Western

Sonnenblick-Eichner Co. Arranges $36.3M Acquisition Loan for Silicon Valley Hotel

by Amy Works April 8, 2019

CAMPBELL, CALIF. — Sonnenblick-Eichner Co. has secured $36.3 million in first mortgage financing for the acquisition of DoubleTree by Hilton Hotel Campbell – Pruneyard Plaza, a 169-room full-service hotel in downtown Campbell. The undisclosed borrower used the long-term, fixed-rate loan to facilitate the purchase of the hotel and provide funds for a $5.8 million renovation. The 12-year loan, which a life insurance company provided, features a 4.5 percent interest rate with four years of interest-only payments and a 30-year amortization schedule.

April 8, 2019

Acquisitions California Retail Western

Colliers Brokers $13.6M Sale of Harbor Club Retail Condos in San Diego’s Marina District

by Amy Works April 8, 2019

SAN DIEGO — Colliers International San Diego has arranged the sale of the retail spaces at Harbor Club, a residential and retail building located in downtown San Diego. One Harbor sold the assets to Tower Investments for $13.6 million. Located at 285 J St., 100 J St., 200 Harbor Drive and 330 Third Ave., the property features 42,810 square feet of retail space. Current tenants include Morton’s The Steakhouse, Striders Clubhouse, Robert Cromeans Salon, San Diego Wine & Culinary Event Center, and the Luxe Lounge and Spa. Bill Shrader of Colliers’ Urban Property Team represented the seller and buyer in the deal.

April 8, 2019

California Development Retail Western

Donahue Schriber Launches $120M Expansion at Del Mar Highlands Town Center in San Diego

by Amy Works April 5, 2019

SAN DIEGO — Donahue Schriber has announced a $120 million expansion at Del Mar Highlands Town Center, a destination mixed-use property at 12925 El Camino Real in San Diego. The expansion will bring the asset to more than 400,000 square feet of retail, dining and entertainment space. The expansion, known The Collection at Del Mar Highlands Town Center, will bring an additional 120,000 square feet space, offering 40 new retailers, restaurants, fitness studios and new spaces to work, play and lounge. The project centers around relocation of Jimbo’s…Naturally, as the grocery store expands to 25,000 square feet. The grocer’s new space is slated to open this summer. Additional tenants at The Collection will be OH! Juice; Cascade Spa; Perlman Wellness Center; Head Lettuce, a healthy dining concept; and Diesel, a Brentwood, Calif.-based bookstore. CermaiCafe will also relocate to the new space. The expansion includes a boutique fitness row, which is slated to open in 2020. The new collection of fitness brands will offer a variety of fitness options, including StretchLab, Row House and an expanded Club Pilates location. Located above the expanded Jimbo’s…Naturally, The Sky Deck will bring eight to 10 dining destinations, a central cocktail bar and an elevated …

April 5, 2019

Acquisitions California Multifamily Seniors Housing Western

SLIB Negotiates $22.8M Sale of Memory Care Community in Southern California

by Amy Works April 5, 2019

VISTA, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Vista Gardens, a 71-unit memory care community in Vista, located between San Diego and Los Angeles. A private equity firm based in Colorado acquired the community for $22.8 million as part of a growth strategy in seniors housing. The seller was a local, single-asset owner seeking to exit the industry. Vista Gardens totals 44,000 square feet and is located on a 4.5-acre plot. The price equates to $321,000 per unit. Alec Blanc of Monarch Advisors (an affiliate of SLIB) sourced the senior debt for the transaction. It consisted of an $18.1 million loan, including $1.9 million for planned capital expenditures, from a regional commercial bank. The loan is structured with a five-year term, interest-only payments for the first two years and partial recourse from the buyer with a burn-off provision. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.

April 5, 2019

Acquisitions California Retail Western

Marcus & Millichap Brokers Sale of Two Multi-Tenant Retail Pads in Rialto, California

by Amy Works April 5, 2019

RIALTO, CALIF. — Marcus & Millichap has negotiated the sale of two multi-tenant retail pads at Rialto Marketplace, located at the southwest corner of Riverside and San Bernardino avenues in Rialto, two blocks north of Interstate 10. Scott Hook of Marcus & Millichap arranged the sale. Terms of the transaction were not released. Recently developed by Newmark Merrill Cos., the assets total 25,567 square feet. Tenants include Starbucks Coffee, GNC, Wingstop, Pieology Pizzeria and T-Mobile. Walmart Supercenter is the anchor tenant for Rialto Marketplace.

April 5, 2019

Loans Multifamily Washington Western

Hunt Real Estate Capital Provides $17M in Financing for Anew Terry Apartments in Seattle

by Amy Works April 5, 2019

SEATTLE — Hunt Real Estate Capital has funded a $17 million first mortgage bridge loan for the refinancing of Anew Terry Apartments, a multifamily property located in Seattle’s First Hill neighborhood. The borrower is 423 Terry Partners, an affiliate of Anew Apartments. Built in 1911 and redeveloped between 2016 and 2018, Anew Terry Apartments features 112 units. Property amenities include a community space on each floor, digital doorman, work spaces, fitness center with yoga room, dog washing station, outdoor patio with barbecue grills and fire pit, courtyard, ground-floor lounge and bike storage with repair station. Greg Piantanida and Ryan Heiberg of GP Realty Financing arranged the financing.

April 5, 2019

Acquisitions Colorado Development Office Western

Schnitzer West to Develop Speculative Office Project in Denver’s River North Art District

by Amy Works April 5, 2019

DENVER — Schnitzer West has purchased a land parcel, located at 3615 Delgany St. in Denver’s River North Art District, for an undisclosed price. The acquisition is the result of a partnership between Schnitzer West and Craft Cos., a Denver-based real estate firm. Schnitzer plans to develop a 12-story, 200,000-square-foot speculative office building on the 34,250-square-foot site. The current site design includes one level of underground parking, five levels of above-grade podium parking and seven floors of office space. The first phase of construction is scheduled to begin first-quarter 2020.

April 5, 2019

California Development Multifamily Western

MBK Rental Living, Snyder Langston Break Ground on 300-Unit Apartment Community in Southern California

by Amy Works April 4, 2019

CARSON, CALIF. — Developer MBK Rental Living and general contractor Snyder Langston have broken ground on Evolve South Bay, a multifamily complex at 20330 S. Main St. in Carson. Situated on 11.8 acres, the 300-unit Evolve South Bay will feature three-story stacked flats with top-floor lofts in a mix of one-, two- and three-bedroom layouts with private garages. The units will feature modern cabinetry, quartz countertops, stainless steel appliances and wood-style flooring. Community amenities will include a fitness center, resort-style pool and spa, barbecue area, outdoor fireplaces, outdoor fitness equipment, dog park, walking path, co-working space, business center, social lounge and California Room, an open-air transition space. Snyder Langston has completed more than 50 percent of the vertical and horizontal utility improvements and land stabilization work for Evolve South Bay. The property is slated to begin pre-leasing in early 2020.

April 4, 2019

Acquisitions California Office Western

Clarion Partners, LPC West Buy 215 Fremont Office Building in San Francisco

by Amy Works April 4, 2019

SAN FRANCISO — Clarion Partners and LPC West have acquired 215 Fremont, an office building in San Francisco’s financial district for an undisclosed price. Constructed in 1927 and renovated in 2001, the eight-story office building features 360,000 square feet of office space with 45,000-square-foot floor plates and multiple roof decks. Additional building amenities include terraces, bicycle parking, shower facilities, on-site parking and 19,000 square feet of ground-floor retail space. JLL and Eastdil Secured assisted in the transaction.

April 4, 2019

Acquisitions California Office Western

Brookwood Financial Acquires Four Points Business Park in San Diego for $28.2M

by Amy Works April 4, 2019

SAN DIEGO — Brookwood Financial Partners has purchased Four Points Business Park in San Diego’s Kearny Mesa district. San Diego-based Fenway Capital Advisors and Water Asset Management sold the property for $28.2 million. Louay Alsadek and Hunter Rowe of CBRE represented the seller, while Fenway Capital Advisors and Waterfall Asset Management were self-represented. Located at 5575, 5625 and 5675 Ruffin Road, the 124,463-square-foot office campus was 92 percent leased at the time of sale. The asset consists of three freestanding buildings and 590 on-site parking spaces. The sellers acquired the property in 2013.

April 4, 2019

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