Western

Cushman & Wakefield Arranges $145M Acquisition Financing for West Coast Seniors Housing Portfolio

by Nellie Day September 21, 2016

SEATTLE — Cushman & Wakefield has arranged $145 million in acquisition financing for Merrill Gardens, which will use the funds to purchase a 456-unit seniors housing portfolio on the West Coast. Merrill Gardens, a seniors housing owner-operator based in Seattle, already operates the four communities that it will now own, along with a joint venture partner that was not named. The portfolio includes properties in the high-barrier-to-entry markets of Orange County, San Francisco, Silicon Valley and downtown Seattle. The properties acquired are Merrill Gardens of Huntington Beach, Merrill Gardens at Lafayette, Merrill Gardens at Campbell, and Merrill Gardens at First Hill. The communities offer independent living, assisted living and memory care. Cornerstone Real Estate Advisors, acting on behalf of an institutional investor, provided the $145 million in long-term financing. The Cushman & Wakefield team, which arranged both the loan and the transaction, included Richard Swartz, managing director; Jay Wagner, managing director; Aaron Rosenzweig, senior director; Michael Kane, senior director; and Timothy Hosmer, director.

September 21, 2016

California Retail Western

Pacific Retail Capital Partners Acquires 2.8 MSF Regional Mall Portfolio

by Nellie Day September 21, 2016

EL SEGUNDO, CALIF. — El Segundo-based Pacific Retail Capital Partners has acquired a portfolio of three regional malls totaling 2.8 million square feet in a joint venture with an undisclosed partner. The centers have a combined value of more than $200 million. Acquisitions include: • The Galleria at White Plains, an approximately 870,000-square-foot, four-level enclosed regional mall located roughly 30 miles outside of New York City in White Plains, N.Y. • Northpark Mall, a 958,000-square-foot, two-level mall located roughly 10 miles outside of Jackson in Ridgeland, Miss. • The Esplanade, a more than 1 million-square-foot regional mall located roughly 13 miles outside of downtown New Orleans in Kenner, La. The Galleria at White Plains is home to 130 retailers including Macy‘s, Sears, H&M and Forever 21. Northpark Mall is home to 120 retailers and eateries including Dillard’s, Belk, JC Penney, H&M, Victoria’s Secret, Foot Locker and Sephora. The Esplanade is home to retailers including Dillard’s, Target, Macy’s, Victoria’s Secret and Old Navy. Orrick represented the joint venture in the acquisition. The seller was undisclosed.

September 21, 2016

California Hospitality Loans Western

Sonnenblick-Eichner Arranges $75M in Financing for Hotel in Sausalito

by Nellie Day September 21, 2016

SAUSALITO, CALIF. — Sonnenblick-Eichner Company has arranged $75 million of first mortgage leasehold financing for Cavallo Point-The Lodge at the Golden Gate in Sausalito. The hotel is the San Francisco Bay Area’s first national park lodge. It contains 142 rooms within Golden Gate National Recreation Area at the northern foot of the Golden Gate Bridge. Cavallo Point is situated on about 45 acres within the 350-acre former Fort Baker military base. The property includes the Murray Circle Restaurant and Farley Bar, more than 25,000 square feet of indoor and outdoor meeting space, an 11,000-square-foot Healing Arts Center & Spa, a retail outlet, a cooking school and a fitness center. The non-recourse financing features a five-year balance sheet loan provided by an international money center bank.

September 21, 2016

Nevada Retail Western

ValueRock Realty Acquires Two Grocery Stores in Henderson

by Nellie Day September 21, 2016

HENDERSON, NEV. — ValueRock Realty Partners has acquired two single-tenant retail buildings occupied by Albertsons grocery stores in Las Vegas suburb of Henderson. The acquisition includes a 58,254-square-foot building located at 190 N. Boulder Highway and a 55,000-square-foot building located at 2910 Bicentennial Parkway. The properties are both part of larger shopping centers. HH Property North LLC and HH Property South LLC sold the properties. Nick Foster of HFF and David Zacharia of DZ Net Lease Realty LLC represented the seller in this transaction.

September 21, 2016

Oregon Retail Western

Albertsons Building in Baker City Changes Hands

by Nellie Day September 21, 2016

BAKER CITY, ORE. — ValueRock Realty Partners has acquired a 48,239-square-foot building in Baker City for an undisclosed sum. The property is net leased to an Albertsons grocery store. The building is located at 1120 Campbell St. Nick Foster, Mark West and Nick Kassab of HFF represented the seller in this transaction.

September 21, 2016

California Florida Georgia Kansas Michigan Midwest Multifamily Southeast Student Housing Top Stories Virginia Washington Western Wisconsin

CA Ventures Delivers Eight Student Housing Communities for 2016/2017 School Year

by Haisten Willis September 21, 2016

CHICAGO — CA Student Living, the student housing investment and development division of Chicago-based CA Ventures, has completed eight student housing communities comprising nearly 4,000 beds across the U.S. Located in eight states, the properties are about 95 percent occupied and represent nearly 10 percent of the 47,700 off-campus student housing beds slated to deliver nationwide in 2016, according to the developer. Valued at more than $460 million, the new communities boost the size of CA Student Living’s portfolio to $1.5 billion. All offer fully furnished apartments with in-unit laundry and a 1:1 bed-to-bath ratio in most units. The newly delivered communities include: Uncommon Athens — Uncommon Athens is a five-story building located at 165 E. Dougherty St in Athens, Ga. It is within walking distance to both downtown Athens and the University of Georgia. The property’s 210 beds include a mix of one-, two- and four-bedroom floor plans, and the development contains 10,600 square feet of street-level retail space. Indoor amenities include a 24-hour fitness center, golf simulator, business center, study lounge, group meeting space, club room and coffee bar. Uncommon Charlottesville — Uncommon Charlottesville, a six-story building located at 1000 W. Main St. in Charlottesville, Va., is within …

September 21, 2016

California Office Western

Sandstone Properties Buys the Tower at Sherman Oaks in Los Angeles for $56.7M

by Nellie Day September 20, 2016

LOS ANGELES — Sandstone Properties has purchased the Tower at Sherman Oaks, a 167,726-square-foot office building in the Los Angeles submarket of Sherman Oaks, for $56.7 million. The Class A building is located at 14724 Ventura Blvd. The Tower at Sherman Oaks was built in 1966 and underwent a complete renovation in 1991. It is currently 96 percent occupied. Sandstone Properties plans to reposition the asset as a creative campus. Bob Safai, Chris DuMont and Bob Pearson of Madison Partners will handle leasing efforts. The firm also arranged acquisition and renovation financing totaling $48.1 million with Loancore Capital. Safai also represented the seller, Douglas Emmett, along with Matt Case and Brad Schlaak.

September 20, 2016

California Retail Western

Consolidated-Tomoka Land Co. Sells 14-Property Retail Portfolio for $51.6M

by Nellie Day September 20, 2016

IRVINE, CALIF. — Consolidated-Tomoka Land Co. (CTO) has sold a 14-property portfolio of single-tenant income assets for $51.6 million. The portfolio includes nine Bank of America financial centers in Orange County. The buyer assumed CTO’s existing $23.1 million mortgage loan secured by the properties. The portfolio sale resulted in an estimated gain of about $11.1 million for CTO, or about $1.20 per share, after tax. CTO plans to use the proceeds for the recently reported Bloomin’ Brands sale-leaseback and future acquisitions as part of one or more Section 1031 like-kind exchange transactions.

September 20, 2016

Hospitality Office Oregon Western

BPM Real Estate Group to Build Broadway Tower Project in Portland

by Nellie Day September 20, 2016

PORTLAND, ORE. — BPM Real Estate Group has started construction of the Broadway Tower office and hotel project in downtown Portland. The 19-story project will include a 180-room Radisson RED hotel, 175,000 square feet of office space and more than 2,000 square feet of ground-floor retail space. Radisson RED will occupy Broadway Tower’s first eight floors, with Class A office space occupying the top 11 floors. The project is scheduled for completion in the third quarter of 2018. Howard S. Wright, a Balfour Beatty company, is building the project, which GBD Architects designed. Broadway Tower is Howard S. Wright’s second project for BPM Real Estate Group in Portland. The firm delivered the Pearl West office building for the developer earlier this year.

September 20, 2016

Arizona Industrial Western

Huhtamaki North America Buys 750,000 SF Within Cotton Lane Commerce Park in Goodyear

by Nellie Day September 20, 2016

GOODYEAR, ARIZ. — Huhtamaki North America has purchased a 750,000-square-foot manufacturing and distribution facility at Cotton Lane Commerce Park in Goodyear. The Finland-based global food packaging specialist intends to invest about $100 million at the site to create a “21st-century work environment.” The facility will serve West Coast food service packaging and retail tableware markets. Construction will begin in the second quarter of 2017, with commercial production scheduled in late 2017. NGKF’s Jim Belcher and Robert Stephens represented Huhtamaki in the transaction.

September 20, 2016

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