LAS VEGAS – Las Palmas Village, a 109,838-square-foot retail center in Las Vegas, has sold to Citywest Investments Joint Venture for $23.4 million. The center is located at 415-535 E. Windmill Lane. It is anchored by Vons. The Australian-based real estate company was represented by Chris Emanuel and Jeff Mitchell of Virtus Commercial. The seller, Donahue Schriber Realty was represented by DTZ’s Michael Hackett and Ryan Schubert.
SANTA CLARITA, CALIF. — JSB Development has broken ground on the first phase of Vista Canyon, a 185-acre mixed-use development comprising close to 1 million square feet of retail, office, residential and hospitality space in Santa Clarita, 30 miles from Los Angeles. Phase I of development will be centered around the main retail street, and will include a Gensler-designed 56,000-square-foot office/retail building, an 18,000-square-foot retail store, a 614-space parking structure and 480 studio, one- and two-bedroom apartment homes. Internal bike and pedestrian paths will connect the community and link to trails throughout Santa Clarita Valley.
VICTORVILLE, CALIF. — Cambridge Realty Capital Companies has arranged a $12.3 million HUD Lean loan to refinance Knolls West Post Acute, a skilled care nursing facility located in Victorville. The fully amortized, 30-year loan was arranged for the owner, a California limited liability company, using the HUD Section 232 funding program. Cambridge Realty Capital Ltd. of Illinois underwrote the transaction.
VANCOUVER, WASH. — Evans Senior Investments has arranged the sale of a three-property seniors housing community, all located on the same campus in Vancouver, to a publicly traded REIT for $18 million. The three properties are Fort Vancouver Convalescent Center, a skilled nursing facility; Caretique, a memory care community; and Park Lido, an assisted living facility. With 136 total beds, the sale price represents $132,353 per unit. Opened in 1982, additions and buildings were added on to the facility in 1985 and 1992. At the time of the transaction, occupancy ran between 70 percent and 80 percent for the facilities. The capitalization rate was 11.7 percent based on the trailing 12 months of net operating income.
Hawaii is one of – if not the – top-performing industrial market in the country. The city and county of Honolulu, which contains Hawaii’s main shipping port, had a low vacancy rate of 2.05 percent at the end of the first quarter. This vacancy rate peaked at 4.8 percent in 2009. Significant gains have been made since then. The direct weighted average asking net rental rate for industrial users in Honolulu was $13.80 per square foot (NNN) at the end of the first quarter, while operating expenses ran an additional $5.16 per square foot, per year on top of that. Having bottomed out after the downturn in 2009 at $11.20 per square foot, the Honolulu market has gained almost 24 percent since then. Land values have also followed suit. Hawaii is definitely not Chicago or Los Angeles. In fact, both of those markets have individual industrial parks greater in size than the entire Hawaii marketplace, at 39 million square feet. Having said this, Hawaii is in the midst of a construction and tourism boom, with billions of dollars being allocated to urban core renewal projects, light rail, resort renovations and new residential developments. Up until recently, this renewal had occurred …
SCOTTSDALE, ARIZ. — DTZ has arranged the sale of The Summit at Scottsdale, a 190,408-square-foot shopping center located in Scottsdale, for $54.1 million. Safeway and Target anchor the center. Ryan Schubert, Michael Hackett and Dan Wald of DTZ worked on behalf of the seller. The center was 97 percent leased at the time of sale to tenants including CVS/pharmacy, Office Max, PetSmart, Starbucks Coffee, Bath & Body Works, Verizon Wireless and Chico’s.
VANCOUVER, WASH. — Evans Senior Investments has arranged the sale of a three-property seniors housing community, all located on the same campus in Vancouver, to a publicly traded REIT for $18 million. The three properties are Fort Vancouver Convalescent Center, a skilled nursing facility; Caretique, a memory care community; and Park Lido, an assisted living facility. With 136 total beds, the sale price represents $132,353 per unit. Opened in 1982, additions and buildings were added on to the facility in 1985 and 1992. At the time of the transaction, occupancy ran between 70 percent and 80 percent for the facilities. The capitalization rate was 11.7 percent based on the trailing 12 months of net operating income.
BERKELEY, CALIF. — EdR will soon begin construction on the redevelopment of Bowles Hall, a historic residential facility serving the University of California, Berkeley. The Bowles Hall Foundation (BHF) is funding the $39.5 million project primarily through tax-exempt revenue bonds underwritten by Raymond James Financial Inc. and a capital campaign led by Bowles Hall alumni and foundation members. The University of California Board of Regents approved the BHF’s proposal in March 2014 to renovate, refurnish and reestablish Bowles Hall as a residential college. With the signing of a ground lease with the University of California, Berkeley, the Bowles Hall Foundation will become the owner and independent operator of Bowles Hall for 45 years. EdR was selected by BHF last year to execute all the aspects of this renovation, including the design and construction processes, which will be led by PYATOK Architecture + Urban Design and Clark Construction Group, respectively. Construction will begin this month. EdR will provide property management services to the community upon its completion in summer 2016. The University of California, Berkeley has been selected by U.S. News & World Report magazine as the highest ranked public university for nearly 20 years. Bowles Hall was built in 1929 …
PEORIA, ARIZ — Heritage Communities of Omaha, Neb., has announced its plans to develop the company’s third seniors housing community in the Phoenix metro area: Orchard Pointe at Terrazza. Working in partnership with Telis Commercial Real Estate of Phoenix, the $22 million project will be located in Peoria as part of the Terrazza mixed-use development. When completed, Orchard Pointe at Terrazza will feature 118 units: 40 independent living, 56 assisted living and 22 memory care. Reece Angel Rowe, the architect for Heritage Communities’ other Phoenix properties, will also design this third location. Construction on the new project is slated to begin in 2016 with a projected open date in 2017. Heritage Communities’ first project in Arizona, Orchard Pointe, is located in Surprise. Opening in 2013, the community serves nearly 100 residents. Construction on Orchard Pointe at Arrowhead — Heritage’s second Phoenix-area community — is scheduled to begin this month in Glendale. Established in 2001, Heritage Communities owns and operates 10 senior living communities throughout Nebraska, Iowa and Arizona.
GRANITE BAY, CALIF. — Cain Brothers Funding LLC, the mortgage banking affiliate of Cain Brothers, has arranged a $13.7 million mortgage loan for Eskaton Lodge Granite Bay, a 105-unit nonprofit assisted living facility in Northern California. The proceeds of the FHA loan were used to retire existing bank debt and an interest rate swap. As a result of the refinancing, Eskaton was able to eliminate the risks associated with the bank debt/swap structure and replace it with a 35-year fully amortizing loan with a fixed mortgage note interest rate of 3.07 percent.