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Lakeview-Village-Gilbert-AZ
AcquisitionsArizonaRetailWestern

Vestar Sells Grocery-Anchored Shopping Center for $18.2M in Gilbert, Arizona

by Amy Works

GILBERT, ARIZ. — Phoenix-based Vestar has completed the sale of Lakeview Village at Morrison Ranch, a shopping center located at the corner of Higley and Elliot roads in Gilbert. Colorado-based JFRCO acquired the asset for $18.2 million. Developed in 2014, the 93,741-square-foot retail center is anchored by a 52,443-square-foot Bashas. At the time of sale, the property was 98.6 percent leased to a variety of tenants, including Dance Republic, Panda Express, UPS Store and Edward Jones. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, while John Redfield of SRS Real Estate Partners represented the buyer in the deal.

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River-Valley-Estates
ArizonaLoansMultifamilyORIXSeniors HousingWestern

Lancaster Pollard Closes $12.7M Bridge Loan for Seniors Housing Asset in Yuma, Arizona

by Amy Works

YUMA, ARIZ. — Lancaster Pollard Mortgage Co.’s affiliate OREC Structured Finance Co. has arranged a $12.7 million bridge loan for River Valley Estates, a seniors housing community in Yuma. The borrower is Mission Senior Living. The community features 56 assisted living units and 32 memory care beds. The transaction refinances the existing debt on the facility and provides equity at initial closing with an earn-out to allow the client to extract additional cash upon achievement of performance metrics. The lender was not disclosed. Rob McAdams led the transaction for Lancaster Pollard.

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Linden-Square-Apts-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

Rise Properties Trust, Aegon Real Assets Buy 186-Unit Linden Square Apartments in Seattle for $52.7M

by Amy Works

SEATTLE — Canada-based Rise Properties Trust and Netherlands-based Aegon Real Assets US have acquired Linden Square Apartments in North Seattle for $52.7 million. Brokered by CBRE, this transaction represents the third joint venture between the companies this year. Built in 1993, the multifamily community features 186 residences in a mix of one-, two- and three-bedroom units. Community amenities include a fitness center, pool, garage parking, storage and additional amenity space. Seattle-based Thrive Communities will manage the property. Including Linden Square Apartments, Rise owns approximately 3,200 units across 20 multifamily properties in the Pacific Northwest.

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Scripps-Ranch-Business-Park-San-Diego-CA
AcquisitionsCaliforniaIndustrialWestern

JLL Brokers $23.2M Sale of Five-Building Scripps Ranch Business Park in San Diego

by Amy Works

SAN DIEGO — JLL has arranged the sale of Scripps Ranch Business Park, a fully leased R&D/industrial park in San Diego’s Scripps Ranch submarket. A partnership between San Diego-based Hill Properties and RGA ReCap Inc. (ReCap Real Estate Investments), on behalf of Reinsurance Group of America, sold the asset to Dollinger Properties for $23.2 million. Totaling 94,309 square feet, Scripps Ranch Business Park comprises five freestanding buildings that are fully leased to five tenants, including Siemens, USPS and Apria Healthcare. The business park is situated on 7.5 acres at 10060, 10070, 10080, 10090 and 10100 Willow Creek Road. Sach Kirpalani, Lynn LaChapelle and Bob Prendergast of JLL Capital Markets represented the seller in the transaction.

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DevelopmentIndustrialNevadaWestern

Plumbing Manufacturer Opens 148,000 SF Distribution Center in North Las Vegas

by Amy Works

NORTH LAS VEGAS — Oatey Co., a plumbing manufacturer since 1916, has opened a new distribution center in North Las Vegas. The 148,000-square-foot facility features high efficiency LED lighting and HVLS fans, and meets LEED Silver requirements. The distribution center will stock thousands of residential and commercial plumbing products across the company’s 23 categories and sold under the Oatey family of brands. The new facility will further enhance Oatey’s ability to service its customers in the West.

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Roxborough-Apts-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

Hamilton Urban Partners Sells Roxborough Apartments in Seattle for $17.4M

by Amy Works

SEATTLE — Hamilton Urban Partners has completed the sale of Roxborough Apartments, a multifamily property located in Seattle’s Capitol Hill neighborhood. An undisclosed buyer acquired the asset for $17.4 million, or just under $681 per net rentable square foot. Located at 1720 E. Denny Way, Roxborough Apartments comprises 27 units built in 1920 and 26 modern units built in 2019. The building provides residents the amenities and luxuries of a new-construction building with the charm and character of Seattle’s historic buildings. Dylan Simon and Jerrid Anderson of Kidder Mathews represented the seller in the deal.

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HawaiiLoansMultifamilySeniors HousingWestern

Sims Mortgage Funding Arranges $14.1M Financing for Liliha Healthcare Center in Honolulu

by Amy Works

HONOLULU — Sims Mortgage Funding (SMF), a subsidiary of HJ Sims, has arranged $14.1 million in financing for Liliha Healthcare Center, a 92-bed skilled nursing facility in Honolulu. Liliha, and its sister facility, Nuuanu Hale, were collateralized with a single, high-interest-rate bridge loan that featured a short maturity and expensive extension provisions. SMF arranged a HUD-insured loan with a fixed interest rate and long term to refinance the existing debt. To complete the refinancing capital stack, the holding company of the Liliha and Nuuanu borrowers obtained additional financing through Sims. SMF underwrote a refinancing loan insured under the Section 232/223(f) program that represents 80 percent of the community’s estimated market value. The loan featured a 35-year term and was underwritten with a 2.05 debt service coverage ratio.

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CaliforniaMarket ReportsMultifamilyWesternWestern Market Reports

Orange County Braces for Rent Control, Continued Affordability Issues

by Taylor Williams

Orange County’s multifamily market fundamentals remain some of the strongest in the country as local real estate investors brace for new state-wide rent control policies beginning Jan. 1, 2020. There will undoubtedly be an education process for landlords regarding this new law and how it may impact the valuation of multifamily in the future, but the long-term stability of the overall apartment market looks bright. Orange County boasts historically low unemployment and low apartment vacancy, but the region continues to have a shortfall in the development of workforce housing. Orange County is expected to deliver about 2,900 new Class A units to the market in 2019, about 500 units more than last year. With an extended economic expansion throughout Southern California, Orange County has benefitted greatly with large segments of its population fully employed and seeking places to live. The county has one of the nation’s highest median home prices at more than $833,000, making homeownership unattainable for many of its residents. This workforce housing shortfall will continue to put further pressure on the demand in Orange County as its apartment average vacancy rate is anticipated to drop 40 basis points to a very low 3.4 percent in 2019. This …

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IndustrialMarket ReportsNevadaWesternWestern Market Reports

Tenants, Developers Remain Bullish on Northern Nevada Industrial Market

by Taylor Williams

Northern Nevada’s industrial market remains strong with more than 3.2 million square feet of new speculative space under construction and slated for delivery in 2020. These new projects will push the market well above the 90-million-square-footmark. The vacancy rate is a low 5.56 percent and continues to trend slightly upward. There have been some significant lease transactions in the market. Prologis is building a 598,901-square-foot facility for Makita Tools; Scannell just finished a 200,200-square-foot built-to-suit facility for OnTrac; and 1A Auto recently leased 149,196 square feet at 9175 Moya Blvd. All of these transactions occurred in the North Valleys submarket. The new 270,975-square-foot Longley Commerce Center by Panattoni leased up a majority of its space in the third quarter. This project is a mix of flex and bulk spaces, and is the last viable industrial development in the South Meadows submarket. Polaris completed its 514,555-square-foot BTS in Fernley in the second quarter, while a confidential user just leased 266,000 square feet in the I-80 East submarket. There have also been some significant portfolio sales to institutional buyers. The 1.4-million-square-foot Lear Industrial Center is slated to trade hands in the fourth quarter. Northwestern Mutual sold its 1,776,805-square-foot portfolio to Link Industrial …

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Power-Light-Portland-OR
AcquisitionsOfficeOregonWestern

Gerding Edlen Buys 272,079 SF Power + Light Office Building in Portland for $131.5M

by Amy Works

PORTLAND, ORE. — An affiliate of Gerding Edlen has acquired the Power + Light Building, an office property located in the central business district of Portland. An affiliate of Beacon Capital Partners sold the asset for $131.5 million. Located at 920 SW Sixth Ave., the 272,079-square-foot property was repositioned in 2018 to appeal to tenants seeking creative office space in a walkable location. The recent $9.4 million repositioning included an overhaul of the building lobby and the addition of a high-end fitness center equipped with shower and locker facilities, bike storage and an indoor/outdoor rooftop tenant lounge. At the time of sale, a diverse mix of office and retail tenants occupied the 15-story building. Power + Light is located a few blocks from Pioneer Square and Portland’s multi-modal transit hub. Nick Kucha and James Childress of Newmark Knight Frank, along with Buzz Ellis and Rob Hielscher of JLL, represented the seller. The buyer was self-represented in the transaction.

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