Western

Aedis Real Estate, C.W. Driver Break Ground on 98-Unit Affordable Housing Project in Los Angeles

by Amy Works May 10, 2021

LOS ANGELES — Aedis Real Estate Group and C.W. Driver Cos. have broken ground on Hope on Hyde Park, an affordable transitional housing community in Los Angeles. The development is supported by the Los Angeles County Department of Health Services and Brilliant Corners, a nonprofit. Situated along the Crenshaw Corridor, the five-story property will offer 98 studio and one-bedroom modular units, ranging in size from 400 square feet to 480 square feet, for residents experiencing chronic homelessness. Units will feature modern design, hardwood flooring, contemporary furniture and floor-to-ceiling windows. Community amenities will include a central courtyard, outdoor community space, on-site parking for social services staff, bike storage for residents, residential and support services and ground-floor retail space, as well as access to the new K Line, an 8.5-mile light rail that connects the Crenshaw district to Leimert Park, Inglewood and the Los Angeles International Airport. KTGY is serving as architect for the project, which is slated for completion in summer 2022.

May 10, 2021

Loans Multifamily Seniors Housing Washington Western

Grandbridge Arranges $11.2M in Seniors Housing Loan Modifications

by Jeff Shaw May 10, 2021

SEATTLE and GAITHERSBURG, Md. — Grandbridge Real Estate Capital arranged $11.2 million in financing across three modification loans. Artin Anvar arranged the interest rate reduction (IRR) modifications through HUD’s IRR program. The first transaction, totaling $984,721, was secured by Hilltop Manor, a 35-unit assisted living community in Seattle. The loan features a 20-year term and 20-year amortization. The second transaction, totaling $955,717, was secured by Spring Manor, a 54-unit memory care facility in Seattle. The loan features a 20-year term and 20-year amortization. The largest transaction, totaling $9.2 million, was secured by AirPark Apartments, a 108-unit affordable housing community in Gaithersburg. “Our clients continue to take advantage of the historically low interest rates by using the HUD IRR, HUD 223(a)7, and 223(f) financing options to lower debt service for their multifamily seniors housing properties,” says Anvar.

May 10, 2021

Industrial Market Reports Washington Western Western Market Reports

Strong Market Fundamentals, Ecommerce Expansion Fueled Seattle’s Industrial Market in 2020

by Jeff Shaw May 10, 2021

By Kaden Eichmeier, Director, JLL Capital Markets Strong economic fundamentals bolstered market dynamics in the Puget Sound over the past 12 months. This market is driven in part by significant amounts of capital targeting industrial, the availability of low-cost debt and strong tenant demand. There were 125 industrial transactions totaling nearly $1.9 billion closed last year, and the outlook for 2021 looks even brighter. Competition has stiffened through the first quarter of 2021. Investors have increased allocation requirements, and the list of new entrants targeting the Seattle industrial market continues to expand. With growing demand, the core market is growing geographically as supply constraints push investors and developers further north and south. For example, Panattoni recently announced it will build a 2.1-million-square-foot, five-story warehouse for an ecommerce company on a 75-acre site just south of the Arlington Airport. Northpoint Development also announced the 4.1-million-square-foot Cascade Business Park in Arlington. To the south, Panattoni is also developing Big Freddy Logistics, a three-building park that will total 771,855 square feet, while Logistics Property Co. is developing the 352,801-square-foot Frederickson One speculative project. There is currently nearly 7.5 million square feet under construction. This includes 3.2 million square feet in Pierce County and …

May 10, 2021

Acquisitions California Multifamily Top Stories Western

CBRE Arranges $155.7M Sale of Presidio View Apartments in San Diego’s Mission Valley

by Julia Sanders May 7, 2021

SAN DIEGO — CBRE has arranged the sale of Presidio View, a 350-unit apartment community located in the Mission Valley area of San Diego. Griffis Residential LLC acquired the asset from AEW Capital Management for $155.7 million. Presidio View is situated on approximately 6.9 acres at 1440 Hotel Circle North and includes a variety of one-, two- and three-bedroom floorplans with an average unit size of 928 square feet. Archstone built the property in 2007. (Archstone was acquired by AvalonBay Communities Inc. and Equity Residential in 2013.) Features include 9-foot ceilings, walk-in closets, in-unit washer/dryers, storage and private balconies. Community amenities include a swimming pool, resident lounge, fitness center, clubhouse, business center and electric car charging stations. “It’s very rare to be able to acquire a well-maintained, 2007-vintage asset of this scale in a primary San Diego location like Mission Valley,” says Kevin Mulhern, a broker with CBRE. “There were more than 40 investor tours and 25 offers, and the competition to acquire the property was very intense.” Mulhern, Stewart Weston and Dean Zander of CBRE’s San Diego office represented the seller in the transaction. Presidio View is located on the western end of Mission Valley and has access to …

May 7, 2021

Arizona Development Healthcare Western

NexCore, Banner Health Complete 128,413 SF Medical Center in Glendale, Arizona

by Amy Works May 7, 2021

GLENDALE, ARIZ. — NexCore Group, a national healthcare real estate developer, and Banner Health have opened Banner Health Center Plus in Glendale, the health system’s latest multi-specialty health center. Located at 7701 W. Aspera Blvd., the three-story, 128,413-square-foot center is Banner Health’s largest such facility to date. The property features 128 exam rooms, 13 imaging rooms, and 45 physicians offering comprehensive clinical services such as family medicine, pediatrics, orthopedics, general surgery, dermatology, gastroenterology, cardiology, endocrinology, internal medicine and OB/GYN. Additionally, the center offers lab, pharmacy and advanced CT and MRI imaging services, plus a wellness trail around the site for patients and staff. The development team included SmithGroup as architect and Haydon Building Construction as contractor.

May 7, 2021

Acquisitions California Mixed-Use Western

Faris Lee Arranges $17.5M Sale of Mixed-Use Redevelopment Site in Orange County

by Amy Works May 7, 2021

FOUNTAIN VALLEY, CALIF. — Faris Lee Investments has brokered the sale of a five-acre mixed-use redevelopment site known as Brookhurst & Warner in Fountain Valley, in the heart of Orange County. An undisclosed buyer acquired the site for $17.5 million. Rick Chichester, Tom Chichester and Nick D’Argenzio of Faris Lee Investments represented the undisclosed seller in the deal.

May 7, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

Century Housing Opens 160-Unit Affordable Seniors Housing Community in Long Beach, California

by Amy Works May 7, 2021

LONG BEACH, CALIF. — Century Housing, in partnership with the City of Long Beach and The Long Beach Community Investment Company, will host a grand opening May 7 at The Beacon, an affordable housing community for seniors and veterans in Long Beach, just south of Los Angeles. “There’s no denying that this past year has been a very difficult and painful year on many, many levels,” says Brian D’Andrea, senior vice president with Century. “This development represents a source of light and hope for all of us, including the more than 200 residents who now call The Beacon home along with the larger Long Beach community.” “We are committed to continuing the investment of our resources in developments like The Beacon that fill the vital need for additional affordable housing in the city,” adds Patrice Wong, chair of The Long Beach Community Investment Company, which approved more than $12 million in funding for the project in 2017. The Beacon is a transit-oriented development that includes 160 affordable and supportive homes. The site is located across from the Metro Blue Line light rail and bus lines that operate along both Long Beach Boulevard and East Anaheim Street. “The Beacon is a …

May 7, 2021

Acquisitions Arizona Retail Western

Portal Investment Buys 114,102 SF Rolling Hills Square Retail Center in Tucson

by Amy Works May 7, 2021

TUCSON, ARIZ. — An affiliate of Los Angeles-based Portal Investment Management has purchased Rolling Hills Square, a grocery-anchored shopping center located in Tucson. Cincinnati-based Phillips Edison & Co. sold the property for an undisclosed price. Situated on 12.3 acres at the southwest corner of Kolb and Golf Links roads, Rolling Hills Square features 114,102 square feet of retail space. At the time of sale, the property was 96.2 percent occupied with Fry’s Food & Drug as the anchor tenant. Michael Hackett and Run Schubert of Cushman & Wakefield in Phoenix represented the seller and worked with the buyer to obtain acquisition financing for the asset.

May 7, 2021

Acquisitions California Multifamily Seniors Housing Western

CareTrust REIT Acquires El Centro Post-Acute Center in California

by Amy Works May 7, 2021

EL CENTRO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired El Centro Post-Acute Center, a 123-bed skilled nursing facility located adjacent to the El Centro Regional Medical Center. El Centro is located in Imperial County near the border with Mexico. The facility has been added to CareTrust’s existing master lease with San Diego-based Bayshire Senior Communities, which sourced the off-market transaction and turned to CareTrust to finance and close the deal. Terms of the transaction were not disclosed. Scott Kirby, Bayshire’s CEO, found the El Centro opportunity after the facility had fallen out of contract with a previous buyer. “The seller had aggressive timing expectations after suffering through significant turnover within their management team, a recent COVID outbreak, the general fatigue of operating the facility for 20 years and a sale transaction that went south,” says Kirby. Dave Sedgwick, CareTrust’s president and chief operating officer, notes that Imperial County appears to be significantly under-bedded, with only 250 skilled nursing beds to absorb the 9,500 annual discharges from its two hospitals and over 25 percent of local Medicare referrals being sent more than an hour away to Yuma and San Diego. Care Trust has committed $150,000 for initial capital improvements to …

May 7, 2021

Acquisitions Alaska Idaho Net Lease Oregon Retail Top Stories Washington Western

Institutional Property Advisors Brokers Sale of 28-Property Fred Meyer Portfolio in Pacific Northwest

by Jeff Shaw May 6, 2021

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale-leaseback of a 28-property portfolio of net-leased Fred Meyer stores in the West. While the price was not disclosed, Marcus & Millichap’s research department claims that the sale is the largest retail transaction since the beginning of the COVID-19 pandemic. Fred Meyer is a wholly owned subsidiary of Kroger (NYSE: KR) and features a superstore-style format. Benderson Development acquired the 4.5 million-square-foot portfolio. The Fred Meyer portfolio is located in Shoreline, Bellingham, Everett, Lynnwood, Longview, Vancouver, Puyallup, Richland and Tacoma, Washington; Eugene, Salem, Albany, Beaverton, Corvallis, Portland, Medford, Oregon City, Roseburg, Springfield, The Dalles and Tualatin, Oregon; Nampa and Garden City, Idaho; and Anchorage, Alaska. “The Pacific Northwest has always been one of our top areas of interest to grow our national footprint,” says Randy Benderson, president and director of Benderson Development. “Fred Meyer is a leader in these markets and we’re very pleased to strengthen and enhance our long-term partnership with them.” Kroger will execute new 25-year absolute net leases for each property, with an initial portfolio-wide base rent totaling $25 million per year. Tom Lagos, Patrick Toomey, Jose Carrazana, Jessica Baram and Ryan …

May 6, 2021

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