Western

HFF Arranges $12.6M Refinancing for Retail Building in Santa Monica

by Nellie Day March 29, 2017

SANTA MONICA, CALIF. — HFF has arranged a $12.6 million refinancing for 3202-3212 Wilshire Blvd., a 28,209-square-foot retail building located in Santa Monica. CVS/pharmacy and BevMo fully occupy the property. Jeff Sause, Paul Brindley and Ryan Ash of HFF worked on behalf of the borrower, a local family office advised by The Luzzatto Company Inc., to place the non-recourse, fixed-rate loan with a life insurance company. Loan proceeds were used to supplement the borrower’s planned long-term hold of the asset in their core portfolio.

March 29, 2017

Colorado Office Western

Boulder Community Health Buys 6.1 Acres in Colorado to Build 40,000 SF Medical Office

by Nellie Day March 29, 2017

ERIE, COLO. — Boulder Community Health has acquired 6.1 acres of land located at the northwest corner of Erie Parkway and South Briggs Street in Erie. The price was not disclosed. The group plans to build a 40,000-square-foot medical office building on the site, complete with an urgent care facility. Construction is set to begin late this year, with completion in the fourth quarter of 2018. The property sits adjacent to Erie Community Park and the Erie Community Center, along the main corridor into the historic downtown area.

March 29, 2017

California Office Western

iHerb Leases 19,993 SF of Office Space in Pasadena

by Nellie Day March 29, 2017

PASADENA, CALIF. — iHerb has signed a five-year lease for 19,993 square feet of office space in Pasadena. The space is located at 301 N. Lake Ave. iHerb is a California-based retailer with more than 35,000 natural products. It will occupy the entire sixth floor. The Class A building offers access to the 210 and 134 freeways. It is directly adjacent to Lake Avenue Gold Line. Carl Anderson of NAI Capital represented the landlord, pension fund owner Operating Engineers Funds, while the firm’s Robert Stover represented iHerb in this transaction.

March 29, 2017

Colorado Loans Multifamily Western

Griffis Residential Obtains $81.9M Acquisition Loan for Skye 2905 Urban Flats in Denver

by Nellie Day March 28, 2017

DENVER — Griffis Residential has obtained an $81.9M acquisition loan to purchase the 400-unit Skye 2905 Urban Flats apartment community in Denver. The property is situated across from 20th Street from the Union Station neighborhood. The property was formerly named Skye 2905. HFF’s Eric Tupler and Josh Simon represented the borrower to place the 10-year, 3.98-percent, fixed-rate loan with five years of interest-only payments. A correspondent life insurance company provided the capital.

March 28, 2017

California Multifamily Western

Marina Vista Apartments in Napa Sells for $10.3M

by Nellie Day March 28, 2017

NAPA, CALIF. — A private investor has purchased the 42-unit Marina Vista Apartments in Napa for $10.3 million. The community is situated approximately one mile from Highway 29 and nearby to the 150,000-square-foot River Park Shopping Center. It was built in 1978. Greg Cohn of Capital Realty Group and Ron Karp represented the buyer. Vincent Schwab of Marcus & Millichap represented the seller, a syndicator based in Southern California, in this transaction.

March 28, 2017

Industrial Oregon Western

Staples Rents 263,413 SF at Interstate Crossroads Distribution Center in Portland

by Nellie Day March 28, 2017

PORTLAND, ORE. — Staples has leased 263,413 square feet of industrial space at Interstate Crossroads Distribution Center (ICDC) in Portland. The center is situated in the Portland’s Airport Way industrial submarket at 16441 N.E. Cameron Blvd. Interstate Crossroads LLC (a partnership between Specht affiliates and Pacific Coast Capital Partners LLC) developed the warehouse and distribution center in 2015. Specht Properties manages the asset. Staples will use the facility for the warehousing and distribution of consumer goods. Paul Breuer and Jerry Matson of the Portland office of Colliers International represented ICDC.

March 28, 2017

Colorado Industrial Western

Pet Scoop Leases Industrial Space in Denver

by Nellie Day March 28, 2017

DENVER — Pet Scoop has leased a 10,000-square-foot of industrial space in Denver. The space is located at 1260 West Byers Place. Pet Scoop is the largest private dog waste contractor in the state. Nick Schill of Pinnacle Real Estate Advisors represented Pet Scoop in this transaction.

March 28, 2017

California Multifamily Seniors Housing Western

Blueprint Arranges Sale of 100-Unit Assisted Living Community in Visalia

by Nellie Day March 28, 2017

VISALIA, CALIF. — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the sale of Park Visalia Assisted Living, a 100-unit assisted living community in Central California. The community is located in Visalia in the San Joaquin Valley, approximately midway between Los Angeles and the Bay Area. The sellers, a Chicago-based private equity firm, acquired Park Visalia in 2014, investing in several capital improvement projects and bringing in a California-based third party management company to turnaround operations. However, after the first year occupancy remained constantly below market levels, the owner elected to transition the operations to a Midwest-based provider that stabilized key leadership staff positions and improved occupancy and cash flow. The buyer was a privately held real estate investment company based on the West Coast, with Park Visalia representing the company’s fourth California seniors housing acquisition in the past two years. The buyer plans to remodel the community, including the addition of a secured memory care wing. The purchase price was not disclosed. The new owner will transition management to a new operator that has several other communities in California. Jacob Gehl, Ben Firestone, and Michael Segal of Blueprint were the lead advisors on the transaction.

March 28, 2017

Arizona Market Reports Mixed-Use Western Western Market Reports

Collaboration is More Vital Than Ever to Keep Construction Schedules on Track

by Camren Skelton March 28, 2017

With commercial construction activity up by double digits in 2016 and projected to increase another 5 percent in 2017, the industry continues to keep a keen eye on labor shortages and construction costs. This rings even more true in the face of today’s increasingly stringent financing requirements — a critical project element that can push construction schedules out by months and, in the process, create challenges with accurate pro forma data, true labor schedules and pricing. The balance between schedule shifts and a backlog of work has proven particularly challenging for the entire industry, and presumably shows no sign of relief. For optimal success, teams must diligently focus on cross-functional communication, design-build principles and early strategic planning to protect from the pitfalls of 2017’s momentum. Focusing on this early planning gives clients two of the greatest advantages available in our current building climate: a forum for unearthing issues proactively and time to plan for solutions. In cases where design-build isn’t possible, teams can still capture the benefits of this concept by getting the right knowledge leaders at the table early on, providing significant results to project cost savings, resource management and logistics planning. The Labor Issue While the industry jockeys …

March 28, 2017

California Montana Multifamily Seniors Housing Washington Western

Ventas Buys Six Koelsch Seniors Housing Communities for $137M in Sale-Leaseback Transaction

by Nellie Day March 27, 2017

OLYMPIA, WASH. — Ventas has acquired six seniors housing communities from Koelsch Communities for $137 million and will immediately lease all the properties back to the Olympia-based operator. The communities acquired include Canterbury Park in Longview, Wash.; Cedarbrook in Fresno, Calif.; The Hampton & Ashley Inn and The Hampton at Salmon Creek both in Vancouver, Wash.; Madison House in Kirkland, Wash.; and Spring Creek Inn in Bozeman, Mont. The transaction increases the number of Ventas-owned, Koelsch-operated communities to 18. The properties span the continuum of care. Koelsch Communities operates 22 communities in seven states with eight more communities currently in development.

March 27, 2017

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