Western

Ensign Group Acquires 297-Bed Skilled Nursing Portfolio in Southern California

by Amy Works January 7, 2021

SAN DIEGO, FULLERTON AND HAWTHORNE, CALIF. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of three skilled nursing facilities in Southern California on a triple-net lease basis. The properties include Golden Hill Post Acute, a 99-bed facility in San Diego; St. Catherine Healthcare, a 99-bed facility in Fullerton; and Camino Healthcare, a 99-bed facility in Hawthorne. This acquisition brings Ensign’s growing portfolio to 231 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns 95 real estate assets.

January 7, 2021

Acquisitions Arizona Healthcare Office Western

Newmark Brokers $4.8M Sale of Adelante Healthcare Plaza in Peoria, Arizona

by Amy Works January 7, 2021

PEORIA, ARIZ. — Newmark has negotiated the sale of Adelante Healthcare Plaza, a two-tenant medical and retail building located at 15525 N. 83rd Ave. in Peoria. A 1031 exchange investor acquired the asset from a private seller for $4.8 million. Adelante Healthcare and MacMedia occupy the 15,566-square-foot property, with Adelante Healthcare as the anchor tenant. Newmark describes the property as “medtail,” a term for traditional retail centers that include a heavy mix of medical office tenants. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller, while Geoffrey Turbow of CBRE represented the buyer.

January 7, 2021

Acquisitions Data Centers Industrial Oregon Western

Harrison Street, 1547 Data Center Fund Acquire Pittock Block in Portland for $326M

by Amy Works January 6, 2021

PORTLAND, ORE. — Harrison Street and 1547 Data Center Real Estate Fund II, an affiliate of fifteenfortyseven Critical Systems Realty, have purchased the historic Pittock Block Building, a 302,262-square-foot, mixed-use asset in Portland’s central business district, for $326 million. The seller was Also Investment Co. The price is the highest transaction cost in Oregon since 2015, according to JLL, which brokered the deal. The 302,200-square-foot building is one of the most connected data center buildings in the United States, serving 179 service providers, according to the buyers. Additionally, the property is one of only two primary internet exchanges in the entire Northwest. The property also features office suites and retail space. The acquisition of Pittock Block is the second investment for Harrison Street and 1547 following the purchase of the Wells Building, a carrier hotel and data center in Milwaukee. The Pittock Block is named after Portland publishing magnate Henry L. Pittock, whose house was located on the property until construction. The building was developed by a subsidiary of the Northwestern Electric Co. and several other investors, primarily as an office building with an electrical and steam generation plant in the three-story sub-basement serving the Portland westside. In 1986, Alco …

January 6, 2021

Acquisitions California Office Western

KBS Sells 96,502 SF Office Building in San Jose to Thor Equities for $50.5M

by Amy Works January 6, 2021

SAN JOSE, CALIF. — KBS Real Estate Investment Trust II has completed the sale of an office property located within District 237, an eight-building, 415,492-square-foot office/R&D complex in San Jose. Thor Equities acquired the asset for $50.5 million. Located at 350 Holger Way, the three-story, 96,502-square-foot building was fully renovated in 2019 and is currently 100 percent leased through 2027. The building offers extensive glass lines and efficient floor plates, as well as an outdoor amenity area and upgraded exteriors, landscaping and parking lot. Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Brad Zampa and Mike Walker of CBRE Northern California Capital Markets team brokered the transaction. Bruce Fischer, Howard Chu and Amanda Kennedy of Greenberg Traurig LPP’s Orange County office represented KBS as legal counsel in the disposition.

January 6, 2021

Arizona Development Industrial Western

Cushman & Wakefield Brokers $23.2M Sale of Land Parcel Near Phoenix for 2.2 MSF Sarival Logistics Center

by Amy Works January 6, 2021

GLENDALE, ARIZ. — Cushman & Wakefield has brokered the sale of a 108-acre industrial development site at the northeast corner of Loop 303 and West Bethany Home Road in Glendale. An undisclosed national real estate investment trust acquired the property from Loop 303 at Bethany North LLC for $23.2 million. The buyer plans to develop Sarival Logistics Center, which will total up to 2.2 million square feet of Class A industrial space that will be constructed on a speculative basis in multiple phases. The total project site also includes an additional 40-acre plot that the buyer acquired in December 2020. Phase I of the 148-acre Sarival Logistics Center will feature a 1.1 million-square-foot speculative building. Construction is slated to begin in early 2021. Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.

January 6, 2021

Acquisitions California Multifamily Western

ACI Apartments Negotiates $13.8M Acquisition of Apartment Complex in San Diego

by Amy Works January 6, 2021

SAN DIEGO — ACI Apartments has arranged the sale of a 38,576-square-foot multifamily complex located in San Diego’s North Park neighborhood. KA Enterprises acquired the community from Arcadia Six LLC for $13.8 million. Situated on a 24,393-square-foot lot at 4602 Kansas St., the property features 47 apartments in a mix of 18 one-bedroom/one-bath, three two-bedroom/one-bath and 26 two-bedroom/two-bath units. Additionally, the community features gated access, a swimming pool, off-street parking and carports. Anton Burman of ACI Apartments represented the buyer, while David Andrews of ACRE represented the seller in the deal. Eugene Marini provided acquisition and asset management. Annemarie Lococo of Chicago Title served as the escrow officer for the transaction.

January 6, 2021

Loans Multifamily Washington Western

Taylor Street Arranges $5M in Loans to Refinance Two Multifamily Properties in Seattle

by Amy Works January 6, 2021

SEATTLE — Taylor Street Capital Partners (TSCP) has secured a total of $5 million in refinancing for two multifamily properties in Seattle. In the first transaction, TSCP arranged a $3.5 million cash-out Freddie Mac refinancing for undisclosed owners of a 23-unit multifamily asset in downtown Seattle. The firm negotiated the loan on the behalf of out-of-state clients looking to withdraw equity for capital improvements and asset appreciation. In the second transaction, TSCP arranged a $1.5 million cash-out Freddie Mac refinancing for the out-of-state owners of a 12-unit multifamily asset in downtown Seattle. The firm negotiated the loan for the owners who are looking to withdraw equity for capital improvements and asset appreciation.

January 6, 2021

Affordable Housing Development Multifamily Southeast Tennessee Top Stories Virginia Washington Western

Amazon Launches $2B Housing Equity Fund to Preserve, Create 20,000 Affordable Housing Units

by Kristin Harlow January 6, 2021

SEATTLE — Amazon has launched its Housing Equity Fund, a more than $2 billion commitment to preserve and create over 20,000 affordable housing units in Washington State’s Puget Sound region; Arlington, Va.; and Nashville, Tenn. — three metro areas where the company has or expects to have at least 5,000 employees each in the coming years. Amazon’s first investments include $381.9 million in below-market loans and grants to the nonprofit organization Washington Housing Conservancy (WHC) to preserve and create up to 1,300 affordable units at the Crystal House multifamily property in Arlington. WHC purchased Crystal House recently using Amazon’s capital. Rents at the property will be significantly lowered to target households earning less than 80 percent of the area median income (AMI). The conversion of existing apartments to affordable units began on Jan. 1 and will continue over the next five years. A 99-year covenant ensures that Crystal House will remain affordable for the long term. Arlington County has lost approximately 14,400 privately owned, affordably priced housing units since 2000, according to the county’s government. In addition, the Seattle-based online retail giant has committed $185.5 million in below-market loans and grants to King County Housing Authority (KCHA) to preserve up …

January 6, 2021

California Development Mixed-Use Multifamily Office Retail Western

Lendlease, Aware Super Buy Culver City Site in Los Angeles for Planned $600M Mixed-Use Development

by Amy Works January 5, 2021

LOS ANGELES — In a 50-50 joint venture, Lendlease and Aware Super, an Australian superannuation fund, have acquired a 3.5-acre, transit-oriented, mixed-use development site at 3401 S. La Cienega Blvd. in Los Angeles. La Cienega Properties sold the 156,380-square-foot site for $92 million. The team plans to develop a 500,000-square-foot mid-rise project offering 260 multifamily residential units, 250,000 square feet of creative office space and ground-floor retail space. The site offers transit access to the beach and downtown Los Angeles, as well as the Exposition Corridor Bike Path. Lendlease aims to submit an application to the City of Los Angeles this year and plans to commence development in 2023, with completion slated for 2025. The site currently houses 1,144 self-storage units, totaling 86,897 rentable square feet, which will provide a steady in-place income stream for the partnership during the development planning. Upon completion, the project, which is the partnership’s first Los Angeles development, will have an estimated value of $600 million. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the deal.

January 5, 2021

Acquisitions Colorado Multifamily Western

Bell Partners Sells Summit at Flatirons Apartments Near Denver to Treeline Multifamily for $154M

by Amy Works January 5, 2021

BROOMFIELD, COLO. — Bell Partners has completed the sale of Summit at Flatirons Apartments, a multifamily property located at 210 Summit Blvd. in Broomfield, a suburb of Denver. An affiliate of Treeline Multifamily Partners acquired the asset for $154 million. Jordan Robbins and Pamela Koster of JLL represented the seller in the deal. Additionally, Josh Simon and Rob Bova of JLL secured a seven-year, $103 million Freddie Mac acquisition loan for the buyer. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the loan. Built in 2004, Summit at Flatirons features 500 one- and two-bedroom apartments. In 2016, the property underwent more than $13 million in unit and common-area renovations, including upgrading units with stainless steel appliances, new vinyl plank flooring, quartz countertops, new lighting, repainted hallways, relocation of the fitness center and yoga studio, upgraded equipment and bike storage. Additional community amenities include a business lounge, swimming pool, hot tub, barbecue areas, resident lounge and courtyard.

January 5, 2021

Newer Posts

Older Posts