CHULA VISTA, CALIF. — Interstate 5 Center LLC has acquired a 71,490-square-foot retail center located at 1008 Industrial Blvd. in Chula Vista for $8 million. Toys ‘R’ Us occupies 42,540 square feet at the center, while two buildings totaling 28,950 square feet currently remain vacant. Chris Amble and Brian Chambers of Wells Fargo Bank arranged financing for the transaction. A redevelopment and lease-up is currently planned for the site.
DENVER — OliverMcMillan, in partnership with Invesco Real Estate, has acquired Clayton Lane, a mixed-use property located in Denver’s Cherry Creek North, for an undisclosed price. Whole Foods Market and Crate & Barrel anchor Clayton Lane, which features over 182,000 square feet of retail across six separate buildings. The property also features underground parking.
PAHRUMP, NEV. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Inspirations Senior Living, a 78-unit seniors housing community in Pahrump, approximately 60 miles west of Las Vegas. The seller and purchase price were not disclosed. Inspirations provides independent living, assisted living and memory care services in a two-story building. The community will retain its name as part of the deal. This is CPF’s second acquisition in Nevada, and seventh total community. Grace Management will take over operations. CPF is a Chicago- and San Francisco-based healthcare private equity investment firm.
PORTLAND, ORE. — TMT Development has received $130 million in permanent financing for Park Avenue West, a 391,795-square-foot, mixed-use tower in downtown Portland. The tower is located at SW Park Avenue and SW 9th Avenue. The development is situated one block west of Pioneer Square, directly across from Nordstrom in the city’s Central Business District. The tower sits atop a six-story subgrade parking garage. Park Avenue West will contain 24,233 square feet of first- and second-floor retail; 202 residential units on Floors 3 through 17; and 193,914 square feet of Class A office space on Floors 18 through 30. The office component is 92 percent leased to tenants like Stoel Rives, Washington Trust Bank, Morgan Stanley and Charles Schwab. TMT Development is developing the project. HFF’s Casey Davidson worked on behalf of the firm to secure the 20-year, fixed-rate, non-recourse loan through MetLife. Loan proceeds will be used to pay off an existing construction loan.
CEDAR CITY AND ST. GEORGE, UTAH, AND PARKER, COLO. — Senior Living Investment Brokerage Inc. has arranged the sale of three skilled nursing facilities — Crown Crest of Parker in the Denver suburb of Parker, Kolob Regional Care in Cedar City and Rehab and Kolob Care in St. George — for $31.8 million. Both Utah facilities are located in the southwest corner of the state near the Nevada and Arizona borders. The portfolio totals 454 beds, representing a price per bed of $70,000. The purchase represents a capitalization rate of 8.7 percent. The buyer is a real estate investor in the Midwest that leased the communities to local operators. The seller is a private owner based in Illinois looking to exit the seniors housing sector. Ryan Saul and Patrick Burke of Senior Living Investment Brokerage led the transaction.
RENO, NEV. — Lee & Associates has arranged the $25.5 million sale of South Creek, a 66,834-square-foot, 29-unit shopping center located in Reno. Lyle Chamberlain of Lee & Associates represented the seller, Horseshoe Bend LLC, and Chad Coons of Gilmore Coons Commercial Real Estate represented the buyer, Alves South Creek, in the transaction.
LOS ANGELES — American Apparel, a manufacturer, distributor and retailer of branded fashion-basic apparel, has emerged from Chapter 11 as a private company after successfully implementing its plan of reorganization, approved by the Delaware bankruptcy court on Jan. 27, 2016. Under the reorganization plan, the company also converted its corporate form from a Delaware corporation to a Delaware limited liability company and, therefore, is now known as American Apparel LLC. American Apparel’s legal advisor in connection with the restructuring was Jones Day. FTI Consulting served as its restructuring advisor and Moelis & Company served as its investment banker for the restructuring. Milbank, Tweed, Hadley & McCloy LLP was the legal advisor to the bondholders and Ducera Partners LLC served as restructuring advisor. As of Feb. 1, 2016, American Apparel LLC operated 202 retail stores in 19 countries including the United States and Canada.
INDIO, CALIF. — Dickey’s Barbecue Pit is set to open its 100th California location. Dickey’s already has more than 530 locations in 43 states. After Texas, California has the most Dickey’s locations. Owner/operators Michael and Margarita Tucker currently own the Dickey’s Barbecue Pit location in La Quinta and have signed a development agreement to open three more stores in Indio, Moreno Valley and Redlands in 2016.
NEW YORK CITY — Affiliates of American Realty Capital (ARC) Hospitality Trust have purchased a six-property hotel portfolio from Summit Hotel Properties (NYSE: INN) for $108.3 million. The portfolio contains a total of 707 Marriott- and Hilton-branded rooms throughout the states of Washington and Colorado. Properties included in the transaction are the 84-room Fairfield Inn & Suites in Spokane and the 144-room Fairfield Inn & Suites in Bellevue, Wash.; the 120-room Hilton Garden Inn and 75-room Hampton Inn in Fort Collins, Colo.; and the 160-room Fairfield Inn & Suites and 124-room SpringHill Suites in Denver. The latest six-property portfolio acquisition brings ARC’s lodging holdings to 142 hotels totaling 17,351 rooms across 32 states. Crestline Hotels and Resorts and Interstate Hotels & Resorts will manage the new acquisitions. ARC drew on its term loan facility to finance the transaction. Deutsche Bank AG New York Branch and Deutsche Bank Securities arranged that portion of the financing. Summit also provided a $27.5 million loan to ARC, which included $7.5 million for earnest money. The remaining balance was applied toward the six-hotel purchase price. The loan has an initial maturity date of Feb. 11, 2017, with two, one-year extension options. Proceeds from the latest sale …
HAYWARD, CALIF. — Meta Housing Corp. has broken ground on the Downtown Hayward Senior Apartments, a 60-unit affordable seniors housing development in Hayward, 15 miles southeast of Oakland. The new development will include approximately 6,000 square feet of retail space on a nearly one-acre lot in the city’s downtown. Development costs are estimated at $26 million. Meta will develop the new apartment community in partnership with Community Home Builders and Associates. Redstone Equity Partners, Enterprise Community Partners Inc., Citibank, CalHFA, Federal Home Loan Bank of San Francisco, the State of California Department of Housing and Community Development (HCD), Alameda County Housing and Community Development Department, California Community Reinvestment Corporation, and the California Tax Credit Allocation Committee all provided financing for the project. Meta is a multifamily developer based in California that has developed more than 6,000 units.
