Group Provides $1.8M Refinancing for Age-Restricted Community in Boise

by Nellie Day February 5, 2018

BOISE — Hunt Mortgage Group has provided a $1.8 million Freddie Mac Small Balance Loan to refinance Leisure Villa Apartments, an age-restricted community in Boise. The 57-unit property was built in 1973 and expanded in 2000. The four buildings are located on three acres, and the property also includes a clubhouse. The 10-year, fixed-rate loan features a 30-year amortization schedule and a yield maintenance prepayment schedule.

February 5, 2018

Hawaii Restaurant Retail Western

Jersey Mike’s Opens Restaurant on Military Base in Hawaii

by Nellie Day February 5, 2018

OAHU, HAWAII — Jersey Mike’s Subs opened its first restaurant on a military base, with a new location at Schofield Barracks in Oahu. The company plans to open restaurants at two other military installations in 2018. The 490-square-foot sub shop, located in the Army & Air Force Exchange Service food court, is staffed almost entirely by local residents connected to service members at the installation. The Schofield Barracks location is the 54th Jersey Mike’s restaurant for franchise owner Alvaro Garcia, whose other locations are in California and Hawaii. Started in 1956, Jersey Mike’s now has 1,500 restaurants open and under development nationwide.

February 5, 2018

California Company News Multifamily Seniors Housing Western

HCP Executive Chairman Mike McKee to Retire

by Nellie Day February 5, 2018

IRVINE, CALIF. — Michael McKee, executive chairman of Irvine-based healthcare REIT HCP Inc. (NYSE: HCP), has announced he plans to retire on March 1. Following his official retirement, McKee will continue to serve on the board of directors as a consultant until HCP’s annual meeting on April 26. Dave Henry, previously the lead independent director, has been appointed to serve as non-executive chairman. McKee has served as HCP’s executive chairman since May 2016 and as a member of the board since 1989. From July to December 2016, he served as interim president and CEO, filling the gap between Lauralee Martin’s departure and Tom Herzog’s promotion. McKee has been one of the few constants for a REIT that underwent massive changes in recent years. In his 20 months as executive chairman, the company spun off its 320-property HCR ManorCare skilled nursing portfolio into a separate REIT known as Quality Care Properties Inc. (NYSE: QCP). Additionally, the executive team saw nearly constant change during this time. Herzog was re-hired to his previous position of CFO and eventually promoted to CEO following Martin’s tenure. The company was also able to woo longtime industry veterans Justin Hutchens and Kai Hsiao, before losing them both …

February 5, 2018

California Industrial Western

Kilroy Acquires Oyster Point Tech Center in San Francisco for $111M

by Nellie Day February 2, 2018

SAN FRANCISCO — Kilroy Realty Corp. has purchased Oyster Point Tech Center, a 146,000-square-foot laboratory and office property in San Francisco, for $111 million. The property is located at 345-349 Oyster Point Blvd. in the South San Francisco submarket. The asset contains three two-story buildings. It is 80 percent occupied, with 66 percent of the project leased a global healthcare diagnostics company.

February 2, 2018

California Hospitality Loans Western

Huntington Hotel Group Secures $35M to Build Dual-Branded Hotel in LA

by Nellie Day February 2, 2018

LOS ANGELES — Huntington Hotel Group has received $35 million in construction financing to build a dual-branded hotel in the Los Angeles submarket of Agoura Hills. The project will include the 129-room Courtyard Marriott and the 96-room TownePlace Suites. The asset will be developed on a vacant 5.5-acre site located at 29505 and 29515 Agoura Road. HFF placed the 60-month loan with Umpqua Bank.

February 2, 2018

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