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.
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 …
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.
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.
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.
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.
PRICE, UTAH – The Price Human Services Building, a 37,829-square-foot office building in Utah, has sold to an unnamed buyer. The price was not disclosed. The space is located at 475 West Price River Drive in Price. It is fully leased to tenants like the Utah Attorney General, the Utah Department of Workforce Services, the Utah Department of Family and Child Services, and the Utah Department of Rehabilitation Services. The seller, Fairbridge Properties, purchased the asset in 2013.
PASADENA, CALIF. — Meridian has purchased a 115,000-square-foot medical office complex in Pasadena for $37.5 million. The complex is located at 50 Bellefontaine St. near Huntington Memorial Hospital. The 2.8-acre property contains a 52,000-square-foot building, a 63,000-square-foot building and an adjacent subterranean parking garage. Meridian plans to invest an additional $5 million to modernize and upgrade the space. John Erickson and Brent Weirick of Colliers represented Meridian in the deal. Fred Cordova, Ryan Eddy and Michael Puleo of Kennedy Wilson Brokerage Group, along with William Boyd, Linda Lee and Scott Unger of Charles Dunn, represented the seller, Cotton Medical Center.
THOUSAND OAKS, CALIF. — Colliers International has brokered the sale of a single-tenant retail property located at 550 N. Ventu Park Road in Thousand Oaks. NewMark Merrill Cos. sold the property to a Los Angeles-based private investor for $15.6 million. The property is triple-net leased to Walgreens with 19 years left on the term. Eric Carlton and Jereme Snyder of Colliers represented the seller in the transaction.
LOS ANGELES — Forest City Realty Trust Inc. has started Phase II of the redevelopment, preservation and adaptive re-use of the Subway Terminal Building, originally built in 1925 by Pacific Electric Railroad in downtown Los Angeles. Renamed Metro 417, Phase I consisted of the development of 277 loft-style apartment homes. For phase two, Forest City will redevelop and transform the ground floor and two subterranean floors into approximately 133,000 square feet of multi-tenant retail space. Lorena Tomb and Danielle Cornwell of Jones Lang LaSalle are marketing the retail space for lease on behalf of Forest City. Metro 417 is located in the Bunker Hill area of Los Angeles adjacent to a station for the Metro Red Line subway. Amenities for the property will include on-site parking, in-unit laundry facilities, a rooftop garden, gym, business center and 24-hour security.