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

Colorado Loans Mixed-Use Office Retail Western

HFF Arranges $10.2M Refinancing for 18,460 SF Mixed-Use Property in Denver

by Amy Works May 8, 2019

DENVER — HFF has secured $10.2 million in refinancing for 2nd and Clayton, a mixed-use office and retail property located in Denver’s Cherry Creek neighborhood. Unico Properties, a subsidiary of Unico Investment Group, is the borrower and used the proceeds to pay off an existing loan. Originally constructed in 1954, the asset comprises three buildings totaling 18,460 square feet of retail and office space. The properties are located at 2641, 2645, 2659 East 2nd Ave. and 211 and 227 Clayton St. Tom Wilson and Leon McBroom of HFF arranged the six-year, fixed-rate loan with a portfolio lender for the borrower.

May 8, 2019

California Development Industrial Western

DAUM Commercial Negotiates Acquisition of Industrial Infill Parcel in North Orange County

by Amy Works May 8, 2019

LA HABRA, CALIF. — DAUM Commercial Real Estate Services has arranged the sale of an 8.67-acre land parcel, located at 551-555 S. Harbor Blvd. in La Habra. Torrance, Calif.-based West Harbor Capital acquired the property from Harbor Blvd Investments LLC for an undisclosed price. The buyer plans to develop the site for surface industrial use. Construction is slated for completion in third-quarter 2019. Additionally, the site presents the opportunity for further build-to-suit development of a 150,000-square-foot warehouse. The site is now available for lease or sale, and has the potential to be divided into two parcels. Chris Migliori and Paul Gingrich of DAUM represented the buyer and seller in the deal.

May 8, 2019

Acquisitions Arizona Multifamily Western

Continental Realty Advisors Sells Courtney Village Apartments in Phoenix for $62.2M

by Amy Works May 7, 2019

PHOENIX — Denver-based Continental Realty Advisors (CRA) has completed the sale of Courtney Village Apartments, a multifamily property in Phoenix, for $62.2 million. Constructed in 2002, CRA originally acquired the 368-unit property in partnership with HQ Capital in June 2016. Greystar Property Management managed the asset for 2.5 years. CRA upgraded property’s clubhouse/leasing center, fitness center and pool area, as well as renovated unit interiors, including flooring, appliances, countertops, lighting fixtures and plumbing fixtures. The property was sold in March 2019; additional terms of the transaction were not released.

May 7, 2019

Affordable Housing California Development Multifamily Western

CPP Completes $35.6M Rehabilitation of Affordable Housing Community Near Sacramento

by Amy Works May 7, 2019

ANTELOPE, CALIF. — Community Preservation Partners (CPP) has completed the rehabilitation of Danbury Park Apartments, a 140-unit affordable housing community in Antelope, approximately 15 miles north of Sacramento. Located at 7840 Walerga Road, the community consists of 84 two-bedroom and 56 three-bedroom apartments. The $35.6 million rehabilitation includes an $18.5 million purchase and nearly $5 million in construction. Upgrades to the community include Energy Star appliances in each unit, an enhanced security system and new roofing. Built in 1996, without any units conforming to the Americans with Disabilities Act, CPP remodeled 14 units (10 percent of the community) to bring the units into compliance, widen the path of travel and make the amenities accessible. CPP acquired the property from Danbury Park LLC in 2018, with an equity investment from CPP’s parent company, WNC & Associates and Foundation for Affordable Housing.

May 7, 2019

Acquisitions Arizona Industrial Office Western

B.H. Properties Buys Honeywell Aerospace Glendale Office/Industrial Campus in Arizona

by Amy Works May 7, 2019

GLENDALE, ARIZ. — Los Angeles-based B.H. Properties has purchased the Honeywell Aerospace Glendale DSES Campus, located at 19019 N. 59th Ave. in Glendale, for an undisclosed price. Constructed in 1986 and situated on 45 acres, the property features 252,300 square feet of space, including offices, clean rooms, R&D labs and assembly areas. At the time of sale, the property was 100 percent occupied by Honeywell International, which signed a new lease to extend occupancy until July 2024. Mindy Korth and Kirk Kuller of Colliers International in Arizona negotiated the sale.

May 7, 2019

California Development Multifamily Western

Levin Johnston Arranges $15.5M Sale of Land Site for Multifamily Project in Fremont, California

by Amy Works May 7, 2019

FREMONT, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of a 2.7-acre land parcel located at 3515 Walnut Ave. in Fremont. A private high-net worth investor sold the property to a local multifamily developer for $15.5 million. The buyer plans to develop a multifamily property on the site that will include 275 market-rate apartments, 2,245 square feet of ground-floor retail space and a six-story parking garage. Adam Levin and Robert Johnston of Marcus & Millichap’s Levin Johnston team represented the seller and the buyer in the transaction.

May 7, 2019

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