Western

Mountain Classic Real Estate Buys Historic Brigham Young University Building for Restoration

by Amy Works June 26, 2019

PROVO, UTAH — Mountain Classic Real Estate (MCRE) has purchased Brigham Young University’s Amanda Knight Hall for an undisclosed price. MCRE plans to restore the property to its historical Gothic-style architectural significance. Located at 800 N. University Ave. in Provo, Amanda Knight Hall was constructed in 1939 as a women’s dormitory. The building was used as the first Provo Missionary Training Center, as well as the Church Language Training Mission Center from 1964 to 1976. Since then, the property has served a variety of short-term academic and auxiliary purposes for BYU. Kreg Peterson and David Bauman of CBRE represented the seller, Brigham Young University, in the deal.

June 26, 2019

Acquisitions California Office Top Stories Western

Paramount Agrees to Acquire Trophy Office Building in San Francisco for $408M

by Kristin Harlow June 26, 2019

SAN FRANCISCO — Paramount Group Inc. (NYSE: PGRE) has agreed to acquire 55 Second Street, a 387,000-square-foot office building in San Francisco’s South Financial District, for $408 million. The transaction is expected to close in third-quarter 2019. The company expects to bring in a joint venture partner prior to closing. Developed in 2002, the building sits in the Mission-Market Street corridor and is within one block of the new Transbay Transit Center. The property is currently 87.4 percent leased. KPMG, one of the Big Four accounting firms, serves as the anchor tenant. The 25-story office building is LEED Platinum certified. A two-story parking garage can accommodate approximately 120 vehicles. Nuveen Real Estate was the seller, according to the San Francisco Business Times. Hines still serves as property manager after selling the asset in May 2014. Paramount has been greatly increasing its holdings in San Francisco, closing on the $227 million acquisition of 111 Sutter Street in February. A quote from the company’s CEO, Albert Behler, suggested that recent dispositions in Washington, D.C. are funding the company’s San Francisco expansion. For example, the company sold 2099 Pennsylvania Avenue for $220 million last August and 425 Eye Street for $157 million last …

June 26, 2019

Acquisitions Arizona Multifamily Western

MIG Real Estate Acquires 168-Unit Del Sol Apartments in Scottsdale for $34.5M

by Amy Works June 25, 2019

SCOTTSDALE, ARIZ. — MIG Real Estate has purchased Del Sol Apartments, a multifamily property located at 10888 N. 70th St. in Scottsdale. Aukum Group sold the asset for $34.5 million, or $205,357 per unit. Built in 1984, Del Sol Apartments features 168 units and is approximately six miles from downtown Scottsdale. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

June 25, 2019

Acquisitions California Office Western

RAF Pacifica Buys 121,541 SF Office Building in Southern California for $20.2M

by Amy Works June 25, 2019

CARLSBAD, CALIF. — San Diego-based RAF Pacifica Group has acquired an office building, located at 1950 Camino Vida Roble in Carlsbad, from an institutional investor for $20.2 million. The buyer plans to rebrand the 121,541-square-foot property as fu*sion, an office/industrial building with a large amenity space. Constructed in 1996 and situated on 10.9 acres, the one-story property features a mezzanine space and loading capabilities. Amenities planned for the new space include a full basketball court, volleyball court, an amphitheater, outdoor seating and dining areas, a fire pit, barbecue grills, hammock space, a wall mural and drought-resistant landscaping. REF has retained Aric Starck of Cushman & Wakefield as the leasing broker for the property.

June 25, 2019

Acquisitions Arizona Retail Western

Weingarten Realty Investors Sells 39,763 SF Laveen Village Marketplace in Arizona

by Amy Works June 25, 2019

LAVEEN, ARIZ. — Houston-based Weingarten Realty Investors has completed the disposition of Laveen Village Marketplace, a retail center located at the intersection of 51st and Baseline avenues in Laveen. The name of the buyer and acquisition price were not released. At the time of sale, the 39,763-square-foot property was fully leased to Fry’s Food & Drug, Chipotle, Wing Stop, Jersey Mikes Subs, Med Post Urgent Care and Starbucks Coffee, as well as McDonald’s and Wells Fargo on outparcels. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller in the deal.

June 25, 2019

California Leasing Activity Retail Western

Chuze Fitness Signs 45,000 SF Lease in Fontana, California

by Amy Works June 25, 2019

FONTANA, CALIF. — Progressive Real Estate Partners has signed Chuze Fitness to a 45,000-square-foot lease with Morningside Marketplace in Fontana. Chuze Fitness will occupy the space of a former Ralphs Grocery, leaving 12,000 square feet of space for a yet-to-be-named co-tenant. Morningside Marketplace is a 90,000-square-foot retail center located at 14574 Baseline Ave. The center is fully leased to tenants including Chase Bank, Great Clips, Chevron, KFC, Pizza Hut, Baskin Robbins, Togo’s and Wienerschnitzel. The new Chuze Fitness is scheduled to open early next year. Paul Su of Progressive represented the undisclosed landlord, while Chad Ifrate of Cushman & Wakefield represented the tenant in the lease negotiations.

June 25, 2019

Acquisitions California Retail Western

Marcus & Millichap Arranges $2.5M Sale of Retail Asset in Anaheim

by Amy Works June 25, 2019

ANAHEIM, CALIF. — Marcus & Millichap has arranged the sale of a retail property located at the intersection of Lemon Street and Orangethorpe Avenue in Anaheim. An undisclosed developer acquired the asset from a private investor for $2.5 million. The buyer plans to make improvements to the 5,752-square-foot property. At the time of sale, six local tenants occupied the two-building asset. Michael Matter and Nicholas Phillips of Marcus & Millichap’s South Bay, Calif., office represented the seller in the deal.

June 25, 2019

Acquisitions Company News Hospitality Nevada Retail Top Stories Western

Eldorado Resorts to Acquire Caesars Entertainment for $17.3B, Creating World’s Largest Gaming Company

by John Nelson June 25, 2019

RENO AND LAS VEGAS, NEV. — Eldorado Resorts Inc. (NASDAQ: ERI) and Caesars Entertainment Corp. (NASDAQ: CZR) have agreed to merge operations in a cash and stock deal valued at $17.3 billion. Eldorado plans to purchase the assets and operations of Caesars, creating the world’s largest gaming company. If approved and executed, the combined company would operate under the Caesars name and continue to trade on the Nasdaq Global Select Market. The combined company would own and operate approximately 60 casino-resorts and gaming facilities across 16 states. The combined company will also oversee the completion of the $1.2 billion room remodeling program of Caesars’ Las Vegas Strip assets. Eldorado will acquire all the outstanding shares of Caesars using $7.2 billion in cash, approximately 77 million Eldorado common shares and the assumption of Caesars outstanding net debt, excluding face value of the existing convertible note (i.e. short-term debt that converts to equity). Eldorado and Caesars shareholders will hold approximately 51 percent and 49 percent of the combined company’s outstanding shares, respectively. The combined company’s board of directors will consist of 11 members, six from Eldorado’s board of directors and five from Caesars’ board of directors. The board of directors for both …

June 25, 2019

Acquisitions Arizona Multifamily Student Housing Western

Nelson Partners Acquires 128-Bed Student Housing Community Near the University of Arizona

by Amy Works June 24, 2019

TUCSON, ARIZ. — Nelson Partners has acquired Wildcat Canyon Village, a 128-bed student housing community located two blocks from the University of Arizona campus in Tucson, for an undisclosed price. The name of the seller was not released. The value-add property offers one- and two-bedroom units with shared amenities including a swimming pool with a sun deck, clubhouse, basketball court, coffee bar, study lounge and game room. The community is set to undergo interior and exterior renovations, to include the installation of hot tubs and the addition of new countertops, lighting, appliances and fixtures to unit interiors.

June 24, 2019

California Loans Multifamily Seniors Housing Western

CBRE Arranges $24.5M Freddie Mac Refinancing for Seniors Housing Community in Northern California

by Amy Works June 24, 2019

CHICO, CALIF. — CBRE has arranged $24.5 million in financing for Westmont Living. The funds will refinance existing debt on The Inn at the Terraces of Chico, an 80-unit assisted living property located 90 miles north of Sacramento in Chico. The average housing value within a one-mile radius of the property is $514,032, while average household income sits at $103,847. Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the Freddie Mac financing. The 10-year, fixed-rate, cash-out loan features 72 months of interest-only payments. CBRE also financed the first phase of the development via agency debt in 2016.

June 24, 2019

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