Western

EdR, Opus Development Begin Construction of $164.9M Student Housing Community Near Arizona State

by Nellie Day January 25, 2017

TEMPE, ARIZ. — A joint venture between EdR and Opus Development Co. LLC has broken ground on a $164.9 million development adjacent to the Arizona State University campus in Tempe. The 407-unit student housing community will offer community amenities including a 24-hour fitness center, yoga studio, grilling area, dog park, club rooms, bike storage, terrace deck cabanas and 31,000 square feet of retail. EdR will own a 90 percent stake in the community, and will manage it upon completion in summer 2018.

January 25, 2017

California Office Western

ValueRock Realty Partners Purchases Long Beach Office Building for $24M

by Nellie Day January 25, 2017

LONG BEACH, CALIF. — ValueRock Realty Partners has purchased a 76,939-square-foot office building in Long Beach for $24 million. The coastal infill property, known as Congressional Place, is located at 6700 E. Pacific Coast Highway. Congressional Place is fully leased to Morgan Stanley, Wells Fargo and others. It was built in 1983. The seller was Colton Cos. The acquisition is part of a 1031 exchange for ValueRock.

January 25, 2017

Hospitality Nevada Western

Chinese Investment Group Buys Rumor Boutique Hotel in Las Vegas for $18M

by Nellie Day January 25, 2017

LAS VEGAS — A China-based international investment group has purchased the 150-room Rumor Boutique Hotel in Las Vegas for $18 million. The hotel is situated directly across Harmon Avenue from the Hard Rock Hotel & Casino. The property will soon be rebranded, as the Rumor brand was not part of the sale and will remain under the Siegel Group Nevada Inc. ownership. The Siegel Group plans to relocate the brand to an alternate location within the Las Vegas market. Cathy Jones and Josh Smith of Sun Commercial Real Estate represented The Siegel Group in the transaction.

January 25, 2017

California Multifamily Seniors Housing Western

Atria Opens 155-Unit Seniors Housing Community in Bay Area

by Nellie Day January 25, 2017

FOSTER CITY, CALIF. — Atria Senior Living has opened Atria at Foster Square, a 155-unit independent living, assisted living and memory care community in Foster City, located between San Francisco and San Jose. The six-story building totals 190,000 square feet. Atria is seeking LEED Silver certification for the community. The property is part of a larger multi-building development that includes additional housing and retail space aimed at seniors. Architecture firm Perkins Eastman designed the property, which San Francisco-based Webcor Builders constructed. Based in Louisville, Ky., Atria Senior Living is the eighth largest operator of seniors housing properties in the United States, according to 2016 numbers by the American Seniors Housing Association. The company totals 196 communities in 27 states and seven Canadian provinces, serving more than 21,000 residents.

January 25, 2017

Colorado Loans Office Western

Goldman Sachs, Pearlmark Receives $93.5M in Financing to Acquire Denver Office Building

by Nellie Day January 24, 2017

DENVER — A joint venture between Goldman, Sachs & Co. and Pearlmark has received $93.5 million in financing for the acquisition of a 492,799-square-foot office building in Denver. The Class A space is located at 1125 17th St. It occupies an entire city block on the corner of 17th and Lawrence streets where the Central Business District and Lower Downtown (LoDo) converge. The 25-story tower is 85.2 percent leased to JP Morgan Chase & Co. and Halliburton, among others. On-site amenities include a fitness club, juice and smoothie bar, basketball and bocce courts, and underground parking. HFF’s Eric Tupler and Josh Simon secured the four-year, floating-rate loan through Bank of America.

January 24, 2017

Office Oregon Western

Zeller Realty Group Buys Umpqua Bank Plaza in Downtown Portland for $90M

by Nellie Day January 24, 2017

PORTLAND, ORE. — Zeller Realty Group has purchased the 298,176-square-foot Umpqua Bank Plaza in Downtown Portland. The building sold for $90 million, according to Portland Business Journal. The Class A office tower is situated on the western shore of the Willamette River. The property was originally developed in 1974 but underwent renovations in 2015. The space was 97 percent leased at the time of sale. Lana Baldock, Dan Swift and Havilah Coady of Cushman & Wakefield will handle leasing at the property.

January 24, 2017

Industrial Nevada Western

Hollywood Investment Buys 790-Unit Self-Storage Facility in Reno for $10.9M

by Nellie Day January 24, 2017

RENO, NEV. — Hollywood Investment Co. LLC has acquired the 790-unit Stor-All Self-Storage located in Reno for $10.9 million. The facility is situated on 8.4 acres along Panther Drive and West Ranger Road adjacent to U.S. 395. The property includes 22 single-story buildings with asphalt drive aisles and a standalone residence and manager’s office. The LLC plans to hold the property. Bobby Loeffler of the Loeffler Self-Storage Group represented the seller, Stor-All Reno LLC, in this transaction.

January 24, 2017

California Office Western

Canyon Catalyst Fund, Pacshore Partners Sell West LA Office Portfolio

by Nellie Day January 24, 2017

LOS ANGELES — A joint venture between Canyon Catalyst Fund and Pacshore Partners has sold its 212,700-square-foot West Los Angeles office portfolio for an undisclosed sum. The portfolio contains three properties, including 22619 Pacific Coast Highway in Malibu, and 12901 W. Jefferson Blvd. and 5340 Alla Road, which are both located in Playa Vista. The JV acquired the three properties between July 2013 and March 2015. The sale is the partnership’s first disposition of investments within the Canyon Catalyst Fund, which Canyon Partners Real Estate manages on behalf of CalPERS.

January 24, 2017

California Western

Build Group Purchases San Jose Construction Co.

by Nellie Day January 24, 2017

SAN FRANCISCO — Build Group Inc., a general contracting firm in the San Francisco Bay Area, has purchased the assets of San Jose Construction Co. Inc. and assumed responsibility for completing current and future San Jose Construction projects. Build Group has also integrated all of the acquired company’s employees into its organization. Under terms of the agreement, Build Group will operate Build SJC, a new division of Build Group Inc., in the existing San Jose Construction corporate office located in Santa Clara, Calif. Over more than 60 years, San Jose Construction has built a diversified portfolio of projects including hospitality and retail commercial centers throughout the Bay Area, as well as Sacramento and Monterey counties. Build Group Inc. was founded in 2007. With annual contracts approaching $1 billion, the San Francisco-based general contractor specializes in commercial office space, hospitality, public works, residential and mixed-use projects.

January 24, 2017

California Retail Top Stories Western

Joint Venture to Redevelop East Hills Mall in Southern California

by Katie Sloan January 24, 2017

BAKERSFIELD, CALIF. — A joint venture between C & C Properties Inc. and MarkChris Investments has announced the redevelopment of East Hills Mall in Bakersfield, roughly 110 miles north of Los Angeles. The 414,000-square-foot enclosed regional mall will be transformed into a 350,000-square-foot, open-air lifestyle center. A state-of-the-art movie theater will anchor the development, which is set to feature a collection of restaurants, retail and entertainment space. Renovations will include the addition of a large outdoor plaza, water fountain, and seating and landscaping around the movie theater complex. Development plans also include the addition of several buildings along Mall View Road for shops, restaurants and services. The buyers acquired the mall from a joint venture between Retail Equities LLC and El Corte Ingles in late December 2016. Duane Keathley, Vince Roche and Josh Sherley of Cushman & Wakefield | Pacific Commercial Realty Advisors represented both the buyer and seller in that transaction, and have been retained by the new ownership to lease the redeveloped center. Construction is expected to begin this year, with completion scheduled for fall 2018. — Katie Sloan

January 24, 2017

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