Western

RedMill Capital to Break Ground on The Shops at Livermore

by Nellie Day May 17, 2017

LIVERMORE, CALIF. — RedMill Capital and ANICO Eagle LLC will break ground this month on The Shops at Livermore, a 115,000-square-foot mixed-use development in the upscale Bay Area suburb of Livermore. The center is expected to have a variety of fashion retailers and a mix of sit-down, quick-service and fast casual restaurants. The center is immediately adjacent to San Francisco Premium Outlets, a popular outlet center in the Bay Area. The 13-acre site for The Shops at Livermore is located the intersection of El Charro Road and West Jack London Boulevard. The Shops at Livermore is scheduled to open in the summer of 2018. Julie Taylor and Stephen Rusher of Colliers International are handling leasing. RedMill Capital, based in Summit, N.J., is the developer along with finance partner ANICO Eagle, a subsidiary of American National Life Insurance Co.

May 17, 2017

California Retail Western

Passco Acquires Temescal Village Shopping Center in Corona for $16.9M

by Nellie Day May 17, 2017

CORONA, CALIF. — Passco Cos. has acquired Temescal Village, a 102,976-square-foot neighborhood shopping center in Corona, for $16.9 million. The Corona market has a retail vacancy rate of 4.4 percent, limiting opportunities for expansion in the area, and making retail space in demand, according to Todd Siegel, vice president of retail acquisitions at Passco. The center is current 93.5 percent leased to 19 tenants, including CVS/pharmacy, Citibank, Carl’s Jr., Wells Fargo, The UPS Store and Metro PCS. Passco plans to modernize the property through strategic renovations and capital improvements. Additions include redesigned landscaping and updating the facade of the center. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller, a private investor, in the sales transaction. Architecture Design Collaborative will design renovations for the center. Chris Black of KeyBank Real Estate Capital’s commercial mortgage group arranged acquisition financing for Passco through Fannie Mae.

May 17, 2017

California Office Western

Help U Buy Purchases Bayfront Office Building in San Diego for $5.2M

by Nellie Day May 17, 2017

SAN DIEGO — Help U Buy LLC has acquired the 8,656-square-foot Bayfront office building in San Diego for $5.2 million. The building is located at 2877 Historic Decatur Road within Liberty Station. Central SD Real Estate States anchors the space. The office features a conference room and board room with full audio/visual capabilities, plus a “bull pen” style layout surrounded by private offices with view of the bay. Kelly Nicholls of Lee & Associates – North San Diego County and Peter Quinn of McKinney Advisory Group, represented both the buyer and the seller, Sea Pro LLC, in this transaction.

May 17, 2017

California Loans Multifamily Top Stories Western

Rescore Property Corp. Receives $100M in Construction Financing for 368-Unit Apartment Building in Hollywood

by Nellie Day May 17, 2017

LOS ANGELES — Rescore Property Corp. has received a $100 million construction loan to develop The Rise Hollywood, a 368-unit apartment complex in Hollywood. The seven-story community will be located at 1331 N. Cahuenga Blvd. The units will feature nine-foot ceilings, wood flooring, stainless steel appliances, quartz countertops, balconies and walk-in closets. Community amenities include a pool, fitness center, yoga room, club room and dog run. The Rise Hollywood is situated near Amoeba Music, Lure Nightclub and the ArcLight Hollywood within the Hollywood Entertainment District. Kevin O’Grady, Daniel Sheehan and Eric McGlynn of Walker & Dunlop arranged the non-recourse construction loan. Bank of the Ozarks provided the capital. Boca Raton, Fla.-based Rescore is a private REIT founded by Arthur Falcone, Tony Avila, and Bill Powers. The firm partnered with Los Angeles-based Cal-Coast on this project. — Nellie Day

May 17, 2017

California Multifamily Seniors Housing 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

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