Western

GH Palmer Receives $81M to Purchase The Paseos at Montclair North

by Nellie Day May 27, 2015

MONTCLAIR, CALIF. — GH Palmer Associates has received an $81-million bridge loan to purchase The Paseos at Montclair North, a 385-unit luxury multifamily community near Ontario. The community is located at 4914 Olive Street. The Paseos is situated directly across from Montclair Plaza regional mall. It is one block south of the Metro link commuter rail. The property features one-, two- and three- bedroom units with amenities like gas fireplaces, hardwood-style flooring, modern quartz countertops, stainless-steel GE appliances and walk-in closets. Community amenities include two resort-style pools, spas with cabanas and pool beds, a central park with a concert amphitheater and fountain, outdoor living areas with fireplaces and gas barbeques, a resident entertainment lounge and a fitness facility. The bridge financing includes a 3.23 percent rate, a five-year term and a 75 percent loan-to-value. Financing was secured by George Smith Partners (GSP). It was one of the last financings completed by GE Capital before its sale this past April. GSP previously secured $25 million in joint venture equity for the land acquisition, as well as $53.7 million in financing for the construction of the multifamily property for the original developer back in 2012.

May 27, 2015

California Hospitality Western

Hotel Indigo Announces its Debut in Los Angeles

by Nellie Day May 27, 2015

LOS ANGELES — The City of Los Angeles is set to receive its first Hotel Indigo. The 350-room Hotel Indigo Downtown Los Angeles will be the flagship hotel at Metropolis, a more than $1 billion mixed-use development. Hotel Indigo is currently under construction and scheduled for completion in winter 2016. It will be located at 899 Francisco Street. The hotel was designed by Gensler. Its décor will feature narratives from Downtown LA’s past, including Fiesta De Las Flores, the glamorous pre-Hollywood nightlife scene and the underground speakeasies of the roaring ‘20s. Metropolis, which is also under construction, will feature three residential towers and a curated retail experience. It is owned by Greenland USA. The Hotel Indigo Downtown Los Angeles is owned by Greenland LA Metropolis Hotel Development LLC. It will be managed by an affiliate of IHG. The hotel is being developed by IHG and Greenland USA, a subsidiary of Shanghai-based Greenland Group. Though this will be the eighth IHG-branded hotel for Greenland Group, this will be the first time the companies have partnered together in the U.S. The Hotel Indigo brand also recently announced it will open its first Denver-area hotel inside Union Tower West, a 212,000-square-foot development, in …

May 27, 2015

Multifamily Oregon Western

Canyon Creek Apartments Near Portland Sells for $49.5M

by Nellie Day May 27, 2015

PORTLAND, ORE. — Aukum Management LLC has purchased the 372-unit Canyon Creek apartment community in the Portland submarket of Wilsonville for $49.5 million. The community is located at 26310 SW Canyon Creek Road, about 16 miles south of Downtown Portland. The property is 95.7 percent leased. Its units average about 858 square feet. Community amenities include a swimming pool, hot tub, fitness center, playground, clubhouse and business center. The seller, a private investor, was represented by HFF’s Ira Virden and Kerry Hughes.

May 27, 2015

California Office Western

Swig Co., Intercontinental Purchase Wilshire Office Building in LA

by Nellie Day May 27, 2015

LOS ANGELES — A joint venture between the Swig Company and Intercontinental Real Estate Corporation has acquired a 408,000-square-foot office tower in Los Angeles for an undisclosed sum. The 22-story tower is known by its address, 6300 Wilshire Blvd. The Class A property also contains a six-level parking garage and surface lot. The JV plans to make a significant investment in the property. The building is situated between the Miracle Mile and Fairfax Commercial districts. Notable development activity within the neighborhood includes several new residential projects, the multi-million dollar renovation of the Peterson Automotive Museum, the new Academy of Motion Pictures Museum and the Purple Line extension of the Los Angeles Metro System. Intercontinental made the investment with the Swig Company on behalf of its latest managed fund, which has invested in more than 80 commercial assets nationwide. This is the JV’s second transaction. The two firms acquired Bristol 61, a creative office campus in Culver City, late last year. The seller, Legacy Partners, was represented by Stephen Somer of Eastdil Secured. The JV’s legal advisors on the transaction were Tony Ratner of Farella Braun + Martel, and Kendall Brook and Mark Warcup of Bradley & Associates P.C. Leasing at …

May 27, 2015

Office Washington Western

PCCP, Align to Acquire Office Property in Bellevue

by Nellie Day May 26, 2015

BELLEVUE, WASH. – PCCP LLC and Align Real Estate have formed a joint venture to purchase a 110,372-square-foot office property in Bellevue. The purchase price was not disclosed. The space is located at NE 2nd Ave., between 106th and 107th avenues. It was built in 1995. Notable tenants include 24 Hour Fitness, Opus Bank and TIAA-CREF. Eastdil Secured represented both the buyer and the seller, LaSalle Investment Management, in this transaction.

May 26, 2015

California Industrial Western

AutoCrib Buys Warehouse, Manufacturing Facility in Tustin

by Nellie Day May 26, 2015

TUSTIN, CALIF. – AutoCrib has purchased a 58,000-square-foot warehouse and manufacturing facility in Tustin. The facility is located at 2882 Dow Ave. The industrial vending machine software writer and manufacturer was previously operating out of three separate buildings. The acquisition was financed with a 20-year, fixed-rate Small Business Administration 504 loan that was arranged by Jennifer Davis of TMC Financing. The total project cost $7.7 million. AutoCrib’s commercial lender is Pacific Premier Bank.

May 26, 2015

California Retail Western

San Diego Retail Property Sells for $2.3M

by Nellie Day May 26, 2015

SAN DIEGO – An 11,893-square-foot retail building in the San Diego submarket of Hillcrest has sold to Ohio Street Villas Group LLC for $2.3 million. The building is located at 3580 5th Ave. Ohio Street plans to completely renovate the property for retail, office and restaurant use. The LLC was represented by Marc Posthumus of Colliers International. The seller, Cha-Cha Properties LLC, was represented by DTZ’s Danny Fitzgerald and Pascale Loele.

May 26, 2015

California Industrial Western

UCP Wheels for Humanity Buys Industrial Space in Chatsworth

by Nellie Day May 26, 2015

LOS ANGELES – UCP Wheels for Humanity has purchased a 10,775-square-foot industrial facility in the Los Angeles submarket of Chatsworth for $1.7 million. The facility is located at 9509 Vassar Ave. The organization recycles, rebuilds and manufactures wheelchairs and other mobility aids for individuals in developing countries. UCP will be relocating from nearby North Hollywood in September. The company was represented by Jay Rubin of Lee & Associates-LA North/Ventura. The seller, a private trust, was represented by Stu Leibsohn and Bruce Simpson of Delphi Business Properties.

May 26, 2015

Oregon Retail Western

Starbucks Building in Tigard Sells for $1.8M

by Nellie Day May 26, 2015

TIGARD, ORE. – A 2,000-square-foot property in Tigard that is net leased to Starbucks has sold to a limited liability company for $1.8 million. The space is located at 9785 SW Shady Lane, near Washington Square Mall. It is situated just off Highway 217. Construction on the building was completed in late April. Starbucks opened in early May. Justin Poor represented both the buyer and seller, another LLC, in this transaction.

May 26, 2015

Industrial Market Reports New Mexico Western Western Market Reports

New Mexico’s Industrial Market Looks for Solid Footing

by Nellie Day May 26, 2015

The industrial market had a notable year in 2014. Vacancy declined 270 basis points from the first quarter of 2014 where nearly 1 million square feet of space was absorbed. It has been more than seven years since absorption has registered similar figures. The primary factor driving last year’s success was a handful of large deals with more than 50,000 square feet. The supply of larger, quality spaces was steadily leased up throughout the year. These accounted for 54 percent, or 522,000 square feet, of absorbed space. Market velocity slowed down during the fourth quarter, driven by a lack of quality inventory. Absorption registered a positive 103,000 square feet, and was the lowest quarterly level of 2014. The centrally located North I-25 submarket outshined all other submarkets. In the biggest deal of the quarter, Flagship Foods occupied nearly 79,000 square feet of space in the North I-25 submarket. There were also nine other spaces occupied in this submarket that contributed another 60,000 square feet of absorption. A developing concern for 2015 is the significant amount of new available space being brought to market. Although still occupied, a total of 244,000 square feet of new space was added to the inventory …

May 26, 2015

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