Western

Ledra Brands Buys Industrial Building in Southern California for $16.6M

by Amy Works February 20, 2020

IRVINE, CALIF. — Ledra Brands, a local lighting manufacturer, has purchased an industrial property located at 88 Maxwell in Irvine. University Medical sold the asset for $16.6 million. Ross Fippinger and Ross Bourne of CBRE represented the buyer, while Gregg Haly and Dave Desper, also of CBRE, represented the seller in the deal. Situated on 3.7 acres within the Irvine Spectrum submarket of Orange County, Calif., the 55,285-square-foot building features 14,684 square feet of office space, four dock-high loading doors, 30-foot clear heights and 125 parking spaces.

February 20, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $12.3M Sale of Multifamily Community in Los Angeles

by Amy Works February 20, 2020

LOS ANGELES — Marcus & Millichap has arranged the sale of an apartment property located at 4325 Berryman Ave. in the Mar Vista neighborhood of Los Angeles. A member of the original builder’s family sold the asset to an undisclosed buyer for $12.3 million. Built in 1972, the community features 41 one-bedroom floor plans in a two-story building situated on 33,890 square feet of land. Paul Darrow and Kevin Green of THG Multifamily of Marcus & Millichap represented the seller in the transaction.

February 20, 2020

Acquisitions Multifamily Seniors Housing Utah Western

CareTrust REIT Acquires 62-Unit Barton Creek Senior Living in Utah

by Amy Works February 20, 2020

BOUNTIFUL, UTAH — CareTrust REIT Inc. (NASDAQ:CTRE) has acquired Barton Creek Senior Living, a 62-unit assisted living facility located on the campus of Lake View Hospital in Bountiful, a suburb of Salt Lake City. The acquisition price of the off-market transaction was not disclosed. The Barton Creek facility has been added to CareTrust’s existing master lease with seniors housing operator Bayshire LLC. For the seller, the nonprofit South Davis Community Hospital Campus, the sale was part of a strategic decision to focus on its adjacent higher-acuity operations. The property will be Bayshire’s first in Utah. Annual cash rent under the Bayshire master lease will increase by approximately $600,000. The remaining lease term is just under 15 years, plus two five-year renewal options, and carries annual CPI-based rent escalators. The acquisition was funded using a combination of cash on hand and CareTrust’s $600 million unsecured revolving credit facility.

February 20, 2020

Acquisitions Arizona Industrial Western

Cushman & Wakefield Brokers $5.6M Acquisition of Industrial Building in Phoenix

by Amy Works February 20, 2020

PHOENIX — Cushman & Wakefield has arranged the purchase of a vacant industrial building located in Southwest Phoenix. KKR, a New York-based global investment firm, acquired the property from LMI Solutions for $5.6 million. The 82,288-square-foot property features 28-foot clear heights, 16 dock-high loading doors and an evaporative cooled warehouse area. The freestanding, fully-fenced building is situated on 5.2 acres at 46 N. 49th Ave. Phil Haenel of Cushman & Wakefield represented the buyer in the deal. Additionally, Haenel, Andy Markham and Mike Haenel, also of Cushman & Wakefield, will handle leasing for the property.

February 20, 2020

Arizona Loans Multifamily Student Housing Western

Ready Capital Closes $6M Loan for Student Housing Property Near University of Arizona

by Amy Works February 20, 2020

TUCSON, ARIZ. — Ready Capital has closed a $6 million loan for the refinance, renovation and lease-up of a 173-unit, Class B student housing property serving the University of Arizona submarket in Tucson. Upon closing, the sponsor will perform various capital improvements to the unit interiors and property exterior. Renovations will begin with units that are leased for the upcoming school year, but are not yet occupied. Unit renovations to expected to be completed by month 24 of the loan term. The non-recourse, floating-rate loan features a 36-month term, one extension option and flexible prepayment. Additionally, the financing is inclusive of a facility to provide future funding for capital expenditures.

February 20, 2020

Finance Insight Midwest Multifamily Northeast Seniors Housing Southeast Texas Thought Leadership Video Western

M&T Realty Capital: What’s the latest in seniors housing finance?

by Sarah Daniels February 20, 2020

At MBA CREF, M&T Realty Capital’s Sean Huntsman met with reporter Nellie Day to discuss the trends he’s seeing in the multifamily and seniors housing sectors. One big takeaway: The current market demands flexibility and diversified lending. M&T Realty Capital Corp.’s lending platform is allowing the company to both succeed and expand — they had a record 2019 in terms of loan production for healthcare and seniors housing sectors. In addition to a robust pipeline of multifamily and seniors housing construction loans, M&T is also working with owners/operators who are stabilizing assets and recapitalizing equity. However, Huntsman is seeing the impact of high labor and constructions costs and some overbuilding in certain markets, indicating that stakeholders need to look closely at demand on a market-by-market basis. Watch the video for more insights from Huntsman. 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 newsletter series, followed by video interviews from MBA CREF.

February 20, 2020

Development Hospitality Nevada Top Stories Western

CIM Group Building 495 More Rooms at Downtown Grand Hotel & Casino in Las Vegas

by Alex Tostado February 20, 2020

LAS VEGAS — CIM Group is expanding Downtown Grand Hotel & Casino with the addition of an eight-story, 495-room building in downtown Las Vegas. The extra rooms will increase the total number of rooms by more than 75 percent, bringing the total from 629 to 1,124 rooms. The new building is being constructed atop a reconfigured porte-cochere (a covered entrance large enough for vehicles to pass through), and guests will have direct access to the third-level pool deck, the hotel’s casino, ground-level retail and entertainment options. Furthermore, CIM Group is developing a new public casino entrance. Of the new rooms, 90 are suites, including 67 studio units, 20 one-bedroom suites and three Presidential Suites each totaling nearly 1,500 square feet of living space. Downtown Grand Hotel also offers DJs on the casino floor every Friday and Saturday, six meeting rooms ranging from 814 to 10,625 square feet, and six restaurants. Upon completion of the expansion, Downtown Grand Hotel & Casino will comprise three buildings that span two city blocks between Casino Center Boulevard, North 4th Street, East Ogden Avenue and East Stewart Avenue. CIM Group originally opened Downtown Grand Hotel in 2013. The Los Angeles-based developer expects to complete the …

February 20, 2020

Affordable Housing Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Western

TD Bank: Practical Steps to Promote Affordable Housing

by Sarah Daniels February 19, 2020

2020 looks like it will be a record year in terms of delivery of multifamily units, according to Gregg Gerken, Head of U.S. Commercial Real Estate with TD Bank. But how much will Class A continue to dominate the market? “There is a movement toward rent control. Affordable housing is an obvious pressure in the industry,” Gerken says. Entitlement and construction costs mean that developers have focused on Class A projects and LIHTC-supported affordable housing projects. “But much more emphasis will have to be placed on workforce housing and Class B new delivery. There is an unmet — and almost unlimited — demand in that space,” Gerken says. The question is: can the industry influence government — especially local government — to change entitlement processes to encourage development of more affordable housing? Watch the interview for Gerken’s insights on affordable housing development. 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 newsletter series, followed by video interviews from MBA CREF.

February 19, 2020

Acquisitions California Net Lease Office Western

Drawbridge Realty Buys 253,720 SF Bank of America Office Campus in Westlake Village, California

by Amy Works February 19, 2020

WESTLAKE VILLAGE, CALIF. — San Francisco-based Drawbridge Realty has purchased an office building situated on 19.6 acres at 31303 Agoura Road in Westlake Village. Terms of the transaction were not released. Bank of America occupies the 253,720-square-foot campus on an 11-year, triple-net lease through 2031. The bank employs approximately 1,000 employees at the property. Todd Tydlaska, Sean Sullivan, Mike Longo and Anthony DeLorenzo of CBRE’s El Segundo, Calif., office represented the undisclosed seller in the deal. Drawbridge acquired the asset using a portion of a $240 million equity commitment secured in 2019, providing Drawbridge with discretionary capital to acquire $600 million of additional properties in target markets across the United States. The new equity commitment was led by KKR, which played an important role in procuring the new capital alongside others.

February 19, 2020

Colorado Development Multifamily Western

Partnership Breaks Ground on 281-Unit Traverse Apartments in Lakewood, Colorado

by Amy Works February 19, 2020

LAKEWOOD, COLO. — Denver-based Trailbreak Partners, Colorado-based Highland Development Co. and T.O.D. Properties have broken ground on Traverse Apartments, a Class A multifamily property in Lakewood. Slated to open in early 2022, Traverse Apartments is the latest addition to West Line Village, T.O.D.’s transit-oriented neighborhood in Lakewood. The five-story building will features 281 apartments, a swimming pool, hot tub, rooftop patio, courtyard lounge areas, clubhouse, business center, fitness center, media room and pet spa. Traverse Apartments will also feature a 362-space parking structure. The project is located adjacent to the Sheridan Station on the W Line, which is five stops from downtown Denver. Martines Palmeiro Construction is serving as general contractor for the project, which KTGY Architecture + Planning designed.

February 19, 2020

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