Western

JW-Marriott-Desert-Springs-Resort-Spa-Palm-Springs-CA

Kam Sang Co. Receives $128M in Financing for JW Marriott Desert Springs Resort & Spa in Palm Desert

by Amy Works January 19, 2022

PALM DESERT, CALIF. — Kam Sang Co. has obtained a $128 million loan for the JW Marriott Desert Springs Resort & Spa in Palm Desert. JLL’s Hotels & Hospitality Group secured the five-year, fixed-rate, interest-only loan, which Goldman Sachs Bank USA originated. The owner used proceeds to repay the existing loan, which was scheduled to mature in February 2022. The 884-key hotel underwent a $40 million renovation in early 2020 that resulted in the creation of additional suites and substantial upgrades to all guest rooms. Spanning 286 acres, the resort features five swimming pools; two 18-hole golf courses; a Peter Burwash International Tennis Court; a 47-treatment-room spa facility; an aviary; 35 acres of streams, lakes and cascading waterfalls; a 12,000-square-foot entertainment zone; and more than 234,000 square feet of indoor and outdoor event space. The resort also offers a broad collection of food and beverage outlets, including T&T Innovation Kitchen, Mikado Japanese Steakhouse, Blue Star Lounge, Rockwood Grill and Aquifer65. Mike Huth and Shalin Patel of JLL Hotels & Hospitality represented the borrower in the financing.

January 19, 2022

Acquisitions Affordable Housing Hawaii Multifamily Western

CPP Acquires 164-Unit Smith-Beretania Affordable Housing Tower in Honolulu

by Amy Works January 19, 2022

HONOLULU — Community Preservation Partners (CPP) has purchased Smith-Beretania Apartments, an affordable multifamily property in Honolulu. Terms of the transaction were not released. The 22-floor housing complex features 164 one- and two-bedroom units, all of which receive subsidy under a Section 8 HAP contract. The property also features a community room, on-site management, laundry facilities, controlled access entry and dedicated parking in the adjacent parking structure. The site also provides access to a public park with a playground, basketball court, pet park and open green space. CPP plans to work with Hawaii-based business partners to invest nearly $10 million to rehabilitate the complex, with renovations to include exterior paint, unit turns, energy-efficiency improvements, accessibility upgrades and site amenity updates. CPP partnered with local lenders BlackSand Capital and Bank of Hawaii to finance the property acquisition. The company also worked with Hawaii affordable housing specialist Ahe Group in the transaction. Now under CPP ownership, future renovations to the Smith-Beretania Apartments will be financed through the Low-Income Housing Tax Credit (LIHTC) program, which will preserve its affordable housing designation for decades.

January 19, 2022

22600-22700-E-I-76-Frontage-Rd-Brighton-CO

Acquisitions Colorado Industrial Western

CBRE Negotiates Sale of Two Distribution Buildings in Denver’s I-76 Corridor

by Amy Works January 19, 2022

BRIGHTON, COLO. — CBRE has arranged the sale of Buildings 4 and 5 within 76 Commerce Center, a logistics park in Denver’s I-76 corridor. Principal Real Estate Advisors acquired the assets from Mortenson Properties and Hyde Development for an undisclosed price. Tyler Carner, Jeremy Ballenger, Jessica Ostermick, Judson Welliver, Sonja Dusil and Bentley Smith of CBRE represented the sellers in the transaction. Located at 22600 and 22700 E. I-76 Frontage Road in Brighton, Buildings 4 and 5 total 618,480 square feet and are fully leased. Building 5 was constructed in 2018 and Building 4 in 2020. The buildings have Class A features throughout, in addition to fenced outside storage, trailer parking and office space. 76 Commerce Center is a 155-acre regional distribution center with one full mile of Interstate 76 frontage and immediate interstate access. At full build out, the project will have four buildings totaling 1.7 million square feet.

January 19, 2022

California Florida Healthcare Loans Office Southeast Western

PSRS Arranges $28.5M in Financing for Medical Office Portfolio in Southern California, Florida

by Amy Works January 19, 2022

LOS ANGELES — PSRS has closed $28.5 million in portfolio financing for three medical office buildings in Southern California and Southern Florida. David Hamilton arranged the financing on behalf of a large medical office landlord. One of PSRS’ debt fund lenders provided the capital. Los Angeles-based PSRS achieved a cash-out refinance on the borrower’s existing portfolio, reducing the equity need for the new acquisitions. The firm also provided the sponsor maximum leverage, three years of interest-only payments and a non-recourse structure.

January 19, 2022

Acquisitions Arizona Restaurant Retail Western

Hanley Investment Negotiates $7.1M Sale of Portillo’s Drive-Thru Property in Glendale, Arizona

by Amy Works January 19, 2022

GLENDALE, ARIZ. — Hanley Investment Real Estate Advisors has brokered the sale of a newly constructed, single-tenant restaurant property located 17125 N. 79th Ave. in Glendale. An Orange County, Calif.-based private investor sold the asset to a Los Angeles County-based private investor for $7.1 million. Portillo’s occupies the 7,800-square-foot restaurant building, which is situated on 1.9 acres. The property features an outdoor patio and a double-lane drive-thru. The diner-themed restaurant, which opened in April 2021, serves Chicago-style hot dogs, Italian beef sandwiches, chargrilled burgers, fresh salads and chocolate cake. Bill Asher, Jeff Lefko and Ed Hanley of Hanley Investments represented the seller, while Chuck Wilson and Kenny Patricia of Colliers’ Irvine, Calif., office represented the buyer in the deal. Lee Csenar of Hanley Investment Real Estate Advisors served as broker of record in Arizona.

January 19, 2022

Acquisitions California Industrial Western

ZKS Sells Multi-Tenant Industrial Facility in Torrance, California to Rexford Industrial for $75.3M

by Amy Works January 18, 2022

TORRANCE, CALIF. — ZKS Real Estate Partners has completed the disposition of an industrial property located at 4240 W. 190th St. in Torrance. Rexford Industrial Realty acquired the asset for $75.3 million. David Prior, Todd Taugner and Frank Schulz of The Klahin Co./CORFAC International represented the seller in the deal. Bret Hardy, Andrew Briner, Kevin Shannon, Jim Linn and Scott Schumacher of Newmark served as the institutional investment contacts in the transaction. Situated on 11.4 acres, the 307,487-square-foot building features dock-high and grade-level loading, a large yard area, future rail-service potential and immediate access to interstates 405 and 110.

January 18, 2022

Acquisitions California Lee & Associates Multifamily Western

Lee & Associates Negotiates $68M Sale of Three-Property Multifamily Portfolio in San Gabriel Valley

by Amy Works January 18, 2022

ROSEMEAD AND EL MONTE, CALIF. — Lee & Associates LA North/Ventura has arranged the sale of a three-property apartment portfolio in the San Gabriel Valley. Positive Investments acquired the portfolio from Hunsaker Family for $68 million. The portfolio includes Fashion Park Apartments, Glen Haven Apartments and Fashion Lane Apartments, spanning 4405 Rosemead Blvd., 5123-5205 Rosemead Blvd. and 4436-4438 Ivar St. in Rosemead, as well as a community at 3815 Baldwin Ave. in adjacent El Monte. Totaling 215,691 square feet, the portfolio features a mix of one-, two- and three-bedroom units and single-family residences, as well as swimming pools, clubhouses, secure entry, covered parking and carports. Warren Berzack of Lee & Associates LA North/Ventura handled the transaction.

January 18, 2022

Acquisitions Arizona Multifamily Student Housing Western

Harrison Street Purchases Interest in Eight Student Housing Properties at Arizona State University

by Amy Works January 18, 2022

TEMPE AND GLENDALE, ARIZ. — Harrison Street has formed a joint venture with American Campus Communities (ACC) for the ownership of ACC’s existing eight-property Arizona State University on-campus student housing portfolio. Under the terms of the transaction, Harrison Street, as part of its social infrastructure platform, has acquired a 45 percent interest in the joint venture, with ACC owning the remaining interest. ACC will continue to manage the day-to-day operations in collaboration with ASU under the terms of the existing P3 (public-private partnership) contracts. The portfolio includes 8,187 beds across eight assets, which include seven buildings at ASU Tempe and one building at ASU’s West Campus in Glendale. The facilities feature core campus amenities including retail, cafés, fitness centers, dining halls, academic halls and outdoor recreation spaces. The communities provide a broad range of products including first-year residence halls, honors college housing, Greek housing and upper division apartment-style housing.

January 18, 2022

Acquisitions California Industrial Western

Staley Point Capital Buys Industrial Property in City of Industry, California for $22M

by Amy Works January 18, 2022

CITY OF INDUSTRY, CALIF. — Staley Point Capital has acquired an industrial asset, located at 18689 Arenth Ave. in City of Industry, for $22 million, or $227 per square foot, in an off-market transaction. Bain Capital Real Estate was a joint venture partner on the acquisition. The 97,000-square-foot property features 24-foot clear heights, eight dock-high positions and a functional concrete truck court. At the time of purchase, the property was 86 percent leased. Winston & Strawn served as legal counsel to Staley Point Capital for the transaction. JLL represented both the buyer and undisclosed seller in the deal, while JLL Capital Markets arranged loan financing for the acquisition.

January 18, 2022

Colorado Development Multifamily Restaurant Retail Western

Hilco Brokers Sale of 134-Acre Development Site Near Denver International Airport

by Amy Works January 18, 2022

AURORA, COLO. — Hilco Real Estate has arranged the acquisition of approximately 134 acres of vacant development land located at the southeast corner of East 64th Avenue and Piccadilly Road in Aurora. Hilltop at DIA purchased the property, which is just south of Denver International Airport, for $18.1 million. The asset was acquired through a bankruptcy sale. Hilltop at DIA plans to develop a master-planned community, dubbed Avelon, on the site. The community would include hospitality, residential and commercial space, as well as single-family residences and greenspace.

January 18, 2022

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