SEATTLE – Presbyterian Retirement Communities Northwest (PRCN) has added two new members to its team. Paul Aigner will serve as vice president of development and Eve Jakoboski will act as corporate human resources director. Aigner has more than 30 years of experience in real estate design, construction and development within seniors living and healthcare industries. Jakoboski has 19 years of human resources and executive management experience. She spent the majority of that time in the hospitality and healthcare sectors. PRCN is a not-for-profit, faith-based organization with more than 50 years of experience.
The multifamily market in Los Angeles continues to be a hot property sector as the economy improves and jobs are added throughout the region. I believe we’ll hear much of the same buzz about the market in 2015 that we’ve heard for the past few years. This includes statements like vacancy rates are very low and demand outweighs supply. This results in rising rents, strong demand for multifamily investment property, climbing prices climbing and cap rates that continue to compress. Los Angeles County ended the third quarter of 2014 with a vacancy rate of just 3.2 percent. Asking rents continued to increase, with third-quarter rents coming in at an average rate of $1,521 per month. This is up 0.9 percent from the second quarter of this year, according to Reis. On the investment side, properties are trading at sub-4 percent cap rates. There were 80 apartment sales totaling $693 million in the third quarter, with an average per-unit price of $300,000. Some of LA’s hottest multifamily submarkets include the Westside, Beverly Hills, West Hollywood, Hollywood, Echo Park, Silverlake and Downtown LA. The most in-demand and promising submarket for multifamily is likely Playa Vista, however. Google recently announced it purchased 12 …
SANTA BARBARA, CALIF. – Carrillo Plaza, an 18,743-square-foot shopping center in downtown Santa Barbara, has sold to New Group-Santa Barbara LLC for $12.2 million. The center is located at 210 W. Carrillo Blvd. It is anchored by Starbucks. The property was completely renovated over the past four years. The seller, Carrillo Holdings LLC, was represented by Bill Bauman and Kyle Miller of Savills Studley.
LOS ANGELES – Rexford Industrial has acquired a 101,000-square-foot industrial property in the Los Angeles submarket of Santa Fe Springs for $12.2 million. The single-tenant building is located at 12907 Imperial Highway. It is fully leased through 2019 via an absolute net-lease arrangement. This is the third asset of a three-property portfolio Rexford has recently acquired. The initial two assets closed this past December.
MESA, ARIZ. – The 126-room Country Inn & Suites Mesa has sold to KCS Investment for $10.9 million. The hotel is located at 6650 East Superstition Springs Blvd. It is situated at the crossroads of U.S. Route 60 and East Superstition Springs Boulevard, just five miles west of Phoenix-Mesa Gateway Airport. The Country Inn was built in 1998. Gordon Allred, David Greenberg and James Meng of Marcus & Millichap represented both the buyer and seller, Suites of Arizona, in this transaction.
SAN DIEGO – Oceanside Commerce Center, a 70,000-square-foot industrial center in the San Diego submarket of Oceanside, has sold to SR Commercial for $7.5 million. The center is located at 4747, 4749 and 4751 Oceanside Blvd., and 1818 and 1820 Peacock Blvd. The property was 85 percent occupied at the time of purchase. It was built in 1987. SR Commercial plans to immediately enhance the interiors and exterior. The property was acquired as part of a 1031 exchange. It will be held as a long-term cash-flow asset for SR Commercial. The company was represented by Michael Hartel and Joe Winkelmann of Voit Real Estate Services’ Irvine office. The seller, Bob Voit, was represented by Randy LaChance of Voit Real Estate Services’ San Diego office.
MESA, ARIZ. – Phoenix Heart, the valley’s leading cardiology group, has purchased the Talavi Building in Mesa for $6.2 million. The 35,904-square-foot building is located at 5859 W. Talavi Blvd., within the Talavi Business Park. Phoenix Heart currently occupies half of the building. The remaining space is fully occupied by tenants like Credit Union West, John C. Lincoln and Wallick & Volk. Phoenix Heart was represented by Marcus Muirhead of Colliers International. The seller, Credit Union West, was represented by JLL’s Brian Ackerman.
DENVER — The 302-unit One City Block apartment community in Denver has received a $57-million loan. The community is located at 444 East 19th Ave. in Downtown Denver’s Uptown neighborhood. The property was completed in January 2014. It features 207,598 square feet of residential space and 10,035 square of ground-floor retail. One City Block is currently 95 percent leased. Community amenities include a lap pool with sun deck and hot tub, grilling areas, fire pit, sport court with practice putting green, four rooftop terraces, fitness center, yoga studio, game room with ping pong and pool table, demonstration kitchen, on-site bike repair shop and pet spa. The fixed-rate loan proceeds will replace the borrower’s existing construction loan. Financing was arranged by HFF’s Eric Tupler, Josh Simon and Leon McBroom, on behalf of RedPeak Properties. The loan was placed with Cornerstone Real Estate Advisers LLC, which acted on behalf of an institutional client.
MILL VALLEY, CALIF. — Woodmont Companies has acquired the 38-unit Casa Roja Apartments in Mill Valley, just 14 miles north of San Francisco. Though the purchase price was not disclosed, the deal set a new record for the price paid per square foot for a multifamily property in Marin County, according to Colliers International, which represented the seller. The sales price equates to about $570 per square foot, while the in-place cap rate was in the low 4 percent range. Casa Roja is located at 396 Pine Hill Road. It is situated just 10 minutes from the Golden Gate Bridge. The community underwent an extensive renovation over the past 18 months. Common-area amenities include a pool terrace and laundry facilities. The seller, Red Island Real Estate LLC, was represented by Ryan Wagner, Brad Lagomarsino and James Devincenti of Colliers International.
PALO ALTO, CALIF. — Menlo Equities has received a $38.6-million loan on a 45,319-square-foot Palo Alto office building. The building is located at 529 Bryant Street in the city’s downtown region. It had previously been converted into an internet exchange, or data center. The 10-year, non-recourse loan carries a fixed rate and a 30-year amortization schedule after a 5.5-year interest-only period. Financing was arranged by Eric Von Berg and Tom Dao of Newmark Realty Capital. It was sourced through Wells Fargo’s CMBS program. Newmark Realty Capital will serve as primary servicer on this loan, while Wells Fargo will act as the master servicer.