Western

Jean Retailer True Religion Files for Chapter 11 Bankruptcy Amid Pandemic-Related Retail Closures

by Amy Works April 14, 2020

MANHATTAN BEACH, CALIF. — True Religion, a premium jeans retailer based in Manhattan Beach, filed papers in Delaware bankruptcy court on Monday, April 13. In its filing, the company stated that pandemic-related closure of all its retail location and all the stores of its wholesale buyers had accelerated “existing liquidity constraints.” Due to these factors, True Religion furloughed all nonessential employees and reentered Chapter 11, which it previously entered in July 2017. “While the debtors would have preferred to wait out the current instabilities of the financial markets and retail industry generally, [True Religion] simply could not afford to do so,” according to the filing. The company, which was founded in 2002, stated in its bankruptcy filings that it has just north of 1,000 employees, 92 percent of them currently furloughed. The Chapter 11 petition listed between $100 million and $500 million in liabilities.

April 14, 2020

Loans Multifamily Seniors Housing Washington Western

M&T Provides $16.8M in Financing for Seniors Housing Community Near Seattle

by Amy Works April 14, 2020

ENUMCLAW, WASH. — M&T Realty Capital Corp. has provided a $16.8 million Freddie Mac loan for High Point Village, a seniors housing community in Enumclaw, approximately 35 miles southeast of Seattle. The community features 108 units of independent living, assisted living and memory care. The loan, which will refinance existing debt, features a 60 percent loan-to-value ratio, 10-year term and fixed rate. It also includes five years of interest-only payments followed by a 30-year amortization. The borrower is a multi-generational, family-run business. The property is listed on the website of Village Concepts, which operates 25 seniors housing communities all located in Washington State. Steve Muth of M&T Realty Capital Corp.’s Richmond, Virginia, office led the transaction.

April 14, 2020

Acquisitions California Hospitality Western

Marcus & Millichap Brokers $9M Sale of Motel 6 in North Hills, California

by Amy Works April 14, 2020

NORTH HILLS, CALIF. — Marcus & Millichap has brokered the sale of Motel 6 Los Angeles – Van Nuys – North Hills, located at 15711 Roscoe Blvd. in North Hills. A limited liability company sold the asset to a private investor for $9 million. The hotel features 131,412 square feet of space. Brandon Michaels, Steven Schechter and Sean Brandt of Marcus & Millichap’s Encino, Calif., office represented the seller and buyer in the transaction.

April 14, 2020

Loans Multifamily New Mexico ORIX Western

Hunt Real Estate Funds $7.7M Acquisition Loan for Sage Canyon Apartments in Albuquerque

by Amy Works April 14, 2020

ALBUQUERQUE, N.M. — Hunt Real Estate Capital has funded a $7.7 million Fannie Mae conventional multifamily loan for the acquisition of Sage Canyon Apartments, a multifamily community located at 6134 Fourth St. NW in Albuquerque. The borrower is Engel Sage Canyon LLC, an Alabama-based, single-asset entity. The loan features a 12-year term, 30-year amortization schedule and 48 months of interest-only payments. Chad Hagwood of Hunt Real Estate Capital handled the financing for the borrower. Built in 1985 on four acres, Sage Canyon Apartments features 105 garden-style units spread across eight two-story residential buildings. The community also features an amenity building that includes the leasing office, fitness center and laundry facilities. Additionally, the gated property features 113 parking spaces. Since 2019, 48 of the apartments have been renovated, including new flooring, paint, lighting, plumbing fixtures, appliances and stackable laundry machines. During 2018, additional property improvements were completed including asphalt repairs, new pool gazebos, installation of new signage, exterior lighting improvements, solar screens, private balconies and exterior paint. The borrower plans to continue the renovation process.

April 14, 2020

Acquisitions Colorado Office Western

Quiver Investments, NavPoint Real Estate Arrange $3.5M Sale of Office Property in Colorado

by Amy Works April 14, 2020

CENTENNIAL, COLO. — Denver-based Quiver Investments and NavPoint Real Estate Group have negotiated the sale of Arapahoe Plaza East II, an office building located in Centennial. An undisclosed buyer acquired the asset for $3.5 million. Located at 7955 E. Arapahoe Court, the property features 29,140 square feet of multi-tenant office space. At the time of sale, the asset was 96 percent occupied. John Witt of Quiver Investments and Matt Kulbe of NavPoint Real Estate Group represented the seller. Lon Welsh of Your Castle Real Estate represented the buyer in the deal.

April 14, 2020

Acquisitions California Healthcare Top Stories Western

Prime Healthcare Agrees to Acquire Hospital in Los Angeles County for Over $350M

by John Nelson April 14, 2020

LYNWOOD, CALIF. — Prime Healthcare, a private healthcare system based in Ontario, Calif., has agreed to acquire St. Francis Medical Center, a 384-bed hospital in the Los Angeles County suburb of Lynwood. The U.S. Bankruptcy Court for the Central District of California in Los Angeles recently approved Prime Healthcare’s purchase agreement with the seller, Verity Health System, a California-based healthcare system that filed for bankruptcy in summer 2018. As part of the agreement, Prime Healthcare will purchase St. Francis Medical Center for more than $350 million, which includes a $200 million base price and a $15 million in payroll and benefits for staff. The firm will also invest $47 million to make technological and system upgrades, as well as finalize employee agreements with the hospital’s current staff. The remaining balance of the purchase price was not specifically categorized. Prime Healthcare has agreed to honor the Attorney General and Bankruptcy Court conditions recently issued for this sale to preserve the hospital, trauma care, service lines, charity commitments and community benefit programs. “Our agreement with Verity reflects our decades-long mission of saving, improving and investing in community hospitals,” said Dr. Sunny Bhatia, Prime Healthcare’s Region 1 CEO and corporate chief medical officer. …

April 14, 2020

Acquisitions Idaho Multifamily Western

Berkadia Arranges Sale of Central Pointe Multifamily Property in Boise

by Amy Works April 13, 2020

BOISE — Berkadia has facilitated the sale of Central Pointe, a garden-style apartment property in Boise. Monarch Investment and Management Group sold the community to an undisclosed entity. The acquisition price was not released. Located at 1334 N. Liberty St., Central Pointe features a mix of one-, two- and three-bedroom floor plans with private balconies or patios. Community amenities include a fitness center, pool, playground, clubhouse, sundeck, laundry facilities, covered parking, an outdoor area with grilling stations, and a dog park. Kenny Dudunakis, David Sorensen and Ben Johnson of Berkadia’s Seattle office, along with Alex Blagojevich of Berkadia’s Chicago office and Michael Sullivan of the firm’s Kansas City office, represented the seller in the deal.

April 13, 2020

Acquisitions California Industrial Western

Rexford Industrial Buys San Gabriel Valley Industrial Property for $15.5M

by Amy Works April 13, 2020

AZUSA, CALIF. — Rexford Industrial has completed the purchase of an industrial asset located at 720-750 N. Vernon Ave. in Azusa, within the Los Angeles – San Gabriel Valley market. An undisclosed seller sold the property for $15.5 million, or $59 per land square foot. The property was acquired through a sale-leaseback transaction underwritten on a land-value basis. The 71,692-square-foot property is fully leased on a long-term basis. The buyer plans to collect cash flow from the in-place lease and, upon lease expiration, to redevelop the property by constructing a new, larger Class A warehouse/distribution facility.

April 13, 2020

Acquisitions Multifamily Seniors Housing Washington Western

ESI Negotiates Sale of a Heartwood Extended Healthcare in Tacoma for $8M

by Jeff Shaw April 13, 2020

TACOMA, Wash. — Evans Senior Investments (ESI) has arranged the sale of Heartwood Extended Healthcare, a 120-bed skilled nursing community in Tacoma. A joint venture between an East Coast capital group and a Los Angeles-based operator acquired the facility for for $8 million, or $66,000 price per bed. The seller was a local owner-operator. Built in 1986, the community was 69 percent occupied and not profitable at the time of sale. The new buyers plan to replace contracted staff with full-time employees. In addition, Medicaid rate increases have already been approved, as well as emergency funding for dealing with the COVID-19 pandemic. ESI represented the seller in the transaction. “The new buyer will be able to leverage their experience in the nursing home industry to improve the financials and continue to build upon an already great culture in the building,” says Jeremy Stroiman, CEO of ESI.

April 13, 2020

Acquisitions California Retail Western

NAI Capital Facilitates Sale of 8,000 SF Strip Retail Center in Camarillo, California

by Amy Works April 13, 2020

CAMARILLO, CALIF. — NAI Capital has arranged the sale of a strip retail center, located at 415 W. Ventura Blvd. in Camarillo. YS Properties sold the asset to a private investor for $4.8 million, or $600 per square foot. Built in 2020, the 8,000-square-foot property is fully occupied by T-Mobile, Subway, Lindora and Eye Glass Factory. The asset is an out-pad parcel to The Home Depot and located directly off the 101 Freeway. Dave Maron of NAI Capital’s Investment Services Group represented the buyer in the deal.

April 13, 2020

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