PALO ALTO, CALIF. — Assisted living facility Palo Alto Commons has received $42 million in construction and permanent financing. The new financing will replace the property’s existing debt. It will also fund the development of a new 44-unit expansion wing. Financing was arranged by Jeff Wilcox of Newmark Realty Capital’s San Francisco office. It was secured through HUD’s LEAN 232 and underwritten and sourced through Prudential Huntoon Paige, LLC.
Western
SPOKANE, WASH. – The 210-unit Eagle Rock Apartments in Spokane has received a $10.3-million refinance. The 10-year loan features two years of interest only and a 30-year amortization schedule under Fannie Mae’s Early Rate Lock Program. It was underwritten to a 67 percent loan-to-value with a 1.42x debt-service coverage ratio. Financing was arranged by Jay Thomas of Walker & Dunlop.
San Diego’s retail market has remained relatively level for the past year in regards to leasing and sales of shopping centers. Last year the vacancy rate for San Diego hovered around 5.2 percent and currently is positioned at 5.1 percent. This will probably remain the same throughout the remainder of this year as we continue to see very few additional centers being built. A steady flow of tenants are also closing their doors as new tenants and entrepreneurs venture into new careers. Sales activity from the beginning of this year has been slightly slower but slightly better on a per-square-foot number than the same period one year ago. Year-to-date, we have seen 15 sales of centers that are larger than 10,000 square feet, with an average price per square foot of $193.50 and an average cap rate of 7.24 percent. This is compared to the same period last year which produced 22 sales at an average price per square foot of $170.39 and an average cap rate of 7.6 percent. As far as credit-tenant, triple-net investments in San Diego go, there is still a very strong demand for any product that comes on the market and typically results in multiple …
SAN FRANCISCO — The Piers, an 82,834-square-foot office and restaurant space in San Francisco, has received $32 million in first-mortgage refinancing. The complex is locatedon Piers 1 ½ , 3 and 5. Notable tenants include Bloomberg and La Marrestaurant. The permanent seven-year loan will replace the construction financing on this waterfront property. Financing was arranged for San Francisco Waterfront PartnersbyDennis Williamsof NorthMarq’s San Francisco regional officethrough the firm’s relationship with a life insurance company.
SAN FRANCISCO – The West dominated CBRE’s recently published list of the top 20 submarkets with the most high-tech service jobs and office rent growth. The region claimed 10 of the 20 spots, while San Francisco nabbed the top honor on this list, dubbed the “Tech-Twenty,” which was compiled using data from CBRE Research and the Bureau of Labor Statistics. The study examined job growth from 2009 to 2011 and office rent growth from the second quarter of 2010 to the second quarter of 2012. Silicon Valley (3), Portland, Ore. (6), Seattle (8), Salt Lake City (9), Denver (12), San Diego (15), the San Francisco Peninsula (16), Los Angeles (18) and Orange County (20) rounded out the Tech-Twenty. The study notes that Silicon Valley’s Mountain View and San Francisco’s South of Market (SOMA) submarkets experienced two-year rent growth above 10 percent. The submarkets experienced an 83 percent and 59 percent increase, respectively.
SURPRISE, ARIZ. — The Surprise City Council has approved plans for the largest building ever constructed within the city limits, a $10-million, 418,000-square-foot spec manufacturing facility at Skyway Business Park. It will be developed by Skyway LLC on 24 acres at the Skyway Business Park just south of Cactus Road and west of Dysart Road. Skyway LLC is headed by Moshi Silagi, a commercial real estate developer from Thousand Oaks, Calif.
NEWPORT BEACH, CALIF. — Sabal Financial Group has purchased a $96-million portfolio of performing and non-performing loans from Bank of the West. The portfolio is secured by commercial real estate and land in California, Colorado, Arizona, Oklahoma and Iowa. In addition to this acquisition, Sabal also recently established a residential builder-lending platform that provides non-recourse acquisition and development loans to homebuilders throughout California, Seattle and the Portland metro areas.
WOODLAND HILLS, CALIF. — Warner Center Towers, a 1.9-million-square-foot office campus in the Los Angeles submarket of Woodland Hills, has received a new loan for $285 million. Half of the loan was provided to Douglas Emmett by Northwestern Mutual Life Insurance Company, while the other half was supplied by Prudential Mortgage Capital Company. This is a new seven-year, fixed-rate loan. Warner Center consists of five office towers, along with a gym and a restaurant that are all situated on 21.1 acres. This is the largest office complex in the San Fernando Valley.
IMPERIAL BEACH, CALIF. – A 14,884-square-foot retail property occupied by CVS in Imperial Beach has sold to Drooz Trust for $7 million. It is located at 800 Palm. Drooz was represented by Hamid Soroudi and Kimberly Roberts Stepp of Charles Dunn Company. The seller, Imperial Beach Promenade, LLC was represented by Alvin Mansour and Sam Hanna of Marcus & Millichap.
REDLANDS, CALIF. – Medline Industries has leased a 147,677-square-foot industrial building in Redlands. The facility is located at 1455 Research Drive. Medline plans to fully occupy the building. The company was represented by Chuck Belden of Cushman & Wakefield. The landlord, BlackRidge Real Estate Group/ Verde Realty, was represented by Juan Gutierrez, Frank Geraci, Walt Chenoweth and Patrick Wood of Voit’s Inland Empire office.