Western

Lee & Associates Arranges Seven Leases at Office Building in Burbank, California

by Jeff Shaw June 27, 2023

BURBANK, CALIF. — Lee & Associates, LA North/Ventura has closed seven lease transactions totaling more than 23,000 square feet at an office building located at 601 S. Glenoaks Blvd. in downtown Burbank. These new leases have moved the building’s occupancy rate from 64 percent to 85 percent. The leases cater to a range of businesses, including an adult care facility, a regional wellness center, an entertainment company, a financial services firm, a speech therapy group and local service providers. With the property now stabilized, the owner has listed it for sale. Scott Romick, Darren Casamassima and David Kaufman of Lee & Associates led the brokerage team.

June 27, 2023

California Leasing Activity Office Western

Federative Republic of Brazil Signs 16,477 SF Office Lease in Los Angeles’ Miracle Mile

by Jeff Shaw June 27, 2023

LOS ANGELES — The Federative Republic of Brazil has secured a long-term lease for 16,477 square feet of office space in Los Angeles’ Miracle Mile neighborhood. The Consulate General of Chile is one block away on Wilshire Boulevard. The 10.5-year lease is valued at $10.4 million. The new office is located at 6222 Wilshire Blvd. The new deal creates a centralized location for Brazil’s consulate general. Brian Dunne and Don Hudson of Kidder Mathews represented the tenant in the transaction. The landlord was Decron Properties.

June 27, 2023

California Market Reports Retail Western Western Market Reports

Premiering Premier Retail Space in Los Angeles

by Jeff Shaw June 27, 2023

One word comes to mind when you pair Los Angeles and real estate: expensive. But creating a premier space can attract top-notch tenants, which then brings in the nearby clientele that can afford to live, work and play in, well, LA. Of course, tourists are enthusiastic spenders as well. Price tags and calories don’t count when you’re on vacation, after all. Way Out West Malibu-based developer, manager and sponsor Christina knows all about what it takes to cultivate a dynamic retail offering in Los Angeles. In uber-developed areas like this, it typically takes a tired or underachieving retail space in a prime location that can be made into something grand. “Christina operates with a laser focus on investing only in the ultra-prime submarkets of Los Angeles: Beverly Hills, Brentwood, Century City, Malibu, Santa Monica, Westwood, West Hollywood and Venice/Silicon Beach,” says Lawrence “Larry” Taylor, founder and CEO of Christina. “Redevelopment opportunities in these submarkets, which have limited inventory of pedestrian-oriented retail streets, are rarely available.” Given their scarce availability, the 46-year-old firm’s strategy has been to establish and maintain relationships with property owners in these markets. “Then, when disposition opportunities present themselves due to life changes, estate planning or similar reasons, …

June 27, 2023

Brian Cornell Hotel to Mulitfamily conversion

Affordable Housing Content Partner Features Hospitality Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Underutilized Hotel Properties Present Conversion Opportunities for Multifamily, Affordable Housing

by Sarah Daniels June 27, 2023

Walker & Dunlop is finding financial success while helping to provide high-demand, affordable housing in key markets by converting hotel assets into multifamily buildings. Brian Cornell, managing director at Walker & Dunlop Investment Partners (WDIP), says his firm is identifying hotels that are already built out and can accommodate market-rate multifamily use. Extended-stay hotels have the best layout for this type of conversion because their footprint already includes the floor plans and many of the amenities that multifamily residents expect. “The units are typically one-bedroom, but with some two-bedroom suites and studios,” he outlines. “This creates a variety of unit types within the existing physical build-out of the property, and these assets can operate as true multifamily without having to combine walls and do extensive capital renovations.” When it comes to location, Cornell explains, “We prefer infill locations that have strong employment drivers and a dearth of affordable housing.” Underutilized Properties, Multifamily Strategies The three investments Walker & Dunlop has done in the past two years are in the heart of commercial corridors, in areas where there are limited multifamily projects within a two-to-three-mile radius offering rents that can support an 80 percent area median income (AMI) threshold. One is …

June 27, 2023

Arizona Development Mixed-Use Western

HCCJ Family Partners Breaks Ground on 35,000 SF Sunrise Market Mixed-Use Development in Verrado, Arizona

by Jeff Shaw June 26, 2023

VERRADO, ARIZ. — HCCJ Family Partners has broken ground on Sunrise Market, a 35,000-square-foot mixed-use development in Verrado, roughly 30 miles west of Phoenix. Tenants at the property, which is currently 65 percent pre-leased, will include Copper & Sage, Bobazona, Bosa Donut and Honey Nail. James DeCremer, Matt Milinovich, Alec Miller and Drew Sampson of Avison Young manage leasing at the project on behalf of HCCJ. Construction is scheduled for completion in January 2024.

June 26, 2023

Acquisitions Affordable Housing Loans Montana Multifamily Seniors Housing Western

PGIM Provides $16.1M HUD Loan for South Forty Apartments in Billings, Montana

by Jeff Shaw June 26, 2023

BILLINGS, MONT. — PGIM Real Estate has provided $16.1 million in fixed-rate FHA financing to Lincoln Avenue Capital (LAC) for the acquisition and rehabilitation of South Forty Apartments, an affordable seniors housing community in Billings. The property features 101 units and is 100 percent subsidized by a Section 8 contract. The property also has a tax credit LURA on title restricting half of the units to residents earning up to 50 percent of area median income (AMI) and the other half at 60 percent AMI through 2069. LAC plans to complete an extensive rehabilitation of the property that will address deferred maintenance at the property, revitalize the apartments and update site amenities. The property was originally constructed in 1987 and was last renovated in 2007. LAC’s scope of work will include new kitchens and baths, new windows throughout, upgrades to the clubhouse, new solar panels and accessibility repairs. Alex Viorst, executive director at PGIM Real Estate, led the financing on behalf of the firm.

June 26, 2023

Acquisitions Colorado Healthcare Office Western

JV Buys 68,195 SF Dry Creek Medical Campus in Englewood, Colorado

by Jeff Shaw June 26, 2023

ENGLEWOOD, COLO. — Remedy Medical Properties and Kayne Anderson Real Estate have acquired the Dry Creek Medical Campus in the Denver suburb of Englewood. The portfolio includes two buildings totaling 68,195 square feet. They are fully leased by healthcare providers. Services are centered around a full-service ambulatory surgery center leased to Orthopedic Centers of Colorado in partnership with SCA Health, which UnitedHealth Group owns. Dr. Metz Bariatric Surgery, which is also on the campus, recently became part of HealthOne, one of the leading health systems in Colorado. Other specialties housed in the properties include imaging, spine, orthopedics, anesthesia and dermatology. CBRE U.S. Healthcare & Life Sciences brokered the transaction.

June 26, 2023

Arizona Hospitality Loans Western

HALL Structured Finance Funds $19M Bridge Loan for Residence Inn by Marriott Phoenix Mesa East

by Jeff Shaw June 26, 2023

MESA, ARIZ. — HALL Structured Finance (HSF) has provided a $19.1 million bridge loan to Khangura Development, the owner of Residence Inn by Marriott Phoenix Mesa East. The newly constructed hotel in Mesa offers 127 suites with modern amenities. It has consistently maintained high occupancy rates due, in part, to its proximity to the Mountain Vista Medical Center, according to the lender. HSF’s loan aims to support the long-term viability of the hotel and secure its permanent financing.

June 26, 2023

California Leasing Activity Restaurant Retail Western

Progressive Arranges 2,366 SF Habit Burger Lease in Walnut, California

by Jeff Shaw June 26, 2023

WALNUT, CALIF. — Progressive Real Estate Partners has arranged a 2,366-square-foot, 10-year lease for The Habit Burger Grill in Walnut, approximately 25 miles east of Los Angeles. Paul Su of Progressive represented the landlord in lease negotiations. The tenant plans to execute a significant renovation of the building, which is situated across from Mt. San Antonio College and features a drive-thru.

June 26, 2023

Acquisitions California Industrial New York Northeast Top Stories Western

Prologis Agrees to Acquire 14 MSF Industrial Portfolio from Blackstone for $3.1B

by Taylor Williams June 26, 2023

SAN FRANCISCO AND NEW YORK CITY — Prologis Inc. (NYSE: PLD) has agreed to acquire a 14 million-square-foot industrial portfolio from Blackstone (NYSE: BX) for $3.1 billion. The all-cash deal is expected to close in the coming days. The names and locations of the properties were not disclosed, but The Wall Street Journal reports that the portfolio encompasses about 70 assets in gateway markets such as Atlanta, Dallas and Washington, D.C., as well as in areas of New York, California and South Florida. The portfolio is collectively leased to 127 different tenants. Of those, 50 have preexisting relationships with Prologis, and 77 are effectively new customers. San Francisco-based Prologis now owns about 1.2 billion square feet of industrial assets across 19 countries. Over the past 11 years, Prologis and New York-based Blackstone have collaborated on more than a dozen transactions. With this deal, the price translates to a capitalization rate of approximately 4 percent based on net operating income in the first year and a 5.75 percent cap rate when adjusting to today’s market rents. “Where you invest matters, and this transaction demonstrates the exceptional demand for high-quality warehouses,” says Nadeem Meghji, head of Blackstone Real Estate Americas. Blackstone retained …

June 26, 2023

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