Western

Mirae Asset Global Investments Receives $150M Refinancing for Fairmont San Francisco Hotel

by Amy Works December 3, 2020

SAN FRANCISCO — An affiliate of Mirae Asset Global Investments has received a $150 million loan for the refinancing of the historic Fairmont San Francisco, located at 950 Mason St. in San Francisco. JLL Hotels & Hospitality arranged the five-year, non-recourse loan through United Overseas Bank for the borrower. The 606-key hotel first opened in 1907 and has undergone $16 million in renovations to public areas, guest rooms and infrastructure since 2015. The hotel features 62 suites; more than 45,000 square feet of meeting and event space including a ballroom; retail outlets; fitness center; business center; in-room dining; and restaurants such as Laurel Court Restaurant & Bar and Tonga Room & Hurricane Bar. The hotel reopened in September after suspending operations in April due to the COVID-19 pandemic.

December 3, 2020

Acquisitions Affordable Housing Hawaii Multifamily Western

Standard Communities, Stanford Carr Development Buy Kamakee Vista Affordable Housing Project in Honolulu

by Amy Works December 3, 2020

HONOLULU — Standard Communities and Stanford Carr Development, in partnership with The State of Hawaii Housing Finance & Development Corp., have closed on the final phase of its $223.9 million public-private partnership that will preserve 1,221 units of affordable housing across six properties on the islands of Oahu, Hawaii and Maui. The last phase was the acquisition of Kamakee Vista, an affordable apartment community located at 1065 Kawaiahao St. in Honolulu. The building will undergo a $14.3 million rehabilitation program to renovate unit interiors, modernize building systems and update common areas. Residents of the property will not be displaced during renovations. Built in 1992, the 28-story property features 226 residences, more than 35,000 square feet of commercial space and an attached 251-stall parking facility. The community offers a landscaped rooftop recreation deck with barbecue areas, as well as meeting space and laundry facilities.

December 3, 2020

Loans Office Washington Western

McBride Capital Arranges $19M in Acquisition Financing for Tacoma Rhodes Center Office Complex in Tacoma

by Amy Works December 3, 2020

TACOMA, WASH. — McBride Capital has secured $19 million in bridge financing for the purchase of The Tacoma Rhodes Center, an office complex in Tacoma. The two-building property features 160,000 leasable square feet and a 538-stall parking garage. The three-year, non-recourse, floating-rate debt facility includes future funding for tenant improvements, leasing commissions and capital expenditures. Danny Natsch of McBride Capital placed the loan on behalf of an undisclosed buyer with a national bridge lender.

December 3, 2020

Acquisitions California Industrial Western

CBRE Negotiates $15.3M Sale of Industrial Campus in San Diego’s Sorrento Valley

by Amy Works December 3, 2020

SAN DIEGO — CBRE has facilitated the sale of Environmental Plaza, an industrial campus located at 4171-4206 Sorrento Valley Blvd. in San Diego’s Sorrento Valley submarket. Hill Properties, a local real estate firm, acquired the asset from a private family for $15.3 million. Totaling 91,669 square feet, Environmental Plaza features seven buildings that offer suites ranging from 1,000 square feet to 4,200 square feet. At the time of sale, the property was 87 percent leased to 37 tenants. Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Bill Dolan of CBRE represented the seller, while the buyer was self-represented in the transaction.

December 3, 2020

Acquisitions Arizona Retail Western

B2 Holdings Acquires Target-Occupied Retail Property in Tempe for $14.4M

by Amy Works December 3, 2020

TEMPE, ARIZ. — San Diego-based B2 Holdings has purchased a 10-acre property located at 1800 and 1818 E. Baseline Road in Tempe. A Florida-based seller sold the asset for $14.4 million. The property is located less than half-a-mile from US Route 60 and in proximity to Dobson Ranch and Arizona State University. At the time of sale, Target and US Bank leased portions of the site. Joseph Compagno of CBRE’s Net Lease Property Group in Phoenix represented the buyer and seller in the transaction.

December 3, 2020

Acquisitions Arizona Office Western

Lincoln Property Co. Sells Grand2 Office Building in Tempe to Apex Capital for $187.5M

by Amy Works December 2, 2020

TEMPE, ARIZ. — Lincoln Property Co. (LPC) has completed the disposition of Grand2, an office building located at 1033 W. Roosevelt Way in Tempe. Apex Capital Investments Corp. acquired the property for a reported $187.5 million. Developed in late 2019 by LPC Desert West and Goldman Sachs MBD Real Estate, the nine-story building features 358,000 square feet of Class AA office space. Grand2 offers a 13,000-square-foot indoor/outdoor lobby and amenity lounge with a television viewing area, collaborative spaces, conference facilities and an on-site fitness facility with Peloton and Mirror equipment. Additionally, the building features a 13,000-square-foot rooftop deck with shaded seating and subterranean and structured parking. The development team included DAVIS as architect and Whiting-Turner as general contractor. San Francisco-based food delivery app DoorDash has occupied the property with a full-building, long-term commitment since its completion. CJ Osbrink, Kevin Shannon, Ken White, Brunson Howard, Paul Jones and Rick Stumm of Newmark represented LPC, while Apex Capital was self-represented in the sale. Grand2 is part of the 1.8 million square feet slated for development by LPC at The Grand at Papago Park Center, which is master planned for 3.2 million square feet of office, multifamily, hotel, retail and restaurant space within …

December 2, 2020

California Company News Hospitality Western

Airbnb Increases Expected IPO Valuation to $35B

by Amy Works December 2, 2020

SAN FRANCISCO — On Tuesday, Dec. 1, San Francisco-based Airbnb filed an updated S-1 with the U.S. Securities and Exchange Commission ahead of its planned initial public offering (IPO) filing on Dec. 9. The home-rental platform, along with some shareholders, plans to offer 51.9 million shares at $44 to $50 in its IPO, creating a valuation of up to $35 billion, an $4 billion increase from its private valuation of $31 billion. The 13-year-old company has experienced growth since its founding with gross booking value (GBV) topping $38 billion in 2019, representing a 29 percent growth from $29.4 billion in 2018. However, during the first nine months of 2020, Airbnb was impacted by the global COVID-19 pandemic with GBV falling to $18 billion, down 39 percent year over year, and $2.5 billion in revenue, down 32 percent year over year. Through the combination of consolidating its workforce and a surge in rentals, the company has begun to see a 1 percent uptick in bookings between second- and third-quarter 2020, resulting $1.3 billion in third-quarter revenue, down 18 percent from the same period in 2019. Morgan Stanley, Goldman Sachs Group, Allen & Co., Bank of America Corp., Barclays Plc and Citigroup …

December 2, 2020

Arizona Development Industrial Western

Westcore Acquires 45 Acres in Western Phoenix for Build-to-Suit Distribution Center

by Amy Works December 2, 2020

GOODYEAR, ARIZ. — Westcore has purchased approximately 45 acres of land at Thomas and Citrus roads near Interstate 10 and Loop 303 in Goodyear. First Industrial sold the land parcel for $11.2 million. Westcore plans to break ground immediately to construct a 721,156-square-foot, build-to-suit distribution facility for a national third-party logistics company. The completed cross-dock building will feature 36-foot clear heights, an ESFR sprinkler system and secure site trailer storage capacity. Completion is slated for June 2021. The project team includes Merit Partners, Butler Design Group, Hunter Engineering and Stevens-Leinweber Construction. Completion is slated for June 2021.

December 2, 2020

Acquisitions Arizona Multifamily Western

IPA Brokers $30M Sale of Port Royale Multifamily Community in Sierra Vista, Arizona

by Amy Works December 2, 2020

SIERRA VISTA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Port Royale, an apartment property in Sierra Vista, southeast of Tucson near the Mexico border. Element Property Co. acquired the asset from Bascom Arizona Ventures for $30 million, or $119,048 per unit. Built in 2004 on 13 acres, the 18-building community features 252 apartments and is in close proximity to Arizona State Route 90, University of Arizona South, Cochise College and Kartchner Caverns. Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

December 2, 2020

Acquisitions Affordable Housing California Multifamily Western

Positive Investments Inc. Buys Mountain View Manor Affordable Housing Complex Near Los Angeles for $29.4M

by Amy Works December 2, 2020

SYLMAR, CALIF. — Positive Investments Inc. has purchased Mountain View Manor, an affordable apartment building located at 12960 Dronfield Ave. in Sylmar, from 21 Alpha Group for $29.4 million. Built in 1964, the 178,000-square-foot property comprises six residential buildings offering a total of 200 apartments, two common areas and two swimming pools. The property was recently rehabilitated under the Low-Income Housing Tax Credit program. Shaya Braverman and Brendan Brown of Partners CRE, a Compass real estate brokerage, represented the buyer and seller in the deal.

December 2, 2020

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