Western

BLT Enterprises Acquires Two Creative Office Properties in Hollywood for $20M

by Amy Works April 20, 2020

HOLLYWOOD, CALIF. — Santa Monica, Calif.-based BLT Enterprises has purchased two office properties in Hollywood for a total consideration of $20 million. The properties are a creative office asset at 5735 Melrose Ave. and an 18,000-square-foot production and entertainment office compound at 6151 Santa Monica Blvd. BLT plans to transform the Santa Monica Boulevard property into a modern creative industrial compound catering to production catering to production companies, digital advertising agencies and other companies at the convergence of tech and media. The Melrose property already underwent a renovation to fit the needs of the marketplace. Brad McCoy and David Wilson of Lee & Associates represented BLT in both transactions. Adam Hall of TOLD Partners represented the undisclosed seller of the Santa Monica property, while Paul Brehme and Brad McCoy of Lee & Associates represented the seller of the Melrose property.

April 20, 2020

California Loans Multifamily Western

KeyBank Secures $15.2M in Financing for Village Green Apartments in San Bernardino

by Amy Works April 20, 2020

SAN BERNARDINO, CALIF. — KeyBank Community Development Lending and Investment (CDLI) has arranged a $15.2 million interim bridge loan on behalf of Alliant Strategic Investments (ASI) to acquire Village Green Apartments, an affordable housing property in San Bernardino. Woodland Hills, Calif.-based ASI is an investment firm focused on the acquisition and preservation of affordable and workforce housing in urban markets throughout the United States. Situated on 22 acres, Village Green Apartments features 184 units in a mix of one- and two-bedroom layouts. Community amenities for the pet-friendly property include private backyards and two swimming pools. Additionally, KeyBank Real Estate Capital’s (KBREC) Commercial Mortgage Group is arranging permanent financing — a Federal Housing Administration 223(f) mortgage through the U.S. Department of Housing and Urban Development — for ASI. The term of the Housing Assistance Payments Contract on the property will be extended. Hector Zuniga of KeyBank’s CDLI and Paul Angle of KBREC’s Commercial Mortgage Group structured the financing.

April 20, 2020

Los-Acros-Mobile-Home-Park-Sierra-Park-AZ

Acquisitions Arizona Multifamily Western

Marcus & Millichap Brokers $3.2M Sale of Manufactured Housing Park in Arizona

by Amy Works April 20, 2020

SIERRA VISTA, ARIZ. — Marcus & Millichap has arranged the sale of the Los Arcos Mobile Home Park, located at 650 E. Busby Drive in Sierra Vista. An individual/personal trust acquired the community from a private investor for $3.2 million. Situated on 37.2 acres, Los Arcos Mobile Home Park features 232 total lots. At the time of sale, the property was 60 percent occupied. Michael Escobedo and Glenn Esterson of Marcus & Millichap represented the seller and procured the buyer in the deal.

April 20, 2020

298-Kingsbury-Grade-160-Pineridge-Dr-Stateline-NV

Acquisitions Industrial Mixed-Use Nevada Office Retail Western

Dickson Commercial Arranges $2.7M Sale of Mixed-Use, Multi-Tenant Asset in Nevada

by Amy Works April 20, 2020

STATELINE, NEV. — Dickson Commercial has negotiated the sale of a two-building property located at 298 Kingsbury Grade and 160 Pineridge Drive in Stateline. Kingsbury General Improvement District acquired the assets from JM Ranches for $2.7 million. The two multi-tenant properties offer a total of 15,788 square feet of office, industrial and retail space. Travis Hansen of Dickson Commercial Group represented the seller in the transaction.

April 20, 2020

California Loans Multifamily Western

JLL Arranges $58.5M in Financing for Multifamily Portfolio in Oakland

by Amy Works April 17, 2020

OAKLAND, CALIF. — JLL Capital Markets has secured $58.8 million in financing to fund the recapitalization of a nine-property multifamily portfolio in Oakland. The borrower is Mosser Capital and its new foreign investment partner. Peter Smyslowski and Bercut Smith of JLL Capital Markets represented the borrower in financing. The firm secured floating-rate loan through Société Générale. The term is seven years, including extension options. The loan includes interest-only payments through the first five years of the term with an initial advance of $49.5 million and an additional $9 million in future funding for unit renovations, the addition of new accessory dwelling units (ADUs) and other expenses. Mosser Capital originally acquired the assets in a series of transactions and aggregated the portfolio between 2016 and 2017. The portfolio includes 282 existing rent-controlled residential units, including the addition of 28 to-be-built ADUs, averaging 522 square feet, and four ground-floor retail suites. The properties are centrally located the Oakland submarkets of Cleveland Heights, Adam’s Point, Lakeside, Uptown and East Lake.

April 17, 2020

Parkway-Woods-Business-Park-Wilsonville-OR

Acquisitions Industrial Loans Office Oregon Western

NKF Closes $36.1M Loan for Parkway Woods Business Park Acquisition in Oregon

by Amy Works April 17, 2020

WILSONVILLE, ORE. — Newmark Knight Frank (NKF), on behalf of ScanlanKemperBard (SKB), has secured $36.1 million in financing for the acquisition of Parkway Woods Business Park in Wilsonville. SKB acquired the property, which offers 390,233 rentable square feet of office, production and manufacturing space on an 88.3-acre, park-like setting. Ramsey Daya, Chris Moritz and Stephen Scarpulla of NKF’s Debt & Structured Finance team in San Francisco executed the financing through Bridge Investment Group for the borrower. At the time of sale, the asset was 79.5 percent leased by a variety of tenants, including Xerox, 3D Systems, Dealer Spike and Tualatin Valley Water District. Parkway Woods features efficient, single-story floor plans with modern building systems, abundant green space, extensive freeway visibility, amenities, above-market parking ratio, on-site public transportation, excess land and nearby food options.

April 17, 2020

California Loans Office Western

New York Life Originates $69.9M Acquisition, Repositioning Loan for Office Building in California

by Amy Works April 17, 2020

EL SEGUNDO, CALIF. — New York Life Real Estate Investors has originated financing for the acquisition and repositioning of 2160 Grand, a three-story office building in El Segundo. Originally developed as a built-to-suit project in 1999, the building’s T-shaped layout allows floorplates to be divided for multiple tenants, along with the capability to serve larger space users. The buyer plans to reposition the property into a 164,000-square-foot, campus-like facility with a variety of amenities, including private roof decks, a fitness center, tenant lounge and outdoor courtyard. David Milestone of Newmark Knight Frank Capital Markets placed the debt on the transaction.

April 17, 2020

Acquisitions Arizona Restaurant Retail Western

Winlee Development Sells Two Buildings at Chandler Viridian Primegate in Arizona for $12.8M

by Amy Works April 17, 2020

CHANDLER, ARIZ. — Winlee Development has completed the disposition of the last component of Chandler Viridian Primegate for $12.8 million. The sale, which included both of the recently completed Thirsty Lion and Charles Schwab flagship buildings, consummates the phased sale of the four-building project for a total of $20.8 million, or approximately $870 per square foot. All of the buildings featured single-tenant leases. The other components are the Panera building, which sold for $4.3 million, and The Sicilian Butcher restaurant, which sold for $3.7 million. Winless Development, the commercial real estate division of Phoenix-based Winfield Lee Investments, developed Primegate. Jamie Meddress and Chris Lind of Marcus & Millichap helped broker all of the project’s transactions. Primegate is the restaurant and retail portion of Chandler Viridian, a 25-acre, $250 million, mixed-use project located at the entrance of Chandler Fashion Center in Chandler. A consortium that includes Hines, Winlee Development, Alliance Residential and Concord Hospitality is developing the larger Chandler Viridian project. The development features office, residential, hospitality, restaurant and retail space, as well as wellness trails, fountains and a dog park. The Primegate development team includes Alliance Bank, Berry Riddell, Sacks Tierney, Wespac Construction, Reigle & Associates and Larson Engineering. CBRE’s …

April 17, 2020

Acquisitions Colorado Multifamily Western

CBRE Negotiates $18.9M Purchase of Garfield Park Apartments in Denver

by Amy Works April 17, 2020

DENVER — CBRE has arranged the acquisition of Garfield Park, a multifamily property located at 1300 and 1325 Garfield St. in Denver’s Congress Park neighborhood. Elterra Investments purchased the asset from an undisclosed seller for $18.9 million. Robert Bratley of CBRE’s Denver office represented the buyer in the deal. The 51,730-square-foot property features 78 apartments, a leasing office, fitness center, courtyard, storage areas, laundry room and abundant parking. Prior to the sale, the seller completed updates to several units, as well as common areas. Additionally, Cornerstone Apartment Services, the buyer’s property manager, took over management while the community was under contract and filled several vacancies prior to closing the sale. At the time of sale, the property was 93 percent leased.

April 17, 2020

Acquisitions California Healthcare Top Stories Western

Verity Health System Sells St. Vincent Medical Center in Los Angeles for $135M

by Alex Patton April 17, 2020

LOS ANGELES — Verity Health System has sold the 381-bed St. Vincent Medical Center in Los Angeles for $135 million. The hospital is currently operating on a temporary lease with the State of California as a surge facility for treating COVID-19 patients. The buyer, surgeon and medical researcher Dr. Patrick Soon-Shiong, will continue to honor the lease with the state, while also using several buildings as facilities for COVID-19 research. Soon-Shiong is the principal officer of the Chan Soon-Shiong Family Foundation, a California-based private grantmaking organization. “Verity Health is proud of its partnership with the State of California and is confident that Dr. Soon-Shiong and his team will continue to enhance the collaboration with the state and local government to address COVID-19,” says Rich Adcock, CEO of Verity Health. Verity Health System filed for bankruptcy in summer 2018. The U.S. Bankruptcy Court for the Central District of California in Los Angeles recently approved the sale of the nonprofit’s assets, including St. Francis Medical Center in Lynwood to Prime Healthcare. Located at 213 W. 3rd St. in the Westlake neighborhood of Los Angeles, the Daughters of Charity of Saint Vincent de Paul originally opened the hospital in 1856. The property closed …

April 17, 2020

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