ORANGE, CALIF. — Coldwell Banker Commercial (CBC) Advisors has arranged the $4 million sale of a two-story, single-tenant retail building located in the historic Orange Circle in Orange. An undisclosed local private investor acquired the 7,350-square-foot property, located adjacent to Wells Fargo. Scott Hook of CBC represented both the undisclosed seller and the buyer in the transaction.
SALT LAKE CITY — Hines Global REIT II has purchased Cottonwood Corporate Center, a 490,030-square-foot office complex in Salt Lake City, for an undisclosed sum. The four-building center is situated on East Cottonwood Parkway near the mouth of Big Cottonwood Canyon. This was the REIT’s first acquisition in Utah. CBRE’s Eli Mills and Timothy Richey, along with NGKF’s Ken White, represented the seller, CommonWealth Partners LLC, in this transaction.
BELLEVUE, WASH. — Kennedy Wilson Real Estate Fund V has purchased a 451-unit apartment community in Bellevue named LIV Bel-Red for $172 million. The Class A community is located at 2170 Bel-Red Road. The property was built in 2015. Notable employers in the area include Microsoft’s world headquarters, Boeing, Expedia, Salesforce and Symetra Financial. The fund invested $58 million of equity and secured a 10-year loan of $115 million through Fannie Mae for the acquisition. Kennedy Wilson is a 12 percent investor in Fund V.
SANTEE, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $24.9 million loan for The Grant Companies to refinance The Pointe at Lantern Crest, a seniors housing community in the San Diego suburb of Santee. CBRE’s Bill Chiles, Scott Peterson and Brian Cruz secured a 10-year loan through Freddie Mac. The loan will refinance the existing construction loan. The Pointe at Latern Crest opened in 2012 offering assisted living and memory care units. The second phase, which was completed in 2015, added independent and assisted living. The Grant Companies was formed in 1989 as a joint venture between three California corporations. The company has developed or constructed more than $500 million in medical office buildings, apartment complexes, industrial buildings, shopping centers, motels, restaurants and mixed-use developments.
LOS ANGELES — Overton Moore Properties (OMP) has broken ground on the Point @ Simi Valley Business Center, a 141,000-square-foot industrial development in Los Angeles. The four-building project will be situated two blocks south of Interstate 118 and about 10 minutes from the San Fernando Valley. The site is one of the last remaining parcels within the 87-acre master-planned project. OMP acquired the site from Coca Cola in October 2015. The Class A development is scheduled for completion in April 2017. The project is available for sale immediately. It will accommodate users between 30,000 square feet and 42,000 square feet. Millie & Severson is building the project, which HPA designed.
GLENDALE, ARIZ. — Ziegler, a specialty investment bank, has arranged $20.5 million in non-rated, fixed-rate bonds for Glencroft Senior Living, a continuing care retirement community (CCRC) in Glendale. The community, built by Friendship Retirement Corp. in 1970, comprises several entities: Glencroft Towers I, Sarah’s Place, Friendship Foundation and Colter Commons. The CCRC totals 752 units. Glencroft Towers I and Sarah’s Place were funded with HUD and FHA-insured loans, respectively, which the new bonds will refinance. The new bonds are part of a turnaround effort for Glencroft, which was hit hard by the Great Recession. New management took over the community in 2014, converting from an entry-fee model to a standard rental model to attract middle-market seniors.
FORT WORTH, TEXAS AND SAN FRANCISCO — Enlivant, an owner and operator of senior living communities, and global investment firm TPG have purchased 48 seniors housing communities in 14 states from several unrelated organizations. The sales price was not disclosed. The acquisition totals 3,084 independent living, assisted living and memory care apartment units, which represents a nearly 40 percent expansion for Enlivant. Sixteen of the transactions recently closed, and the remaining 32 are expected to close over the next several months. “These transactions mark a period of significant business momentum for Enlivant as it continues to scale its national operating platform while maintaining its founding commitment of providing each of its residents with the highest level of attentive, individualized and personalized care in a home-like setting,” said Avi Banyasz, partner and co-head of TPG Real Estate, TPG’s real estate division. The acquired communities are located in Arizona, Delaware, Florida, Georgia, Kansas, Illinois, Indiana, North Carolina, Ohio, Oklahoma, Pennsylvania, Tennessee, Virginia and West Virginia. Following these acquisitions, Enlivant will operate approximately 230 senior living communities spanning 11,000 apartment units across 27 states. Many of these new communities have larger total unit counts and more services than Enlivant’s typical community. TPG acquired Enlivant …
LOS ANGELES — Gramercy Property Trust and TPG Real Estate have formed Strategic Office Partners, a platform that will acquire single-tenant office assets in high-growth U.S. metro regions. The platform’s inaugural purchase was a six-property office portfolio valued at $187.5 million. The portfolio contains a total of 1 million square feet of single-tenant, net lease office assets in metro Los Angeles, San Francisco Bay and San Diego. It also includes assets in Nashville and Minneapolis. The buildings have an average tenant tenure of more than 11 years. Half of the assets have been occupied by the original tenant since the buildings were constructed. The weighted average remaining lease term was 3.6 years at closing. Gramercy and TPG committed $400 million to the new venture and secured a $200 million non-recourse credit facility from Morgan Stanley. Strategic Office Partners plans to buy up to $1 billion in assets over a three-year period.
FORT COLLINS, COLO. — EdR has acquired two student housing communities located in Fort Collins for an undisclosed price. The acquisition includes Pura Vida Place and Carriage House Apartments. Both Pura Vida and Carriage House Apartments are located near Colorado State University, and offer a total of 194 beds. Community amenities at each include a 24-hour computer lab, indoor bike storage and in-unit washers and dryers.
IRVINE, CALIF. — HFF has provided $62.5 million in refinancing for Irvine Crossings, a 395,673-square-foot data center and industrial asset. The property is located at 17871 Von Karman Ave. and 17836 Gillette Ave. in Irvine. The fully leased building was renovated in 2000. It was partially converted to a powered-shell data center in 2013. A data center operator and an internet technology company occupy the property. The asset is situated one block north of the intersection of Von Karman Avenue and Main Street in the Airport Area. There are six other data centers in the area. The five-year, full-term, interest-only loan features a fixed rate. HFF’s Kevin MacKenzie and Jamie Kline arranged the loan on behalf of Menlo Equities. Deutsche Bank provided the capital.
