Western

Monfort Cos., Magnetic Capital Purchase Historic Building in Denver for $2.9M, Plan Redevelopment

by Amy Works May 10, 2019

DENVER — Monfort Cos. and Denver-based Magnetic Capital have acquired a historic building located at 2100 Larimer St. in Denver’s Ballpark neighborhood. An undisclosed seller sold the property for $2.9 million. The buyers plan to redevelop the two-story, 11,600-square-foot property into a mix of retail and office space. Formerly the site of the bar El Charrito, the renovation will preserve the building’s historic character while repositioning the property for new tenants. The developers are targeting a restaurant tenant for the 5,830-square-foot first-floor space, while seeking office tenants for the upper floors. Completion is slated for the second half of 2020. Jamis Cos. represented the undisclosed seller in the transaction.

May 10, 2019

Company News Hawaii Office Retail Western

Parallel Capital Partners to Oversee $300M Portfolio of Retail/Office Assets in Honolulu

by Amy Works May 9, 2019

HONOLULU — San Diego-based Parallel Capital Partners has taken over asset management of a $300 million portfolio of office and retail properties in downtown Honolulu. As part of the deal, Parallel will oversee day-to-day management and leasing for the 1 million-square-foot portfolio. The assets include two office buildings — the 550,000-square-foot Waterfront Plaza and 375,000-square-foot Davies Pacific Center — and two retail assets known as Waikiki Marketplace and King Kalakaua. The principals of Parallel, along with Jay Shidler, are the existing owners of Davies Pacific Center and Waterfront Plaza, which the partnership originally acquired in 2003 and 2004 respectively. Additionally, the firm tapped Steven Sullivan, a former vice president of operations at The Shidler Group, as regional vice president for the Hawaii market. Serena Longo and Jack Roney of CBRE’s Honolulu office will oversee leasing at the properties.

May 9, 2019

Acquisitions Georgia Multifamily Nevada Western

TruAmerica Acquires 608-Unit Multifamily Portfolio in Las Vegas, Metro Atlanta for $97M

by Amy Works May 9, 2019

LAS VEGAS AND LITHIA SPRINGS, GA. — TruAmerica Multifamily, in partnership with an institutional partner, has purchased a two-property apartment portfolio in an off-market transaction valued at $97 million. The properties are Vintage Pointe, a 368-unit community in Las Vegas, and Sweetwater Creek, a 240-unit asset in Lithia Springs, a suburb of Atlanta. Neither property—Vintage Pointe built in 1994, nor Sweetwater Creek built in 2003—have undergone significant renovations. The new ownership plans to invest in a multi-million dollar capital improvement program to reposition both properties.

May 9, 2019

Arizona Development Hospitality Loans Western

Trez Capital Closes $15M Construction Financing for 128-Room SpringHill Suites Near Phoenix

by Amy Works May 9, 2019

AVONDALE, ARIZ. — Trez Capital has closed in $15 million construction financing for Phoenix-based Virtua Partners’ first-ever Opportunity Zone project. Virtua Credit arranged the loan, which will finance the development of a SpringHill Suites by Marriott in Avondale, a western suburb of Phoenix. Located off North 99th Avenue, the 128-suite hotel will anchor a 58-acre mixed-use development that will include retail, restaurant, multifamily and single-family developments. Slated to open in summer 2020, the hotel will feature a fitness center and pool, free Wi-Fi, in-suite workspaces and an on-site business center. Hotel Equities will manage the hotel.

May 9, 2019

Acquisitions California Retail Western

Nazareth Enterprises Buys Ice Rink for $11.5M in San Mateo After Public Campaign

by Amy Works May 9, 2019

SAN MATEO, CALIF. — Nazareth Enterprises has purchased the ice rink facilities and retail building at BridgePointe Shopping Center, a 55,000-square-foot asset located at 2200-2202 BridgePointe Parkway in San Mateo. SPI Holdings sold the property for $11.5 million in an off-market transaction. SPI Holdings, the previous owner, wished to convert the property into retail-only space, but the City of San Mateo and the public mounted a “Save the Rink” campaign. In 2017, Nazareth Enterprises leased the space from the seller and reopened — and later acquired — the ice rink.

May 9, 2019

Acquisitions California Retail Western

Progressive Real Estate Partners Brokers $2.6M Sale of Retail Building in Inland Empire

by Amy Works May 9, 2019

APPLE VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail building at Rancherias Plaza, located at 20162 Highway 18 in Apple Valley. A private Los Angeles-based investor sold the property to a private San Diego-based investor for $2.6 million. Built in 1991, the asset features 15,105 square feet of retail space. At the time of sale, the shopping center was 92 percent occupied. CVS/pharmacy and 99 Cents Only Stores anchor the property. Greg Bedell and Chris Lindholm of Progressive Real Estate Partners represented the seller in the transaction.

May 9, 2019

Acquisitions California Development Mixed-Use Top Stories Western

Joint Venture Acquires Mixed-Use Development Site in Beverly Hills for $130M

by Alex Tostado May 9, 2019

BEVERLY HILLS, CALIF. — A joint venture between SHVO, Bilgili Group and Deutsche Finance has acquired 9200 Wilshire Boulevard, a surface parking lot in the upscale, first-ring Los Angeles suburb of Beverly Hills, for $130 million. The seller was New Pacific Realty Corp. The venture plans to build a 307,397-square-foot condominium and retail building on the site. The seven-story building will feature a glass exterior, 54 residential units and 6,650 square feet of retail space adjacent to the Golden Triangle, Beverly Hills’ famed shopping district. Exclusive amenities for residents will include a rooftop swimming pool and courtyard. The Beverly Hills City Council has already approved the project. Since 2018, SHVO, Bilgili Group and Deutsche Finance have partnered to buy two other properties, the Raleigh Hotel in Miami and 685 Fifth Ave. in New York City, an office building being converted into Mandarin Oriental Residences. The joint venture’s investors include Bayerische Versorgungskammer, one of the largest institutional investors in Germany. Lotus Capital Partners arranged a $51 million acquisition loan from California-based Acore Capital for the transaction. “We are thrilled to add 9200 Wilshire to our portfolio of luxury assets in prime locations,” says Michael Shvo, chairman of SHVO. “Our new residential concept will offer the highest quality …

May 9, 2019

California Development Mixed-Use Western

Brookfield Properties to Develop 5M, a Four-Acre Mixed-Use Development in San Francisco

by Amy Works May 8, 2019

SAN FRANCISCO — Brookfield Properties plans to break ground this summer on 5M, a four-acre mixed-use project in downtown San Francisco. In partnership with Hearst Corp., Brookfield is transforming empty parking lots and underutilized warehouses into a mix of residential, office and retail space, as well as restoring historic buildings and public open spaces. Scheduled to break ground this summer, 415 Natoma St. will feature 640,000 square feet of Class A office space, plus ground-floor space for retailers and restaurants. Additionally, Brookfield will break ground on a 302-unit apartment building with 91 affordable units. The two buildings and ground-level open space is slated to open in mid-2021. Upon completion of the full project, 5M will features 702 residential units, including units designated for middle-income households, seniors and formerly homeless families. Also included in the plan are more than 50,000 square feet of parks, rooftop gardens, play areas and open space programmed to include community arts and cultural events. The historic Chronicle Building will be renovated and the historic Camelline Building and Dempster Building, a former printing house, will be repurposed as signature features on the site. Hearst will retain full ownership of the existing Chronicle and Examiner buildings, which will continue …

May 8, 2019

Acquisitions Affordable Housing California Multifamily Western

Wells Fargo Bank Closes $57.5M Sale of Affordable Housing Projects in California

by Amy Works May 8, 2019

LOS ANGELES COUNTY AND WEST SACRAMENTO, CALIF. — New York City-based Manatt represented Wells Fargo Bank in its $57.5 million sale of 11 Low-Income Housing Tax Credit (LIHTC) projects in Los Angeles County and West Sacramento. Anita Sabine, Alison Weinberg-Fahey, Carl Grumer, Neil Faden, Simone Gross and Ben Ryzak of Manatt handled the transaction.

May 8, 2019

Acquisitions Multifamily Nevada Western

Continental Realty Advisors Sells 400-Unit Tesoro Ranch Apartments in Henderson, Nevada

by Amy Works May 8, 2019

HENDERSON, NEV. — Denver-based Continental Realty Advisors (CRA) has completed the disposition of Tesoro Ranch Apartments, a multifamily property in Henderson. CRA improved the property with upgrades to common areas and amenities, as well as a light renovation to most of the units. Constructed in 2007, Tesoro Ranch Apartments features 400 multifamily units and is adjacent to the $1.4 billion Union Village Integrated Health Village development along Boulder Highway in Henderson. CRA renovated the community’s clubhouse/leasing center, fitness center and pool area. Additional details of the transaction were not released.

May 8, 2019

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