Western

Prime US REIT Acquires Park Tower Office Building in Sacramento for $165.5M

by Amy Works February 27, 2020

SACRAMENTO, CALIF. — Prime US REIT has purchased Park Tower, an office asset in downtown Sacramento, for $165.5 million. KBS is the U.S.-based asset manager for the buyer that identified and sourced the Park Tower opportunity on behalf of Prime. Located at 980 Ninth St. and 1010 Eighth St., the 24-story property features 489,171 square feet of office, retail and parking garage space. Park Tower was built in 1992 and renovated in 2019, while its parking area was constructed in 1961 and renovated in 1988. The LEED Gold-certified building features a suite of on-site tenant amenities, including a recently renovated fitness center, locker rooms, conference center and tenant lounge. The property also offers a three-story atrium lobby, high-efficiency building systems, 15,000-square-foot to 28,000-square-foot flexible floor plates and above-market parking in two garages at a ratio of 2.4/1,000. Grant Lammersen, Steve Golubchik and Tyler Myerdirk of Newmark Knight Frank brokered the transaction. Bruce Fischer, Christine Fan and Howard Chu of Greenberg Traurig LLP’s Orange County, Calif., office served as Prime’s legal counsel in the acquisition.

February 27, 2020

California Loans Multifamily Western

Arbor Funds $19M Refinancing for Pico Eleven Luxury Residences in Santa Monica

by Amy Works February 27, 2020

SANTA MONICA, CALIF. — Arbor Realty Trust has provided a $19 million Fannie Mae Streamlined Rate Lock loan for a multifamily property in Santa Monica. The refinancing features 10-year, full-term, interest-only payments. Built in 2019, Pico Eleven Luxury Residences features 34 units with open floor plans. Community amenities include large private decks, as week as three ocean-view community lounge areas with barbecues, firepits and Wi-Fi access. Garth Davis of Arbor’s San Francisco office originated the deal.

February 27, 2020

Acquisitions California Retail Western

Hanley Investment Group Arranges $10.4M Sale of Sprouts-Occupied Retail Asset in Inland Empire

by Amy Works February 27, 2020

FONTANA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant retail building located within the recently completed Highland Village Shopping Center in Fontana. Woodlands Hills, Calif.-based Adler Realty Investments sold the asset to a private investor for $10.4 million. Sprouts Farmers Market occupies the 30,000-square-foot building, which anchors Highland Village Shopping Center. Additional tenants at the center, which were not included in the acquisition, are BurgerIM, Jack in the Box, Raising Cane’s Chicken Fingers, Jersey Mike’s Subs, Café Rio Mexican Grill, Oggi’s, Mountain View Tire & Auto Service and Pacific Dental. Quick Quack Car Wash is currently under construction as well. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Heidi Kim of Brea, Calif.-based TNG Real Estate Consultants represented the buyer in the transaction.

February 27, 2020

Loans Multifamily ORIX Utah Western

Hunt Provides $6M Loan to Refinance Two Manufactured Housing Assets in Utah

by Amy Works February 27, 2020

LAYTON, UTAH — Hunt Real Estate Capital has funded a $6 million Fannie Mae DUS conventional multifamily loan for the refinancing of two manufacturing housing communities in Layton. The 10-year loan features interest-only payments for the first four years. Country Village MHC and Mountain View Estates MHC are the two non-contiguous communities. Developed in 1973 and 1975, respectively, the properties 145 manufactured housing sites and 310 parking spaces, including two spaces for each home. Country Village offers 34 single-wide sites and 28 double-wide sites, and Mountain View features 59 single-wide sites and 24 double-wide sites. Community amenities include a clubhouse, playground and basketball courts.

February 27, 2020

Acquisitions California Loans Multifamily Western

Ready Capital Closes $6.6M Acquisition Loan for Multifamily Property in Los Angeles

by Amy Works February 27, 2020

LOS ANGELES — Ready Capital has closed a $6 million loan for the acquisition, renovation and lease-up of a 20-unit, Class B multifamily property located in Los Angeles’ Hollywood/Silver Lake submarket. The undisclosed sponsor will use the funds to convert a majority of the one-bedroom units into two-bedroom units. The apartments will feature upgraded floors, appliances and cabinetry, as well as other interior improvements. The non-recourse, floating-rate loan features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls

February 27, 2020

Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Western

Grandbridge: Barring Disruptor, No End in Sight for Capital Flowing into CRE

by Sarah Daniels February 27, 2020

John Randall of Grandbridge Real Estate Capital talks about the capital available in the commercial real estate market. The risk-adjusted returns available in CML [capital market line] debt capital markets is superior to that offered by alternative investment classes, he says. “Until we see any meaningful steepener on the curve or significant disruption, there’s really no end in sight to the liquidity in both debt and equity flowing into commercial real estate.” This breeds fierce competition, but there has not been any meaningful slippage in risk terms or how lenders are underwriting assets. As far as the multifamily sector goes, Randall sees no end to the growing demand from renters. “As a country, we are underhoused to the tune of 3 million to 4 million units… and we’re running at an annual deficit in excess of 350,000 units,” he notes. Watch the interview to hear Randall’s insights on multifamily, as well as Grandbridge’s plans following the merger of BB&T with SunTrust to form Truist. (Grandbridge is a subsidiary of BB&T, now Truist.) This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week …

February 27, 2020

Arizona Development Industrial Western

Tratt Properties Begins Development of 1.3 MSF Elwood Logistics Center in Arizona

by Amy Works February 26, 2020

GOODYEAR, ARIZ. — Phoenix-based Tratt Properties has broken ground on Elwood Logistics Center, a speculative industrial development located near the junction of Interstate 10 and the Loop 303 in a designated Opportunity Zone in Goodyear. At full build-out, Elwood Logistics Center will total 1.3 million square feet, including a 40-foot clear height, cross-dock building with a 190-foot gated and secured concrete truck court and 235 dock-high loading positions. The 83-acre site also provides parking for more than 1,400 cars and 327 trailers. Construction is currently underway, with completion slated for December. The Renaissance Co. is serving as general contractor, and Deutsch Architecture Group is providing architectural services. JLL is handling leasing for the property.

February 26, 2020

Arizona Development Multifamily Student Housing Western

Arizona State, Capstone Development Break Ground on $118 Million Mixed-Use Development in Downtown Phoenix

by Amy Works February 26, 2020

PHOENIX — A public-private partnership between Arizona State University and Capstone Development Partners has broken ground on a $118 million mixed-use development located within the university’s downtown Phoenix campus. The project — titled the Downtown Phoenix Residence Hall and Entrepreneurial Center — will feature 75,000 square feet of academic space in the form of design studios, flexible classroom space, fashion studios, fabrication labs, music practice rooms, recording studios and live event space. The 207,000-square-foot residential component of the community will house up to 530 students in two- and four-bedroom, apartment-style units. The design-build team for the project includes architect Studio Ma and general contractor DPR Construction. Development is scheduled for completion in fall 2021.

February 26, 2020

Colorado Development Office Western

McCaffery, Ivanhoé Cambridge, Hines to Develop 240,000 SF Office Building in Denver

by Amy Works February 26, 2020

DENVER — McCaffery, Ivanhoé Cambridge and Hines have started construction of T3 RiNo, a six-story T3 (timber, transit and technology) office building in Denver. Situated in the River North Art District (RiNo), the 240,000-square-foot building will feature common, hospitality-driven social areas; large, private tenant terraces on each floor; a modern fitness facility and bicycle facility; 17,000 square feet of retail space; and convenient access to the Regional Transportation District (RTD) commuter rail system. Designed by Pickard Chilton Architects and DLR Group, T3 RiNo is slated for completion in spring 2022.

February 26, 2020

California Loans Multifamily Retail Western

Ready Capital Closes $15.5M Loan for Acquisition of Retail, Multifamily Asset in Los Angeles

by Amy Works February 26, 2020

LOS ANGELES — Ready Capital has closed a $15.5 million, non-recourse, floating-rate loan for a retail and multifamily property located in the Hollywood/Silver Lake submarket of Los Angeles. Proceeds of the loan will provide financing for the acquisition, renovation and stabilization of the approximately 17,000-square-foot, Class B asset. Upon purchase, the undisclosed sponsor plans to renovate the existing multifamily units with high-end interior finishes, renovate the retail space, and lease-up existing retail space at market rents. The financing features a 36-month term, two extension options, flexible pre-payment and a facility to provide future funding for capital expenditures, tenant leasing costs, interest and operating shortfalls.

February 26, 2020

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