Western

NorthMarq Arranges $47.8M in Bridge Financing for Warehouse Repositioning in California

by Nellie Day January 30, 2018

SANTA ANA, CALIF. — NorthMarq has arranged $47.8 million in bridge financing for a 414,309-square-foot vacant warehouse in Santa Ana. The warehouse is located at 515 E. Dyer Road. Hines acquired the property in December 2017. The firm plans to renovate and reposition the vacant warehouse into a last-mile distribution center. The property was formerly a manufacturing and distribution facility. It features 22-foot clear heights, 120-foot truck turning clearance, an office pod, and access to the 55, 5 and 405 freeways. The loan represents 65 percent of total project cost with a five-year term. NorthMarq shopped the non-recourse loan to both banks and debt funds, but the final lender was not disclosed. Mike Elmore, Joe Giordani and John Marshall led the NorthMarq team.

January 30, 2018

California Office Western

Kearny Real Estate Acquires Office Complex in Santa Ana for $34.8M

by Nellie Day January 30, 2018

SANTA ANA, CALIF. — Kearny Real Estate Co. has purchased a 197,370-square-foot office campus in Santa Ana for $34.8 million. The campus is located at 3100-3130 Harbor Blvd. The space has recently been rebranded Elevate@Harbor. It includes two mid-rise buildings on eight acres that were built in 1982. Kearny plans to invest about $15 million to reposition the office campus. The one-acre outdoor area surrounding the first floor of both buildings will be redesigned to incorporate outdoor areas that provide a mix of work, leisure and active spaces. The seller was The Colton Company. CBRE’s Carol Trapani and Allison Kelly will oversee leasing for Elevate@Harbor.

January 30, 2018

California Office Western

Irvine Co. Buys 198,000 SF Office Campus in Del Mar Heights, California

by Nellie Day January 30, 2018

DEL MAR HEIGHTS, CALIF. — Irvine Co. has purchased Gateway at Torrey Hills, a 198,000-square-foot campus in Del Mar Heights, for an undisclosed sum. The campus is situated near the I-5 Freeway at Carmel Mountain Road. The Class A office space is spread across two four-story buildings. Notable tenants include BDO USA, MINDBODY Inc., and law firm Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. The project features stone and glass façades, flexible floor plates, modern interior features and on-site parking. Amenities include a fitness center with locker room and showers, art installations, multiple patios, and outdoor workspaces. Irvine Co. plans to add to and enhance the outdoor workspaces.

January 30, 2018

California Industrial Western

Pactra USA Leases 184,350 SF at Distribution Center in California

by Nellie Day January 30, 2018

MODESTO, CALIF. — Pactra USA has leased 184,350 square feet at Tracy Pescadero Distribution Center, just west of Modesto. The center is located at 1700 E. Pescadero Ave. The transaction brings the building to 100 percent occupancy. The building features 57 dock-high doors, 32-foot clear heights and a easy access to major transportation arterials including Interstate 205, Interstate 5, Interstate 580 and Highway 99. Cushman & Wakefield represented the 3PL service provider. CBRE represented the landlord, Ridgeline Property Group and LaSalle Investment Management, in this transaction.

January 30, 2018

Arizona Multifamily Seniors Housing Western

Western States Lodging Breaks Ground on 216-Unit Assisted Living Community Near Phoenix

by Nellie Day January 29, 2018

SCOTTSDALE, ARIZ. —Western States Lodging has broken ground on Legacy Village of Salt River, a 216-unit assisted living and memory care community in the Phoenix suburb of Scottsdale. The property will be the company’s third in the Phoenix metro, as it continues its expansion into seniors housing. The property is located within Pima Center, a 232-acre, mixed-use business park developed by MainSpring Capital Group containing more than 1.5 million square feet of office, flex and light industrial facilities. The Block, a full-service retail center, is currently under construction within the park. Salt Lake City-based Beecher Walker Architects designed the community, which hardison/downey construction is building. The community is scheduled to open in early 2019. Development partners include The Boyer Group and the Colmena Group. Zions Bank provided development financing. Western States Lodging’s portfolio includes hotels, senior apartments and seniors housing communities in Utah, Oregon, Idaho, Washington, Hawaii, Colorado, Nevada and Arizona.

January 29, 2018

California Retail Western

NKF Capital Markets Brokers Sale of 75,630 SF Shopping Center in San Francisco

by Nellie Day January 29, 2018

SAN FRANCISCO — NKF Capital Markets has arranged the sale of Diamond Heights Shopping Center, a 75,630-square-foot retail center in San Francisco. Nicholas Bicardo, Brandon Rogoff and Bryce Holman of NKF Capital Markets arranged the transaction on behalf of the private seller. Donahue Schriber acquired the asset for an undisclosed price. Safeway anchors the center, which is also home to Walgreens, Bank of America and the United States Postal Service.

January 29, 2018

Loans Multifamily Seniors Housing Washington Western

NorthMarq Arranges Freddie Mac Financing for 130-Unit Seniors Housing Community Near Seattle

by Nellie Day January 29, 2018

LYNNWOOD, WASH. — NorthMarq Capital has arranged a Freddie Mac loan to refinance Quail Park of Lynnwood, a 130-unit seniors housing community in the Seattle Suburb of Lynnwood. The size of the loan was not disclosed. Quail Park is a three-story building located on 15 acres featuring independent living, assisted living and memory care. The property opened in 2014. Stuart Oswald of NorthMarq Capital’s Seattle regional office arranged the financing. The loan includes a seven-year term on a 30-year amortization schedule with two years of interest-only payments. The refinance allows for funds to be used for the the second and third phases of the community’s development, and repaid an existing Freddie Mac loan that NorthMarq originated for the previous owner. Although the borrower was not disclosed, CA Senior Living acquired the community in May 2017 in a joint venture with Living Care Lifestyles (the operator) and Goldman Sachs. Phase II of development includes plans for a 109-unit expansion.

January 29, 2018

California Restaurant Retail Western

Kennedy Wilson Negotiates $2.7M Lease of Restaurant Property in California

by Nellie Day January 29, 2018

WESTWOOD VILLAGE, CALIF. — Kennedy Wilson has brokered the a $2.7 million retail lease for The Waffle, located at 10925 Weyburn Ave. in Westwood Village. Owned by Gain Polone and John Papsidera, the restaurant is moving into the space formerly occupied by Jerry’s Deli. The modern casual restaurant offers breakfast and lunch options. Christine Deschaine of Kennedy Wilson represented the landlord, Tucker Investment Group, while Newmark Knight Frank represented the restaurant.

January 29, 2018

Idaho Restaurant Retail Western

Tropical Smoothie Cafe Opened More Than 100 New Restaurants in 2017

by Nellie Day January 29, 2018

BOISE, IDAHO — Tropical Smoothie Cafe, a fast-casual cafe concept, opened 101 new cafes in 2017 and signed 187 agreements that will grow the brand’s footprint in markets nationwide. The company aims to reach 1,000 locations by 2020. In its 20th anniversary year, Tropical Smoothie Cafe reached milestones including the opening of its first location in Idaho, 50th in Michigan and 630th cafe overall. Amidst the ongoing growth throughout 2017, Tropical Smoothie Cafe also appointed six industry veterans including Rob Collins as chief marketing officer, Pete Ward as general counsel, Paul Marsden as chief financial officer, Jaime Denney as senior vice president of operations, Cheryl Fletcher as vice president of franchise development strategy and Kristi Kingery as vice president of supply chain.

January 29, 2018

California Retail Western

C&W Completes Sale of Two Shopping Centers in Northern California for $47M

by Nellie Day January 26, 2018

SANTA ROSA AND NOVATO, CALIF. — Cushman & Wakefield has arranged the sales of two shopping centers in Northern California for a combined value of $47 million. Dan Wald and Don LeBuhn of Cushman & Wakefield arranged the sale of a 49,990-square-foot shopping center in Santa Rosa on behalf of the seller, SPI Holdings. T.J. Maxx and Staples anchor the center. Terry Daly of Cushman & Wakefield arranged acquisition financing for the property on behalf of the buyer, a private capital partnership, who acquired the asset through a 1031 exchange. In the second transaction, Wald and LeBuhn arranged the sale of Pacheco Plaza Shopping Center, a 66,619-square-foot retail center in Novato, on behalf of the seller and original developer. The buyer was not disclosed. Nugget Market anchors Pacheco Plaza Shopping Center, which was 92 percent leased at the time of sale to Chase Bank and 20 other retail and restaurant tenants.

January 26, 2018

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