Western

BKM Capital Partners Acquires Three Industrial Portfolios in California, Arizona for $138.7M

by Amy Works February 6, 2019

NEWPORT BEACH, CALIF. — Newport Beach, Calif.-based BKM Capital Partners, through its BKM Industrial Value Fund II, has acquired three industrial portfolios for a combined consideration of $138.7 million. The company purchased a two-property portfolio consisting of four buildings totaling 99,187 square feet in metro San Diego. 3G Properties sold the properties for $16.6 million. At the time of sale, the property was 96 percent occupied with rents that range from 20 percent to 39 percent below market rate. The properties include Del Abeto Commerce Center, located at 6325 and 6354 Corte del Abeto in Carlsbad, Calif.; and Waples Industrial Centre, located at 9540 and 9550 Waples St. in Sorrento Mesa, Calif. Mark Avilla at Cushman & Wakefield represented the seller, while BKM was self-represented in the deal. BKM also acquired South Bay Portfolio, a five-building light industrial portfolio in Fremont, Calif., from Stockbridge for $49 million. Located at 48430-48490 Lakeview Blvd. and 48500-48560, 48400, 47745-47787 and 47703-47737 Fremont Blvd., the portfolio totals 221,651 square feet. At the time of sale, the portfolio was 94 percent occupied by a diverse range of 13 tenants with unit sizes ranging from 4,800 square feet to 42,500 square feet. Eastdil Secured represented the seller, …

February 6, 2019

California Development Multifamily Seniors Housing Western

San Francisco Campus for Jewish Living Opens Preview Center for $140M Expansion

by Amy Works February 6, 2019

SAN FRANCISCO — San Francisco Campus for Jewish Living (SFCJL), a continuing care retirement community in San Francisco, has opened a preview center at its 190-unit Frank Residences expansion. The $140 million project will add 113 assisted living apartments and 77 memory care suites. The expansion includes 270,000 square feet of new construction, plus renovations to the community’s 362 skilled nursing units. The new units are slated for occupancy in late 2019. “SFCJL leadership embarked on this project because they saw there was a real need in the community for modern housing where older adults could receive higher levels of care,” says Staci Chang, director of marketing and communications. “With this expansion, we are creating an economically sustainable model that will be viable for generations to come and expanding our services to serve the needs and wants of a broader population of older adults and their families.” In addition to the new residential units, SFCJL is creating a “downtown” on campus with social and cultural activities, as well as medical services. Named Byer Square, the area will feature a primary, specialty and integrative health care clinic, along with a fitness and aquatics center, library, café, cinema, and a cultural and …

February 6, 2019

Acquisitions Arizona Industrial Western

EastGroup Purchases 23.6 Acres in Arizona, Plans Industrial Park

by Amy Works February 6, 2019

GILBERT, ARIZ. — EastGroup Properties has acquired a 23.6-acre land site, located near Germann and Gilbert roads in Gilbert, from the Rockefeller Group for $6.4 million. The REIT plans to develop Gilbert Crossroads Business Park, a two-phase industrial park at the site. Slated to break ground in April, the first phase of the project will include the construction of a 58,000-square-foot building and an 82,000-square-foot facility. Both buildings are speculative development and available for lease. Paul Sieczkowski, Rob Martensen and Phil Breidenbach of Colliers International in Arizona negotiated the land sale. Colliers is also serving as exclusive leasing agent for the new project.

February 6, 2019

Loans Mixed-Use Nevada Office Retail Western

PBC USA Receives $70M in Refinancing for Mixed-Use Development in Metro Las Vegas

by Amy Works February 6, 2019

SUMMERLIN, NEV. — New York City-based PBC USA has received a $70 million loan to refinance Tivoli Village, a 28-acre mixed-use development in Summerlin, a suburb of Las Vegas. Bank of Nevada provided the capital, which replaces financing from KeyBank and reduces the interest rate by 150 basis points. The refinancing is a result of near completion of a two-year turnaround campaign at the 700,000-square-foot retail and office property, bringing occupancy rates to above 80 percent. The first phase of Tivoli Village opened in 2011 and the second phase opened in 2016. Tenants at the property include Restoration Hardware’s RH Las Vegas, Echo & Rig Butcher and Steakhouse, Brio Tuscan Grille, David Barton Gym and Dance With Me. The property features 370,000 square feet of retail space and 300,000 square feet of Class A office space.

February 6, 2019

Acquisitions Arizona Multifamily Western

JLL Arranges $31.8M Sale of 266-Unit Apartment Community in Phoenix

by Amy Works February 6, 2019

PHOENIX — JLL has negotiated the sale of Sanctuary on 22nd, a multifamily community located in Phoenix. Laguna Point Properties sold the property to a private investor for $31.8 million. Built in 1985, Sanctuary on 22nd features 266 apartments in a mix of one- and two-bedroom layouts with an average unit size of 788 square feet. Each unit features an oversized patio and full-size washer and dryer, while select units offer a fireplace. On-site amenities include two swimming pools, a modern fitness center, clubhouse and business center. John Cunningham and Charles Steele of JLL’s Multifamily Capital Markets represented the seller in the deal.

February 6, 2019

Features Finance Insight Midwest Northeast Southeast Texas Uncategorized Western

Refis, Retail and Resources

by Jaime Lackey February 5, 2019

Chad Thomas Hagwood, senior managing director and regional manager for the Southeast at Hunt Real Estate Capital, closes loans across the nation and sees opportunities in multiple sectors in 2019. While multifamily is still a standout, his scope extends beyond the industry buzzwords common today. Do you think refinancing activity will be as robust as it’s been in the recent past? Hagwood: There is no doubt refinancing will remain very active in 2019. Treasury yields have subsided from north of 3 percent and spreads are still extremely attractive. Many owners intend to hold their properties as opposed to selling. They realize they will have to pay top dollar to find a replacement property, or shell out a portion of their gains to Uncle Sam. It makes a great deal of sense to refinance and cash out versus sell, in many circumstances. What has been Hunt’s most popular loan product as of late? Hagwood: Both the 10- and 12-year fixed-rate conventional products with maximum IO [interest only] have been extremely popular with Hunt’s customers. In my opinion, the level of fixed-rate conventional business will continue to grow well into 2019 and beyond here at Hunt. The fixed-rate offering — compared with adjustable and floating …

February 5, 2019

California Development Office Western

Alvarez & Marsal Capital Real Estate to Develop ELEVAR Creative Office Campus in Los Angeles

by Amy Works February 5, 2019

LOS ANGELES — Alvarez & Marsal Capital Real Estate recently acquired a 4.3-acre site at 18362-18424 Oxnard St. in Los Angeles’ Tarzana neighborhood for redevelopment into a creative office campus with studio capabilities. The site, which was formerly used as production space, will be redeveloped into ELEVAR, a state-of-the-art studio and creative office campus. Situated at the corner of Oxnard Street and Reseda Boulevard, the asset currently consists of four standalone flex and industrial buildings totaling 73,045 square feet. The new construction will add more than 20,000 square feet, bringing the total project size to 96,500 square feet. The redeveloped campus will feature usable outdoor space, including a greenbelt, WiFi-enabled patios and an artisanal café. Additionally, the campus will feature shaded outdoor areas, above-standard power and data capabilities, high ceilings and a fitness center for tenants. ELEVAR will offer ample surface-level parking and close proximity to the Metro Orange Line Reseda Station. Rob Hooks, Katie Bernhisel and Dillon Moscone of Cushman & Wakefield, along with Kevin Fenenbock and Jacob Mumper of Colliers, will serve as the leasing agents for the property.

February 5, 2019

California Company News Retail Western

Charlotte Russe Holdings Corp. Files for Chapter 11 Bankruptcy, Plans to Close 94 Stores in U.S.

by Jeff Shaw February 5, 2019

SAN DIEGO — Charlotte Russe Holdings Corp. has filed for Chapter 11 bankruptcy in Delaware. The San Diego-based retailer announced Monday that it plans to close 94 of its more than 500 locations in the United States, while continuing to pursue a going-concern sale of the business and assets. Charlotte Russe said it will provide details of the closings at a later date. Charlotte Russe offers fast-fashion clothing, shoes and accessories for young women in the contiguous 48 states, Hawaii and Puerto Rico. In the meantime, all locations, web services and the 10 Peek Kids locations, which Charlotte Russe Holdings acquired in 2016, will remain available to customers. An undisclosed debtor has committed a maximum of $50 million to Charlotte Russe Holdings. If approved by the court, the financing will support Charlotte Russe Holdings’ operations and administration during the Chapter 11 proceedings. According to court documents, the company could begin liquidating the business entirely if a buyer ultimately doesn’t emerge. Although the company didn’t identify the stores that will be closing, USA Today has complied a full list. Cooley LLP is serving as Charlotte Russe Holdings’ legal counsel, Berkeley Research Group is serving as its financial adviser and Guggenheim Securities LLC is …

February 5, 2019

Acquisitions California Office Western

Peregrine Realty Partners Buys Carlsbad Airport Plaza Office Property for $14M

by Amy Works February 5, 2019

CARLSBAD, CALIF. — Peregrine Realty Partners has acquired Carlsbad Airport Plaza, an office asset in Carlsbad. Swift Real Estate Partners sold the property for $14 million. Located at 5963 La Plaza Court, the three-story, 64,817-square-foot building features newly renovated common areas and restrooms, balconies for select units and new landscaping. At the time of sale, the property was 86 percent occupied by a diverse tenant roster, including technology, healthcare, finance and engineering firms. Louay Alsadek and Hunter Rowe of CBRE represented the seller, while Peregrine was self-represented in the transaction.

February 5, 2019

Development Multifamily Nevada Seniors Housing Western

Clearwater Living Starts Construction of Seniors Housing Community within Mixed-Use Development in Reno

by Amy Works February 5, 2019

RENO, NEV. — Clearwater Living, in partnership with Goldman Sachs, has started construction of Clearwater at Rancharrah, an assisted living and memory care community. The property will be located within the Rancharrah master-planned development in the heart of Reno. The surrounding Rancharrah community will offer a variety of retail, restaurants and recreation to residents. “We are excited about this location within the Rancharrah master-planned community as well as being adjacent to our partners at Revel Rancharrah, an independent living community,” says Tony Ferrero, Clearwater’s CEO. “Clearwater at Rancharrah completes the full continuum of care providing residents assistance with activities of daily living in a state-of-the-art assisted living community.” The two-story community will offer a total of 118 units.

February 5, 2019

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