Western

JLL Income Property Trust Acquires Montecito Marketplace in Las Vegas for $63M

by Nellie Day August 15, 2017

LAS VEGAS — JLL Income Property Trust has acquired Montecito Marketplace, a 190,000-square-foot shopping center located in Las Vegas, for $63 million. Smith’s Grocery and TJ Maxx anchor the fully leased property, which is home to national and regional retailers, restaurants, banks and personal service tenants. The seller in the transaction was undisclosed. Jones Lang LaSalle Income Property Trust Inc. is a REIT that owns and operates a portfolio of high quality office, retail, industrial and apartment properties across the U.S.

August 15, 2017

California Loans Multifamily Western

L&B Realty Receives $90M to Refinance South Beach Marina Apartments in San Francisco

by Nellie Day August 15, 2017

SAN FRANCISCO — A state pension fund advised by L&B Realty has received $90 million to refinance the 414-unit South Beach Marina Apartments in San Francisco. The Class A community is located at 2 Townsend St. South Beach Marina Apartments was built in 1989. The mid-rise property contains five buildings and 4,708 square feet of ground-floor retail that is currently occupied by two restaurants and a salon. Amenities include two tennis courts, a luxury lobby/lounge area, community/billiards room, landscaped courtyard, outdoor pool, and spa and fitness center. Grandbridge Real Estate Capital originated the 12-year, interest-only loan.

August 15, 2017

Multifamily Washington Western

JRK Buys Carroll’s Creek Landing Apartments Near Seattle for $60M

by Nellie Day August 15, 2017

MARYSVILLE, WASH. — JRK Property Holdings has acquired the Carroll’s Creek Landing apartment complex in the Seattle suburb of Marysville for $60 million. The community is located at 18111 25th Ave. Carroll’s Creek was built in 2002. It features two- to four-bedroom units. Community amenties include a welcome center, basketball half-court, clubhouse with fireside lounge, and barbeque/picnic area. Kenny Dudunakis, David Sorensen and Ben Johnson of Berkadia represented the seller, Maryland-based Gateway Trident LLC, in this transaction.

August 15, 2017

Colorado Loans Multifamily Seniors Housing Western

Love Funding Secures $5.2M Refinancing for Affordable Seniors Housing Community Near Denver

by Nellie Day August 15, 2017

BROOMFIELD, COLO. — Love Funding has closed a $5.2 million refinancing for Town Centre Senior Apartments, an affordable seniors housing community in the Denver suburb of Broomfield. Town Centre Senior Apartments consists of 88 affordable one-bedroom and two-bedroom units restricted to individuals aged 55 and older. The units are housed within one three-story building originally constructed in 2001 with the assistance of low-income housing tax credits. The property sits between Boulder and Denver, in the foothills of the Rocky Mountains. Love Funding’s Jonathan Camps secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The non-recourse financing will pay off two existing loans. Part of the proceeds will be used to complete repairs and fund a reserve account.

August 15, 2017

Hawaii Market Reports Office Western Western Market Reports

Competition Increases for Hawaii’s Office Space

by Camren Skelton August 15, 2017

Hawaii’s office market is dominated by Honolulu, which is home to 70 percent of the state’s population and commerce. More than 90 percent of the state’s 12 million square feet of multi-tenant Class A and B office space is located in Honolulu, with nearly 80 percent of Honolulu’s inventory situated in the four-mile stretch between the Central Business District and Waikiki. Hawaii’s office tenants are primarily in industries that support tourism, military, construction and government – Hawaii’s economic drivers. These include FIRE (Finance, Insurance, Real Estate), plus legal, CPAs, architects, engineers and contractors. Hawaii also has a small but growing innovation economy that has spawned several co-working centers, incubators and impact investment firms backed by the University of Hawaii. These names include Lauren Powell Jobs (widow of Steve Jobs), Pierre Omidyar (founder of eBay) and Henk Rogers (Tetris). Larry Ellison purchased 97 percent of the Island of Lanai in 2012 for $300 million and could join the list of tech billionaires interested in supporting Hawaii’s innovation economy. Hawaii has seen slow but steady job growth in office-using businesses, but the drive to reduce square feet per office worker and the related cost savings has resulted in a net loss of …

August 15, 2017

California Loans Office Western

Five Point Holdings Obtains $339M in Financing for Five Point Gateway in Irvine

by Nellie Day August 14, 2017

IRVINE, CALIF. — A subsidiary of Five Point Holdings has obtained $339 million in financing for Five Point Gateway, a four-building office/R&D campus in Irvine. The campus is located at 15101, 15131, 15161 and 15191 Alton Parkway. It is part of the larger 72-acre Great Park Neighborhoods master-planned community in the Irvine Spectrum submarket. The borrower is acquiring the assets through a partial sale-leaseback transaction with Broadcom Corp., the project’s developer. Broadcom plans to lease 15101 and 15191 Alton Parkway, which total 640,944 square feet (64 percent of the total portfolio) on a triple-net basis. Tenants at the other two buildings include Lennar Corp. and Five Point. There is still 232,223 square feet available for lease. The campus will feature open park space with landscaping and extensive amenities. HFF’s Kevin MacKenzie, Lee Redmond and Peter Thompson arranged the financing. Starwood Property Trust provided the five-year, floating-rate loan.

August 14, 2017

California Multifamily Western

Allstate, TruAmerica JV Buys Eagles Point Apartment Community in Escondido for $90M

by Nellie Day August 14, 2017

SAN DIEGO — A joint venture between Allstate and TruAmerica Multifamily has acquired the 519-unit Eagles Point Apartment Community in the San Diego submarket of Escondido for $90 million. The community is located at 1501 E. Grand Ave. Eagles Point includes studio to three-bedroom apartments. The asset has not been updated since it was built in 1985. The JV plans to refurbish all interior units and upgrade the property’s two pools and spas, tennis courts and clubhouse. Plans also call for a new fitness center to be built into the existing clubhouse. CBRE’s Troy Tegeler arranged the project financing through Fannie Mae. The firm’s Kevin Mulhern, Rachel Parsons and Dixie Hall represented the seller in this transaction.

August 14, 2017

Arizona Multifamily Student Housing Western

Arizona State, American Campus Communities Open 1,600 Bed On-Campus Community

by Nellie Day August 14, 2017

TEMPE, ARIZ. — Arizona State University and American Campus Communities have opened The Fulton Schools Residential Community at Tooker House, a 1,600-bed residential community for undergraduate students in the university’s engineering school. The “dorm for engineers” features on-site digital classrooms and state-of-the-art maker spaces complete with 3D printers, laser cutters and design tools needed for a broad range of engineering courses and projects. The community also offers a 525-seat dining facility, Bluetooth-enabled laundry rooms that notify residents when their clothes are dry, advanced green building technology and high speed internet. Solomon Cordwell Buenz designed the property. In total, American Campus Communities has developed seven communities totaling 7,719 beds for ASU, an investment in excess of $540 million.

August 14, 2017

California Retail Western

Faris Lee Arranges $20.7M Sale of Southridge Plaza in Fontana

by Nellie Day August 14, 2017

FONTANA, CALIF. — Faris Lee Investments has brokered the sale of Southridge Plaza, a grocery and drug-anchored retail center located at 11617 Cherry Ave. in Fontana. Fortress Investment Group sold the property to Fontana Southridge Partners LP for $20.7 million. Rio Ranch Market, Rite Aid, AutoZone, McDonald’s, Subway, Waba Grill and Cricket Wireless occupy the 119,359-square-foot property, which is nearly 100 percent leased. Donald MacLellan, Nicholas Coo and Joseph Chichester of Faris Lee represented both the seller and the buyer in the deal.

August 14, 2017

Colorado Industrial Western

CBRE Brokers Sale of 166,000 SF Manufacturing Facility in Johnstown, Colorado

by Nellie Day August 14, 2017

JOHNSTOWN, COLO. — A 166,000-square-foot industrial facility in Johnstown has sold to a new user for an undisclosed sum. The Class A facility is located at 3600 Ronald Reagan Blvd., just outside Loveland. The asset was custom built in 2012 for manufacturing. It features modern finishes, including a 45-foot ceiling clear height. The existing tenant’s eight-year lease was bought out prior to closing. CBRE’s Andrew Sandquist, JC Asensio and Briggs Goldberg represented the seller, Broadstone Net Lease, in this transaction.

August 14, 2017

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