Western

Avison Young Arranges $27.7M Construction Loan for Summertown Apartments Near Boise

by Amy Works January 23, 2020

MERIDIAN, IDAHO — Avison Young has secured a $27.7 million loan to finance the construction of Summertown Apartments in Meridian, a suburb 12 miles west of Boise. The borrower is a joint venture between Phoenix Commercial Construction and 111 Capital. Jay Maddox and Peter Sherman of Avison Young Capital Markets Group arranged the loan, which a Los Angeles-based private lender provided. Located adjacent to the 58-acre Settler’s Park, Summertown will offer 190 units in a mix of two-story rowhouses and three-story garden-style apartments with gated front garden areas and enclosed garages. Situated on 5.8 acres, the property will feature resort-like amenities. Construction is slated to begin first-quarter 2020, with the first units delivered during summer 2020.

January 23, 2020

California Healthcare Loans Office Western

PSRS Secures $11M Loan for Medical Office Space in Chula Vista, California

by Amy Works January 23, 2020

CHULA VISTA, CALIF. — San Diego-based Pacific Southwest Realty Services (PSRS) has arranged $11 million in financing for a medical office facility located in Chula Vista. The borrower is San Ysidro Health (formerly San Ysidro Health Center). Located at 880 Third Ave., the 23,780-square-foot property was formerly a CVS/pharmacy that was converted to a modern medical office facility. San Ysidro Health is a nonprofit organization that provides healthcare services. Services at the new center will include senior services, adult and family medicine, pediatrics, women’s health and support services. Pasha Johnson of PSRS structured the loan for the borrower.

January 23, 2020

Acquisitions Colorado Net Lease Retail Western

Marcus & Millichap Negotiates $7M Sale of Service Station/Convenience Store in Brighton, Colorado

by Amy Works January 23, 2020

BRIGHTON, COLO. — Marcus & Millichap has arranged the sale of Kum & Go, a service station and convenience store located in Brighton, a northeastern suburb of Denver. A limited liability company sold the property for $7 million. Located at 5112 E. Bromley Lane, the 6,975-square-foot, net-leased property features 12 gas pumps and 24 nozzles for personal vehicles and four semi bays for commercial vehicles. The property also features a Go Fresh Market and charging stations for electric vehicles. Timothy Nichols of Marcus & Millichap’s Chicago Oak Brook office represented the seller, while Skyler Cooper, also of Marcus & Millichap, served as broker of record in Colorado.

January 23, 2020

Acquisitions California Multifamily Seniors Housing Western

Blueprint Brokers $4M Sale of Skilled Nursing Facility Near Los Angeles

by Amy Works January 23, 2020

LOS ANGELES — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 50-bed skilled nursing facility in the Los Angeles metropolitan area. A private real estate investor sold the community to an investor with a large California portfolio for $4 million, or $80,000 per bed. The specific name and location of the property were not released. The seller made $1.7 million in capital improvements to the property over the last three years, including adding 27 beds. Christopher Hyldahl, Gideon Orion and Kendra Gonzalez of Blueprint handled the transaction.

January 23, 2020

Acquisitions Colorado Multifamily Western

NKF Negotiates $145M Sale of Luxe at Mile High Multifamily Asset in Denver

by Amy Works January 22, 2020

DENVER — Newmark Knight Frank (NKF) Multifamily has brokered the sale of Luxe at Mile High, an apartment community in Denver. An undisclosed buyer acquired the newly constructed property from San Antonio-based Embrey for $145 million, or $379,581 per unit. Located at 3200 W. Colfax Ave., Luxe at Mile High features 382 units in a mix of one- and two-bedroom layouts with quartz countertops and state-of-the-art appliance packages, including full-size washers/dryers and stainless steel kitchen appliances. Terrance Hunt and Shane Ozment of NKF handled the transaction.

January 22, 2020

Arizona Development Mixed-Use Office Restaurant Retail Western

Palmer Development Breaks Ground on 250,000 SF Office, Retail Project in Scottsdale

by Amy Works January 22, 2020

SCOTTSDALE, ARIZ. — Scottsdale-based Palmer Development Group has broken ground on The Edge, a mixed-use project located at the northeast corner of 90th Street and Loop 101 in Scottsdale. The 15-arce development will include a four-story, 212,000-square-foot Class A office building, plus 22,000 square feet of retail in-line shop space and two pad locations. Designed by Butler Design Group, the office portion is slated for completion in March 2021, while initial occupancy of the retail space is planned for December 2020. Currently signed retail tenants include Black Rock Coffee, Café Rio and Beauty Bar. John Bonnell, Brett Abramson, Chris Latvaaho and Chris Beall of JLL Phoenix are handling leasing for the office component, while Brent Mallonee and Shane Carter of Cushman & Wakefield are handling leasing for the retail portion of the project.

January 22, 2020

Acquisitions California Net Lease Office Western

Hines, Oaktree Capital Sell PacSun-Occupied Office Building in Anaheim for $44M

by Amy Works January 22, 2020

ANAHEIM, CALIF. — Hines and funds managed by Oaktree Capital Management have completed the sale of a single-tenant office building located at 3450 E. Miraloma Ave. in Anaheim. A family trust bought the property for $44 million. Built in 2002 as a build-to-suit for Pacific Sunwear of California (PacSun), the property features 180,000 square feet of Class A office space, large floor plates, a cafeteria, outdoor sports courts and ample surface parking. PacSun occupies the property on a long-term, triple-net lease. Founded in 1980, Newport Beach, Calif.-based PacSun is a retail clothing brand rooted in the youth-oriented culture and lifestyle of California. Paul Jones, Kevin Shannon, Brandon White, Sean Fulp, Ryan Plummer, Mark Schuessler and Matt Berres of Newmark Knight Frank represented the sellers, while Michael Hartel of Colliers International represented the buyer in the deal.

January 22, 2020

Acquisitions California Multifamily Western

JV Acquires Sterling Pointe Apartment Community in Sacramento for $33M

by Amy Works January 22, 2020

SACRAMENTO — A joint venture between Ridge Capital Investors and Contrarian Capital Management has purchased Sterling Pointe, a Class B multifamily property located at 2237 and 2257 Hurley Way in the Arden-Arcade submarket of Sacramento. An undisclosed seller sold the property for $33 million. Built in 1972, Sterling Pointe features 250 apartments. The partnership plans to implement a renovation program that will include improvements to unit interiors and exteriors, as well as upgrades to property amenities, branding and signage. Upon completion, Sterling Pointe plans to compete with comparable Class B+ and A- properties. FPI Management will provide third-party management services for the property. John Shaffer, Brian Nelson and Nicole Parrish of Colliers International Sacramento represented buyers in the transaction.

January 22, 2020

Acquisitions California Retail Western

Stos Partners Buys Parking Site Near Port of San Diego for $26.5M

by Amy Works January 22, 2020

SAN DIEGO — Stos Partners, in conjunction with an institutional partner, has purchased a 5.8-acre parking lot land site near the Port of San Diego. A private entity sold the property for $26.5 million. Situated under the Coronado Bridge at 2210-2310 Main St. in San Diego, the parking lot is currently 100 percent leased to a defense contractor. With this transaction, Stos has completed nine acquisitions this year totaling $81.5 million and sold four assets totaling $48.4 million, bringing the firm’s total transaction to more than $130 million in Southern California in 2019.

January 22, 2020

Jim Flynn, Hunt: Multifamily demand drivers have remained strong...

Features Finance Insight Loans Midwest Multifamily Northeast ORIX Southeast Texas Western

Hunt: Multifamily Should Remain a Favored Product Type in 2020

by Jaime Lackey January 21, 2020

James P. Flynn, CEO of New York-headquartered Hunt Real Estate Capital, believes 2020 will continue to provide a strong environment for multifamily lending and transactions. Though this may be good news for borrowers, it does mean competition in the market will also remain strong. Flynn addresses these points and elaborates on ORIX USA’s acquisition of the Hunt Companies’ commercial real estate financing subsidiary in the Q&A below. Finance Insight: What commercial property sector will experience the most activity in 2020, and why? Flynn: Multifamily should continue to be the most active commercial real estate sector in terms of financing activity. The MBA forecasts that multifamily lending will top $395 billion in 2020, a 9 percent increase over 2019 activity. That figure represents nearly 60 percent of the total commercial real estate activity forecast for 2020. With the Fed signaling no change to borrower costs for the year, the consensus seems to be a continued period of interest rates near historic lows. Multifamily owners and operators will continue to take advantage of this environment to rehabilitate, refinance and refine their portfolios. Of course, the other side of the equation is the growth in multifamily demand drivers. These drivers have remained strong, …

January 21, 2020

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