Western

ESI Arranges $26.5M Sale of Two Assisted Living Communities in Utah

by Nellie Day February 8, 2017

ST. GEORGE, UTAH — Evans Senior Investments (ESI) has arranged the sale of The Retreat at SunRiver and The Retreat at Sunbrook, two assisted living communities in St. George, approximately 120 miles northeast of Las Vegas. American Capital acquired both communities from an undisclosed seller for $26.5 million, or $236,500 per unit. Built in 2012, The Retreat at SunRiver features 36 assisted living units and 12 memory care units on 1.7 acres. Built in 2015, The Retreat at Sunbrook features 50 assisted living units and 14 memory care units. Totaling 57,344 square feet, the two-story community sits on 2.4 acres. Washington County, where St. George is located, saw an 86.5 percent growth in the over-85 population between the 2000 and 2010 census. The new owner will lease both properties to Meridian Senior Living.

February 8, 2017

California Industrial Western

Kidder Mathews Merges with Heger Industrial

by Nellie Day February 8, 2017

LOS ANGELES — Kidder Mathews has merged with Los Angeles-based industrial firm Heger Industrial. The new company will retain the Kidder Mathews name and operating structure. Robert Thornburgh, Heger’s CEO, will join Kidder’s executive leadership committee. Heger Industrial manages one of the largest independent portfolios of industrial properties in the Los Angeles area. The firm employs 35 commercial real estate professionals and staff, maintaining offices in Long Beach and Commerce, Calif., and Phoenix.

February 8, 2017

Colorado Loans Multifamily Western

Parkview Financial Provides $13.5M Loan for Micro-Apartment Community in Denver

by Nellie Day February 8, 2017

DENVER — Parkview Financial has provided a $13.5 million loan for an 82-unit micro-apartment community in Denver. The funds will go toward the construction of this ground-up development.

February 8, 2017

California Office Western

Casey Brown Buys San Diego Office Portfolio for $77M

by Nellie Day February 7, 2017

SAN DIEGO — The Casey Brown Company has purchased a three-property office portfolio in San Diego for $77 million. The transaction includes Chesapeake Park Plaza at 9665 Chesapeake Drive in the Kearny Mesa submarket; Valley Corporate Center, a 176,132-square-foot office tower at 591 Camino De La Reina in Mission Valley; and Old Town Plaza, a two-building creative office project at 2251 San Diego Ave. in Old Town. CBRE’s Louay Alsadek and Hunter Rowe represented the seller on Chesapeake Park Plaza and Valley Corporate Center. Josh Buchholz, Doug Ceresia and Matt Midura of NAI San Diego represented the seller on the Old Town Plaza transaction.

February 7, 2017

Affordable Housing Loans Multifamily Washington Western

KeyBank Provides $54.5M Loan for New Affordable Housing Development in Everett

by Nellie Day February 7, 2017

EVERETT, WASH. — KeyBank has provided $54.5 million in construction financing for a 256-unit affordable housing development at Puget Park in Everett. The community will be situated 30 miles north of Seattle. The property will serve residents who earn 60 percent or less of the area median income. KeyBank’s Community Development Lending & Investing group provided the funds.

February 7, 2017

Colorado Hospitality Loans Western

JV Receives $25.7M Loan to Acquire Colorado Springs Marriott

by Nellie Day February 7, 2017

COLORADO SPRINGS, COLO. — A joint venture between Portfolio Hotels & Resorts, West Point Partners and Lions Gate Capital has received a $25.7 million acquisition loan for the 309-room Colorado Springs Marriott. The hotel is located at 5580 Tech Center Drive. Colorado Springs Marriott is situated near Garden of the Gods and the United States Air Force Academy. The hotel features 23,000 square feet of flexible indoor and outdoor function space, indoor and outdoor pools and spas, a fitness center, business center, concierge, and a full-service restaurant. HFF’s Eric Tupler and Kristian Lichtenfels arranged the 10-year, fixed-rate, securitized loan.

February 7, 2017

Office Washington Western

Pacific Coast Capital Partners Buys Evergreen Office Park in Bellevue for $21.4M

by Nellie Day February 7, 2017

BELLEVUE, WASH. — Pacific Coast Capital Partners has purchased Evergreen Office Park in Bellevue for $21.4 million. The two-building office park is located at 10940 & 11000 N.E. 33rd Place. Pacific Coast Capital Partners plans to make capital improvements to the park’s common areas, including new tenant amenities. Andy Miller, Joe Lynch and Dan Harden of Kidder Mathews represented the seller, SteelWave, in this transaction.

February 7, 2017

Colorado Office Western

General Electric Building in Longmont Sells for $12.5M

by Nellie Day February 7, 2017

LONGMONT, COLO. — An affiliate of Pacific Acquisitions has purchased the 152,218-square-foot General Electric building in Longmont for $12.5 million. The single-tenant, office/flex facility is located at 1844 Nelson Road. General Electric fully occupies the facility, which was originally built in 1994. CBRE’s Jim Bolt represented the buyer, while the firm’s Tyler Carner, Jeremy Ballenger and Geoff Baukol represented the seller, Crescent Real Estate Holdings LLC.

February 7, 2017

Hawaii Hospitality Multifamily Top Stories Western

Salem Partners, Mandarin Oriental to Open 36-Story Luxury Hotel, Multifamily Tower in Honolulu

by Kristin Harlow February 7, 2017

HONOLULU — Salem Partners has partnered with Mandarin Oriental Hotel Group to build Mana’olana Place, a hotel and multifamily property currently under development in Honolulu. The development is slated to open in early 2020. The 36-story, 743,000-square-foot tower will be located in the Ala Moana District at the intersection of Kaipolani Boulevard and Atkinson Drive. Mana`olana Place is the first approved project in the city’s new Ala Moana transit hub. The Mandarin Oriental, Honolulu hotel will consist of 125 guestrooms and suites. The tower’s upper floors will consist of 107 private homes. The property will feature a rooftop restaurant and bar with landscaped outdoor terraces and gardens. The hotel will also feature a spa with eight treatment rooms, a fitness center and an 80-foot outdoor swimming pool. Colorado-based [au]workshop is the design architect on the project, while Architects Hawaii Ltd. will serve as the executive architect. The design team also includes Dianna Wong Architects + Interior Design and Hart Howerton Landscape Architects. Salem Partners is a Los Angeles-based investment bank and wealth management firm. Mandarin Oriental operates 29 hotels and eight residences in 19 countries and territories. —Kristin Hiller

February 7, 2017

California Industrial Market Reports Western Western Market Reports

Downtown LA’s Industrial Supply Gives Way to Other Uses

by Camren Skelton February 7, 2017

When you visit Los Angeles, the sight of the cranes looming in the sky in all directions shows a city undergoing significant revitalization and redevelopment. Not so long ago, the Downtown area of Los Angeles went “dark.” This occurred after the hustle and bustle of the normal workday was done and the streets were mostly empty, businesses closed. Fortunately, Los Angeles has seen significant construction and redevelopment over the past few years. According to the Downtown Center Business Improvement District (DCBID), the population of Downtown Los Angeles was 18,000 people in 1999. Today, the population is estimated at 63,208, with a daytime population of 500,000. The residential inventory consists of 36,964 units with 11,868 under construction and 19,054 proposed for a total of 48,832 units as of the third quarter of 2016. There are 8,163 hotel rooms with 2,765 more under construction and 3,636 proposed for a total of 14,564. Retail has 2 million square feet under construction and an additional 1.5 million square feet proposed. Major industrial activity includes the announcement of Warner Music Group relocating from Burbank to the Arts District where it will occupy 257,000 square feet at the former Ford Factory, which was constructed in 1912. …

February 7, 2017

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