Western

Sentre Purchases Sommerset Suites Hotel in San Diego for Multifamily Conversion

by Nellie Day January 11, 2017

SAN DIEGO — Sentre has purchased the 80-room Sommerset Suites Hotel in San Diego for an undisclosed sum. The asset is located at 606 Washington St. in the Hillcrest submarket. The property was originally designed in the late 1980s as a boutique apartment community. The sellers converted the property into a hotel in the mid-90s, leaving most of the apartment amenities intact. This included a heated pool and spa, barbeque area, dining room and business center. Sentre is repositioning the property into the Whiston, an 80-unit boutique apartment community. Sentre received a five-year, fixed-rate loan that was placed with a life insurance company. Financing will be used to purchase the hotel and fund the repositioning. HFF’s Hunter Combs and Scott Hall executed the transaction. Aldon Cole led HFF’s debt placement team.

January 11, 2017

California Office Retail Top Stories Western

Kilroy Realty Corp. Buys The Sunset Mixed-Use Project in West Hollywood for $210M

by Nellie Day January 11, 2017

LOS ANGELES — Kilroy Realty Corp. has purchased The Sunset, a 179,000-square-foot mixed-use development in the West Hollywood submarket of Los Angeles, for $210 million. The property is located at 8560-8590 Sunset Blvd. on the famous Sunset Strip. The seller, Broadreach Capital Partners, acquired the asset from Apollo Real Estate in 2006 for $105 million. The Sunset occupies 2.2 acres along Sunset Boulevard. It features a 72,000-square-foot office tower and a three-building retail plaza atop a 107,000-square-foot subterranean parking structure. The transaction also includes three billboards atop the retail buildings that were fully leased in December 2016. The complex is 88 percent leased with a large fashion and health/fitness presence, including Equinox, SoulCycle, H&M and Oliver Peoples. The site previously held the headquarters for Playboy Entertainment. The Sunset is adjacent to CIM’s $365 million Sunset La Cienega mixed-use project, which will include residential units, a hotel and ground-floor retail space. HFF’s Ryan Gallagher, Michael Leggett, Bryan Ley, Andrew Harper and Tim Geiman represented Broadreach in the transaction. — Nellie Day

January 11, 2017

California Industrial Loans Western

Yellow Iron Investments Receives $69M Loan to Build Arcadia Logistics Center

by Nellie Day January 10, 2017

ARCADIA, CALIF. — Yellow Iron Investments has received a $69 million construction loan for the Arcadia Logistics Center industrial facility in Arcadia. The Class A facility will be situated on 40 acres directly adjacent to the San Gabriel (605) Freeway. Arcadia Logistics Center will feature three buildings totaling 698,000 square feet. An additional 42 acres at the site are ground leased to a national build-to-suit developer. Fullmer Construction will build the center. The loan has a three-year initial term with two one-year extension options. It features interest-only payments during both the initial and extension terms. Keystone Mortgage Corp. provided the financing.

January 10, 2017

Arizona Retail Western

Regency Centers Sells Pima Crossing Shopping Center in Arizona for $46.2M

by Nellie Day January 10, 2017

SCOTTSDALE, ARIZ. — Regency Centers L.P. has sold Pima Crossing, a 283,275-square-foot shopping center located in Scottsdale, for $46.2 million. An entity formed by Los Angeles-based Karlin Real Estate bought the property. PGA Superstore anchors the center, which is also home to Pier 1 Imports, Lifetime Fitness, Stein Mart, Scottsdale Beer Co. and Discount Patio. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller in the transaction.

January 10, 2017

California Multifamily Seniors Housing Western

Cushman & Wakefield Brokers $25M Sale of Two-Property Assisted Living Portfolio in San Francisco

by Nellie Day January 10, 2017

SAN FRANCISCO — Cushman & Wakefield Senior Housing Capital Markets Group has arranged the $25 million sale of Hayes Valley Senior Living, a 52-unit, two-property assisted living portfolio in San Francisco. The two properties are located across the street from each other at 601 and 624 Laguna Street. 601 Laguna Street was built in the 1880s as a hotel and converted to assisted living in 1997. 624 Laguna Street was purpose-built as an assisted living facility in 2005. The buyer was a San Diego-based private owner-operator and the seller was a local nonprofit owner-operator. Richard Swartz, Jay Wagner and Aaron Rosenzweig led the Cushman & Wakefield team on the transaction.

January 10, 2017

Colorado Hospitality Western

Schulte Hospitality Buys Hyatt Place in Colorado Springs

by Nellie Day January 10, 2017

COLORADO SPRINGS, COLO. — Schulte Hospitality has purchased the 126-room Hyatt Place in Colorado Springs for an undisclosed sum. The hotel is located at 503 W. Garden of the Gods Road. CBRE Hotels’ Larry Kaplan and Mark Darrington represented the seller, a joint venture between Sage Hospitality and Whitman Peterson, in this transaction.

January 10, 2017

California Loans Office Western

Ready Capital Closes $10M Loan for Acquisition, Renovation of Newport Beach Office Building

by Nellie Day January 10, 2017

NEWPORT BEACH, CALIF. — Ready Capital Structured Finance has closed a $10 million loan that will be used to acquire, renovate and stabilize a Class B office building in Newport Beach. The 44,434-square-foot building is located at 4440 Von Karman Ave., within the master-planned Koll Center in the John Wayne Airport submarket. The non-recourse, interest-only loan features a 36-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, interest and reserves.

January 10, 2017

Market Reports Nevada Retail Western Western Market Reports

Major Sales, New Players Enter Vegas’ Retail Market

by Camren Skelton January 10, 2017

There are two trends that describe the current state of retail development in Southern Nevada: restaurants are expanding and some junior boxes are closing. Ecommerce competition and the consolidation of retailers nationally has caused junior box tenants to continue to struggle. It is odd to see a new development like the 1.6-million-square-foot Downtown Summerlin open on the affluent west side of the Valley in October 2014, only to see two junior boxes close since then. The Sports Authority shuttered its doors earlier this year, while Golfsmith just announced it would cease operations by the end of 2016. Other retailers in the development are doing very well, but it is an unfortunate sign of the times to see junior anchors close in good retail developments. When analyzing ecommerce vs. bricks and mortar, retailers are paying more attention to the facts listed in the table below. The example compares Amazon to Walmart — both great businesses but differing models. The reason is clear why it is difficult to compete when Amazon is able to produce 165 percent more per employee. This analysis does not include the difference in fixed assets, which only further exaggerates the advantage for Amazon when considering what a …

January 10, 2017

Arizona Retail Western

Cypress Equities Purchases Flagstaff Mall in Arizona

by Nellie Day January 9, 2017

FLAGSTAFF, ARIZ. — Cypress Equities has acquired Flagstaff Mall, a 388,000-square-foot enclosed regional mall located in Flagstaff for an undisclosed price. JCPenney, Dillard’s and Sears anchor the mall, which is also home to tenants including Bath & Body Works, GameStop, GNC, Victoria’s Secret and Foot Locker. The center was originally developed in 1979, and underwent renovations in 2007. Cypress is currently looking to sell or lease up three undeveloped outparcel pads totaling 18,000 square feet. The company is also considering the redevelopment of inline retail space.

January 9, 2017

California Retail Western

CBRE Facilitates $11M Sale of Scripps Mesa Retail Center in San Diego

by Nellie Day January 9, 2017

SAN DIEGO — CBRE has arranged the sale of Scripps Mesa Retail Center, located at 9801-9841 Mira Mesa Blvd. in the Scripps Ranch submarket of San Diego. Shah Family Trust acquired the 25,721-square-foot property from Hendricks Commercial Properties for $11 million. The property recently underwent a $1.7 million renovation. At the time of sale, 18 tenants fully occupied the retail center. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the seller and buyer in the deal.

January 9, 2017

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