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.
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.
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.
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 …
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.
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.
SAN DIEGO — Stos Partners has sold a 91,541-square-foot industrial building in the National City submarket of San Diego for $21 million. The single-tenant building is located at 901 Bay Marina Drive. The asset is fully occupied. An undisclosed Fortune 500 company anchors the building. A large institutional investor acquired the property after it underwent several improvements, including a new roof, new exterior paint, an upgraded parking lot and new monument signage. CBRE’s Anthony DeLorenzo, Matt Pourcho and Gary Stache represented Stos in this transaction.
TUCSON, ARIZ. — Stoneweg has acquired the 300-unit River Oaks Apartments in Tucson for $20.5 million. The community is situated along East Broadway Boulevard. River Oaks is surrounded by the Central Tucson Office Corridor, a 5 million-square-foot concentration of office space. The corridor is home to the Williams Centre and 5151 East Broadway office complexes, along with employers like ASARCO Mining, 3M Motor Vehicle Systems and IBM. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, HSL Properties, in this transaction.
SAN DIEGO — Smashtech has leased 22,000 square feet of office space at Symphony Towers in downtown San Diego. The marketing company will occupy the penthouse suite on the 33rd floor. Smashtech will relocate from the Union Bank Building in June 2018. Irvine Co. owns the property.
PHOENIX — A joint venture between McCarthy Cook & Co. and Morgan Stanley Real Estate Investing has sold BMO Tower at Central Arts Plaza, a 485,687-square-foot office tower in Phoenix, for $80.7 million. The Class A building is located at 1850 and 1884 N. Central Ave. in the Central Arts District. The transaction included an adjacent 1.9-acre parcel. BMO Tower was built in 1991 and designed for the Dial Corp. international headquarters. The building is currently 77 percent leased. Notable tenants include Dickinson Wright, The Cavanaugh Law Firm, PwC, Viad Corp. and BMO Harris Bank. Amenities include a fitness center, conference center, café with indoor/outdoor dining areas, a 200-seat theater, sundry shop and 24/7 security. The property also offers 360-degree views of Phoenix’s skyline and Camelback Mountain, a main lobby with 20-foot high ceilings, and a rotating art gallery. CBRE will serve as property manager, while JLL will lease the asset. CBRE also secured the financing and represented both parties in this transaction.