PULLMAN, WASH. — PSRS has secured $1.4 million in financing for the acquisition of Edison Center, a two-building retail property located at 588 and 594 S.E. Bishop Blvd. in Pullman. Nine tenants occupy the 13,000-square-foot strip retail center. Kostas Kavayiotidis and Grady Seldin of PSRS arranged the recourse, full-leverage, 10-year loan with a 25-year amortization schedule. Standard Insurance provided the capital.
LOS ANGELES — Seniors housing has generally been considered a niche asset class with niche residents. After all, there are age restrictions, finite timelines for most residents, third-party advocates (namely, the senior’s family), elevated rental rates, highly trained operators, a limited selection of amenities and oftentimes residents with special needs. None of the above has changed in recent years. What has changed, however, is the onslaught of Baby Boomers inching toward that stage in life where seniors housing services can accommodate their growing needs. What has also changed is the larger investment community’s perception of this product type and its potential, noted Investment Market Update panelists at InterFace Conference Group’s Seniors Housing West event, held March 7 at the Omni Los Angeles. The amount of capital chasing deals was a theme throughout the day-long conference, with numerous speakers noting there just isn’t enough supply to keep up with demand. “Seniors housing and skilled nursing has all this capital chasing it because it’s suddenly not an alternative asset class,” said Talya Nevo-Hacohen, CIO of Sabra Healthcare REIT. “The perception is that this is suddenly mainstream.” Panelists expressed concerns that this sudden interest may entice the wrong type of investors — and …
TORONTO — WPT Industrial Real Estate Investment Trust, a publicly traded company based in Toronto, has increased its U.S. holdings by agreeing to acquire a 13-property logistics portfolio for approximately US$226 million. The industrial buildings total 2.2 million square feet and are situated in infill submarkets across the United States. The property names and addresses were not disclosed, but WPT says the portfolio will increase its scale in Chicago, Milwaukee and Minneapolis. The portfolio also includes assets in three new markets for the REIT, including Los Angeles and Miami. Additionally, WPT has confirmed that eight of the assets are leased to a single tenant and the other five are leased to multiple tenants. “We are very pleased to source a high-quality portfolio acquisition that advances the REIT’s strategic priorities to add scale and diversification with a focus on markets and properties that have the greatest potential to drive long-term growth,” says Scott Frederiksen, CEO of WPT. WPT plans to fund the acquisition with cash on hand and proceeds from its senior unsecured credit facility. In anticipation of the purchase, WPT has received lender commitments to amend and extend the credit facility from US$300 million to $450 million. The REIT expects …
PHOENIX — Cushman & Wakefield has negotiated the sale of Broadstone Roosevelt Row, a multifamily property located at 330 E. Roosevelt St. in Phoenix. AZ Roosevelt Row Apartments LLC, an entity formed by Kirkland, Wash.-based Weidner Investment Services, purchased the apartment community for $84.2 million. Situated in downtown Phoenix’s Roosevelt Row Arts District, the community features 316 units in a mix of studio, one-, two- and three-bedroom floor plans with an average unit size of 865 square feet. Each apartment offers gourmet kitchens with gas cooktops, Energy Star GE stainless steel appliances, quartz countertops, wood-style flooring, front-load washers/dryers, USB-charging outlets and Nest thermostats. Additionally, select units feature 19-foot ceilings, wine refrigerators, walk-in closets, Sonos sound systems and personal balconies or patios. Community amenities include a pool and spa with private cabanas, a fitness facility with an outdoor yoga lawn, furnished rooftop deck with fire pits and barbecues, complimentary resident beach cruisers and a smartphone resident-access system, as well as a two-story clubhouse with chef’s kitchen, coffee bar, oversized television and classic arcades and billiard games. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the undisclosed seller in the deal.
CORONA, CALIF. — CapRock Partners has completed the construction and sale of Temescal Valley Commerce Center, a Class A industrial building in Corona. Brothers International Desserts, a Southern California-based ice cream manufacturer, acquired the property for an undisclosed price. Situated on 9.4 acres along Interstate 15, the 140,000-square-foot facility features 32-foot clear heights, 11 high-dock doors, two ground-level doors, eight excess trailer parking stalls, office suites and 90 parking spaces. The building also features immediate access to the Dos Lagos on/off ramp and a private queuing lane to enable vehicles to quickly move through the property. Fullmer Construction provided general contracting services for the development. Austin Hill, Jeff Ruscigno and Jeff Smith of Lee & Associates brokered the transaction.
GLENDALE, ARIZ. — Grandbridge Seniors Housing and Healthcare Finance Group has arranged $25 million in financing for Thunderbird Senior Living, a 340-unit community in Glendale. The refinancing was secured through an agency lending program. Richard Thomas, Meredith Davis and Kim Huffstutler originated the loan.
ALBUQUERQUE AND SANTA FE, N.M. — ARCO/Murray has completed the construction of Ladera Storage in Albuquerque and Vegas Verde Storage in Santa Fe for Titan Development. Ladera Storage is a the three-story, 103,350-square-foot property offering fully climate-controlled units. The four-story Vegas Verda Storage features 88,184 square feet of climate-controlled self-storage space and two interior covered loading docks. Extra Space Storage will manage both facilities. ARCO/Murray provided design-build services, including architectural, structural and MEP design, as well as permitting and construction for each property.
LOS ANGELES — PSRS has arranged a $4.4 million loan for Kenmore Commons, an apartment building located in the Koreatown area of Los Angeles. The building features 22 recently renovated units. William DeFanti of PSRS’ Los Angeles office secured the high-leverage, non-recourse loan, which features no prepayment penalty after the 12th month. The borrower was not disclosed.
SAN DIEGO — Multifamily properties in San Diego are in high demand — and not just among Millennials and empty nesters who long for convenience, walkability and beautiful ocean views. Panelists at InterFace Conference Group’s San Diego Multifamily Conference, held March 19 at the Sheraton Hotel & Marina, viewed this market as a hot one… if you can get in. “There hasn’t been a ton of multifamily transaction activity in San Diego,” said Aldon Cole, senior managing director at HFF and moderator of the “Who’s Lending?” panel. “It’s an interesting market that we’re all trying to navigate. We have to adapt in a low-trade environment.” San Diego’s reputation for being a stable market and one where people want to be are two of the factors contributing to this lack of opportunity. “During the last downturn, San Diego was the most stable market,” noted Mark Gleiberman, CEO of MG Properties Group and Developers/Owners panelist. “It always tends to be one of the most stable markets that we’re in. It’s not totally resistant to a downturn, but San Diego tends to fare better in most recessions than other markets.” Desirability paired with strong market fundamentals has created a very competitive landscape among …
DENVER — HFF has arranged $75 million in financing for The Confluence, a 34-story luxury residential tower located 1441 Little Raven St. in downtown Denver. The borrower is a partnership between National Real Estate Advisors, acting on behalf of a client, and PMRG, which recently merged with Madison Marquette. Josh Simon and Rob Rizzi of HFF secured the 10-year, fixed-rate loan through a life company lender. The borrower plans to use loan proceeds to retire existing construction debt. Completed in 2017, The Confluence features 287 units in a mix of one-, two- and three-bedroom. Units average 1,052 square feet with high-end finishes, including granite and marble countertops, soaking tubs, floor-to-ceiling windows, hand-scraped hardwood floors, walk-in closets, solar and blackout shades, and balconies and private terraces. Common area amenities include a fitness center, swimming pool, hot tub, cabanas with individual fire pits, two skyline lounges, professional chef’s kitchen, catering facility, dog grooming area, valet parking, 24-hour concierge service and direct access to Confluence Park.