Western

Gramor Secures Construction Financing for Phase I Component of $1.5B Waterfront Vancouver Project

by John Nelson June 8, 2017

VANCOUVER, WASH. — Gramor Development Inc., a privately held firm based in Oregon, has secured a round of construction financing for Phase I of its $1.5 billion mixed-use project along the Columbia River in Vancouver. Known as The Waterfront Vancouver, the project will span 20 city blocks and 32 acres and feature residential, office, retail and restaurant space, as well as a Hotel Indigo. U.S. Bank provided a $42.5 million construction loan to Gramor Development for Block 6 Office and Block 6 Residential — a seven-story office building and a six-story, 63-unit apartment building. The street level of both assets will house the Shops at Waterfront Way, which will include retail and restaurants. Committed tenants include M.J. Murdock Charitable Trust at Block 6 Office and Cascade Sotheby’s International Realty and MidiCi The Neapolitan Pizza Co. at Block 6 Residential. The project team for Block 6 includes architect Ankrom Moison and general contractor Robertson & Olson. “Gramor is a driving force in revitalizing Vancouver’s waterfront and the local community,” says Ann Young, senior vice president, and Oregon market manager of U.S. Bank. “U.S. Bank is excited to be part of the project and to help bring this vibrant and unique development …

June 8, 2017

California Hospitality Western

OTO Development Acquires Silicon Valley Redevelopment Site for $21M

by Nellie Day June 7, 2017

SUNNYVALE, CALIF. — A 3.4-acre redevelopment site located at 767-769 N. Mathilda Ave. in the Silicon Valley submarket of Sunnyvale has sold to OTO Development for $21 million. OTO Development plans to build a Hilton Garden Inn on the property, which is currently occupied by the Palladium nightclub, TL Beer Garden and a restaurant. Vince Schwab and Jeffrey Ida of Marcus & Millichap represented both the buyer and seller, Sinogap LLC, a locally based family office, in the transaction. Potential buyers worked with the City of Sunnyvale’s planning commission for the past two years to obtain the necessary approvals and complete the sale, which is part of a 1031 exchange. The replacement properties in the exchange are the Calaveras Park Professional Center, a 21,008-square-foot medical office park in Milpitas, and an apartment complex in San Jose.

June 7, 2017

California Retail Western

RedMill Capital Breaks Ground on Shops at Livermore in Metro San Francisco

by Nellie Day June 7, 2017

LIVERMORE, CALIF. — RedMill Capital, alongside financial partner ANICO Eagle LLC, has broken ground on The Shops at Livermore, a 115,000-square-foot mixed-use development located roughly 40 miles outside San Francisco in Livermore. The center will be located adjacent to the San Francisco Premium Outlets, and will be home to discount fashion retailers and a mix of national restaurants. The Was Group LLC has been tapped to assist the joint venture in leasing efforts. A five-person Colliers International team led by Julie Taylor and Stephen Rusher is also marketing the center. A grand opening for the development is set for mid-2018.

June 7, 2017

Oregon Retail Western

Southgate Shopping Center in Portland Changes Hands

by Nellie Day June 7, 2017

PORTLAND, ORE. — Southgate Shopping Center, a 50,826-square-foot, multi-tenant strip center located in the Southgate area of Portland, has sold to a private buyer for an undisclosed sum. The center was 97 percent leased at the time of sale to tenants including Office Max, HobbyTown, Round Table Pizza, Starbucks Coffee, H&R Block, Arby’s and Sprint Mobile. Brian Hanson and Nick Kassab of HFF marketed the property on behalf of the seller, ML Commercial Properties Inc.

June 7, 2017

Arizona Multifamily Student Housing Western

Pierce Education Properties Acquires Student Housing Community Near University of Arizona

by Nellie Day June 7, 2017

TUCSON, ARIZ. — Pierce Educations Properties has acquired The Junction at Iron Horse, a 232-bed student housing community located near the University of Arizona in Tucson. The community offers one-, two-, three- and four-bedroom units with bed-to-bath parity. Community amenities include a swimming pool, lazy hammock courtyard, outdoor lounge area, 24-hour fitness center and computer center with a study lounge. The seller in the transaction and the sales price were undisclosed.

June 7, 2017

Hawaii Industrial Western

Alexander & Baldwin Purchases Five Buildings at Honokohau Industrial Park in Hawaii for $10M

by Nellie Day June 7, 2017

KAILUA-KONA, HAWAII – Alexander & Baldwin has acquired five buildings within the Honokohau Industrial Park in Kailua-Kona for $10 million. The buildings are situated on two lots within the 37-acre industrial park. They are centrally located to service both Kailua-Kona and the Kohala Coast. The buildings contain a total of 73,200 square feet and are currently 94 percent leased to tenants in the construction, tourism, food distribution, automotive repair and transportation industries. The purchase was largely financed with sales proceeds from non-income producing properties.

June 7, 2017

California Hospitality

Waldorf Astoria Beverly Hills Opens in LA

by Nellie Day June 6, 2017

LOS ANGELES — Waldorf Astoria Hotels & Resorts has opened the Waldorf Astoria Beverly Hills. The hotel is situated at the intersection of Wilshire and Santa Monica boulevards. The 12-story hotel is the Waldorf Astoria Hotels & Resorts’ first new build on the West Coast and second California property. Owned by Alagem Capital Group and clients of Guggenheim Partners, Waldorf Astoria Beverly Hills features 119 rooms and 51 suites. Architects Gensler and PYR designed the hotel, which features a rooftop gathering area with VIP cabanas, a lounge area with panoramic views and a swimming pool. The hotel also features 6,300 square feet of meeting spaces, including two ballrooms, as well as a private Rolls Royce shuttle service within two miles of the hotel, world-class dining, the only La Prairie Spa in Los Angeles and the Tracey Cunningham Salon.

June 6, 2017

Office Washington Western

Kennedy Wilson Buys Office Campus in Bellevue for $153M

by Nellie Day June 6, 2017

ISSAQUAH, WASH. — Kennedy Wilson has acquired 90 East, a three-building, 573,000-square-foot office campus in greater Bellevue, for $153 million. Located in Issaquah, the campus was built between 1999 and 2001 and is fully leased to Microsoft and Costco. During the last 12 months, the property produced approximately $13 million in net operating income. Kennedy Wilson financed the purchase using a 10-year, interest-only, $77 million loan that features a fixed interest rate of 3.85 percent.

June 6, 2017

California Industrial Western

Terreno Realty Acquires Metro LA Industrial Building for $24.7M

by Nellie Day June 6, 2017

GARDENA, CALIF. — Terreno Realty Corp. has purchased a 114,000-square-foot industrial building in Gardena for $24.7 million. The building is located at 15913 S. Main St., about 14 miles southwest of Los Angeles. The fully leased, single-tenant facility is situated near the 91 (the Artesia Freeway), 110, 105 and 710 freeways between Los Angeles International Airport and the ports of LA and Long Beach.

June 6, 2017

Multifamily New Mexico Seniors Housing

CareTrust Enters New Mexico with $27.3M Acquisition of Two-Property Skilled Nursing Portfolio

by Nellie Day June 6, 2017

ALBUQUERQUE, N.M. AND BROWNSVILLE, TEXAS — CareTrust REIT Inc. has acquired two skilled nursing facilities: The Rio at Cabezon, a 136-bed facility located in Albuquerque, and The Rio at Fox Hollow, a 126-bed facility in Brownsville, Texas. The purchase price was approximately $27.3 million, inclusive of transaction costs. The Albuquerque facility represents CareTrust’s entry into the New Mexico market. In connection with the acquisition, CareTrust REIT assumed the existing facility leases with affiliates of OnPointe Health LLC, a regional post-acute care provider with operations in Texas, New Mexico and Colorado. The seller was a prominent Texas developer. The properties are currently in the lease-up period and approaching stabilization, according to Lamb. The investment is expected to generate an initial cash yield of 9 percent, based on the annual cash rent of $2.5 million under the terms of the existing leases. The two existing leases have remaining terms of approximately 17 and 19 years, respectively, and include a hybrid of fixed- and CPI-based rent escalators. CareTrust REIT, a publicly traded investor based in California, funded the acquisition with cash on hand.

June 6, 2017

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