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AcquisitionsCaliforniaMultifamilySeniors HousingWestern

CareTrust REIT Acquires Three Seniors Housing Communities in Southern California for $60M

by Jeff Shaw

SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE:CTRE), a San Clemente-based seniors housing investor, has acquired three continuing care retirement communities (CCRCs) located in Los Angeles, Orange, and San Diego counties.  The portfolio totals 475 assisted living, skilled nursing and memory care beds/units. Bayshire Senior Communities, an existing CareTrust tenant based in Southern California, has taken over management of all three properties. The highest profile property of the three is Torrey Pines Senior Living in San Diego. CareTrust paid $32.3 million for the asset, including transaction costs. Annual cash rent for the first year is approximately $2.6 million, increasing to approximately $3 million in the second year with CPI-based annual escalators thereafter. CareTrust completed the acquisition of the other two CCRCs through a joint-venture arrangement with a third-party regional healthcare investor. Pursuant to the arrangement, CareTrust is the managing member of the joint-venture entity. CareTrust provided a combined common equity and preferred equity investment amount totaling approximately $28 million. The joint-venture landlord has leased these facilities to Bayshire pursuant to a new, triple-net master lease agreement with an initial term of 15 years with two five-year extension options. CareTrust’s initial contractual yield on its combined preferred and common equity investments …

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CaliforniaLoansOfficeRetailWestern

JLL Arranges $65M in Financing for Wateridge Office, Retail Campus in West Los Angeles

by Amy Works

LOS ANGELES — JLL Capital Markets has arranged $65 million in financing for Wateridge, a six-building office and retail campus in West Los Angeles. LPC Realty Advisors I LLC, an investment advisory affiliate of Lincoln Property Co., is the borrower. Todd Sugimoto, Mark Wintner and Chad Morgan of JLL Capital Markets secured the five-year, fixed-rate financing with Deutsche Bank. Built between 1989 and 2005 on 21 acres, Wateridge features three multi-tenant office buildings, a single-tenant medical office building, a standalone 24-hour fitness facility and a multi-tenant retail strip center. At the time of financing, the 583,580-square-foot campus was 80 percent occupied and leased by credit tenants, including Kaiser Health Foundation, County of Los Angeles and Providence Health.

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Commerce-Square-Denver-CO
AcquisitionsColoradoIndustrialWestern

Graham Street Realty Sells 144,464 SF Commerce Square Industrial Property in Denver

by Amy Works

DENVER — Graham Street Realty (GSR), an affiliate of Hamilton Zanze, has completed the disposition of Commerce Square, a light industrial facility located in the Interstate 70 East submarket in Denver. Terms of the transaction were not released. GSR originally purchased Commerce Square in December 2020. The asset comprises 144,464 rentable square feet of shallow-bay light space across two Class B buildings. Commerce Square offers above-standard loading capabilities, front park/rear load orientation, 18-foot clear heights, dock and drive-in loading capabilities and 265 parking spaces. At the time of sale, the property was 96.4 percent leased. Paramount Property Co., an Oakland, Calif.-based GSR affiliate, managed Commerce Square during GSR’s ownership of the asset.

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AcquisitionsColoradoOfficeWestern

Coldwell Banker Brokers $7.3M Acquisition of Office Building in Longmont, Colorado

by Amy Works

LONGMONT, COLO. — Coldwell Banker Commercial Realty has arranged the sale of an office and research and development building in Longmont, approximately 35 miles north of Denver. Mountain View Fire Protection District acquired the asset from Gunbarrel Properties LLC for $7.3 million. Constructed in 1998, the two-story building features 36,900 square feet of space. The property is located at 6328 Monarch Park Place. Brian Campbell of Coldwell Banker Commercial Realty represented the buyer in the deal.

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13000-13160-Palm-Dr-Desert-Hot-Springs-CA
AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Partners Negotiates $6.1M Sale of Value-Add Retail Property in Desert Hot Springs, California

by Amy Works

DESERT HOT SPRINGS, CALIF. — Progressive Real Estate Partners has brokered the sale of a retail property, located at 13000-13160 Palm Drive in Desert Hot Springs, located in the Coachella Valley. An Orange County-based private investor sold the property to a Los Angeles County-based private investor for $6.1 million in an all-cash transaction. Totaling 33,004 square feet, the property features a multi-tenant building and two pad buildings, one of which is occupied by Chase Bank. Greg Bedell of Progressive Real Estate Partners represented the seller, while Heather Sharp of Progressive Real Estate Partners procured the buyer in the transaction.

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AcquisitionsCaliforniaIndustrialTop StoriesWestern

JLL Arranges $197M Sale of Commerce Way Distribution Center in Fontana, California

by Kristin Harlow

FONTANA, CALIF. — JLL Capital Markets has arranged the $197 million sale of Commerce Way Distribution Center in Fontana, which is located about 50 miles east of Los Angeles in the Inland Empire. EQT Exeter was the buyer. Built in 2000, Commerce Way Distribution Center totals 819,004 square feet. Located on Santa Ana Avenue, the property features a cross-dock configuration and a clear height of 30 feet. JLL says the facility benefits from its location in the Inland Empire, the largest industrial market nationwide with immediate access to critical supply chain infrastructure and Southern California’s population of more than 25 million people. As of the fourth quarter of 2023, the vacancy rate for the Inland Empire industrial market was 5.9 percent, a 90-basis-point increase quarter-over-quarter due to a high volume of new industrial space delivered by developers, according to JLL. The market experienced positive net absorption despite the 10.5 million square feet of new space delivered in the quarter. Patrick Nally, Mark Detmer, Evan Moran and Makenna Peter of JLL represented the seller, Manulife Investment Management on behalf of clients, and procured the buyer. JLL’s debt advisory team on the deal included Kevin Mackenzie, Brian Torp and Samuel Godfrey. Mike …

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CaliforniaMarket ReportsRetailWesternWestern Market Reports

Orange County Retail — Is the Juice Worth the Squeeze?

by Jeff Shaw

— By John R. Read, senior vice president, CBRE Retail Investment Properties-West — Undoubtedly, 2023 proved to be a volatile year. It was marked by persistent inflationary pressures, four 25-basis-point interest rate hikes by the Fed and a surge in the 10-year U.S. Treasury yield (from the high 3 percent range in January to peak levels near 5 percent in October). These changes had a pronounced impact on retail real estate investors, businesses occupying retail centers and consumers who frequented these establishments.  The real estate sector particularly grappled with the cost of financing in an environment of higher interest rates. While these challenges did temper Orange County’s retail market to some extent, it largely remained resilient due to its strong underlying fundamentals. These include a substantial population of high-income earners, flourishing industries like tourism and destination-oriented shopping centers, as well as a supply constrained retail property base with limited large-scale retail development. The unemployment rate in Orange County remained steady at 3.8 percent in December 2023, unchanged from November’s revised rate. This rate is notably higher than the year-ago estimate of 2.7 percent. In comparison, California’s unemployment rate stands at 5.1 percent rate, while the national rate during the same …

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ColoradoDevelopmentMultifamilyWestern

Cortland Begins Construction of 294-Unit Cortland Peterson Multifamily Property in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — Cortland has commenced construction of Cortland Peterson, an apartment community located near Peterson Space Force Base in Colorado Springs. The initial phase of the 294-unit project is slated for completion in summer 2025, with the final phase scheduled for delivery in summer 2026. Consisting of two-, three- and four-story buildings, the community will offer a mix of living options for residents. Units will feature granite countertops and matte black fixtures in the kitchens and bathrooms, smart locks, Nest thermostats and hardwood flooring. Community amenities will include a large courtyard with a pool, cabanas, a hot tub, an outdoor grill and kitchen, a fire pit, fitness center and a leash-free dog park. Additionally, Cortland Peterson will offer a fourth-story sky lounge with a bar and views of Pikes Peak. The project is a joint venture with Promus Realty Properties, Iviron Capital Partners and BMO Bank.

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12475-SE-Powell-Blvd-Portland-OR
Affordable HousingDevelopmentMultifamilyOregonWestern

Public-Private Partnership Opens 169-Unit The Canopy Apartments at Powell in Portland, Oregon

by Amy Works

PORTLAND, ORE. — A public-private partnership between USA Properties Fund, Northwest Housing Alternatives and Oregon Housing and Community Services (OHCS) has opened The Canopy Apartments at Powell, a multifamily property at 12475 S.E. Powell Blvd. in Portland. Situated 12 miles east of downtown Portland, The Canopy Apartments at Powell features 169 one-, two- and three-bedroom apartments for residents earning less than 60 percent of the area median income. Community amenities include elevators, laundry facilities on each floor, on-site parking, bike room, an after-school program for children, a courtyard with a tot lot, a dog wash and a donation pantry. The $63 million development is the first of two apartment communities in Oregon for USA Properties Fund. The public-private partnership, including $15.2 million from OHCS’ Local Innovation and Fast Track (LIFT) housing program, was critical in paving the way for the project, as well as The Portland Housing Bureau’s waiving of millions of dollars of development fees. Additional project partners included WNC & Associates and JP Morgan Chase as financial partners and WALSH Construction Co. as general contractor.

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Mercado-Scottsdale-AZ
AcquisitionsArizonaRetailWestern

Ziff Real Estate Partners Buys 118,751 SF Mercado at Scottsdale Ranch Retail Center in Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — Ziff Real Estate Partners (ZRP) has acquired Mercado at Scottsdale Ranch, a neighborhood retail center in the Phoenix suburb of Scottsdale. Whitestone REIT sold the asset for $26.5 million. This transaction marks ZRP’s first purchase in Arizona. Situated on more than 11 acres, Mercado at Scottsdale Ranch offers 118,751 square feet of retail space occupied by a blend of national, regional and local tenants, including Planet Fitness and Walgreens. The center serves Scottsdale Ranch, a 1,100-acre, master-planned community. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller, while Christian Chamblee and Kayla Meier provided self-representation for the buyer in the transaction.

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