Western

Bayview Receives $288.8M Loan to Develop Two High-Rise Apartment Towers in Silicon Valley

by John Nelson November 16, 2017

SAN JOSE, CALIF. — Bayview Development Group, a privately held commercial real estate development and investment firm based in Northern California, has received a $288.8 million construction loan to develop MIRO in downtown San Jose. The project will include a pair of 28-story luxury apartment towers housing more than 600 residences and 20,000 square feet of retail and commercial space. Situated in one of the top markets in the Silicon Valley, MIRO will feature one-, two- and three-bedroom layouts, including 16 penthouses. The project will also include more than 50,000 square feet of amenities, such as a rooftop pool, concierge services, fitness center, spa facilities, pet facilities, fire pits and rooftop lounges. Bayview Development expects to deliver MIRO in 2020 at 167 E. Santa Clara St., within walking distance of the future downtown San Jose BART station. In addition to Bayview, the design team includes architect Steinberg and general contractor Suffolk. Charles Halladay, Brandon Roth and Jason Carlos of HFF arranged the five-year, interest-only loan through Broad Street Real Estate Credit Partners III, a debt fund managed by the Goldman Sachs Merchant Banking Division. The fund provides senior and mezzanine lending and preferred equity, according to Forbes. “There was a …

November 16, 2017

California Retail Western

CBRE Negotiates $55.7M Sale of Shopping Center in Costa Mesa, California

by Nellie Day November 15, 2017

COSTA MESA, CALIF. — CBRE has arranged the $55.7 million sale of The Triangle, a 204,523-square-foot restaurant and retail center in Costa Mesa. Philip Voorhees, Jimmy Slusher, Kirk Brummer, Megan Wood, Preston Fetrow, Matt Burson and John Read of CBRE arranged the transaction on behalf of the seller, a partnership led by Greenlaw Partners. A Los Angeles-based family office syndicate acquired the asset. At the time of sale, The Triangle was 94 percent leased to tenants including Yard House, 24 Hour Fitness, Tavern & Bowl, Triangle Cinemas and TIME Nightclub.

November 15, 2017

Multifamily Student Housing Washington Western

Colliers Brokers $21.5M Sale of Student Housing Community Near University of Washington

by Nellie Day November 15, 2017

SEATTLE — Colliers International has arranged the sale of Prexy Apartments, a 70-bed student housing community located near the University of Washington in Seattle’s University District. The property offers studio, one- and two-bedroom units. Shared amenities include a rooftop lounge and smartphone application-controlled thermostats, locks and lighting. Dylan Simon, Jerrid Anderson and Dorothy Jackman of Colliers International represented the seller, Daly Partners, in the disposition of the property to Ordos Udon LLC.

November 15, 2017

California Retail Western

Hanley Investment Group Arranges $5.6M Sale of Retail Center in Lancaster, California

by Nellie Day November 15, 2017

LANCASTER, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $5.6 million sale of Lancaster Triangle, a five-building, 35,569-square-foot retail center in Lancaster. Bill Asher and Jeff Lefko of Hanley Investment Group and Rosanne Morgiewicz of The Morgiewicz Co. arranged the transaction on behalf of the seller, Lancaster Triangle LLC, and the buyer, an undisclosed private investor. Lancaster Triangle was fully leased at the time of sale to tenants including Burger King, Fast Auto & Payday Loans, American Tire Depot, Sugary Donuts, Socorro’s Bridal and York Shore House Fish & Chips.

November 15, 2017

Office Oregon Top Stories Western

Starwood Capital Group Buys Wells Fargo Center in Portland

by Nellie Day November 15, 2017

PORTLAND, ORE. — Starwood Capital Group has purchased the 40-story Wells Fargo Center in downtown Portland. The transaction includes an adjacent five-story former data processing building. The price was not disclosed, though county tax records put the value of the tower at $163 million and the adjacent property at $33 million, according to The Oregonian. In June, Wells Fargo announced plans to sell the buildings and relocate some of the 900 employees working there to other local offices, added The Oregonian. The two structures total 725,000 square feet. The asset is located at 1300 SW 5th Ave. The Class A creative office space is the tallest building in Oregon. It offers views of Mt. Hood, the Willamette River, Mount St. Helens, downtown Portland and the West Hills. Starwood plans to reposition the property into a premier Class A asset. The lobbies and entries will undergo major renovations. The investment firm will also add new tenant amenities, including conference facilities, a tenant lounge, reimagined retail areas, fitness center and bike hub. “We are confident that our ambitious renovation plans will restore this building to its former status as one of the most iconic Class A office towers not just in Portland, …

November 15, 2017

California Hospitality Loans Western

Sunstone, Park Hotels Obtain $220M Refinancing for Hilton San Diego Bayfront

by Nellie Day November 14, 2017

SAN DIEGO — A joint venture between subsidiaries of Sunstone and Park Hotels & Resorts has obtained a $220 million refinancing for the 1,190-room Hilton San Diego Bayfront in downtown San Diego. The hotel is located at 1 Park Blvd. The loan has a three-year initial term and three one-year extension options. The loan is interest-only and provides for a floating interest rate of LIBOR plus 1.05 percent with a 25 basis-point increase during the final one-year extension period, if extended. The loan is expected to reduce the company’s consolidated annual cash interest expense by about $2.6 million. The financing replaces the existing loan that was scheduled to mature in August 2019 and had a floating interest rate of LIBOR plus 2.25 percent. The refinancing was completed by Sunstone Hotel Investors.

November 14, 2017

Arizona Retail Western

HFF Arranges $24.5M Sale, $17.8 M Financing for Retail Center in Tucson

by Nellie Day November 14, 2017

TUCSON, ARIZ. — HFF has arranged the $24.5 million sale of Colonia Verde, a 98,937-square-foot retail center in Tucson. Gleb Lvovich of HFF arranged the transaction on behalf of the seller, Westwood Financial Corp., and Nick Kassab of HFF represented the buyer, ROK Properties Inc. Additionally, Jeremy Womack of HFF secured a 10-year, $17.8 million acquisition loan for the asset through a global financial services firm on behalf of the new owner. Safeway and Walgreens anchor Colonia Verde, which was 99 percent leased at the time of sale to tenants including Ace Hardware, Wells Fargo, Panda Express, Coldstone Creamery and Jamba Juice.

November 14, 2017

Colorado Multifamily Western

Castle Lanterra Properties Buys 280-Unit Multifamily Community in Westminster, Colorado

by Nellie Day November 14, 2017

WESTMINSTER, COLO. — Castle Lanterra Properties has purchased the 280-unit Sunset Ridge Townhomes in Westminster for an undisclosed sum. The community is located at 8300 Sheridan Blvd. Sunset Ridge was built in 1972. It was 95 percent occupied at the time of sale. Community amenities include an updated clubhouse, Wi-Fi Café, lounge area, fireplace, zero entry swimming pool, barbecue grills, dog park, parking lot and playground. ARA Newmark represented the seller, WillMax Capital Management, in this transaction.

November 14, 2017

California Multifamily Seniors Housing Western

Sunrise Opens 83-Unit Assisted Living Community in Bay Area

by Nellie Day November 14, 2017

PLEASANTON, CALIF. — Sunrise Senior Living has opened the doors on Sunrise of Pleasanton, an 83-unit assisted living and memory care community in the Bay Area city of Pleasanton. The two-story, 63,800-square-foot community can serve up to 103 residents. It features easy access to ValleyCare Medical Center. Sunrise recently opened another seniors housing community near San Diego, and plans to open 10 communities over the next two years. Based in McLean, Va., Sunrise Senior Living operates 322 communities in the United States, Canada and the United Kingdom totaling 28,700 units.

November 14, 2017

California Retail Western

Finish Line Unveils Updated Store Design at LA Flagship Store

by Nellie Day November 14, 2017

LOS ANGELES — The Finish Line Inc. has opened its revamped Los Angeles flagship store in the Del Amo Fashion Center. The updated retail space features a new design concept and digital display integrations. The Del Amo store — the third Finish Line location to receive these updates alongside Woodfield Mall in Chicago and Roosevelt Field in New York — puts technology at the center of the store’s total experience. The Finish Line, Inc. is a retailer that carries shoes, apparel and accessories. Headquartered in Indianapolis, Finish Line runs approximately 950 branded locations in U.S. malls and shops inside Macy’s department stores.

November 14, 2017

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