Western

G Capital Markets Arranges $15.5M Recapitalization for Seniors Housing Project in Livermore, California

by Amy Works March 29, 2024

LIVERMORE, CALIF. — G Capital Markets (GCap), a capital advisory firm based in Carmel, has arranged a recapitalization for Bethany Home, a 59-bed assisted living community in Livermore on the eastern edge of the Bay Area. Built in 2021 by a regional owner-operator, the property leased up in 2022 and has shown consistently strong performance for several years with cash flow margins well over 40 percent and occupancy of 90 percent, according to GCap. The bridge-to-HUD loan was structured with a large equity-out component and sized to maximize the takeout refinancing while allowing the borrower to submit a HUD application in 2024 without the need to wait the typical two years of debt seasoning. GCap arranged the $15.5 million credit facility with a regional bank partner. The loan carries an interest rate SOFR spread in the low 300s and a below-market financing fee. The borrower is an existing client of GCap, and this property will be part of a broader permanent portfolio refinancing that is scheduled to close in 2025.

March 29, 2024

Acquisitions California Industrial Western

Voit Negotiates Sale of 48,235 SF Warehouse in Fullerton, California

by Amy Works March 29, 2024

FULLERTON, CALIF. — Voit Real Estate Services has arranged the purchase of a freestanding industrial warehouse situated on 2.2. acres in Fullerton, a city in northern Orange County. Anaheim-based 1450 Manhattan LLC acquired the asset from Salher LLC for $13.3 million. Located at 1450-1456 S. Manhattan Ave., the property features 48,235 square feet of industrial space. Garrett McClelland and Erik Sikes of Voit Real Estate Services’ Irvine office represented the buyer, while Byron Foss, Wade Tift and Nick Carey of JLL represented the seller in the deal.

March 29, 2024

Acquisitions California Industrial Top Stories Western

Rexford Acquires 48-Property Southern California Industrial Portfolio from Blackstone for $1B

by Jeff Shaw March 29, 2024

LOS ANGELES — Blackstone Real Estate has sold a portfolio of industrial properties in Southern California to Rexford Industrial Realty Inc. (NYSE: REXR) for a total of $1 billion. The portfolio comprises 48 properties and approximately 3 million square feet, for a sales price of $332 per square foot. At the time of the sale, the portfolio was 98 percent leased. Almost all of the properties are located within infill submarkets in Los Angeles and Orange counties. A list of the properties was not released. Rexford Industrial, headquartered in Los Angeles, financed the transaction using proceeds from its recent exchangeable senior note offerings and cash on hand. According to Michael Frankel and Howard Schwimmer, co-CEOs of Rexford Industrial, the REIT’s current acquisition pipeline also includes $300 million of investments under contract or accepted offer. “Infill Southern California is the nation’s highest-barrier and lowest supply industrial market,” said Frankel and Schwimmer via a press release. “These strategic investments in exceptionally well-located, high-quality assets represent a significant opportunity to drive accretive cash flow growth, increased operating margins and long-term value creation.” Rexford is already a major industrial investor, with its entire 422-property, 49.1 million-square-foot portfolio located in Southern California. The company’s stock price closed at $50.30 per share …

March 29, 2024

California Market Reports Western Western Market Reports

California’s South Coast Region Sees Burst of CRE Activity

by Jeff Shaw March 29, 2024

The South Coast Metro area — consisting of north Costa Mesa and south Santa Ana — has been a hotbed of activity lately. Toyo Tire Holdings of Americas (TTHA) leased 60,000 square feet in the Harbor Gateway Business Center in early January. The Gateway is situated at the northwest corner of Harbor Boulevard and Sunflower Avenue near freeways, major thoroughfares, apartment communities, shopping, dining and entertainment. In addition to that, the 2,500-acre, 3.5-square-mile Metro area is home to a Theater & Arts District that boasts performance venues like the Renée and Henry Segerstrom Concert Hall and the Tony Award-winning South Coast Repertory. It also has South Coast Plaza, a retail mecca that includes 280 boutiques and restaurants, with an additional 100 restaurants situated within about a one-mile radius of the shopping center. This activity has not only benefitted the nearby businesses, residents and visitors, but the South Coast Metro Alliance as well. The non-profit corporation of property owners and major businesses added three new corporate partners last year, including Related California, Travel Santa Ana and Breeze IT. Related California is the West Coast affiliate of Related Companies, a fully integrated real estate firm that develops multifamily residential and mixed-use properties …

March 29, 2024

Acquisitions Arizona Multifamily Student Housing Western

CBRE Brokers Sale of 484-Bed Student Housing Community Near University of Arizona

by Amy Works March 28, 2024

TUCSON, ARIZ. — CBRE has brokered the sale of The Parker, a 484-bed student housing community located across the street from the University of Arizona’s Fox School of Music in Tucson. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Jeff Casper of CBRE represented the seller, a partnership between The Dinerstein Cos. and Harrison Street, in the transaction. The buyer was Inland Prime Capital of Oak Brook. Mark Cosenza and Brett Smith of Inland Real Estate Acquisitions internally represented the company. Although the price was not disclosed, Yield Pro reports the property sold for $132.5 million. The community is LEED Silver certified and offers fully furnished units in one- through six-bedroom configurations, with most units offering bed-to-bath parity. Shared amenities include study spaces, a social lounge, fitness center, community kitchen, turfed courtyard with seating, fire pit, corn hole boards and rooftop swimming pool. The property also features retail space, which Chase Bank occupies.

March 28, 2024

Acquisitions California Office Western

Voit Negotiates $17M Sale of Office Building in San Diego’s Kearny Mesa

by Amy Works March 28, 2024

SAN DIEGO — Voit Real Estate Services has arranged the sale of a two-story office building in San Diego’s Kearny Mesa submarket. The asset traded for $17 million, or $315 per square foot. Located at 9573 and 9577 Chesapeake Drive, the building features 54,000 square feet of office space. At the time of sale, the property was fully leased. Randy LaChance and Brandon Keith of Voit’s San Diego office represented the undisclosed buyer and undisclosed seller in the deal.

March 28, 2024

California Development Loans Mixed-Use Multifamily Office Western

Urban Catalyst Receives $10.5M in Financing for Icon/Echo Mixed-Use Redevelopment Project in San Jose

by Amy Works March 28, 2024

SAN JOSE, CAILF. — Gantry has secured $10.5 million in financing for pre-construction costs for Icon/Echo, a mixed-use redevelopment project in downtown San Jose. The borrower, Urban Catalyst, plans to construct two towers on the 2.1-acre land site following demolition of existing buildings and a parking lot. Current plans include a 21-story office building with street-level retail and a 27-story multifamily residential tower. The towers will be connected by a shared podium on floors one through four. Additionally, the project will offer a below-grade level of parking and 1,000 parking spaces. Construction at the site is slated to begin the next 12 to 24 months. Jeff Wilcox and Robert Slatt of Gantry arranged the short-term bridge loan with interest-only terms through a private real estate investment company.

March 28, 2024

Arizona Development Industrial Western

Ryan Cos., ESI Ventures Break Ground on 145,000 SF Industrial Project in Surprise, Arizona

by Amy Works March 28, 2024

SURPRISE, ARIZ. — Ryan Cos. US, as builder, and ESI Ventures, as owner, have broken ground on Surprise 34, an industrial campus. The project will be located in the Surprise Pointe neighborhood of Surprise, a suburb northwest of Phoenix. The two-building development will offer more than 145,000 square feet of industrial space. Each building will feature 28-foot clear heights and dock wells for tenants. Ryan A+E Inc., the design studio of Ryan, is the architect and civil engineer of record for the project.

March 28, 2024

Acquisitions Arizona Loans Retail Western

Freedom Financial Arranges $10.6M Acquisition Loan for Northpoint Shopping Center in Mesa, Arizona

by Jeff Shaw March 28, 2024

MESA, ARIZ. — Freedom Financial Funds has arranged $10.6 million in financing for the acquisition of Northpoint Shopping Center in Mesa, a suburb east of Phoenix. Built in 1987, the property spans 159,913 square feet. Tenants include Basha’s, Ace Hardware, 360 Community Thrift Store and Karen’s Hallmark. Surrounding retailers include Shell, Taco Bell and McDonalds. Details on the buyer and seller were not disclosed.

March 28, 2024

California Development Hospitality Western

R.D. Olson Construction Completes 179-Room Springhill Suites by Marriott in Chula Vista, California

by Amy Works March 27, 2024

CHULA VISTA, CALIF. — R.D. Olson Construction has completed the construction of Eastlake’s Springhill Suites by Marriott in Chula Vista, nestled between San Diego and the Mexico border. Delivered in 18.5 months, the 127,628-square-foot hotel features 179 guest suites, 1,900 square feet of meeting and conference space, a pool and a 1,095-square-foot fitness center. The hotel lobby features computers and printers for guest use at the business center with flexible workspace and free Wi-Fi, as well as a media and TV lounge with a fireplace. The property also offers a 930-square-foot dining space with complimentary breakfast; a full-service bar and lounge with 1,800 square feet of interior seating and nearly 1,500 square feet of covered patio seating; a 24/7 in-house market; a courtyard with two barbecues; and an event lawn with three fire tables for lounging. Additionally, several 700-square-foot suites bordering the courtyard pool have private patios and host ground-floor pool access. The property also has 10 electric vehicle charging stations. Project partners include Lee & Sakahara Architects and The Design Studio.

March 27, 2024

Newer Posts

Older Posts