Western

Decron Properties Sells El Monte Shopping and Automotive Center for $84.5M

by Nellie Day February 3, 2016

LOS ANGELES — Merlone Geier Partners has purchased El Monte Shopping and Automotive Center, a 473,347-square-foot automotive and retail center located in El Monte, from Decron Properties for $84.5 million. The property is comprised of a traditional shopping center and Longo Lexus dealership. Savills-Studley Retail Investment Group represented Decron Properties, while Melone Geier Partners was self-represented in the transaction. Tenants at the center include Sears, Staples, Deardens, Big 5 Sporting Goods, RadioShack and Jamba Juice.

February 3, 2016

Retail Utah Western

Vestar, Oaktree Acquire Retail Center at The Gateway in Salt Lake City

by Nellie Day February 3, 2016

SALT LAKE CITY — Vestar, in a joint venture with funds managed by Oaktree Capital Management L.P., has acquired a 623,205-square-foot open-air retail and entertainment center within The Gateway, a retail, residential and office complex located in downtown Salt Lake City. The purchase price was not disclosed. The center is leased to over 100 tenants including Barnes & Noble Bookstore, California Pizza Kitchen, The Depot, Dick’s Sporting Goods, Megaplex 12 at The Gateway, Metro Fitness, Starbucks Coffee and Victoria’s Secret. Vestar plans to invest $30 million in revitalizing and rebranding the center.

February 3, 2016

Colorado Multifamily Western

Advenir Acquires Apartment Building in Denver for $42M

by Nellie Day February 3, 2016

DENVER — Advenir has purchased a 292-unit apartment community in Denver for $42 million. The community, formerly known as Cypress Point, has been rebranded as Advenir at Cherry Creek South. It is located at 1211 S. Quebec Way. Advenir at Cherry Creek South was built in 1979. The property underwent $2 million in exterior, interior and common-area renovations. Advenir plans to pump an additional $3 million into the community.

February 3, 2016

California Loans Multifamily Seniors Housing Western

Capital Funding Provides $8.5M Acquisition Loan for Skilled Nursing Facility in Lynwood

by Nellie Day February 3, 2016

LOS ANGELES — Capital Funding Group has provided a $6.5 million bridge-to-HUD loan and a $2 million mezzanine loan for the acquisition of Bloohmfield East, a 130-bed skilled nursing facility in Lynwood. A group of private real estate investors bought the property and leased it to a new operator, Reliant Management. Capital Funding Group is a Baltimore-based lender for healthcare properties, especially skilled nursing facilities, assisted living communities and hospitals.

February 3, 2016

California Western

MBA Partners with Pepperdine University on CRE Executive Certification Program

by Nellie Day February 3, 2016

LOS ANGELES — The Mortgage Bankers Association (MBA) has partnered with Pepperdine University Graziadio School of Business and Management to offer a six-month executive certificate in commercial real estate. The program will kick off in March. Classes aim to accelerate higher-level career opportunities for mid- to senior-level professionals who are pursuing career advancement, continuing education credits and professional designations. The training also aims to improve marketability and open career doors through networking opportunities. The curriculum will incorporate materials and programming from MBA’s education commercial/multifamily courses, making this the first industry program to combine graduate school certificate education with industry-recognized training curriculum. Participants will learn critical analysis and evaluation skills for transacting acquisition, financing, asset management and development deals. They will also learn the intricacies of private equity real estate, private debt/finance, publicly traded real estate (REITs), securitized debt and real estate development. The program was created by combining MBA-established training with the expertise of Pepperdine faculty in the commercial real estate equity and REIT fund investment arenas. Sessions will be held two days per month, on Friday and Saturday. Classes are available online, and at each of the five Pepperdine locations.

February 3, 2016

marriott-springhill-suites-hotel-seattle

Hospitality Top Stories Western

Moody National REIT II to Purchase SpringHill Suites Seattle for $74.1M

by Haisten Willis February 3, 2016

SEATTLE — Moody National REIT II has entered into an agreement to purchase the Marriott SpringHill Suites Hotel in Seattle for $74.1 million, excluding closing costs. The SpringHill Suites Seattle is a select-service hotel consisting of 234 guest rooms. Located on the southeast corner of Stewart Street and Yale Avenue in downtown Seattle, the SpringHill Suites Seattle is situated along one of the city’s major transportation routes with access to the corporate homes of Amazon.com, Microsoft, Nordstrom and REI. The hotel is also located near Puget Sound and is within walking distance of the Seattle Space Needle. “Located downtown in a global gateway city accommodating travelers from around the world, and home to companies including Amazon.com, Microsoft, Boeing and Starbucks, this investment presents itself as an attractive addition to our portfolio,” says Brett Moody, CEO and chairman of REIT II. Forbes magazine named Seattle the “No. 1 Best City for Jobs in 2015” based on 16 metrics including job opportunities, employment growth, monthly median starting salary, median annual income, time spent working and commuting, and housing affordability. Due to its geographic location, Seattle is a national hub for manufacturing, technology industries, international business, trade and tourism. Moody National REIT II …

February 3, 2016

California Multifamily Seniors Housing Western

WNC Closes $114.7M Institutional LIHTC Fund Covering 24 Properties in 11 States

by Nellie Day February 2, 2016

IRVINE, CALIF. — WNC, an Irvine-based investor specializing in low-income housing tax credits (LIHTC), has closed WNC Institutional Tax Credit Fund 41 L.P., a $114.7 million institutional LIHTC fund. Estimated to include 1,674 affordable housing units in total, the fund’s portfolio is comprised of 24 family and seniors housing communities scheduled for new construction and rehabilitation. The properties will be located in 11 states: Arkansas, California, Louisiana, Minnesota, Missouri, Montana, New Mexico, Tennessee, Texas, Washington and Wisconsin.

February 2, 2016

Loans New Mexico Retail Western

Houlihan-Parnes Arranges $9.1M Refinancing for Ladera Shopping Center in Albuquerque

by Nellie Day February 2, 2016

ALBUQUERQUE, N.M. — Houlihan-Parnes has arranged a $9.1 million refinancing for Ladera Shopping Center, a 128,712-square-foot shopping center located in Albuquerque. Ed Graf of Houlihan-Parnes secured the five-year loan. The center is currently 95 percent occupied by 23 tenants including John Brooks Supermarket, Dollar Tree, Taco Cabana, Bank of Albuquerque, Planet Fitness, the UPS Store, Supercuts, H&R Block and T-Mobile. Burger King occupies a pad site.

February 2, 2016

Colorado Industrial Western

Jensen Precast Buys Denver Industrial Facility

by Nellie Day February 2, 2016

DENVER — Jensen Precast has purchased a 143,960-square-foot industrial facility in the Denver submarket of Lockeford for an undisclosed sum. The facility is located at 12101 E. Brandt Road. The space will serve as an expansion of the precast concrete company’s existing facility. The seller is NCI Building Systems. Eric Dienstbach of Binswanger, along with John Fondale of Newmark Cornish & Carey, executed the transaction.

February 2, 2016

Colorado Loans Retail Western

NorthMarq Arranges $3.7M Refinancing for Retail Buildings in Fort Collins

by Nellie Day February 2, 2016

FORT COLLINS, COLO. — NorthMarq has arranged a $3.7 million refinancing for 3636 and 3700 S. College Ave. in Fort Collins. The collateral consists of two freestanding retail buildings totaling 35,211 square feet. The center is home to a mix of local and regional tenants including Men’s Wearhouse. Mark Jeffries and Conor McCahill of NorthMarq arranged the financing for the borrower.

February 2, 2016

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