Western

Cushman & Wakefield Arranges $30.3M in Financing for Construction of 111-Unit Seniors Housing Community Near San Diego

by Nellie Day May 16, 2017

CHULA VISTA, CALIF. — Cushman & Wakefield Senior Housing Capital Markets has arranged $8.3 million in institutional equity capital and $22 million in construction debt for a joint venture between Douglas Wilson Cos. and Milestone Retirement Communities LLC. The borrowers will use the financing to build a 111-unit assisted living and memory care community within the Otay Ranch master-planned development in the San Diego suburb of Chula Vista. The community will consist of a two-story building on a 4.5-acre site with easy access to downtown San Diego. The project will offer 85 assisted living units and 26 memory care units. Milestone Retirement Communities will manage the property. Construction on the site is slated to begin this month for an anticipated opening in the fall of 2018. Wells Fargo is providing the construction loan. The Cushman & Wakefield team of Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Alex Petrosian arranged the financing.

May 16, 2017

Industrial Nevada Western

CapRock Partners Acquires Two Industrial Facilities in Las Vegas

by Nellie Day May 16, 2017

LAS VEGAS — CapRock Partners has purchased two industrial parks in Las Vegas for an undisclosed sum. The acquisitions include a 160,554-square-foot park at 4350 Arville St. and a 42,580-square-foot park at 3021 Valley View Blvd. The Arville park contains 40 units and the Valley View asset contains 24 units. Both properties are situated less than two miles from the Las Vegas Strip. The assets will be the last investments via CapRock Partners Fund II. JLL’s Rob Lujan represented CapRock in the transaction.

May 16, 2017

Arizona Multifamily Western

Monument Capital Management Buys Brookwood Apartments in Tucson for $13M

by Nellie Day May 16, 2017

TUCSON, ARIZ. — Monument Capital Management has acquired the 272-unit Brookwood Apartments in Tucson for $13 million. The community is located at 201 S. Kolb Road. Common-area amenities include a courtyard, pool, spa, game room, dog park, laundry facilities and barbecue area. Brookwood Apartments features one- and two-bedroom, garden-style homes with eat-in kitchens, walk-in closets and private patios or balconies. Monument Capital Management plans to implement value-add upgrades throughout the property to improve the units’ interiors, including washer/dryer connections, black appliances, refinished countertops, faux wood flooring, brushed nickel light and plumbing fixtures.

May 16, 2017

Retail Washington Western

Goop, Nordstrom Launch Pop-Up Retail Concept

by Nellie Day May 16, 2017

SEATTLE — goop, a modern lifestyle brand founded by Gwyneth Paltrow, is partnering with Nordstrom to bring goop to Pop-In@Nordstrom in select stores across the country and online. goop-In@Nordstrom features a mix of wellness-focused products curated by the goop team, including apparel, accessories, beauty and home. Each shop is designed as an enclosed living space, with furniture and design by 1stDibs and custom Chinoiserie wallcoverings by Fromental. Pop-In@Nordstrom is the retailer’s ongoing series of themed pop-up shops at the retailer’s highest profile stores. Each shop transitions every four to six weeks to a new design. goop-In@Nordstrom is in the following Nordstrom store locations and online from May 12 to June 25: • Downtown Seattle, Seattle • Bellevue Square, Bellevue, Wash. • The Grove, Los Angeles • South Coast Plaza, Costa Mesa, Calif. Nordstrom, Inc. is a fashion specialty retailer based in the United States. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 354 stores in 40 states, including 122 full-line stores in the United States, Canada and Puerto Rico; 221 Nordstrom Rack stores; two Jeffrey boutiques; and two clearance stores.

May 16, 2017

California Restaurant Retail Western

Cheesecake Factory CFO to Retire

by Nellie Day May 16, 2017

CALABASAS HILLS, CALIF. — The Cheesecake Factory Inc.’s executive vice president and chief financial officer, W. Douglas Benn, will retire from the company on July 7. He will be succeeded by Matthew Clark, who brings over 11 years of experience with the company, most recently serving as senior vice president, finance and strategy. In his current role, Clark has overseen the strategy, planning, treasury and risk management functions at The Cheesecake Factory. He also supported investor relations as well as corporate governance during his tenure, and most recently led the company’s minority investment in two external, high-growth restaurant brands. Earlier in his career, he held a number of finance positions of increasing responsibility at Groupe Danone, Kinko’s and The Walt Disney Company. Benn is a veteran of the restaurant industry having spent more than 25 years in management roles with restaurant companies. He joined The Cheesecake Factory as CFO in 2009 and helped grow the company to over $2 billion in annual revenues while adjusted earnings per share more than tripled. Benn also contributed to the achievement of several milestones, including the company’s international expansion. Prior to joining The Cheesecake Factory, he served as executive vice president and CFO of …

May 16, 2017

Industrial Market Reports Oregon Western Western Market Reports

The Industrial Market Grows Up

by Camren Skelton May 16, 2017

In many ways, Portland’s industrial market has experienced a dramatic shift over the past five years, emerging as a market to be reckoned with. Demand has exceeded supply for the past six years, pushing vacancy to a 25-year low and rents up 18 percent year-over-year. Industrial users have grown in size, and large users have grown in number. Developments are bigger and migrating further from the traditional industrial submarkets. Investors are keen on Portland assets and are willing to pay a premium for quality product with a solid tenant roster. Portland’s population grew by 8 percent from 2010 to 2015, ranking it among the top 20 of the 50 largest U.S. cities. This growth in metro-area population has propelled strong demand from large e-commerce and distribution companies as they expand into new locations to service our growing consumer base. In 2010, we saw 11 users lease or build spaces of 100,000 square feet or more, and our average size lease was 24,854 square feet. By 2016, our average-sized industrial lease had grown to 39,218 square feet, an increase of 57.8 percent. We also saw 18 users build or lease space greater than 100,000 square feet. Portland’s industrial market users are …

May 16, 2017

California Multifamily Western

Palm Gardens Apartment Homes in Tustin Sells for $27.5M

by Nellie Day May 15, 2017

TUSTIN, CALIF. — A private investor has acquired the Palm Gardens Apartment Homes in Tustin for $27.5 million. The community is located at 1132-1220 Bryan Ave. The asset is situated one mile from the 5 and 55 interchange and less than two miles from Tustin Legacy, a master-planned community consisting of 4,500 housing units and a major retail center. Palm Gardens was built in 1963. Tyler Leeson and Alex Mobin of Marcus & Millichap represented both the buyer and the seller, another private investor, in this transaction.

May 15, 2017

Nevada Office Western

World Investment Network Buys Mission Linen Building in Las Vegas

by Nellie Day May 15, 2017

LAS VEGAS — World Investment Network has purchased the Mission Linen building, a 31,000-square-foot facility in Las Vegas, for an undisclosed sum. The facility is situated within the Arts District in Downtown. World Investment Network plans to transform the space into a Class A creative office and entertainment property. It was originally built in 1950. The redevelopment is scheduled for completion in the first quarter of 2018.

May 15, 2017

Arizona Multifamily Seniors Housing Western

CA Senior Living Breaks Ground on Two Communities in Arizona

by Nellie Day May 15, 2017

ORO VALLEY AND GILBERT, ARIZ. — CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, has broken ground on seniors housing communities in the Tucson suburb of Oro Valley and the Phoenix suburb of Gilbert. The Gilbert community, Quail Park at Morrison Ranch, will total 115 units across two stories on a 4.5-acre plot. Chicago-based BKV Group designed the $25 million property. The Oro Valley community, Quail Park of Oro Valley, will total 101 units in a two-story building situated on three acres. The Chicago office of Harley Ellis Devereaux designed the $30 million project. Seattle-based Living Care Lifestyles will operate both communities, which will each offer a mix of assisted living and memory care residences. The two communities represent an entrance to Arizona for both the developer and operator. The communities are scheduled to open in summer 2018.

May 15, 2017

California Loans Retail Western

HFF Secures $28.7M Acquisition Financing for Macy’s in West Los Angeles

by Nellie Day May 15, 2017

LOS ANGELES — HFF has secured $28.7 million in financing for the acquisition of a six-acre parcel in Los Angeles. The property includes a 244,000-square-foot retail structure occupied by Macy’s and a 1,550 space parking garage at the Westside Pavilion Mall. HFF worked on behalf of the borrower, GPI Cos., to secure a two-year, fixed-rate loan through a life insurance company. Located at the intersection of Pico Boulevard and Overland Avenue, the property is situated near the 405 and 10 freeways. The HFF debt placement team representing the borrower included Kevin MacKenzie, Greg Brown,Jeff Sause and Jamie Kline.

May 15, 2017

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