Western

SENTRE Acquires San Marcos Village Retail Center in North San Diego County for $19.2M

by Amy Works October 14, 2019

SAN MARCOS, CALIF. — San Diego-based SENTRE Inc. has purchased San Marcos Village, a neighborhood retail center located in San Marcos. A San Diego-based joint venture partnership sold the property for $19.2 million. At the time of sale, the grocery-anchored center was 92 percent leased to a variety of tenants, including Grocery Outlet, 99 Cents Only Store and AutoZone. Philip Voorhees, Reg Kobzi, Preston Fetrow and Eric Shain of CBRE National Retail Partners-West represented both parties in the transaction. Scott Peterson, Bill Chiles, Brian Cruz and Morgon Fraser of CBRE’s San Diego Debt & Structured Finance team arranged an $11.6 million, seven-year, fixed-rate loan through a regional bank for the buyer.

October 14, 2019

Acquisitions Multifamily Nevada Seniors Housing Western

Healthcare Transactions Group Arranges Sale of 160-Bed Skilled Nursing Facility in Las Vegas

by Amy Works October 14, 2019

LAS VEGAS — Healthcare Transactions Group has arranged the sale of Kindred Transitional Care and Rehabilitation – Spring Valley, a 160-bed skilled nursing facility in Las Vegas. Constructed in 2015, Kindred Spring Valley is a two-story, 90,244-square-foot building. The property is next to Spring Valley Medical Center, a 292-bed acute care hospital. Mark Davis of Healthcare Transactions Group served as advisor to Kindred Healthcare. The buyer was Capital Senior Ventures, which already has a portfolio of skilled nursing properties in the Southwest. Sapphire Healthcare Management will operate the asset. The sales price was not disclosed. Kindred announced in 2016 that it was divesting of all its skilled nursing facilities to focus on other areas of its business.

October 14, 2019

Acquisitions Colorado Industrial Western

Pinnacle Real Estate Advisors Brokers $11M Sale of Huron Business Center Near Denver

by Amy Works October 14, 2019

NORTHGLENN, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Huron Business Center, an industrial facility in Northglenn, 15 miles north of Denver. An undisclosed seller sold the property for $11 million, or $140.69 per square foot. The name of the buyer was not released. Located at 405-475 W. 115th Ave., the asset features 78,187 square feet of industrial space. Matt Lewallen and Kevin Calame of Pinnacle Real Estate Advisors represented the seller in the deal.

October 14, 2019

Acquisitions California Retail Western

Family Trust Sells Ground Lease of Rite Aid Parking Lot in South Pasadena for $7.2M

by Amy Works October 14, 2019

SOUTH PASADENA, CALIF. — An out-of-state family trust has sold the ground lease of a parking lot adjacent to a Rite Aid store located at 900 S. Fair Oaks Ave. in South Pasadena. A Southern California-based private investment company acquired the approximately 27,000-square-foot site for $7.2 million. Dan Elliott, Sean Lutz, Ara Rostamian, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Brandon Burns and Brandon Gill of Cushman & Wakefield represented the buyer in the transaction.

October 14, 2019

Acquisitions California Florida Hospitality Illinois Midwest New York Northeast Southeast Top Stories Western

Queensgate Investments Acquires Freehand Hotels for $400M

by Kristin Harlow October 14, 2019

NEW YORK CITY, LOS ANGELES, MIAMI AND CHICAGO — Queensgate Investments has acquired Freehand Hotels from a seller consortium including The Yucaipa Cos. and Sydell Group for approximately $400 million. Freehand is a lifestyle hotel brand, owner and operator of hotel assets with 922 rooms across four hotels in Manhattan’s Flatiron District, downtown Los Angeles, Miami Beach and River North Chicago. The brand advertises itself as combining the social culture of a hostel with top-shelf design, food and beverage. Included in the acquisition is the Broken Shaker bar concept that operates within the hotels. Generator, a hostel business that Queensgate acquired in 2017, will manage Freehand. Generator seeks to appeal to millennial customers, focusing on capital city addresses, design-led interiors and shared social spaces. “The acquisition of Freehand is of strategic importance to Generator, and the combined portfolio represents one of the largest asset-rich lifestyle hospitality platforms globally with 19 hotels in 17 gateway cities,” says Puneet Kanuga, investment director at Queensgate. “There is now a significant push to grow the presence of both Freehand and Generator across the United Kingdom and Europe, with opportunities currently being evaluated in London, Edinburgh, Milan, Amsterdam and other gateway European cities.” London-based Queensgate …

October 14, 2019

Market Reports Multifamily Oregon Western Western Market Reports

Tides Change in Portland as a Rising Multifamily Market Begins to Normalize

by Taylor Williams October 12, 2019

As brokers, we are often asked our opinion on the local market. The topic seems to have garnered even more interest than normal as of late. There is a multitude of variables investors will point to as they attempt to define what is happening in the market. The new legislation coming down the pipeline has probably caused the biggest challenges to the local multifamily market. Nationally, there are a lot of people worried about a recession because of the inverted yield curve. However, a recession hasn’t occurred every time the curve has inverted. There is no crystal ball to look at and make our investment decisions, but I think the outlook for Portland is still rosy. What appears to be happening is we are going from a rising market to a more normalizing market. In a rising market, prices increase, buyer demand increases, velocity increases, yield spread narrows and inventory moves fast as investors speculate on the market. In a normalizing market, prices become more realistic for in-place yield, there are fewer buyers in the market, velocity drops and the buyer/seller gap widens, which causes assets to sit or not sell. This seems to be the case here in Portland …

October 12, 2019

Acquisitions Multifamily Washington Western

RedHill Realty Investors Divests of 168-Unit Apartment Complex in Washington for $34.5M

by Amy Works October 11, 2019

KENT, WASH. — RedHill Realty Investors has completed the sale of RedHill Pines, a garden-style multifamily community located in Kent. An undisclosed buyer acquired the property for $34.5 million. Located on more than 7 acres off Canyon Drive, RedHill Pines is a 10-building multifamily complex made up of the 98-unit RedHill Pines, which was built in 1980, and the 70-unit RedHill Pines North, which was built in 1988. The adjacent communities share a centralized clubhouse and leasing office. The communities offer a total of 168 units with an average unit size of 796 square feet, with private patios or balconies at each unit. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer. Additionally, IPA Capital Markets arranged $23.4 million in acquisition financing for the buyer. The 10-year loan features a fixed rate at 3.8 percent with five years of interest-only payments. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA handled the transaction, while Ray Allen and Seth Heikkila of IPA Capital Markets arranged the financing for the buyer.

October 11, 2019

Acquisitions California Office Western

Sunroad Enterprises Sells 71,934 SF Office Complex in San Diego for $19.9M

by Amy Works October 11, 2019

SAN DIEGO — San Diego-based Sunroad Enterprises has completed the disposition of Sunroad Plaza, an office campus located in the Rancho Bernardo submarket of San Diego. Texas-based Virtus Real Estate Capital purchased the property for $19.9 million. Located at 11770 Bernardo Plaza Court, the 71,934-square-foot asset consists of one three-story building and one four-story building. The campus features on-site showers and lockers, executive conferencing facilities and 423 parking spaces. At the time of sale, Sunroad Plaza was 82 percent leased to a mix of government, medical and professional office users. Matt Pourcho, Anthony DeLorenzo, Gary Stache, Doug Mack and Bryan Johnson of CBRE represented the seller, while Lars Eisenhauer of CBRE represented the buyer in the deal.

October 11, 2019

Affordable Housing Development Hawaii Loans Multifamily Western

Hunt Capital Partners Funds $10.4M in Financing for Affordable Housing Project in Oahu

by Amy Works October 11, 2019

OAHU, HAWAII — Hunt Capital Partners has provided $10.4 million in federal and state low-income housing tax credit financing, as well as federal solar tax credit equity financing, for the construction of Hale Makana O Maili in Oahu’s Waianae district. Upon completion, Hale Makana O Maili will feature 52 affordable housing units spread across six garden-style residential buildings. Construction began in late September, with completion slated for November 2020. The development team comprises the Hawaiian Community Development Board, Pacific Development Group and 3 Leaf Holdings. Moss & Associates is serving as general contractor and Mark Development will serve as property management for the project.

October 11, 2019

Colorado Development Multifamily Student Housing Western

Landmark Properties Developing 780-Bed Student Housing Community Near Colorado State

by Amy Works October 11, 2019

FORT COLLINS, COLO. — Landmark Properties has started construction of The Standard at Fort Collins, a 780-bed community serving students and young professionals near Colorado State University in Fort Collins. The community is set for completion in fall 2020. The property will offer studio, one-, two-, three-, four- and five-bedroom units. Shared amenities will include a rooftop swimming pool, coffee bar, study lounge, private study rooms, a 24-hour fitness center, clubhouse, grilling spaces and outdoor courtyards. Katerra is serving as general contractor for the project.

October 11, 2019

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