Western

Koelsch Communities Starts Construction of $46M Independent Living Community Near Phoenix

by Nellie Day February 13, 2017

SURPRISE, ARIZ. — Koelsch Communities has started construction of The Park at Surprise, a 155-unit independent living community in the Phoenix suburb of Surprise. The 202,000-square-foot project is being built on an 8.5-acre plot. Development costs are estimated at $46 million. The Park at Surprise will be the fourth Koelsch community in Arizona, and is scheduled to open in summer 2018. Madrona Point Development is partnering with RJ Development, both based in the city of Olympia, Wash., to develop the project. Koelsch Construction will serve as general contractor. Koelsch Communities operates 22 communities in seven states and is planning to open 16 communities in the next two years.

February 13, 2017

California Multifamily Seniors Housing Western

Kisco Underway on $22.5M Expansion of Emerald Court Seniors Housing Community in Anaheim

by Nellie Day February 13, 2017

ANAHEIM, Calif. — Kisco Senior Living has started the $22.5 million expansion and renovation of Emerald Court, a 194-unit independent living and assisted living community in Anaheim. The project was originally announced in March 2016, but the company added more plans and committed more money. The project is currently underway, with a scheduled completion of fall 2017. Plans call for a two-story building adding 58 new assisted living units to the property, as well as a demonstration kitchen, dining venue and wellness center. Kisco will also renovate the existing dining room, corridors, lighting, activity room and salon. The project will add a total of 58,000 square feet to the property. Emerald Court’s assisted living units are currently full with a waiting list. The expansion will more than double the number of assisted living units. Based in Carlsbad, Kisco Senior Living owns and operates 22 seniors housing communities in seven states, with a heavy concentration in California.

February 13, 2017

Arizona Multifamily Western

Jevan Capital Buys Desert Place Apartments in Phoenix for $11.3M

by Nellie Day February 13, 2017

PHOENIX — Jevan Capital has purchased a 260-unit apartment community in Phoenix for $11.3 million. The community is situated on 7.8 acres along 27th Avenue near the I-17 Black Canyon Freeway. It is known as Desert Place Apartments. The seller was IPA Phoenix-Foxwood. Bob Farrell of Orion executed the transaction.

February 13, 2017

Colorado Office Western

Park Forum Office Park in Lakewood Sells for $3M

by Nellie Day February 13, 2017

DENVER — An unnamed buyer has acquired the 22,627-square-foot Park Forum Office in Lakewood for $3 million. The two-building property is located at 3222-3232 S. Vance St. The buyer intends to occupy one of the buildings, while leasing out the other. Eric Shaw of Pinnacle Real Estate Advisors executed the transaction.

February 13, 2017

California Office Western

Worldwide Facilities Renews 23,389 SF Office Lease in Downtown LA

by Nellie Day February 13, 2017

LOS ANGELES — Worldwide Facilities has renewed its headquarters space in downtown Los Angeles. The firm leases 23,389 square feet at Ernst & Young Plaza. The space is located at 725 S. Figueroa St. Worldwide Facilities will remodel and modernize the space. JLL’s Darren Eades, Tony Morales and Maureen Hawley represented Worldwide Facilities, while the landlord, Brookfield Office Properties, was represented in-house by James Malone.

February 13, 2017

California Hospitality Top Stories Western

Sunstone Hotel Investors Sells 444-Room Fairmont Newport Beach For $125M

by Jeff Shaw February 13, 2017

NEWPORT BEACH, CALIF. — Sunstone Hotel Investors Inc. (NYSE: SHO) has sold Fairmont Newport Beach, a 444-room hotel in the Southern California city of Newport Beach, for $125 million. Although the buyer was not disclosed, Marriott has added the hotel to its website as The Duke Hotel Newport Beach. Meanwhile, Visit Newport Beach, a nonprofit organization that promotes the city’s tourism, has also begun referring to the hotel as The Duke. The hotel property features 22,000 square feet of indoor function space, a bamboo garden, 10,000 square feet of outdoor function space, water features and an outdoor fire pit. Sunstone cited low revenue per available room (RevPAR) as the reason for the sale. The hotel earned a RevPAR that was 25 percent below the company’s average, according to Robert Springer, Sunstone’s chief investment officer. Per the company’s third-quarter report, the RevPAR for the hotel was $136.42 compared to a company average of $174.44. The sales price equates to a 5.2 percent capitalization rate and results in $44 million of gains for Sunstone. “The sale, which is consistent with our capital allocation strategy, monetizes an asset at an attractive valuation, increases our portfolio quality, RevPAR and near-term growth prospects, and reduces …

February 13, 2017

California Loans Multifamily Western

United American, World Premier Receive $92M Refinancing for Grand Plaza in San Marcos

by Nellie Day February 10, 2017

SAN MARCOS, CALIF. — United American Properties and World Premier Investments have received a $92 million loan to refinance debt on Grand Plaza, a retail power center in San Macros. Anchored by Sprouts Farmers Market, the 356,796-square-foot property is 94 percent leased to a variety of tenants such as Orchard Supply Hardware, Bed Bath and Beyond, Ross Dress for Less, Marshalls, Boudin Bakery, Lane Bryant, Party City, Broken Yolk Café, Starbucks Coffee, Ulta Beauty and Nordstrom Rack. John Chun, Sebastian Trujillo and AJ Manas of HFF arranged the 25-year, fixed-rate loan with J.P. Morgan Asset Management.

February 10, 2017

California Industrial Western

TCC Commences Construction on Columbia Business Park in Riverside

by Nellie Day February 10, 2017

RIVERSIDE, CALIF. — Trammell Crow Company (TCC) has commenced construction on Columbia Business Park, a 1.4 million-square-foot spec industrial development in Riverside. The three-building project will be situated within the Hunter Park industrial corridor. The project will be constructed in phases to maximize flexibility. The first phase will include a 1 million-square-foot distribution center and the design of a 371,229-square-foot distribution center. The second phase will include the development of the adjacent seven-acre parcel, which could provide additional parking, trailer storage or accommodate a planned 86,853-square-foot building. Operating Engineers Pension Trust is developing the business park. Washington Capital Management served as Operating Engineers’ advisor.

February 10, 2017

California Retail Western

Marcus & Millichap Negotiates $11.1M Sale of 102,801 SF Shopping Center in Hemet

by Nellie Day February 10, 2017

HEMET, CALIF. — Marcus & Millichap has brokered the sale of Ramona Plaza, a shopping center located in Hemet. An undisclosed buyer acquired the property for $11.1 million, or $108 per square foot. Grocery Outlet, Planet Fitness, Dollar Tree, Subway and Little Caesars Pizza occupy the 102,801-square-foot property. Matt LoPiccolo, Matt Hardy and Mike James of Marcus & Millichap represented the buyer and undisclosed seller in the deal.

February 10, 2017

California Retail Western

Progressive Real Estate Arranges $3.2M Sale of 64,000 SF Retail Center in Ontario

by Nellie Day February 10, 2017

ONTARIO, CALIF. — Progressive Real Estate Partners has brokered the sale of a retail center located at 404-426 N. Euclid Ave. in downtown Ontario. The City of Ontario acquired the 64,000-square-foot property from a private investor for $3.2 million. Secoya Market, Papa John’s Pizza and Wells Fargo occupy the property, which was built in the 1960s. Frank Vora, Mike Lin and Pablo Velasco of Progressive Real Estate represented the seller, while Paul Galmarini, also of Progressive Real Estate, represented the buyer in the transaction.

February 10, 2017

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