Western

Oceanwide Holdings Breaks Ground on Second-Tallest Building in San Francisco

by Kristin Harlow December 9, 2016

SAN FRANCISCO — Oceanwide Holdings has broken ground on Oceanwide Center, a mixed-use development in San Francisco. The project consists of two towers at First and Mission streets. The First Street tower will be the second-tallest structure in San Francisco at 910 feet and will include 109 high-end condos and flexible office space. The Mission Street tower will include the Waldorf Astoria San Francisco hotel and 156 condos. Oceanwide Center contains 2.4 million square feet in total, of which 26,000 square feet will be dedicated to new public spaces and pedestrian connections. A 68-foot-tall public square or “Urban Plaza” adjacent to First Street will highlight a large and interconnected set of open spaces and public plazas. The project is slated for completion by 2021. The architectural design team includes Foster + Partners and Heller Manus Architects. Designed by landscape architect Kathryn Gustafson, the “Urban Plaza” will feature outdoor seating, a bicycle hub and a special events terrace for live music, farmers’ markets and cultural exhibitions. Oceanwide Center also includes the renovation and restoration of the historic buildings at 78 and 88 First St. These buildings will provide additional office and retail space. Swinerton and Webcor are the builders on the …

December 9, 2016

Arizona Multifamily Western

Housing Trust Group Breaks Ground on $63M Aviva Apartments in Mesa

by Nellie Day December 8, 2016

MESA, ARIZ. — Housing Trust Group (HTG) has broken ground on the 325-unit Aviva apartment community in Mesa. The $63 million community will be located at 8350 E. Baseline Road. Aviva is scheduled to open in the third quarter of 2018. This is HTG’s first multifamily development in Arizona. Biltform Architecture Group designed the community, which Chasse Building Team will construct. HTG acquired the 16-acre vacant tract for $6.5 million. The firm also secured a $47.1 million construction loan from Walker & Dunlop.

December 8, 2016

Multifamily Nevada Western

Loft 5 Apartments in Las Vegas Sell for $51.5M

by Nellie Day December 8, 2016

LAS VEGAS — Loft 5 LLC has acquired the 241-unit Loft 5 apartments in Las Vegas for $51.5 million. The community is situated just off Interstate 15, nearby to the Las Vegas Strip. Loft 5 contains a mix of for-sale and for-rent units. Community amenities include four resort-style pools and hot tubs, outdoor fireplaces and grills, a fitness center, steam room and club lounge. JLL’s John Cunningham and Charles Steele represented the seller, DK Loft 5 LLC, in this transaction.

December 8, 2016

California Loans Multifamily Seniors Housing Western

IPA Capital Markets Arranges $19.6M Loan for Age-Restricted Community in Rancho Santa Margarita

by Nellie Day December 8, 2016

RANCHO SANTA MARGARITA, CALIF. — Institutional Property Advisors Capital Markets (IPA), an affiliate of Marcus & Millichap, has arranged $19.6 million in financing for the acquisition of Buena Vida at Town Center, a 115-unit age-restricted community in the Orange County suburb of Rancho Santa Margarita. The borrower was purchasing the property through a 1031 exchange. The loan was structured at a fixed rate of 3.25 percent interest with interest-only payments for the first three years, then converting to a 30-year amortization. The term of the loan is 15 years with a 67 percent loan-to-value ratio.

December 8, 2016

California Loans Office Western

Ready Capital Provides $7.3M Loan for the Former Daily Transcript Building in San Diego

by Nellie Day December 8, 2016

SAN DIEGO — Ready Capital Structured Finance has provided $7.3 million in financing for a 33,191-square-foot office building in the San Diego submarket of Bankers Hill. The loan will be used to refinance, renovate and stabilize the property, the former Daily Transcript Building. The sponsor plans to fully renovate the property by creating open floor plans to target creative office users, which will include usable rooftop access for all tenants. The non-recourse, interest-only loan features a two-year term and one-year extension option with flexible pre-payment. The pre-payment includes a facility to provide for the future funding of interest and carry, capital expenditures, tenant improvements and leasing commissions.

December 8, 2016

California Loans Retail Western

Ready Capital Structured Finance Closes $19.9M Loan for Retail Center in Santa Ana

by Nellie Day December 8, 2016

SANTA ANA, CALIF. — Ready Capital Structured Finance has closed a $19.9 million loan for Bristol Place Shopping Center in Santa Ana. The undisclosed borrower plans to revitalize the 62,800-square-foot retail center through an exterior modernization of the center and the conversion of several retail suites from traditional retail space to restaurant space. The non-recourse, interest-only-payment loan features a three-year term, one-year extension option and flexible pre-payment. Additionally, the financing includes a facility to provide the future funding of capital expenditures, tenant improvement and leasing commissions.

December 8, 2016

California Multifamily Western

Waterton Buys Candlewood North Apartments in LA for $43.5M

by Nellie Day December 7, 2016

LOS ANGELES — Waterton has purchased the 189-unit Candlewood North Apartments in the Los Angeles submarket of Northridge for a reported $43.5 million. The community is located at 9830 Reseda Blvd. Candlewood North contains three three-story buildings with apartments ranging from studios to two bedrooms. The community is within walking distance of the Cal State Northridge campus. Waterton plans to renovate the property, including the unit interiors and amenities.

December 7, 2016

California Industrial Western

Badiee Development Starts Construction of Carlsbad Victory Industrial Park

by Nellie Day December 7, 2016

CARLSBAD, CALIF. — Badiee Development has broken ground on Carlsbad Victory Industrial Park in the San Diego submarket of Carlsbad. The park will be located at 3248 Lionshead Ave. The first phase is a 55,573-square-foot industrial building is slated for completion early next summer. Carlsbad Victory Industrial Park has been designed with a mix of office and warehouse space for two tenants with suites measuring 25,148 square feet and 30,425 square feet. The project will feature two upgraded tenant entries, dock-high and grade-level loading, 26-foot clear height, automatic fire suppression system, mezzanine space, skylights and a large outdoor patio area. Badiee has begun pre-leasing for Carlsbad Victory Industrial Park. Tucker Hohenstein and Mike Erwin of Colliers International is acting as the project’s leasing agents. The team also represented Badiee in the purchase of the land parcel for Carlsbad Victory Industrial Park in December 2015. Smith Consulting Architects is the architect and TFW Construction is the general contractor for Carlsbad Victory Industrial Park.

December 7, 2016

Colorado Retail Western

Hanley Negotiates Sale of 83,279 SF Shopping Center in Arvada

by Nellie Day December 7, 2016

ARVADA, COLO. — Hanley Investment Group Real Estate Advisors has arranged the sale of Arvada West Town Center, an 83,279-square-foot shopping center located roughly 11 miles outside Denver in Arvada. Walmart Neighborhood Market shadow-anchors the center, which is 89 percent leased to tenants including AutoZone, Wendy’s, Fantastic Sam’s, The Salvation Army, Quiznos and Qdoba Mexican Grill. Kevin Fryman and Edward Hanley of Hanley Investment Group represented the buyer, Starboard Realty Advisors LLC, and the seller, Arvada West 04 LLC, in the transaction. The sales price was undisclosed.

December 7, 2016

Arizona Retail Western

Cushman & Wakefield Arranges $14.8M Sale of Bell Tower Village in Arizona

by Nellie Day December 7, 2016

GLENDALE, ARIZ. — Cushman & Wakefield has arranged the $14.8 million sale of Bell Tower Village, a 166,830-square-foot shopping center in Glendale. Walgreens anchors the center, which was 63.6 percent leased at the time of sale to tenants including Planet Fitness, Harbor Freight Tools, Freddy’s Frozen Custard & Steakburgers, Audio Express and Mattress Firm. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, Bell Tower Village LLC, in the transaction. New Bell Tower LLC, a company formed by DPC Development Co., acquired the property.

December 7, 2016

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