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Caesars Agrees to Sell Rio Casino, Hotel in Las Vegas for $516.3M

by Jeff Shaw

LAS VEGAS — Caesars Entertainment Corp. (NASDAQ: CZR) has agreed to sell the Rio All-Suite Hotel & Casino for $516.3 million. The buyer is a company controlled by a principal of New York City-based investment firm Imperial Cos. The property is located on Flamingo Road, two blocks from the highly concentrated stretch of casinos on Las Vegas Boulevard known as the Las Vegas Strip. The Rio features 117,300 square feet of casino space, over 1,000 slot machines and 2,520 hotel rooms. Caesars will continue to operate the property for a minimum of two years under a triple-net lease, paying annualized rent of $45 million. The buyer has the option to pay Caesars $7 million to extend the lease under similar terms for a third year. At the end of the lease term, Caesars will either continue to manage Rio or provide transition services to the buyer. The agreement allows for co-ownership of Rio-specific guest data and places no restrictions on Caesars’ marketing activities. The Rio will continue to be part of the Caesars Rewards network during the lease term, and “the transaction is not expected to result in any changes to the guest experience,” according to Caesars. The World Series …

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CaliforniaMarket ReportsMultifamilyWesternWestern Market Reports

All Signs Point to a Comeback for San Diego Apartment Investment Sales in 2019-2020

by Taylor Williams

While Proposition 10 — California’s proposal to strengthen rent control — was defeated last November, it somewhat stifled the multifamily investment sector in San Diego as investors worked to figure out the next wave of opportunity. But now that market is starting to bounce back. Total multifamily sales volume in 2018 was just under $2 billion. However, several signs pointed to a resilient San Diego market, including cap rates holding steady at 4.6 percent and an increase in pricing. The tides have begun to turn in the past few months, with numerous apartment deals on the market — more than we’ve seen at one time in the past few years. This is especially true in Downtown San Diego where a significant number of new merchant-built deals are expected to come to market, continuing throughout the year. These are luxury complexes, with some expected to fetch as much as $600,000 per unit. Six conventional multifamily sales (with at least 100 units) closed in the first half of this year, totaling $550 million. This is an increase over the four sales totaling $372.5 million in the first half of 2018. The median price per unit through mid-year was $258,200, although roughly one-quarter …

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Sunset-Ridge-Lancaster-CA
AcquisitionsCaliforniaLoansMultifamilyWestern

Berkadia Arranges $108.7M Acquisition Loan for 800-Unit Apartment Community in Los Angeles County

by Amy Works

LANCASTER, CALIF. — Berkadia has secured $108.7 million in acquisition financing for Afton Property’s purchase of Sunset Ridge Apartments, an 800-unit, mixed-income, garden-style multifamily community in Lancaster. Berkadia originated the 15-year, fixed-rate loan, which was purchased by Freddie Mac. The financing features eight years of interest-only payments through Freddie Mac’s Targeted Affordable Housing program. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia’s Boca Raton, Fla., office secured the financing for the Los Angeles-based borrower. Built in four separate 200-unit phases between 1986 and 1988, Sunset Ridge features 800 units in a mix of one-, two- and three-bedroom layouts with fully equipped kitchens, pantries, dishwashers and ceiling fans. Community amenities include a laundry facility, on-site maintenance, a fitness center and swimming pool.

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AcquisitionsCaliforniaIndustrialWestern

Rexford Industrial Acquires Eight-Building Industrial Park in Southern California for $66.2M

by Amy Works

TORRANCE, CALIF. — Rexford Industrial Realty has purchased an eight-building industrial portfolio in Torrance for $66.2 million, or $247 per square foot. The acquisition was funded using cash on hand. The name of the seller was not released. Comprised of four single-tenant buildings and four two-tenant buildings, the asset offers a total of 267,503 square feet of industrial space on 14.2 acres. At the time of sale, the complex was 91 percent leased. Rexford plans to complete capital improvements at the property, including fire sprinkler upgrades, modernization of offices and other functional enhancements.

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ArizonaDevelopmentMultifamilySeniors HousingWestern

Cadence Living, Ryan Cos. Complete 170-Unit Seniors Housing Community in Arizona

by Amy Works

MESA, ARIZ. — Cadence Living and Ryan Cos. US have completed the development of Acoya Mesa, a seniors housing community located at 6502 E. Brown Road in Mesa. Situated on seven acres, the 183,000-square-foot property features 170 apartments in a mix of studio, one- and two-bedroom layouts with full kitchens, washers/dryers, walk-in showers and 24-hour emergency lines. Community amenities include all-day restaurant-style dining, an arts and crafts talent room, raised garden beds, movie theater, salon, game room, special event hall, fitness room and residential programming. Ryan Cos., co-owner and co-developer, served as general contractor and architect for the project, which was the first joint venture between the two companies. Ryan A+E Inc. designed the community and StudioSIX5 designed the interior spaces.

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AcquisitionsCaliforniaMultifamilySeniors HousingWestern

The Mogharebi Group Negotiates Sale of 111-Unit Seniors Housing Community in Southern California for $12M

by Amy Works

CHULA VISTA, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Pacific Pointe Active Senior Living, a 111-unit active adult community in Chula Vista. A San Gabriel Valley-based private investor sold the community to a Los Angeles-based buyer for $12 million. Pacific Pointe is in downtown Chula Vista, located between San Diego and the border of Mexico. The property is within a mile of Scripps Mercy Hospital Chula Vista, Interstate 5 and over 1 million square feet of retail. “Due to the location and quality of this property, the potential buyer pool was significant in size,” says Otto Ozen, executive vice president of TMG. “To maximize the value of this community, we aggressively marketed it to our list of high-net-worth private clients who are currently looking for [1031] exchange up-legs.” Alex Mogharebi and Ozen of TMG represented both the seller and buyer.

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747-Front-St-San-Francisco-CA
AcquisitionsCaliforniaOfficeWestern

CBRE Brokers Sale of 85,500 SF Office Building in San Francisco’s Jackson Square District

by Amy Works

SAN FRANCISCO — CBRE has arranged the sale of an office building located at 747 Front St. in San Francisco’s Jackson Square district. Polidev sold the asset to Bridgeton Holdings for an undisclosed price. Built in 1909, the four-story, 85,500-square-foot property has undergone substantial creative improvements in recent years, including open floor plans and expansive windows that showcase the 12- to 15-foot clear heights. The property also features a private roof deck with 360-degree views of the San Francisco Bay. At the time of sale, the property was 100 percent leased to a diverse tenant base, including Minted and Funding Circle. Kyle Kovac, Mike Taquino, Russell Ingrum, Mandy Lee and Giancarlo Sangiacomo of CBRE’s San Francisco office represented the seller. Mike Walker, Brad Zampa and Megan Woodring of CBRE’s San Francisco office arranged $54.9 million acquisition loan for the buyer. The five-year, non-recourse loan features full-term interest-only payments and a floating rate.

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CaliforniaIndustrialMarket ReportsWesternWestern Market Reports

Plenty of Sunshine Remains in San Diego’s Industrial Market

by Taylor Williams

The San Diego industrial market is still thriving under sunny skies. The 146-million-square-foot industrial base is more than 95 percent occupied. Businesses continue to gobble up space even though rents have grown 6 percent to 8 percent annually since 2015. Though industrial markets around the country continue to do well thanks to a rapidly expanding logistics sector, San Diego’s industrial growth is broader based. Major contributions come from the defense, tech, electronics, cross-border commerce and biotech sectors. San Diego has several large submarkets, each with its own set of opportunities and challenges. South County, which includes Otay Mesa, has seen the strongest rent growth during the current economic recovery. Since the beginning of 2018, more than 591,000 square feet of state-of-the-art distribution space has been completed, with all but 45,000 square feet fully leased up. Recent transactions in Otay include a 198,000-square-foot lease to Zucarmex and the 174,000-square-foot expansion of US Joiner Trident Marine. The vacancy rate for South County stands at 4.33 percent, slightly under the countywide rate. Vacancy in North County is running somewhat higher at 6.72 percent. This is mainly due to recent deliveries in Carlsbad. A little more than 2.2 million square feet of new space …

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AcquisitionsOfficeWashingtonWestern

Goodman Real Estate Sells 300,000 SF Medical Dental Building in Seattle for $113M

by Amy Works

SEATTLE — Goodman Real Estate has completed the sale of the Medical Dental Building, a historic office/medical office building located in Seattle’s central business district. Menashe Properties acquired the asset for $113 million. Constructed in two phases in 1925 and 1950, the 18-story landmark building was renovated in 2008 and recently underwent more than $25 million in building upgrades, including new lobby finishes and the creation of a winter garden common area. A diverse roster of over 130 professional tenants, including Seattle-based Bartell Drug Co., Deltek and The Polyclinic, occupy the building. Kevin Freels, Logan Greer, Michael Leggett and Gerry Rohm of JLL Capital Markets represented the seller in the deal.

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CaliforniaCivicDevelopmentOfficeWestern

C.W. Driver Starts Construction of $43.3M Mt. San Jacinto College Temecula Valley Campus in California

by Amy Works

TEMECULA, CALIF. — C.W. Driver Cos., as general contractor, has started construction of Mt. San Jacinto College’s (MSJC) new $43.3 million, 350,000-square-foot Temecula Valley Campus in Temecula. The project consists of a seismic retrofit and tenant improvement of an existing office building, creating a new campus and addressing current classroom shortages. The building’s twin five-story, 175,000-square-foot towers will be converted from office space into classrooms, laboratories and offices to serve MSJC students. The fifth floor will be entirely lab space. Other upgrades will include a kitchen, fitness center and lounges for students and faculty use. Located at 41888 Motor Car Parkway, the first phase of the 27-acre campus includes all seismic retrofits and full build-out of three floors. The phase is slated for completion in time for the fall 2020 semester. The second phase is scheduled for completion by summer 2021. PMSM/Nineteen Six Architects is serving as architect for the project. MSJC acquired the property from Abbot Laboratories with Measure AA facilities bond funds, which were approved to fund improvements to existing facilities and purchase new assets to accommodate increasing student enrollment.

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