Western

Pine Tree Acquires 2.5 MSF Retail Portfolio from SITE Centers for $495M

by Jeff Shaw June 14, 2024

NORTHBROOK, ILL. — Pine Tree, in partnership with a state pension fund, has purchased six open-air shopping centers from SITE Centers Corp. (NYSE: SITC) for $495 million. The portfolio comprises 2.5 million square feet and includes properties in metros such as Fort Lauderdale, Florida; Columbus, Ohio; Cincinnati; Phoenix; and Portland, Oregon. The assets included in the portfolio are: The portfolio’s retail anchors include Kroger, New Seasons Market, The Fresh Market, Target, Ulta Beauty, Nordstrom Rack, Dick’s Sporting Goods and 13 stores leased by TJX Cos. Pine Tree is a retail developer and management company based in Northbrook, Illinois. The deal, which was sourced off-market, brings Pine Tree’s assets under management to a total of approximately $2.5 billion and 20 million square feet. SITE Centers is a retail REIT based in Beachwood, Ohio. The SITC stock price opened at $14.56 on Friday, June 14, up slightly from $13.19 one year prior. — Channing Hamilton

June 14, 2024

Colorado Development Loans Multifamily Western

BWE Provides $39.4M HUD Construction Loan for Pueblo Springs Multifamily Community in Pueblo, Colorado

by Amy Works June 13, 2024

PUEBLO SPRINGS, COLO. — BWE, on behalf of ESH Development, has secured a $39.5 million HUD 221(d)(4) loan to finance the development of Pueblo Springs, a Class A market-rate apartment project in Pueblo, approximately 45 miles south of Colorado Springs. James Swanson of BWE’s Phoenix office originated the financing. The HUD-insured loan provides for a combined construction and permanent financing for market-rate multifamily projects. The non-recourse, fully assumable loan features a 40-year, fully amortizing term that will qualify for HUD’s reduced rates for eco-friendly developments upon final construction and delivery of units. Pueblo Springs will feature 199 units with nine-foot ceilings in select units, walk-in closets, ceiling fans, private balconies or patios, soaking tubs, breakfast bars, pantries, granite or quartz countertops, and stainless steel and Energy Star appliances, including in-unit washers/dryers. Community amenities will include a clubhouse with Wi-Fi, a fitness center, business center/e-lounge, community room with gourmet kitchen, bike storage, heated pool and spa, barbecue and picnic areas, walking paths, extensive landscaping, 24-hour emergency staff and gated entry. Colorado Structures is serving as general contractor for the project, which will be built to a high standard of energy efficiency.

June 13, 2024

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $27M Sale of La Chateau Apartments in Anaheim, California

by Amy Works June 13, 2024

ANAHEIM, CALIF. — Marcus & Millichap has arranged the sale of La Chateau Apartments, a multifamily community in Anaheim. The asset traded for $27.4 million, or $361,184 per unit. Tyler Leeson, Matt Kipp and Nicholas Kazemi of Marcus & Millichap represented the undisclosed seller, while Drew Holden of Marcus & Millichap represented the undisclosed buyer in the deal. Built in 1964, Le Chateau offers 76 apartments in single-floor and townhome unit styles, all with two bedrooms. Each unit features a private patio and carport with an overhead storage bin. Community amenities include four on-site laundry facilities, a clubhouse and gated garage.

June 13, 2024

Industrial Loans Oregon Western

Gantry Arranges $16.2M Loan for FedEx Warehouse Acquisition in Portland

by Amy Works June 13, 2024

PORTLAND, ORE. — Gantry has arranged a $16.2 million permanent loan for the acquisition of a warehouse facility located at 6447 N. Cutter Circle in Portland. FedEx Ground fully occupies the 212,000-square-foot building, which was redeveloped in 2015. The 126-door, cross-docked facility offers ready access to the Port of Portland, Interstate 5, Union Pacific Railroad and Portland International Airport. Tony Kaufmann and Joe Foley of Gantry’s San Francisco production office represented the borrower, a private real estate investor. The long-term, fixed-rate loan was secured from one of Gantry’s correspondent life company lenders and structured with a term that exceeds the tenant’s firm lease term. The loan features interest-only payments for half the term, followed by a 30-year amortization period.

June 13, 2024

Acquisitions California Retail Western

Tova Capital Acquires 18,600 SF East Willow Village Retail Center in Signal Hill, California

by Amy Works June 13, 2024

SIGNAL HILL, CALIF. — Tova Capital has purchased East Willow Village, an inline shop and pad space in Signal Hill, for $6.7 million in an off-market transaction. Signal Hill is approximately 20 miles south of Los Angeles. Located at 2201 E. Willow St., East Willow Village features 18,600 square feet of retail space. Turner’s Outdoorsman anchors the center on a 5,600-square-foot pad. Additional tenants include food, health, wellness and community-serving retail users. Kelly Hawkshaw, Luc Hawkshaw and Eric Mandell of Ally Commercial Real Estate represented Tova Capital in the deal. The seller was not disclosed.

June 13, 2024

Acquisitions Healthcare Multifamily Nevada Seniors Housing Western

ESI Brokers $8.5M Sale of Post-Acute Rehab Facility in Las Vegas

by Amy Works June 13, 2024

LAS VEGAS — Evans Senior Investments (ESI) has arranged the sale of a 45-bed post-acute rehab community in Las Vegas. The seller was a regional owner-operator. A national owner-operator with a presence in Nevada acquired the asset for $8.5 million, or $188,888 per bed. The community, exclusively licensed to accept Medicare only, has provided skilled nursing care since its inception in 2015. At the time of marketing, the facility was 73 percent occupied and had struggled to maintain healthy occupancy levels in previous months. Despite these challenges, ESI noted the facility’s growth potential and the anticipated Medicare rate increase set to take effect this year. The previous owner-operator made the strategic decision to divest this asset to better concentrate on its regional portfolio. This was the seller’s only asset outside of the state of Michigan.

June 13, 2024

Acquisitions California Company News Retail Texas Top Stories Western

Sony Pictures Entertainment Acquires Theater Chain Alamo Drafthouse Cinema

by Katie Sloan June 13, 2024

CULVER CITY, CALIF. AND AUSTIN, TEXAS — Sony Pictures Entertainment has acquired theater chain Alamo Drafthouse Cinema from Altamont Capital Partners, Fortress Investment Group and founder Tim League for an undisclosed price. Alamo Drafthouse was founded in 1997 in Austin, and has grown from a single mom-and-pop location to 35 cinemas across 25 metropolitan areas. The company is the seventh-largest theater chain in North America and was one of the pioneers of the in-theater elevated food and drink concept. Alamo Drafthouse will maintain its headquarters in Austin and will continue to operate all of its locations, as well as the company’s Fantastic Fest film festival, which was included in the acquisition. Sony will manage these entities under a newly established division, Sony Pictures Experiences, led by Alamo Drafthouse CEO Michael Kustermann. The acquisition is groundbreaking, as it was recently made possible through the Department of Justice’s decision in 2020 to rescind the Paramount Decrees. Put into place by the U.S. Supreme Court in 1948, the Decrees mandated a separation between film distribution and exhibition, requiring major motion picture studios to divest of any theater holdings. “We are excited to make history with Sony Pictures Entertainment and have found the right home …

June 13, 2024

Jeff Salladin Revere Capital Investors quote from article

Acquisitions Content Partner Features Loans Midwest Northeast Southeast Texas Western

Cautious Optimism Reigns as Investors Navigate Inflation, Rate Uncertainty

by Sarah Daniels June 13, 2024

Last fall’s ebullience over the Federal Reserve’s likelihood of cutting the federal funds rate early and frequently in 2024 quickly faded as inflation remained too high for the Fed’s liking. Wall Street traders who make wagers on the Fed’s actions keep pushing their rate cut bets further into the year, according to CME Group, a derivatives marketplace. In early March, for example, nearly 75 percent of traders wagered on a rate cut in June. As of early June, less than 2 percent expected one. The most recent Fed meeting, on June 13, has confirmed this assumption that a rate cut is at least months away, if not longer. If and when the central bank cuts rates this year, the cost of capital is unlikely to approach the historically low levels of the last few years. As a result, the growing interest rate mantra of “higher for longer” may be finally convincing commercial property buyers and sellers to meet on pricing. New York-based research organization MSCI Real Assets recently noted that commercial property sales continued to slow in the first quarter of 2024 — a year-over-year decline of 16 percent to $78.9 billion. But it suggested that investors might be encouraged …

June 13, 2024

Acquisitions California Retail Western

Primestor Acquires 245,921 SF Retail Center in Metro San Francisco

by John Nelson June 12, 2024

RICHMOND, CALIF. — Primestor Development has acquired Hilltop Plaza, a 245,921-square-foot retail center situated on 59 acres in Richmond, roughly 18 miles outside San Francisco. An undisclosed seller sold the property for $36.5 million. Tenants at the center, which was 88 percent occupied at the time of sale, include Ross Dress for Less, City Sports Club, dd’s Discounts and Century Theatres. Geoff Tranchina, Eric Kathrein, Gleb Lvovich and Warren McClean of JLL represented both the buyer and seller in the transaction.

June 12, 2024

Acquisitions California Retail Western

Kennedy Wilson Brokers $7M Sale of Retail Property in Santa Monica, California

by Amy Works June 12, 2024

SANTA MONICA, CALIF. — Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties Ltd., has arranged the sale of a retail property at 2031-2037 Wilshire Blvd. in Santa Monica. Auerbach Realty Holdings sold the asset to Cypress Equity Investments for $7 million, or $2,222 per square foot. Situated on a 6,970-square-foot parcel, the shopping center offers 3,149 square feet of retail space. CEI owns the adjacent properties at 2025 Wilshire Blvd. and 1152 21st St., and this purchase will create a 25,457-square-foot assemblage. As part of the sale process, and in anticipation of the parcel’s imminent redevelopment, the Kennedy Wilson Brokerage team also assisted in the future relocation of Noma Sushi, a neighborhood restaurant that opened at the property in 1982. Ed Sachse and Christine Deschaine of Kennedy Wilson Brokerage represented the seller in the off-market transaction.

June 12, 2024

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