Western

Non-Traded REIT Acquires 286-Unit Seniors Housing Community in Portland for $92M

by Amy Works September 10, 2018

PORTLAND, ORE. — Strategic Student & Senior Housing Trust Inc. (SSSHT) has acquired Courtyard at Mt. Tabor, a seniors housing community in Portland, for $92 million. The property offers 286 units of independent living, assisted living and memory care. The new owners will execute an existing plan to add 23 additional memory care units, with groundbreaking scheduled for fall 2018. The buyer is a non-traded REIT sponsored by SmartStop Asset Management. Located on 7.1 acres in the Mt. Tabor submarket of Portland, the property was constructed in 1999 and renovated in 2009. The community was 94 percent occupied at the time of sale. Integral Senior Living, which has operated the asset since 2011, will stay on as manager under the new ownership. SSSHT now owns a portfolio of four seniors housing communities and two student housing communities acquired for an aggregate price of approximately $275 million.

September 10, 2018

Acquisitions Arizona Healthcare Office Western

Orion Investment Real Estate Brokers $14.4M Sale of Medical Office Facility in Phoenix

by Amy Works September 10, 2018

PHOENIX — Orion Investment Real Estate has arranged the sale of a medical office and surgery center facility, located at 15401 N. 29th Ave. in Phoenix. Nashville, Tenn.-based Montecito Medical Real Estate acquired the property for $14.4 million, or $392 per square foot. Built in 1988 and renovated in 2017, the 36,796-square-foot property is occupied by Retinal Consultants of Arizona, occupying 72 percent, and Spectra Eye Institute, occupying the remaining 28 percent. Braxton Glass and J.T. Taylor of Orion represented the undisclosed seller and buyer in the deal.

September 10, 2018

Development Multifamily Nevada Seniors Housing Western

Mission Senior Living Breaks Ground on $8M Assisted Living Community in Nevada

by Amy Works September 10, 2018

MESQUITE, NEV. — Mission Senior Living has broken ground on Mesa Valley Estates Assisted Living and Memory Care, a 78-unit community in Mesquite, near the Utah and Arizona borders. Development costs were estimated at $8 million. MSL Construction will build the property, which Pinnacle Architects will design. The site is across the street from Mesa View Regional Hospital. Mesa Valley Estates will feature 54 assisted living units and 24 memory care units in a single-story, 61,386-square-foot building. The project is scheduled for completion in fall 2019. Based in Carson City, Mission Senior Living operates six communities in Arizona, Nevada and Oregon.

September 10, 2018

California Loans Multifamily Western

Buchanan Street Partners Provides $4.1M Acquisition Loan for Apartment Complex in Los Angeles

by Amy Works September 10, 2018

LOS ANGELES — Newport Beach, Calif.-based Buchanan Street Partners has provided $4.1 million in short-term bridge financing for the acquisition and repositioning of Pacific Apartments, a multifamily property located in the Mar Vista neighborhood of Los Angeles. The borrower plans to renovate and reposition the 13-unit property, which was vacant at the time of sale and financing. Renovations will include all new kitchens, plank flooring, modern lighting, energy-efficient air conditioning, landscaping, paint and façade improvements. Additionally, the borrower plans to add more rental units to the property.

September 10, 2018

Acquisitions Multifamily Utah Western

Arrowroot Real Estate Buys 64-Unit Multifamily Property in Salt Lake City

by Amy Works September 10, 2018

SALT LAKE CITY — Santa Monica, Calif.-based Arrowroot Real Estate has purchased Edgewood Park Apartments, a multifamily property located in the Cottonwood Heights submarket of Salt Lake City, for an undisclosed price. Built in 1994, the value-add property features 64 apartments. The asset is the fourth investment made by Arrowroot Real Estate Fund I thus far in 2018. James Wadsworth and Greg Barratt of Berkadia facilitated the transaction. The name of the seller was not released.

September 10, 2018

California Development Mixed-Use Multifamily Office Retail Western

San Francisco Giants Selects Partner for 28-Acre Waterfront Mixed-Use Development

by Amy Works September 7, 2018

SAN FRANCISCO — The San Francisco Giants has selected Tishman Speyer as its joint venture partner to develop Mission Rock, a waterfront mixed-use neighborhood near AT&T Park in San Francisco. The development is a public-private partnership with the Port of San Francisco and the City and County of San Francisco. Serving as the centerpiece of the emerging Central Waterfront neighborhood, Mission Rock will span 28 acres and feature approximately 1,400 residential rental units, with 40 percent affordable to low- and moderate-income families; eight acres of parks and open space, including a waterfront park; up to 1.4 million square feet of office space; 250,000 square feet of retail and local manufacturing space; a parking structure to serve ballpark and neighborhood needs; rehabilitation of the historic Pier 48; and public waterfront access and improvements, including a segment of the Blue Greenway trail connection from Embarcadero to Hunters Point.

September 7, 2018

Arizona Development Healthcare Western

Mayo Clinic to Double Size of Phoenix Campus with $648M Project

by Amy Works September 7, 2018

PHOENIX — Mayo Clinic has announced plans to double the size of its Phoenix medical campus with a $648 million expansion over the next five years. Dubbed the Arizona Forward Project, the plan will add 1.4 million square feet of building space to the existing 1.7 million square feet, with expanded clinical capacity, support services and infrastructure near Loop 101 and 56th Street in North Phoenix. Highlights of the expansion include a six-story patient tower; three-floor addition to the existing four-story Mayo Clinic Building; three-story building to house an expanded Emergency Department, Laboratory Medicine, Radiology and Pharmacy departments; 1,000-space underground patient parking garage; 1,600-space multi-level staff parking garage; and new infrastructure space. New patient areas are projected to open as early as June 2020, with the final phase opening in April 2023. The expansion plan increases the number of inpatient beds from 280 to 374 by 2023 and creates close to 2,000 new jobs, including nearly 200 physicians by 2029.

September 7, 2018

California Development Multifamily Western

CIM Group Delivers 525-Unit Apartment Tower in Downtown Los Angeles

by Amy Works September 7, 2018

LOS ANGELES — CIM Group has completed the construction of 888 at Grand Hope Park, a 34-story apartment tower located at 888 S. Hope St. in downtown Los Angeles. The property features 525 apartment units, 6,000 square feet of ground-floor retail space and a public park. Additionally, the apartment tower features a 30,000-square-foot rooftop deck with thousands of plants and more than 132 trees; an indoor lounge; and a large outdoor terrace. The tower is adjacent to a seven-story, 650-stall parking structure and a 5,000-square-foot Petco.

September 7, 2018

California Development Office Western

Amazon Opens 85,000 SF Office Expansion in San Diego

by Amy Works September 7, 2018

SAN DIEGO — Amazon has opened an 85,000-square-foot office within Alexandria Real Estate Equities’ Campus Pointe, located in the University Town Center neighborhood of San Diego. The new space will house the company’s expanded San Diego Tech Hub, which will include 300 new high-tech jobs in fields in the software development, machine learning, cloud computing and digital entertainment. Amazon’s San Diego Tech Hub is one of 17 Tech Hubs outside of Seattle that employ more than 17,500 people across North America who invent and build new products and services for Amazon customers. Employees at the San Diego Tech Hub develop software systems for AmazonFresh, Prime Now, Amazon Web Services, supply chain tech, and preventing fraud and abuse on Amazon. Additionally, San Diego-based engineers and scientists recently played a key role in the launch of Whole Foods Market pickup and delivery via Prime Now, Alexa features for grocery shopping, and data-drive and machine-learning innovations. This expansion more than doubles Amazon’s tech workforce in the San Diego area.

September 7, 2018

Colorado Loans Office Western

iBorrow Provides $6.4M Loan for Co-Working Office Conversion in Denver

by Amy Works September 7, 2018

DENVER — iBorrow, a nationwide private direct lender for commercial real estate, has funded a $6.4 million for an industrial property slated for conversion into a co-working office building. Located at 3950 Wynkoop St. in Denver, the asset includes a 16,646-square-foot warehouse and a parking lot. The undisclosed borrower plans to construct a two-story structure above the current parking lot and a second story above the current warehouse.

September 7, 2018

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