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2201-E-Willow-St-Signal-Hill-CA
AcquisitionsCaliforniaRetailWestern

Tova Capital Acquires 18,600 SF East Willow Village Retail Center in Signal Hill, California

by Amy Works

SIGNAL HILL, CALIF. — Tova Capital has purchased East Willow Village, an inline shop and pad space in Signal Hill, for $6.7 million in an off-market transaction. Signal Hill is approximately 20 miles south of Los Angeles. Located at 2201 E. Willow St., East Willow Village features 18,600 square feet of retail space. Turner’s Outdoorsman anchors the center on a 5,600-square-foot pad. Additional tenants include food, health, wellness and community-serving retail users. Kelly Hawkshaw, Luc Hawkshaw and Eric Mandell of Ally Commercial Real Estate represented Tova Capital in the deal. The seller was not disclosed.

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AcquisitionsHealthcareMultifamilyNevadaSeniors HousingWestern

ESI Brokers $8.5M Sale of Post-Acute Rehab Facility in Las Vegas

by Amy Works

LAS VEGAS — Evans Senior Investments (ESI) has arranged the sale of a 45-bed post-acute rehab community in Las Vegas.  The seller was a regional owner-operator. A national owner-operator with a presence in Nevada acquired the asset for $8.5 million, or $188,888 per bed. The community, exclusively licensed to accept Medicare only, has provided skilled nursing care since its inception in 2015. At the time of marketing, the facility was 73 percent occupied and had struggled to maintain healthy occupancy levels in previous months. Despite these challenges, ESI noted the facility’s growth potential and the anticipated Medicare rate increase set to take effect this year. The previous owner-operator made the strategic decision to divest this asset to better concentrate on its regional portfolio. This was the seller’s only asset outside of the state of Michigan.

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Alamo-Drafthouse
AcquisitionsCaliforniaCompany NewsRetailTexasTop StoriesWestern

Sony Pictures Entertainment Acquires Theater Chain Alamo Drafthouse Cinema

by Katie Sloan

CULVER CITY, CALIF. AND AUSTIN, TEXAS  — Sony Pictures Entertainment has acquired theater chain Alamo Drafthouse Cinema from Altamont Capital Partners, Fortress Investment Group and founder Tim League for an undisclosed price.  Alamo Drafthouse was founded in 1997 in Austin, and has grown from a single mom-and-pop location to 35 cinemas across 25 metropolitan areas. The company is the seventh-largest theater chain in North America and was one of the pioneers of the in-theater elevated food and drink concept.  Alamo Drafthouse will maintain its headquarters in Austin and will continue to operate all of its locations, as well as the company’s Fantastic Fest film festival, which was included in the acquisition. Sony will manage these entities under a newly established division, Sony Pictures Experiences, led by Alamo Drafthouse CEO Michael Kustermann.  The acquisition is groundbreaking, as it was recently made possible through the Department of Justice’s decision in 2020 to rescind the Paramount Decrees. Put into place by the U.S. Supreme Court in 1948, the Decrees mandated a separation between film distribution and exhibition, requiring major motion picture studios to divest of any theater holdings.  “We are excited to make history with Sony Pictures Entertainment and have found the right home …

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Jeff Salladin Revere Capital Investors quote from article
AcquisitionsContent PartnerFeaturesLoansMidwestNortheastSoutheastTexasWestern

Cautious Optimism Reigns as Investors Navigate Inflation, Rate Uncertainty

by Sarah Daniels

Last fall’s ebullience over the Federal Reserve’s likelihood of cutting the federal funds rate early and frequently in 2024 quickly faded as inflation remained too high for the Fed’s liking. Wall Street traders who make wagers on the Fed’s actions keep pushing their rate cut bets further into the year, according to CME Group, a derivatives marketplace. In early March, for example, nearly 75 percent of traders wagered on a rate cut in June. As of early June, less than 2 percent expected one. The most recent Fed meeting, on June 13, has confirmed this assumption that a rate cut is at least months away, if not longer. If and when the central bank cuts rates this year, the cost of capital is unlikely to approach the historically low levels of the last few years. As a result, the growing interest rate mantra of “higher for longer” may be finally convincing commercial property buyers and sellers to meet on pricing. New York-based research organization MSCI Real Assets recently noted that commercial property sales continued to slow in the first quarter of 2024 — a year-over-year decline of 16 percent to $78.9 billion. But it suggested that investors might be encouraged …

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3190-4251-Klose-Way-Richmond-CA
AcquisitionsCaliforniaRetailWestern

Primestor Acquires 245,921 SF Retail Center in Metro San Francisco

by John Nelson

RICHMOND, CALIF. — Primestor Development has acquired Hilltop Plaza, a 245,921-square-foot retail center situated on 59 acres in Richmond, roughly 18 miles outside San Francisco. An undisclosed seller sold the property for $36.5 million. Tenants at the center, which was 88 percent occupied at the time of sale, include Ross Dress for Less, City Sports Club, dd’s Discounts and Century Theatres. Geoff Tranchina, Eric Kathrein, Gleb Lvovich and Warren McClean of JLL represented both the buyer and seller in the transaction. 

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2031-2037-Wilshire-Blvd-Santa-Monica-CA
AcquisitionsCaliforniaRetailWestern

Kennedy Wilson Brokers $7M Sale of Retail Property in Santa Monica, California

by Amy Works

SANTA MONICA, CALIF. — Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties Ltd., has arranged the sale of a retail property at 2031-2037 Wilshire Blvd. in Santa Monica. Auerbach Realty Holdings sold the asset to Cypress Equity Investments for $7 million, or $2,222 per square foot. Situated on a 6,970-square-foot parcel, the shopping center offers 3,149 square feet of retail space. CEI owns the adjacent properties at 2025 Wilshire Blvd. and 1152 21st St., and this purchase will create a 25,457-square-foot assemblage. As part of the sale process, and in anticipation of the parcel’s imminent redevelopment, the Kennedy Wilson Brokerage team also assisted in the future relocation of Noma Sushi, a neighborhood restaurant that opened at the property in 1982. Ed Sachse and Christine Deschaine of Kennedy Wilson Brokerage represented the seller in the off-market transaction.

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AcquisitionsColoradoSeniors HousingWestern

ESI Negotiates Sale of 110-Bed Seniors Housing Facility in Aurora, Colorado

by John Nelson

AURORA, COLO. — Evans Senior Investments (ESI) has arranged the sale of Summit Rehabilitation & Care Community, a 110-bed skilled nursing facility in the Denver suburb of Aurora.  The seller was an independent owner-operator. An East Coast-based real estate holding company acquired the asset for an undisclosed price. ESI also helped arrange a new tenant for the property. Built in 1972 with a 2018 renovation, Summit Rehabilitation & Care Community maintained a 95 percent occupancy rate, generating over $11.9 million in annual revenue.

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2325-W-Cypress-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

Stos Partners Buys 35,007 SF Industrial Building in Phoenix for $4.4M

by Amy Works

PHOENIX — Stos Partners has acquired an industrial complex located at 2325 W. Cypress St. in Phoenix for $4.4 million, or $127 per square foot. Stos plans to immediately implement a capital improvement program for the 35,007-square-foot property. Situated on 1.4 acres, the building features 20- to 22-foot clear heights, four dock-high doors, two drive-in ground-level doors, a fully fenced and secured yard, and 1,500 square feet of office space. Sam Jones of Colliers represented the buyer in the deal, while James Cohn and Stirling Pascal of Stream Realty Partners represented the seller. Jones and Rob Martensen of Colliers will oversee leasing for the industrial complex.

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425-S-Main-St-Coolidge-AZ
AcquisitionsArizonaIndustrialWestern

NAI Horizon Brokers Sale of 14,000 SF Warehouse in Coolidge, Arizona

by Amy Works

COOLIDGE, ARIZ. — NAI Horizon has arranged the purchase of an industrial building located at 425 S. Main St. in Coolidge. Mesa, Ariz.-based Superstition Frame and Drywall acquired the asset from Tempe, Ariz.-based Spillman Koplin for $1 million. Built in 1988, the single-tenant, 14,000-square-foot warehouse features a 5,000-square-foot yard, 16-foot clear heights and one grade-level door. Jeffrey Garz Walker of NAI Horizon represented the buyer in the deal.

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Shopoff_Desert-Hot-Springs-Calif
AcquisitionsCaliforniaDevelopmentIndustrialTop StoriesWestern

Shopoff Realty Acquires 55 Acres in Southern California’s Inland Empire East, Plans 1.1 MSF Industrial Development 

by Hayden Spiess

DESERT HOT SPRINGS, CALIF. — Shopoff Realty Investments has acquired a 55-acre property in Desert Hot Springs, a city in the Inland Empire East region of Southern California, with plans to develop an industrial project at the site.  Upon completion, the development will comprise 1.1 million square feet of distribution and warehouse space. The property, which is situated with proximity to the site of an Amazon warehouse and with direct access to I-10, will feature 167 docks, 498 trailer stalls and a clear height of 42 feet.  “This Desert Hot Springs project represents a rare opportunity to acquire a property that is already entitled and ready for development, in an area with significant demand from e-commerce companies for logistics and warehouse space,” says William Shopoff, president and CEO of the firm. “With neighbors such as Amazon and FedEx, this location has the potential to provide a great investment for many years to come and will offer third-party logistics companies significant drayage savings compared to projects in Arizona and Las Vegas.” Construction on the project is scheduled to begin in the third quarter of this year, with an anticipated timeline of 12 months.  Ian DeVries and Christ DeVries of Colliers, along …

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