Western

TH Real Estate Buys 485,984 SF Industrial Portfolio in Denver for $51M

by Nellie Day January 12, 2018

DENVER — TH Real Estate has purchased a three-property industrial portfolio in Denver for $50 million. The transaction contains a total of 485,984 square feet. The assets include two infill properties at 6400 Broadway and Bryant Street Quad in central Denver, as well as a large-scale, high-bay industrial property at 16600 Table Mountain in west metro Denver. The properties are fully leased. TH Real Estate is an affiliate of Nuveen, the investment arm of TIAA. NKF’s John Jugl Jr., Paul Donahue and Bret Hardy represented the seller, an institutional owner, in this transaction.

January 12, 2018

California Retail Western

SRS Arranges $6.1M Sale of Crunch Fitness Location in Van Nuys, California

by Nellie Day January 12, 2018

VAN NUYS, CALIF. — SRS Real Estate Partners has arranged the $6.1 million sale of a 20,600-square-foot Crunch Fitness location in Van Nuys. The building co-anchors an inline strip center, which is home to tenants including Jons International Marketplace, Fallas and Dearden’s. Crunch Fitness opened in July of 2017, committing to a 15-year lease. The San Fernando Valley Business Journal reports Fortunate Realty acquired the asset. Matthew Hardke, Matthew Mousavi and Patrick Luther of SRS arranged the transaction on behalf of the undisclosed seller.

January 12, 2018

California Office Western

Lendlease Relocates Office to City National Plaza in Downtown LA

by Nellie Day January 12, 2018

LOS ANGELES — Lendlease has signed an 11-year lease at City National Plaza in downtown Los Angeles. The center is located at 515 S. Flower St. The Australia-based property company sought a prominent and central downtown location that would keep employees connected to the community, with access to a variety of amenities and transportation. The Class A office tower is part of the larger City National Plaza, a 2.6 million-square-foot project spanning the entire city block between Flower, Figueroa streets, Fifth and Sixth streets. City National Plaza contains two office towers, one plaza-level building, and four subterranean levels featuring retail and parking. Notable tenants include City National Corp., Gensler, Paul Hastings LLP, Chubb Group of Insurance Companies, Foley & Lardner LLP and Norton Rose Fulbright US LLP. Justin Collins of Cushman & Wakefield represented Lendlease, while the firm’s John Bendetti represented the landlord, CommonWealth, in this transaction.

January 12, 2018

Loans Multifamily Washington Western

SyHadley Receives $56M in Acquisition Financing for Hadley Apartments in Mercer Island, Washington

by Nellie Day January 11, 2018

MERCER ISLAND, WASH. — SyHadley has received $56 million in financing to purchase the 209-unit Hadley Apartments in Mercer Island. The community is located at 2601 76th Ave. S.E. Financing for the recently developed apartment complex includes a 20-year term on a 30-year amortization schedule, including two years of interest-only payments. NorthMarq arranged financing from the lender, Aegon USA Realty Advisors, in this transaction.

January 11, 2018

California Retail Western

RAF Pacifica Group Acquires Retail Portion of Pacific Station in Encinitas for $24M

by Nellie Day January 11, 2018

ENCINITAS, CALIF. — RAF Pacifica Group has purchased the retail portion of Pacific Station, a 100,000-square-foot mixed-use asset featuring residential office and retail space in Encinitas. Loja Retail Partners sold the asset for $24 million. Amazon, Whole Foods and Wells Fargo, among others, occupy the 39,000-square-foot retail portion. RAF Pacifica Group plans to hold the retail asset long-term. Matt Moser of Retail Insight represented the buyer and seller in the off-market transaction.

January 11, 2018

California Loans Mixed-Use Western

CBRE Secures $23.1M Loan for Mixed-Use Redevelopment in Downtown LA

by Nellie Day January 11, 2018

LOS ANGELES — CBRE has secured a $23.1 million bridge and construction loan for the repositioning of the nine-story 900 South Hill Street Garage in downtown Los Angeles. Mark Fisher and Alex Furnary of CBRE’s New York office, with the assistance of Val Achtemeier of CBRE’s Los Angeles, office secured the loan on behalf of the developer, Los Angeles-based Markwood Enterprises. Markwood will construct an additional floor, and combine and expand the ground-floor space to accommodate a single tenant, Erewhon, an organic market. The top three floors will be re-purposed as creative office space and the balance of the property will continue to operate as a garage.

January 11, 2018

Hospitality Washington Western

The Hotel Group Acquires Home2 Suites by Hilton Yakima – Airport in Washington

by Nellie Day January 11, 2018

KENNEWICK, WASH. — The Hotel Group has acquired the 107-unit Home2 Suites by Hilton Yakima – Airport in Kennewick for an undisclosed sum. The hotel is located at 2861 S. Lincoln St. in Rainer Square, southeast of Seattle. Construction of the property began in late 2017. It is scheduled to open in spring 2019. The hotel is being is being developed by Yakima-based Hogback Development and designed to host families and sports teams, along with business and leisure travelers. Amenities will include a swimming pool, fitness center, guest laundry, meeting facilities, indoor and outdoor lounge, and free breakfast. The hotel is situated less than a mile from Yakima Air Terminal, Yakima Valley Community College, SOZO Sports Complex and Virginia Memorial Hospital.

January 11, 2018

California Restaurant Retail Western

Genesis Kitchen + Drinks Opens at Campus Point in San Diego

by Nellie Day January 11, 2018

SAN DIEGO — Genesis Kitchen + Design has opened at Campus Point in San Diego. Located at 4242 Campus Point Court, the restaurant is part of the new Genesis life science development complex by Phase 3 Real Estate Partners Inc. The project includes a full-scale fitness center, outdoor lap pool and yoga training patio. The restaurant seats 56 people inside, with seating for 120 outside and a large bar, as well as semi-private outdoor space with a gas fireplace and ping-pong table. Genesis Kitchen + Design offers a seasonal menu, 13 craft beers on tap, nine wines by the glass and local kombucha for lunch Monday through Friday and a happy-hour menu Thursdays and Fridays. Bon Appétit Management Co. will operate the restaurant.

January 11, 2018

California Office Western

CB Global Investors Purchases 311,000 SF Office Tower in Irvine for $120M

by Nellie Day January 10, 2018

IRVINE, CALIF. — CB Global Investors has purchased a 311,000-square-foot office tower in Irvine for $120 million. The 16-story tower is located at 2600 Michelson Drive. The trophy property is 99 percent occupied. Notable tenants include Loan Depot, Jacobs Engineering, Zillow and Premier Business Centers. The property was built in 1986 and renovated last year. The tower features a polished-granite-and-glass exterior, a two-story lobby that overlooks a koi pond and courtyard, and a five-story adjacent parking structure. CB Global Investors represented itself in this transaction, while NKF represented the seller, Ocean West Capital Partners.

January 10, 2018

California Hospitality Loans Western

Sonnenblick-Eichner Co. Arranges $110M Refinancing for InterContinental San Francisco Hotel

by Nellie Day January 10, 2018

SAN FRANCISCO — Sonnenblick-Eichner Co. has arranged a $110 million refinancing for the 550-room InterContinental San Francisco hotel. The hotel is located at 888 Howard St. in downtown’s South of Market (SOMA) district. The hotel includes 43,000 square feet of meeting, banquet and pre-function space; Luce, a Michelin rated restaurant; a 10,000-square-foot spa; and subterranean parking accommodating 180 valet spaces. The 10-year, non-recourse loan has a fixed interest rate in the low 4 percent range. A Wall Street investment bank funded the loan.

January 10, 2018

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