Western

Gemdale USA Receives $94.3M Construction Financing for Multifamily Development in Pleasant Hill, California

by Amy Works July 22, 2022

PLEASANT HILL, CALIF. — Gemdale USA has received $94.3 million in construction financing for an apartment community located in the Bay Area city of Pleasant Hill. Located at 85 Cleaveland Road, the four-story property will feature 189 apartments, a fitness center, communal lounges, clubroom, outdoor courtyard with lounge seating, amenitized rooftop and pool deck, co-working lounge, outdoor meeting rooms and fireplaces. Additionally, the property will be adjacent to 350,000 square feet of retail stores, restaurants and a movie theater. Brandon Roth, Nicco Lupo, Jordan Angel and Tatiana Hodapp of JLL Capital Markets’ Debt and Equity Advisory team arranged the senior financing through Bank OZK and the mezzanine financing through AvalonBay Communities for the borrower.

July 22, 2022

Industrial Loans Washington Western

Gantry Arranges $15M Loan for Four-Building Industrial Portfolio in Western Washington

by Amy Works July 22, 2022

KENT, SUMNER, AUBURN AND MARYSVILLE, WASH. — Gantry has secured $15 million in permanent financing for a four-building industrial portfolio in Western Washington. Totaling 148,000 square feet, the properties are in Kent, Sumner, Auburn and Marysville. At the time of financing, the buildings were fully leased in a multi-tenant format to a range of logistics-intensive businesses. Mike Wood and Alex Saunders of Gantry represented the borrower, a local private real estate investor. A life insurance company provided the 10-year, full-term interest-only, fixed-rate loan.

July 22, 2022

California Hospitality Market Reports Western Western Market Reports

Should Hoteliers Stay in San Diego?

by Jeff Shaw July 22, 2022

Western Real Estate Business sat down with two hotel experts to discuss what the future holds for tourism-heavy markets like San Diego. They include Robert A. Rauch, managing partner of the locally based Hilton Campus Del Mar and Fairfield Inn & Suites San Marcos and a faculty associate at Arizona State University, as well as Gary H. London, senior principal of Carlsbad, Calif.-based London Moeder Advisors, which prepares commercial market and financial feasibility studies and analyzes real estate investments for prospective investors. WREB: How is San Diego’s hospitality and tourism industries stacking up to other markets that are similar in either size or tourist popularity? London: Because of an ongoing slowdown in international travel, many American travelers divert to San Diego as a favored domestic destination. San Diego’s tourism sector has been very strong since the perceived end of the pandemic-induced recession almost a year ago. Rauch: Over the nine months spanning from July 2021 to March 2022, San Diego has been in the top five of the 25 largest U.S. markets in all three categories of occupancy, average rate and RevPAR. Hotel occupancy comes in at 67.6 percent, average rate per night is $179.85 and RevPAR (revenue per available room) stands at …

July 22, 2022

Acquisitions California Retail Western

Faris Lee Negotiates $27.1M Sale of Santee Town Center Retail Property in California

by Amy Works July 21, 2022

SANTEE, CALIF. — Faris Lee Investments has arranged the $27.1 million sale of Santee Town Center, a shopping center in Santee. Brixton Capital acquired the asset from a Los Angeles-based private family office. Sean Cox and Alex Moore, Don MacLellan and Gene Ventura of Faris Lee represented the buyer and seller in the deal. At the time of sale, the 106,903-square-foot retail center was fully leased. Current tenants include Ross Dress for Less, Dollar Tree and Michaels.

July 21, 2022

Acquisitions Multifamily Washington Western

RISE Properties, Tokyu Land US Acquire 252-Unit Park South Apartments in Seattle

by Amy Works July 21, 2022

SEATTLE — RISE Properties Trust and Tokyu Land US Corp. have purchased Park South Apartments, a multifamily community in Seattle’s South Park neighborhood, from Jackson Square Properties for an undisclosed price. Located at 10102 8th Ave. S., the property features 252 units with in-unit washers/dryers, newly renovated interiors, wood-burning fireplaces and modern appliances. Community amenities include a pool, fitness center, business center, clubhouse, games and an outdoor entertainment area. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s multifamily team in Seattle represented the seller in the transaction.

July 21, 2022

California Loans Office Western

Greenbridge, Deutsche Bank Originate $150M Loan for The Reef Creative Office Building in Los Angeles

by Amy Works July 21, 2022

LOS ANGELES — Greenbridge Finance and Deutsche Bank have co-originated a $150 million refinancing for The Reef, a creative flex office property in downtown Los Angeles. Located at 1933 S. Broadway, The Reef offers more than 800,000 rentable square feet of creative space tailored for innovators, entrepreneurs and diverse creators. LA Mart, Maker City LA and Magic Box are tenants at the 12-story building, which also has a basement.

July 21, 2022

California Loans Multifamily Seniors Housing Western

Meridian Capital Group Arranges $40M Financing for Seniors Housing Property in Simi Valley, California

by Amy Works July 21, 2022

SIMI VALLEY, CALIF. — Meridian Capital Group has arranged a $40 million loan to refinance Varenita of Simi Valley, an assisted living and memory care facility in Simi Valley. The borrower is Griffin Living, which opened the property in April. Proceeds from the transaction repaid an existing construction loan and provided a return of capital to the owners while the community was still in lease-up. A finance company provided the funds. Meridian’s Ari Adlerstein, Josh Simpson and Jesse Rauch negotiated the transaction. Varenita of Simi Valley comprises 75 assisted living and 27 memory care units.

July 21, 2022

Acquisitions California Net Lease Retail Western

Stan Johnson Brokers $5.5M Sale of Planet Fitness-Occupied Property in Palmdale, California

by Amy Works July 21, 2022

LOS ANGELES — Stan Johnson Co. has arranged the sale of a fitness and sports facility located at 40014 10th St. West in Palmdale. A New York City-based private investor sold the asset to the tenant, Planet Fitness, for $5.5 million. Prior to acquiring the real estate, Planet Fitness occupied the 18,000-square-foot property on a triple-net lease that features rental increases and option periods. Ronnie Givargis of Stan Johnson Co. represented the seller in the deal.

July 21, 2022

Acquisitions Arizona Multifamily Western

SB Pacific Group Sells Peaks at Redington Multifamily Property in Tucson for $53.9M

by Amy Works July 20, 2022

TUCSON, ARIZ. — SB Pacific Group has completed the disposition of Peaks at Redington, an apartment community located along Speedway Boulevard, to MF Asset Management for $53.9 million, or $179,070 per unit. Constructed in 1980 on 10 acres, Peaks at Redington features 301 apartments with nine-foot ceilings, dishwashers and balconies or patios. Community amenities include a swimming pool, bocce ball court and outdoor fitness equipment. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

July 20, 2022

California Development Multifamily Seniors Housing Western

Belmont Village Opens 17-Story Seniors Housing Community in La Jolla, California

by Amy Works July 20, 2022

LA JOLLA, CALIF. — Belmont Village Senior Living has opened Belmont Village Senior Living La Jolla. The property rises 17 stories along the Pacific Coast just north of San Diego, featuring 180 units of independent living, assisted living and memory care. It is Belmont’s 15th community in California and 33rd overall. Partners on the project include Greystar, UC San Diego Center for Healthy Aging and the Stein Institute for Research on Aging. James Arp is the executive director.

July 20, 2022

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