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North-Hayden-Commerce-Center-Scottsdale-AZ
AcquisitionsArizonaIndustrialWestern

Hayden Center Investments Acquires 103,517 SF Warehouse in Arizona for $16.5M

by Amy Works

SCOTTSDALE, ARIZ. — Hayden Center Investments has purchased North Hayden Commerce Center, an industrial warehouse located at 14000 N. Hayden Road in Scottsdale. New York-based 14000 N. Hayden Road, Scottsdale LLC (a company formed by iStar Financial Inc.) sold the property for $16.5 million. Paul Boyle, Rick Danis and Michael Kitlica of Cushman & Wakefield represented the seller, while Randy Shell of Shell Commercial represented the buyer in the deal. Completed in 2007, North Hayden Commerce Center is a single-story building totaling 103,517 square feet. Situated on 7.6 acres, the multi-tenant asset is currently 67 percent leased to a variety of tenants, including The Tile Shop, R.E. Michel Co., Red Mountain Weight Loss Center and Ferguson Enterprises.

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AcquisitionsCaliforniaOfficeWestern

Optimus Properties Buys 60,804 SF Office Building in Torrance, California

by Amy Works

TORRANCE, CALIF. — Los Angeles-based Optimus Properties, through an affiliate, has acquired an office building located at 2325 Crenshaw Blvd. in Torrance. The original developer sold the property for an undisclosed price. Built in 1989 and renovated in 2010, the asset features 60,804 square feet and 350 parking spaces on 5.5 acres of land. The Los Angeles Department of Children and Family Services occupies the property.

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Meridian-Riverside-CA
AcquisitionsCaliforniaMultifamilySeniors HousingWestern

Blueprint Negotiates $6.1M Sale of Assisted Living Facility in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Meridian of Riverside, a 109-bed assisted living facility located in the Inland Empire metro of Riverside. A private equity firm based in Florida sold the community to Ventura Park Management for $6.1 million, or $56,000 per bed. The Blueprint transaction team consisted of Jacob Gehl, Humair Sabir and Scott Frazier.

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AcquisitionsCaliforniaMixed-UseMultifamilyRestaurantRetailWestern

Gadsden Growth Properties Buys $240M Mixed-Use Asset in San Francisco Bay Area

by Amy Works

FREMONT, CALIF. — Gadsden Growth Properties has acquired Mission Hills Square, a mixed-used development in Fremont, for $240 million. Slated for completion in October 2019, Mission Hills Square will feature 158 residential apartments above 53,900 square feet of commercial space, including restaurants, retail and casual eateries. In November 2018, Gadsden Growth Properties signed an agreement to merge with FC Global Realty Inc.

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Liberty-Station-San-Diego-CA
AcquisitionsCaliforniaOfficeWestern

HFF Arranges $76.8M Sale of, $58.9M Financing for Liberty Station Office Portfolio in San Diego

by Amy Works

SAN DIEGO — HFF has arranged the sale of Liberty Station, an office complex in San Diego. McMillin Cos. sold the property to a partnership between IDS Real Estate Group and Lionstone Investments for $76.8 million. Located at 2280, 2468 and 2488 Historic Decatur Road and 2750 Womble Road, Liberty Station features four buildings offering a total of 181,171 square feet of office space. The buildings were completed between 2003 and 2006 and are 81.1 percent leased to a diverse tenant roster of legal, professional and financial services, aerospace and defense, hospitality, government and media tenants, among others. Nick Psyllos and Kara Mathis of HFF represented the seller in the deal. Tim Wright and Chris Collins of HFF secured a $58.9 million, 72-month, floating-rate acquisition loan with SunTrust Bank for the buyer. Liberty Station is situated within the greater 360-acre Liberty Station master plan, which includes 349 residential units; 347 hotel rooms, with an additional 650 hotel rooms under construction or proposed; nearly 400,000 square feet of office space; more than 30 food and beverage establishments; over 40 retail stores, including grocery anchors; and 16 health and fitness centers. The master-planned community also features 11 event spaces; a luxury movie theatre; …

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Belmont-Village-Aliso-Viejo-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

Belmont Village Opens 149-Unit Seniors Housing Community in Orange County, California

by Amy Works

ALISO VIEJO, CALIF. — Belmont Village Senior Living has opened Belmont Village Aliso Viejo, a 149-unit assisted living and memory care community in the Orange County city of Aliso Viejo. A grand opening celebration was held Feb. 9 for the community, which is Belmont’s 29th overall and 13th in California. Van Tilburg, Banvard & Soderbergh Architects designed the project, which W.E. O’Neil constructed. The three-story, Mediterranean-style building offers views of Saddleback Valley and is near Aliso Viejo Town Center and other neighborhood amenities.

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AcquisitionsCaliforniaIndustrialWestern

CapRock Partners Sells 97,000 SF Industrial Warehouse in Commerce, California

by Amy Works

COMMERCE, CALIF. — CapRock Partners has completed the sale of an industrial warehouse in Commerce. The tenant, a packaging solutions supplier, acquired the building and a 4.3-acre property for an undisclosed price. Located at 5331 and 5333 Slauson Ave., the asset features 97,000 square feet of industrial space. Ryan Campbell of NAI Capital and Tony Naples of Lee & Associates represented the seller, while Naples also represented the buyer in the deal.

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Hawthorne-Gardens-Portland-OR
AcquisitionsMultifamilyOregonSeniors HousingWestern

Cushman & Wakefield Brokers Sale of Two-Property Seniors Housing Portfolio in Portland

by Amy Works

PORTLAND, ORE. — Cushman & Wakefield National Senior Housing Capital Markets, exclusively advising seller Focus Healthcare Partners LLC, has arranged the sale of a portfolio of two seniors housing assets in Portland. The portfolio included Vancouver Pointe Senior Village, a 127-unit independent living community, and Hawthorne Gardens, a 58-unit assisted living and memory care community in the Sunnyside/Hawthorne neighborhood. A private equity investor acquired the properties for an undisclosed price. Artegan, the current operator, will continue to manage the communities.  Vancouver Pointe Senior Village was originally built in 2006 and recently underwent renovations to the common areas totaling nearly $1 million.  Hawthorne Gardens was built in 2007 featuring 36 assisted living units and a 22-unit memory care wing. The community also underwent a recent capital improvement program to complete a memory care conversion and a general upgrade of the community. 

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CaliforniaFeaturesWestern

Multifamily Sector, Energizer Bunny Share Common Trait, Says MBA’s Woodwell

by John Nelson

SAN DIEGO — The multifamily sector is like the Energizer Bunny, says Jamie Woodwell, vice president of commercial and multifamily research for the Mortgage Bankers Association (MBA). “It just keeps going and going and going.” The product type remains an investment darling. Although 600,000 units are currently under construction nationally — maintaining an elevated level of building activity that is the highest since the mid-1970s — consumer demand remains strong. According to Reis, the national apartment vacancy rate finished 2018 at 4.8 percent, up from 4.6 percent a year earlier. Apartment construction started to accelerate in 2017 and remained elevated throughout 2018, raising concerns that the apartment market was becoming overbuilt. Fortunately for developers, apartment occupancy growth has nearly kept pace with supply growth. “We’ve got this great balance right now really between supply and demand on the multifamily side,” said Woodwell during Sunday’s opening session of the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo at the Manchester Grand Hyatt San Diego. Woodwell teamed up with Michael Fratantoni, chief economist for the MBA, to provide an economic overview and commercial real estate finance forecast. The apartment sector is not only benefitting from strong real estate fundamentals, but also healthy increases …

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CaliforniaDevelopmentMixed-UseTop StoriesWestern

Related Cos., CORE USA Break Ground on $1B Mixed-Use Project in Los Angeles

by David Cohen

LOS ANGELES — Related Cos. and partner CORE USA have broken ground on The Grand, a $1 billion mixed-use development in downtown Los Angeles.  Located across the street from the Walt Disney Concert Hall on Grand Avenue, world-renowned architect Frank Gehry designed the project. Upon completion, the property will include more than 176,000 square feet of retail space, an Equinox Hotel and more than 400 residences. The retail portion will include chef-driven restaurants and a collection of shops, as well as a movie theater complex. Approximately 20 percent of the residences will be affordable-rate units.  The Grand and the Grand Avenue Redevelopment are the result of a collaborative public-private partnership, guided by the Los Angeles Grand Avenue Authority, a joint organization of the County of Los Angeles, the City of Los Angeles, and the former Community Redevelopment Agency of the City of Los Angeles.  It is estimated that The Grand will generate 10,000 new jobs and $397 million in revenues to the City of Los Angeles and $68 million in revenues to the County of Los Angeles over the next 25 years, according to the developers.  The development will connect multiple areas of downtown and is organized around several key urban …

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