Western

CBRE Arranges $25M Construction Financing for 129-Unit Seniors Housing Community in Arizona

by Nellie Day October 12, 2015

TUSCON, ARIZ. — CBRE National Senior Housing has arranged a $25 million construction loan for Hacienda at The River, a 129-unit assisted living, memory care and skilled nursing community in Tuscon. A joint venture of The Freshwater Group and Watermark Retirement Communities is developing the community on a 5.75 acre plot. When completed, Watermark will manage the community. Aron Will, executive vice president of CBRE National Senior Housing, and Jim Sellers and Tim Prouty, both senior vice presidents of the CBRE Debt & Structured Finance office in Tucson, secured a three-year, floating-rate loan that then converts to a three-year, mini-perm loan. The loan was placed through a regional bank. Based in Tuscon, Watermark is the 13th largest operator of seniors housing communities in the U.S. with 38 communities comprising 7,483 units, according to 2015 data from the American Seniors Housing Association.

October 12, 2015

Arizona Retail Western

Friedman Acquires Plaza Vista Mall in Arizona

by Nellie Day October 12, 2015

SIERRA VISTA, ARIZ. — Friedman Integrated Real Estate Solutions, in a joint venture with its institutional equity partner, has acquired Plaza Vista Mall, a 227,110-square-foot retail power center located in Sierra Vista. The center is 95.8 percent occupied by tenants including Cal Ranch, Hobby Lobby, Marshalls, Dollar Tree, Cato, Payless ShoeSource, Ross Dress for Less and Sally Beauty.

October 12, 2015

California Multifamily Seniors Housing Western

Anthem Breaks Ground on $12.6M Memory Care Community in California

by Nellie Day October 12, 2015

MURRIETA, CALIF. — Developer and operator Anthem Memory Care has broken ground on Vineyard Place, a $12.6 million memory care community in Murrieta, about 80 miles southeast of Los Angeles. Anthem expects to open the 38,000-square-foot, 66-unit community in summer 2016. Working with Anthem on developing and building Vineyard Place are CM Consulting, Markham Development Management Group, CBTwo Architects, Consolidated Contracting and LTC Properties, which is providing financing. Anthem, based in Lake Oswego, Ore., also operates a dementia care community in Chico, Calif., and four in Denver. It is currently developing three communities in the greater Chicago area.

October 12, 2015

California Multifamily Student Housing Western

AMCAL Opens The Promontory at CSU Monterey Bay

by Nellie Day October 12, 2015

MARINA, CALIF. — AMCAL Monterey Bay LLC has opened The Promontory, a 174-suite, 579-bed off-campus student housing development near the campus of California State University at Monterey Bay. The development is comprised of three four-story buildings featuring 174 fully furnished suites, in which students share a common kitchen and living room in the two-, three-, and four-bedroom housing pods. Each bedroom has its own bathroom, and each individual bedroom locks for privacy and security. Each of the three buildings also features an interior courtyard for studying and socializing. The community shares 6,500 square feet of interior common amenities that include study rooms, a cyber cafe with kitchen facility, computer lab, theater, game room and fitness center, as well as an outdoor basketball court. AMCAL Monterey Bay LLC purchased the 8.27-acre parcel of land from the City of Marina in January 2014. The project is privately funded by Bank of the West and private equity financed. Construction was completed in 18 months, which included the demolition of the abandoned Fort Ord Motor Pool. The development will be managed by the University Corp., the nonprofit that manages all of the campus’ student housing. AMCAL Monterey Bay LLC negotiated and signed a 20-year master …

October 12, 2015

California Retail Western

Del Taco to Open 27 New Locations in Central California

by Nellie Day October 12, 2015

LAKE FOREST, CALIF. — Lake Forest-based Del Taco is set to develop 27 new locations with three groups in central California. Three new locations are set to open within the next six months. Mike Sater, one of BP/Tesoro ARCO and AM/PM’s largest west coast franchisees, has signed a 20-store development agreement for six counties in the central valley. Sater’s first two Del Taco stores will open in Fresno and Clovis, with a third planned for Merced.

October 12, 2015

Loans Office Washington Western

HFF Arranges $88M Construction Loan for Office Development in Seattle

by Nellie Day October 9, 2015

SEATTLE — HFF has arranged an $88 million construction loan for Urban Union, a 291,000-square-foot office development in Seattle. The trophy property will be located at 501 Fairview Ave. Urban Union will be a 12-story boutique office building featuring 284,357 square feet of office space, 6,725 square feet of ground-floor retail space and a 392-space subterranean parking garage. Its amenities will cater to TAMI (technology, advertising, media and information sectors) tenants, with two collaborative workspace features. The Union, a two-story, 4,500-square-foot gathering space will feature a conference center, catering kitchen, quiet room and board room. The Overlook will be an outdoor deck and rooftop conference center with views of Lake Union, Seattle and the Space Needle. It will also feature an indoor enclosed area that can be divided into smaller meeting spaces. The development is scheduled for completion in March 2016. The developer is Schnitzer West. HFF’s Michael Tepedino, Jennifer Keller and Tom Wilson arranged the loan through Blackstone Real Estate Debt Strategies and Bank of the Ozarks.

October 9, 2015

California Multifamily Western

Promenade Terrace Apartments in Corona Sells for $78.5M

by Nellie Day October 9, 2015

CORONA, CALIF. — The 330-unit Promenade Terrace apartments in Corona has sold to an unnamed buyer for $78.5 million. The community is located at 451 Wellesley Drive. Promenade Terrace is less than a half mile from Corona Hills Plaza, a 534,000-square-foot power center. It is also within walking distance of Corona Hills Marketplace, a 270,000-square-foot shopping mall, and near light rail transit to Los Angeles, Orange and San Bernardino counties. Alexander Garcia, Jr., Stewart I. Weston, Christopher Zorbas, David Sperling and John Montakab of Institutional Property Advisors represented both the buyer and unnamed seller in this transaction.

October 9, 2015

California Office Western

MetLife, Partners to Develop Office Tower Near Transbay Transit Center in San Francisco

by Nellie Day October 9, 2015

SAN FRANCISCO — A joint venture between MetLife, the John Buck Company and Golub Real Estate have announced plans to build Park Tower at Transbay, a 743,000-square-foot office tower near the Transbay Transit Center in San Francisco. The Class A tower will be located at Howard and Beale streets. The project will be a component of the Transbay Transit Center, a multi-billion-dollar redevelopment project that will feature residential, commercial and transportation facilities just three blocks from the San Francisco Bay. Park Tower at Transbay will feature 14 sky decks, as well as a ground-level park and a three-story lobby. The completion of the office complex is expected to coincide with the scheduled completion of the Transbay Transit Center. MetLife is an equity investor in the partnership, while John Buck and Golub are the developers. JLL is handling the project’s leasing.

October 9, 2015

California Retail Western

CBRE Brokers $13.2M Sale of Rosewood Shopping Center in Bellflower

by Nellie Day October 9, 2015

BELLFLOWER, CALIF. — CBRE Group has arranged the sale of Rosewood Shopping Center, a retail center located in Bellflower. Bristol Central LP acquired the 60,094-square-foot property for $13.2 million. Currently 74 percent leased, tenants include Fresenius Medical Care, Carl’s Jr., Health Care Partners, Papa John’s Pizza and Montano Family Dentistry. Arthur Flores of CBRE represented the seller, Rosecrans Bellflowers LLC, in the transaction.

October 9, 2015

Nevada Office Western

MDL Group Joins Corfac in Southern Nevada

by Nellie Day October 9, 2015

LAS VEGAS — MDL Group has joined Corfac International as a domestic affiliate in Southern Nevada. Hayim Mizrachi will act as president and principal of MDL Group/Corfac International. He will also be the principal point-of-contact to Corfac International and will manage MDL Group’s brokerage services practice. MDL Group was co-founded in 1989 by Carol Cline-Ong and Curt Anderson. The firm expanded its brokerage services practice in 2013 when it added Mizrachi and Jarrad Katz as principals. Mizrachi and Katz had previously operated the NAI Global Las Vegas office. MDL Group/CORFAC International is a full-service operation with 38 professionals, 13 of which are brokers. The firm closed more than $70 million in industrial, office and retail transactions and land sales in 2014. It currently manages more than 8 million square feet of commercial properties for third-party owners.

October 9, 2015

Newer Posts

Older Posts