Western

Biltmore Financial Center in Phoenix to Undergo Complete Renovation

by Nellie Day January 7, 2016

PHOENIX — The Biltmore Financial Center, a 635,000-square-foot office campus in Phoenix, is set to undergo a multi-million-dollar renovation. The Class A campus is located at the northwest corner of 24th Street and Camelback. Owner ViaWest Group plans to add eight new speculative suites to the campus, in addition to a new 3,500-square-foot tenant lounge. It will also renovate Biltmore’s one-acre plaza and gym. The café’s offerings will be upgraded, as will elements of the lobby, corridors, bathrooms and elevators. The renovation commences this month. It is scheduled for completion in July. ViaWest purchased the Biltmore Financial Center this past summer for $163.1 million. At the time, the transaction was the largest multi-tenant office sale in the Phoenix area since 2007, and was the third largest sale ever in the metropolitan area, according to CoStar.

January 7, 2016

Colorado Loans Retail Western

HFF Arranges $23.7M Financing for Market Center in Downtown Denver

by Nellie Day January 7, 2016

DENVER — HFF has arranged $23.7 million in financing for Market Center, a mixed-use office and retail property totaling 120,736 square feet in downtown Denver. Leon McBroom and Eric Tupler of HFF worked on behalf of the borrower, a joint venture between Urban Renaissance Group, Stars Investments and City Street Investors, to secure the floating-rate financing through First National Denver. The 36-month loan has two 12-month extension options and was used to acquire the asset.

January 7, 2016

California Retail Western

NGKF Adds Eight to Western Retail Brokerage Team

by Nellie Day January 7, 2016

LOS ANGELES — Newmark Grubb Knight Frank (NGKF) has added eight professionals to the firm’s retail brokerage team specializing in the sale and leasing of suburban retail product in Southern California and the western region. Additions include Pete Bethea, executive managing director; Rob Ippolito, senior managing director; and Glenn Rudy, managing director, who will continue their capital markets focus on selling shopping centers for institutional clients and public and private investment companies in key western markets; John Jennings and Chris Walton, senior managing directors; Aaron Hill, managing director; and Justin Wessel and Kevin Hanson; associates. The combined leasing portfolio consists of over 9.3 million square feet covering a large portion of the region and throughout Southern California including San Diego, Orange County, Los Angeles and Inland Empire.

January 7, 2016

California Multifamily Western

TruAmerica Buys the Millennium Apartments in Los Angeles for $163M

by Nellie Day January 6, 2016

LOS ANGELES — TruAmerica Multifamily has acquired the 395-unit Millennium apartment community in the Los Angeles submarket of Woodland Hills for $163 million. The luxury community is located at 21021 W. Erwin St. within the Warner Center district. The property will be rebranded as the Motif. This is the sixth multifamily acquisition in Los Angeles County for TruAmerica, and the second-largest single-asset purchase for the Los Angeles-based real estate investment firm. CBRE’s Brian Eisendrath and Cameron Chalfant arranged acquisition financing with a 10-year, fixed-rate loan.

January 6, 2016

Arizona Loans Multifamily Western

Bank of America Merrill Lynch Provides $97M Credit Facility to Refinance Multifamily Portfolio in Arizona

by Nellie Day January 6, 2016

PHOENIX — BH Properties has received a $97 million credit facility to refinance a multifamily portfolio in the Phoenix area. The portfolio contains 12 properties and about 3,000 apartment units. The Bank of America Merrill Lynch credit facility replaces multiple existing loans with various lenders. The properties average a 93 percent occupancy rate.

January 6, 2016

Industrial Oregon Western

Avago Technologies Buys Eugene Technology Center

by Nellie Day January 6, 2016

EUGENE, ORE. — Avago Technologies has purchased the Eugene Technology Center, a 1.1-million-square-foot industrial and manufacturing campus, for an undisclosed sum. The Class A campus is located at 1830 Willow Creek Circle in Eugene. Avago plans to manufacture semiconductor chips at the facility, which was built in 1997. The three-story property represents the largest advanced manufacturing space available in the Western U.S., according to Binswanger, which represented the buyer. The seller was Hynix Semiconductor America. Chuck Pawlak and Eric Dienstbach of Binswanger represented Avago.

January 6, 2016

California Office Western

Prudential, McCarthy Acquire MetroCenter at South Coast in Costa Mesa

by Nellie Day January 6, 2016

COSTA MESA, CALIF. — A joint venture between Prudential Real Estate Investors and McCarthy Cook & Co. has purchased MetroCenter at South Coast, an 800,826-square-foot office campus in Costa Mesa, for an undisclosed sum. The campus is located at 535 Anton Blvd. MetroCenter includes three 12-story office buildings and a three-story healthclub facility. The JV plans to renovate the property by adding on-site amenities to develop a creative office environment. The property will undergo a plaza renovation with collaborative outdoor space, as well as updated lobbies and corridors. It will also add conference center, tenant lounge and rooftop decks.

January 6, 2016

California Loans Office Western

BH Properties Receives $13M Refinancing for Office, Retail Portfolio

by Nellie Day January 6, 2016

LOS ANGELES — BH Properties has received a $13 million refinancing for an office and retail portfolio it owns. The portfolio contains five office and retail properties for a total of about 231,000 square feet. The assets are situated in California, Tennessee and Florida. The semi-permanent bridge financing replaces short-term financing associated with the recent acquisition of these properties. The assets have a combined occupancy rate of 60 percent.

January 6, 2016

California Retail Western

Cushman & Wakefield Arranges $15.3M Sale of Hawthorne Town Center

by Nellie Day January 5, 2016

HAWTHORNE, CALIF. — Cushman & Wakefield has arranged the $15.3 million sale of Hawthorne Town Center, a 51,000-square-foot shopping center located in Hawthorne. PetSmart and Ross Dress for Less co-anchor the property. Dixie Walker, Charley Simpson and Andrew Milne of Cushman & Wakefield facilitated the sale to a private investor with holdings throughout the greater Los Angeles area.

January 5, 2016

Loans Multifamily Seniors Housing Washington Western

Lancaster Pollard Closes $4.5M Refinancing for Seniors Housing Community in Washington

by Nellie Day January 5, 2016

CLARKSTON, WASH. — Lancaster Pollard has closed a $4.5 million refinancing for Evergreen Estates Retirement & Assisted Living Community, a seniors housing community located in Clarkston along the southeast border of Washington State. The FHA loan will be used to refinance existing debt and fund the community’s replacement reserve account. The loan features a 30-year term at a lower interest rate than the previous bank loan. Matt Lindsay led the transaction for Lancaster Pollard.

January 5, 2016

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