Western

USC Lusk Center Names Two Successors to Chairman Ross

by Nellie Day June 1, 2017

LOS ANGELES — The University of Southern California’s (USC) Lusk Center for Real Estate has announced the retirement of longtime chairman Stan Ross and the appointment of his successors, Emile Haddad and Bill Witte. Ross chaired the Lusk Center advisory board for the past 18 years. He became chairman after retiring as vice chairman of E&Y Kenneth Leventhal Real Estate Group. Ross has enjoyed a career in real estate that spans more than 60 years. Haddad is chairman and CEO of FivePoint Holdings. He will serve as the new chair, while Witte, chairman and CEO of Related California, will act as the new vice chair. The longtime members of the Lusk Center’s advisory board assume their new leadership duties July 1. Haddad and Witte will work together to guide the Lusk Center’s programs, as well as its support for research and academics, while continuing in their current roles with their respective companies.

June 1, 2017

California Office Western

Mariner, PRES Buy St. Joseph Health System Office Building in Anaheim for $58.9M

by Nellie Day May 31, 2017

ANAHEIM, CALIF. — A joint venture between Mariner Real Estate Management and PRES Cos. has purchased a 191,556-square-foot office building in downtown Anaheim for $58.9 million. St. Joseph Health System fully occupies the asset. The building is located at 200 W. Center St. Promenade. It was built in 1992 and renovated in 2015. St. Joseph maintains a long-term lease at the property that still has 10 years left. NGKF’s David Milestone and Brett Green represented the buyers. The same firm’s Kevin Shannon, Paul Jones, Ken White and Blake Bokosk represented the undisclosed seller.

May 31, 2017

California Restaurant Retail Western

Four New Restaurants to Join Beverly Center as Part of $500M Renovation

by Nellie Day May 31, 2017

LOS ANGELES — Taubman Centers, Inc. has named four new restaurants that will join Beverly Center’s culinary lineup as part of the shopping and dining destination’s $500 million redevelopment. The restaurants — Cal Mare, Eggslut, Farmhouse and Yardbird — will be located on Level 1. All are expected to open by the end of 2018. A brand new 8,200-square-foot concept from James Beard Award-winning, Michelin-starred Chef Michael Mina, Cal Mare is a celebration of coastal Italian cuisine with Mediterranean and Californian influences. Farmhouse celebrates California’s bounty from local farms, markets, dairies and purveyors, situated within a new informal dining experience in a 7,000-square-foot space. Yardbird will be a 6,000-square-foot homage to farm-fresh ingredients, classic Southern cooking, culture and hospitality, helmed by award-winning restaurateur John Kunkel. Eggslut is a gourmet food concept founded in 2011 as a food truck. Every store is open throughout the renovation that is scheduled to be completed by holiday 2018. Beverly Center has more than 100 distinctive stores, including Burberry, Dolce & Gabbana, Fendi, Gucci, Louis Vuitton, Prada, Saint Laurent and Salvatore Ferragamo. The center is anchored by Bloomingdale’s and Macy’s. Taubman Centers is engaged in the ownership, management and/or leasing of 27 regional, super-regional and outlet shopping centers …

May 31, 2017

Loans Multifamily Student Housing Washington Western

Capstone, Harrison Street Close Equity Financing for $50M Mixed-Use Development at Seattle University

by Nellie Day May 31, 2017

SEATTLE — Capstone Development Partners and Harrison Street Real Estate Capital have closed on equity financing for an on-campus mixed-use development at Seattle University. The 143,000-square-foot mixed-use development will include 300 beds of student housing and 16,000 square feet of office space to be used as administrative offices for the university. Financing for the $50 million development was completed under Capstone and Harrison Street’s P3+ development model. Construction on the project is already underway, with an opening scheduled for August 2018. Ankrom Moisan Architects designed the project, which Howard S. Wright, a Balfour Beatty Company, is constructing. Seattle University Housing & Residence Life will provide residence life programming services, while Capstone and Harrison Street will provide asset management and Blanton Turner will provide facility maintenance services, all in a shared governance approach.

May 31, 2017

California Multifamily Seniors Housing Western

Marcus & Millichap Negotiates $5.4M Sale of 40-Unit Seniors Housing Community in Hemet

by Nellie Day May 31, 2017

HEMET, CALIF. — Marcus & Millichap has arranged the $5.4 million sale of The Terrace at Seven Hills, a 40-unit seniors housing property in Hemet, located east of Los Angeles and north of San Diego. Built in 2012, the property is age restricted and features 12 one-bedroom, one-bath units and 28 two-bedroom, two-bath units. The sales price equates to $135,000 per unit and a capitalization rate just under 6 percent. Reza Ghaffari from Marcus & Millichap’s Ontario office represented the seller, a limited liability company. Ghaffari and Mark Bridge represented the buyer, a private investor.

May 31, 2017

California Loans Multifamily Top Stories Western

Alcion Ventures, Genton Property Group Receive $239M to Develop Four Seasons Private Residences in LA

by Nellie Day May 31, 2017

LOS ANGELES — A joint venture between Alcion Ventures and Genton Property Group has received $239 million in financing to develop the Four Seasons Private Residences Los Angeles. Construction has already begun for the luxury project, which features 59 for-sale units. It is scheduled for completion in mid-2019. The Four Seasons Private Residences will be situated across from the Four Seasons Los Angeles at Beverly Hills, near the intersection of Third Street and Wetherly Drive. The property will be near Cedars-Sinai Hospital, Beverly Hills’ Golden Triangle and the North Robertson Boulevard shopping district. The 12-story, LEED-certified tower will feature custom residences with interiors inspired by California-modern designer Richard Neutra. Architecture firm CallisonRTKL designed the property. The units will offer a variety of floorplans with luxury features and amenities, including floor-to-ceiling, retractable glass walls, open-concept indoor/outdoor living and dining spaces, professional-grade gourmet kitchens, spa bathrooms with soaking tubs, separate glass-walled showers with dual-sinks, marble-topped vanities, rooftop gardens, and views from the Hollywood Hills to the downtown skyline. Property features include a heated outdoor lap pool and poolside cabanas, state-of-the-art fitness center with spin, cardio, weight equipment and private training and yoga rooms, private spa treatment rooms, an IMAX theater for private …

May 31, 2017

California Industrial Western

Rexford Industrial Realty Buys Safari Business Center in Inland Empire for $141.2M

by Nellie Day May 30, 2017

ONTARIO, CALIF. — Rexford Industrial Realty has purchased Safari Business Center, a 1.1 million-square-foot industrial park in Ontario, for $141.2 million. The park is located at 1910 S. Carlos Ave. Safari Business Center contains 16 Class A buildings that are 97 percent leased. CBRE’s Darla Longo, Barbara Emmons Perrier, Rebecca Perlmutter Finkel and Michael Kendall represented the seller, ARA | American Realty Advisors, on this transaction. JLL’s Jeff Bellitti and Mac Hewett will serve as the center’s leasing agents, and assisted the CBRE team on the sale.

May 30, 2017

Arizona Multifamily Western

Decco 121 Apartments in Phoenix Sells for $4.1M

by Nellie Day May 30, 2017

PHOENIX — A limited liability company has acquired the 36-unit Decco 121 apartments in Phoenix for $4.1 million. The community is located at 121 E. Broadway Road. P. Brady Fish of Marcus & Millichap represented the buyer, while the same firm’s Tyler Lesson represented the seller, a private investor.

May 30, 2017

Healthcare Oregon Western

Samaritan Pacific Communities Hospital in Newport Undergoes Renovation

by Nellie Day May 30, 2017

NEWPORT, ORE. — The Neenan Company and Gerding Builders have broken ground on the redevelopment of a 126,000-square-foot critical access hospital for Samaritan Pacific Communities Hospital (SPCH) in Newport. The redevelopment includes remodeling the existing 40,000-square-foot facility, as well as adding an 86,000-square-foot facility. The new facility will house 22 departments, including imaging, therapy, surgical and emergency services, greatly enhancing the scope of services the hospital will provide. The hospital will offer an integrated medical campus that brings together specialty departments, ancillary services and outpatient clinics. The hospital is situated immediately off the Pacific Coast Highway along the central Oregon coast. It was last updated in 1988. The project is scheduled for completion in 2019. The community approved a $57 million bond support to update the critical access hospital.

May 30, 2017

Colorado Loans Multifamily Oregon Seniors Housing Western

Lancaster Pollard Arranges $9.5M Refinancing for Western Skilled Nursing Portfolio

by Nellie Day May 30, 2017

LAMAR, COLO., MONTE VISTA, COLO., AND MYRTLE POINT, ORE. — Lancaster Pollard has arranged $9.5 million in FHA financing for Summit Healthcare REIT. The loans will refinance the acquisition loans on three skilled nursing facilities in the Western United States. The three facilities are Juniper Village at Lamar, a 60-unit skilled facility in Lamar; Juniper Village at Monte Vista, a 58-unit facility in Monte Vista; and Myrtle Point Care Center in Myrtle Point, which features 28 units of skilled nursing and 18 units of assisted living. Jason Dopoulos led the transaction for Lancaster Pollard. The financing, which has a 30-year term, lowered the fixed interest rate on the properties. Summit is a public, non-traded company that recently transitioned from an industrial REIT to a healthcare REIT.

May 30, 2017

Newer Posts

Older Posts