CARLSBAD, CALIF. — Bemer USA has purchased a 19,601-square-foot industrial flex building in Carlsbad for $2.5 million. The building is located at 1989 Palomar Oaks Way. It includes 5,000 square feet of warehouse space. Jeff Abramson of Lee & Associates represented Bemer USA. NGKF’s Brent Bohlken represented the seller, RM-USE LLC, in this transaction.
Market Moves There is so much fascinating discussion happening around the Las Vegas office market: what is the future of the suburban office? How does layout truly affect the culture of a company? Is parking a dying amenity? For the Las Vegas office market, it is just as easy to be captivated by imagining the possibilities of tomorrow. The post-recession recovery has seen office as the last product type to get healthy. The resort corridor led the way with a few new developments, like the T-Mobile Arena and Lucky Dragon Hotel, but there were many significant rehabs and upgrades as well. Multifamily and industrial followed closely behind, not surprisingly. What is interesting is that multifamily developers, as well as industrial, have been delivering product classes the valley has not experienced in any previous cycles. These include integrated apartment communities with over-the-top lifestyle amenities, and big bomber industrial buildings with the latest fixings of the day. Office development completions, however, have been limited to niche plays like the 140,000-square-foot Federal Justice Tower, and relic projects like Downtown’s 200,000-square-foot One Summerlin. Some of these projects were carried out by new owners, some with a lower basis. These buildings filled up and are …
PORTLAND, ORE. — An unnamed buyer has acquired the 134-unit Modera Goose Hollow apartments for $47.5 million. The community is located at 2004 S.W. Jefferson St. It was built in 2016. The property sits across the street from a MAX light rail system train station. Pete Shelton and Kim Grant of Institutional Property Advisors represented both the buyer and the seller, a partnership between Millcreek Trust and a Global Real Estate Investment Manager, in this transaction.
SAN DIEGO — Gemini Rosemont has received a $33 million loan to refinance a 177,400-square-foot office tower in San Diego’s Little Italy submarket. The 19-story tower is located at 610 West Ash St. It is 97 percent occupied with 13 tenants that include an international cyber security firm and the General Services Administration. A10 Capital is refinancing a short-term loan that funded the building’s acquisition in 2016. A10 structured its financing with a 10-year maturity that included a $2 million rollover reserve for tenant improvements.
GILBERT, ARIZ. — The Weitz Company has completed construction of Savanna House, a 119,000-square-foot assisted living and memory care facility in Gilbert. The memory care section is split into three neighborhoods for different levels of need. The number of units was not disclosed. Prevarian Senior Living developed the property. The Weitz Company was the general contractor. Florida-based firm Architectural Concepts designed the project. This is Prevarian’s first community in Florida. Life Care Services will operate the property.
LOS ANGELES — Forever 21 plans to open 40 new F21 RED locations across the U.S. in 2017. The first three F21 RED stores will open in April in including San Antonio, New York City and Chicago. New locations will continue to open throughout the year and will bring F21 RED total store count to more than 70 locations by year end. F21 RED launched in 2014 and offers an assortment of fashion staples from Forever 21 and its sub-brands, including Forever 21 Men, Forever 21 Plus and Forever 21 Girls. Forever 21 Inc., headquartered in Los Angeles, is a fashion retailer of women’s, men’s and kids’ clothing and accessories. Founded in 1984, Forever 21 operates more than 815 stores in 57 countries with retailers in the United States, Australia, Brazil, Canada, China, France, Germany, Hong Kong, India, Israel, Japan, Korea, Latin America, Mexico, Philippines and United Kingdom.
LAS VEGAS — JCH Consulting Group has arranged the placement of a “long-term, publicly traded credit tenant” at a 95-unit assisted living community in Las Vegas. The name of the facility was not disclosed. The owner, a private equity firm based in California, had not received rent from the previous tenant for over a year and was in the process of eviction. JCH helped the new operator secure an emergency license to take over the distressed property. The new, 25-year lease agreement allows rents to return to market rates within three years. JCH Consulting Group is a real estate brokerage firm focused on seniors housing.
LOS ANGELES — Meta Housing Corp. has completed 5400 Hollywood Family Apartments, a 40-unit apartment community in East Hollywood, for $21.6 million. The five-story apartment community aims to provide affordable housing options for families throughout Los Angeles, and also includes 3,485 square feet of retail space. 5400 Hollywood Family Apartments includes a landscaped rooftop deck with barbecue and children’s play areas, as well as a clubhouse and computer room. The apartment community is located at 1655 N. Serrano Ave. and includes one-, two- and three-bedroom floor plans.
GRANTS PASS, ORE. — Mactrust LLC has acquired the 136-unit Riverwood Apartments and Townhomes in Grants Pass for $15.1 million. The community is located at 1625 S.E. N St. Riverwood was completed in stages between 1989 and 1992. The LLC plans to renovate the property. The seller was Camelot 16 LLC. HFO Investment Real Estate executed the transaction.
DALY CITY, CALIF. — CBRE has arranged an undisclosed amount of financing for a large private equity fund. The borrower will use the funds to refinance debt on Peninsula Del Ray, a 207-unit independent living and assisted living community in Daly City. The property totals 304,350 square feet and is situated 9.5 miles south of downtown San Francisco. Aron Will of CBRE National Senior Housing arranged the four-year, floating-rate loan. A regional bank provided the capital.
