Western

Crusader Insurance Sells 46,889 SF Office Building in Calabasas, California

by Amy Works March 4, 2021

CALABASAS, CALIF. — Crusader Insurance Co. has completed the sale of a two-story office building located at 26050 Mureau Road in Calabasas. An undisclosed buyer acquired the asset for $12.7 million, or $271 per square foot. Built in 1997, the 46,899-square-foot building features a training center, boardrooms, fitness center, server rooms, employee lounge, outdoor patio, elevator and 157 parking spaces. Jay Rubin and Eugene Kim of Lee & Associates represented the seller, while Craig Miller and Todd Cobin of Stone Miller represented the seller in the deal.

March 4, 2021

LogistiCenter-Park-Meridian-Riverside-CA

California Industrial Leasing Activity Western

Global One Logistics to Occupy 262,260 SF LogistiCenter at Park Meridian in Riverside, California

by Amy Works March 4, 2021

RIVERSIDE, CALIF. — Global One Logistics has inked a deal to lease LogistiCenter at Park Meridian in Riverside. The third-party warehousing and distribution specialist serving the home fashion and apparel industry will occupy the Class A building located at 21822 Opportunity Way in the Inland Empire East submarket. The property totals 262,260 square feet. Phil Lombardo, Chuck Belden, Andrew Starnes and Cruise Adams of Cushman & Wakefield represented the landlord, Dermody Partners, in the lease.

March 4, 2021

California Company News Industrial Western

CapRock Partners Transacts 10 MSF of Industrial Real Estate, Opens Two Offices During 2020

by Amy Works March 4, 2021

NEWPORT BEACH, CALIF. — CapRock Partners has acquired, leased or sold nearly 10 million square feet of industrial space across the Western United States and opened two offices in Phoenix and Northern California, welcoming 26 new employees, according to the Newport Beach-based firm. CapRock Partners signed 10 leases totaling more than 5.3 million square feet; acquired eight properties and land sites totaling 4.2 million square feet; and sold 196,534 square feet across two properties. Additionally, an institutional investor retained the company to manage a six-asset, 1.9 million-square-foot industrial real estate portfolio that spans four markets. These transactions bring CapRock’s total investment, development and asset management pipeline to more than 25 million total square feet since inception in 2009. On the development side, the company completed more than 4.1 million square feet of Class A industrial product across the Las Vegas basin and Inland Empire, including the 3 million-square-foot Commerce Center in Ontario, California, which CapRock developed on behalf of Ivanhoé Cambridge. Since March 2020, the company started construction of an additional 2.8 million square feet and successfully received entitlements for over 3 million square feet in multiple projects across the Inland Empire. This brings CapRock’s total either recently constructed or …

March 4, 2021

Retail Top Stories Western

Disney to Close 60 Stores in North America, Shift Focus to E-Commerce

by Katie Sloan March 4, 2021

BURBANK, CALIF. — Once a shopping mall mainstay, The Walt Disney Co. (NYSE: DIS) has announced plans to close at least 60 of its brick-and-mortar locations — or 30 percent — in the U.S. and Canada in a bid to shift its focus to e-commerce. These closures are being described as the “beginning” of the company’s downsizing efforts, according to The New York Times, with a significant number of overseas stores also expected to close in 2021. The specific stores to be closed were not disclosed. Changing consumer behavior was cited as a catalyst for the announced closures, according to CNBC. The Walt Disney Co. owns and operates 200 Disney Stores in North America, 60 in Europe, 45 in Japan and two in China, according to the company’s annual report for fiscal year 2020. These closures mark the company’s latest effort in revamping the Disney Store shopping experience. The Walt Disney Co. redesigned a number of stores in 2017 in an attempt to boost business, according to The New York Times, incorporating live video feeds from the company’s theme parks and skewing merchandise away from toys and towards fashion for young adults. Disney also expanded its merchandising relationship with Target during 2019, announcing …

March 4, 2021

Matt Pipitone Fannie Freddie Seniors Housing

Features Finance Insight Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

M&T: Positives in Seniors Housing Include Rate Environment, Available Assistance

by Sarah Daniels March 4, 2021

The seniors housing industry has had a particularly challenging year. But the latest data from NIC MAP shows COVID cases are down in nursing homes and occupancies are expected to rebound from historic lows in the coming months, says Matt Pipitone, seniors housing platform manager with M&T Realty Capital Corp. (MTRCC). It remains to be seen how quickly leasing will ramp up and to what extent rents and incentives will be impacted long term. But in the meantime, Pipitone points to some positives on the financial side of the industry. Namely, the government has provided several rounds of stimulus money, which has helped operators, especially those who manage skilled nursing facilities. And Fannie Mae, Freddie Mac and HUD have offered assistance to borrowers in the form of forbearance programs and other debt service relief. The agencies also remain active, but are cautious when treading in the sector, Pipitone says. “Fannie and Freddie have pulled back. Overall leverage is down, and there are debt service reserves required on new deals. But the rate environment is still really good. HUD, on the other hand, has been really steady. Borrowers can still get up to 80 percent loan-to-value with 1.45 times debt service …

March 4, 2021

Southeast-Phoenix-Distribution-Center-Chandler-AZ

Acquisitions Arizona Industrial Western

JLL Income Property Trust Buys Southeast Phoenix Distribution Center for $91M

by Amy Works March 3, 2021

CHANDLER, ARIZ. — JLL Income Property Trust has purchased Southeast Phoenix Distribution Center, a Class A distribution center located in Chandler, for $91 million. Constructed in 2019, the four-building campus features 474,000 square feet of space that can accommodate a wide range of tenants, ranging from 20,000 square feet to 135,000 square feet. The buildings offer 32-foot clear heights, ESFR sprinkler systems, grade- and dock-high doors and full concrete truck courts with fencing. The asset is situated at the confluence of Interstate 10 and Loop 202, 15 minutes from Sky Harbor International Airport and 20 minutes from downtown Phoenix.

March 3, 2021

California Development Industrial Western

CT Realty, Clarion Partners Break Ground on 145,840 SF South Bay Logistics Center in Carson, California

by Amy Works March 3, 2021

CARSON, CALIF. — CT Realty and Clarion Partners have commenced construction of South Bay Logistics Center, a Class A industrial facility in Carson. Located at 333 W. Gardena Blvd., the single-tenant, 145,840-square-foot building will feature 25 dock-high positions, 36-foot clear heights, a 144-foot secure truck yard, an ESFR K-25 sprinkler system, 5,500 square feet of modern two-story office space and ample parking. Completion is slated for this fall. Danny Williams, Barry Hill and John McMillan of Newmark are listing agents for the project.

March 3, 2021

Development Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $60.4M Construction Financing for The Springs at Happy Valley Seniors Housing in Oregon

by Amy Works March 3, 2021

HAPPY VALLEY, ORE. — CBRE National Senior Housing has arranged $60.4 million in construction financing for The Springs at Happy Valley, a senior living community to be built in Happy Valley. Situated on a 6.95-acre site, the community will feature 210 units, about half of which are earmarked for independent living and the other half for assisted living and memory care. Happy Valley is an affluent suburb approximately 10 miles southeast of downtown Portland. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the financing on behalf of a joint venture between The Springs Living and Harrison Street Real Estate Capital. CBRE secured a five-year, floating-rate loan with four years of interest-only payments from a consortium of banks, including a regional bank and a national bank, in a participated loan format.

March 3, 2021

California Loans Multifamily Western

Panoramic Interest Receives $104M in Refinancing for City Gardens Apartments in San Francisco

by Amy Works March 3, 2021

SAN FRANCISCO — Panoramic Interests has received a $104 million loan for the refinancing of City Gardens, an apartment property located at 333 12th St. in the Western Mission/SOMA neighborhood of San Francisco. Ready Capital provided the three-year, floating-rate loan that Charles Halladay, Alex Witt, Jordan Angel, Jonah Aelyon and Lauren Mezzanotte of JLL Capital Markets arranged. City Gardens offers 200 two-, four- and five-bedroom micro-units with fully furnished bedrooms and living areas, expansive windows and nine-foot ceilings. The 152,445-square-foot property features high-efficiency lighting and plumbing; laminated, heat-resistant glass; and energy recovery ventilation.

March 3, 2021

Acquisitions Colorado Net Lease Restaurant Retail Western

Marcus & Millichap Brokers Sale of Torchy’s Tacos-Occupied Building in Denver for $3.2M

by Amy Works March 3, 2021

DENVER — Marcus & Millichap has brokered the acquisition the of a restaurant property located at 6325 E. Hampden Ave. in Denver. A private investor purchased the asset from another private investor for $3.2 million. Torchy’s Tacos occupies the 5,045-square-foot property, which features a drive-thru and outdoor seating, on a net-lease basis. Brian Bailey and Drew Isaac of Marcus & Millichap secured and represented the buyer, while Robin Nicholson of David, Hicks & Lampert represented the seller in the deal.

March 3, 2021

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