Western

NKF Capital Markets Negotiates Sale of 124,529 SF Office Building in Inland Empire for $29.9M

by Amy Works July 13, 2018

ONTARIO, CALIF. — NKF Capital Markets has brokered the sale of Empire Towers V, a five-story office building located at 3990 Concours St. in Ontario. TA Associates sold the property to MGR Realty for $29.9 million. Kevin Shannon, Ken White and Michael Moore of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction. Built in 2007, the 124,529-square-foot property is situated on 4.4 acres and within walking distance to various amenities, including restaurants, hotels, Ontario Mills Mall, Citizens Business Bank Arena and the Ontario Convention Center. At the time of sale, the property was 100 percent occupied by 11 tenants, including United Health Care Services, Chapman University and CEMEX.

July 13, 2018

Loans Retail Utah Western

Bellwether Enterprise Secures $10.5M Refinancing for Retail Center in Orem, Utah

by Amy Works July 13, 2018

OREM, UTAH — Bellwether Enterprise has arranged a $10.5 million first mortgage loan to refinance a shopping center in Orem. Shelley Magoffin and Max Sauerman of Bellwether secured the financing for a Los Angeles-based investor. The borrower plans to use the loan to refinance existing debt. The non-recourse loan features a 10-year term, 25-year amortization schedule and flexible prepayment penalty for the latter half of the loan term. Constructed in phases between the 1950s and 1980s, the property features more than 100,000 square feet of retail space. At the time of financing, the asset was 95 percent leased to 11 tenants ranging in size from 1,400 square feet to 40,000 square feet. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.

July 13, 2018

Arizona Development Industrial Western

Graycor Construction Co. to Build Phase One of Prologis I-17 Logistics Center in Phoenix

by Amy Works July 13, 2018

PHOENIX — Prologis has selected Graycor Construction Co. for the first phase of its new Prologis I-17 Logistics Center, located on 25 acres of infill space within Phoenix’s 7th Street Corridor. When complete, the first phase will comprise four buildings offering a total of 558,712 square feet of industrial space, divisible from 25,000 square feet to 211,000 square feet. The project is located at 2111-2145 S. 7th St. at the southeast corner of 7th Street and Interstate 17. Graycor will begin construction of the first phase in July, with completion slated for the first quarter of 2019. Phase I will feature four buildings ranging in size from 82,284 square feet to 211,208 square feet. Each building will offer 32-foot clear heights, 52-foot by 50-foot column spacing, 135-foot to 210-foot truck courts and the flexibility to accommodate multiple mid-size users.

July 13, 2018

Acquisitions California Retail Western

Fairbourne Properties Acquires Shopping Center in California for $85.7M

by Amy Works July 12, 2018

BRENTWOOD, CALIF. — Chicago-based Fairbourne Properties has purchased The Streets of Brentwood, a grocery- and theatre-anchored lifestyle center located at 2455 Sand Creek Road in Brentwood. A fund managed by DRA Advisors sold the asset for $85.7 million, according to property records obtained by the San Francisco Business Times. The 358,615-square-foot center includes a 14-screen AMC Theatre, DSW, Ulta Beauty and Sprouts Farmers Market. Nicholas Bicardo and Brandon Rogoff of NKF Capital Markers represented the seller in the transaction.

July 12, 2018

Acquisitions California Multifamily Western

Stepp Commercial Brokers $50.8M Sale of Apartment Community in Southern California

by Amy Works July 12, 2018

LONG BEACH, CALIF. — Stepp Commercial has negotiated the sale of Patio Gardens, an apartment community located at 4874 E. Los Coyotes Diagonal in Long Beach’s Traffic Circle neighborhood. Emeryville, Calif.-based HFH Limited acquired the property from a Long Beach-based private investor for $50.8 million. Built in 1958, the property features 19 two-story buildings with a total of 127 two-bedroom units averaging 1,000 square feet. On-site amenities include landscaped gardens and lawns, laundry facilities, a fitness center and parking garages. Robert Stepp of Stepp Commercial represented the seller and buyer in the deal.

July 12, 2018

Acquisitions California Industrial Office Western

PCCP, Lincoln Property Co. Buy 464,000 SF Office/R&D Complex in San Jose

by Amy Works July 12, 2018

SAN JOSE, CALIF. — PCCP, in a joint venture with Lincoln Property Co., has acquired Valley Technology Centre, a seven-building office and R&D complex located on 26.4 acres in San Jose. MWest sold the property for an undisclosed price. Built in 2000, the 464,000-square-foot property was 74 percent leased at the time of sale. The complex comprises seven two-story office and R&D facilitates with 18-foot clear height on the ground floors to accommodate roll-up doors and shipping/receiving requirements. The properties are located at 2660, 2680, 2700, 2720, 2740 Zanker Road and 2585 and 2595 Junction Ave. in North San Jose.

July 12, 2018

California Loans Office Western

Bellwether Enterprise Arranges $25M Refinancing for Office Building in Los Angeles

by Amy Works July 12, 2018

LOS ANGELES — Bellwether Enterprise Real Estate Capital has arranged $25 million in refinancing for a single-tenant office building located in the South Bay region of Los Angeles. Shelley Magoffin and Max Sauerman of Bellwether’s Los Angeles office secured the first mortgage financing for the borrower, a Los Angeles-based investor. The borrower plans to use the loan to refinance existing debt. The new non-recourse loan features a 12-year term and three years of interest-only payments followed by a 30-year amortization. Originally constructed in the 1950s and expanded in the 1980s, the property features 200,000 square feet of office space. At the time of refinancing, the building was occupied by a defense company, which recently extended its lease for 10 years. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.

July 12, 2018

Loans Multifamily Oregon Student Housing Western

Cardinal Group Purchases 244-Bed Student Housing Community Near University of Oregon

by Amy Works July 12, 2018

EUGENE, ORE. —Cardinal Group has acquired Arena District, a 244-bed student housing community located near the University of Oregon in Eugene. The property offers two- and four-bedroom units. Shared amenities include a fitness center; hot tub; private study room; study area and internet café; multimedia lounge; clubroom with gaming and pool table; and outdoor courtyard with grilling station. HFF arranged an undisclosed amount of acquisition financing for the transaction. The HFF team, which included Pat Burger, secured the floating-rate loan through Freddie Mac’s CME Program. HFF will also service the securitized loan.

July 12, 2018

Acquisitions Hospitality Nevada Retail Top Stories Western

VICI Properties Closes $507.5M Sale-Leaseback of Octavius Tower at Caesars Palace

by Camren Skelton July 12, 2018

LAS VEGAS — VICI Properties has acquired the 23-story Octavius Tower at Caesars Palace Las Vegas for $507.5 million in cash. Under the terms of an existing ground lease, the REIT will lease the 668-room hotel back to the seller, Caesars Entertainment Corp., which currently operates the property. Caesars’ annual rent payment to VICI will be $35 million. Constructed in 2012, the hotel spans 1.2 million square feet and is located on the Flamingo Avenue side of Caesars Palace Las Vegas. At the time of closing, VICI announced that it will also acquire Harrah’s Philadelphia from Caesars. The original purchase price of $241.5 million will be reduced to $82.5 million to reflect modifications to VICI’s existing leases with Caesars. “These agreements with VICI unlock more than $500 million in value from our real estate assets to support value-adding growth opportunities and reduce the volatility of our future rent payments, demonstrating our commitment to create value for our shareholders while maintaining financial discipline,” says Mark Frissora, president and CEO of Caesars Entertainment. Constructed in 2006, Harrah’s Philadelphia underwent a renovation in 2017. The property spans 2 million square feet and includes 2,450 slot machines, live table games, and several bars, restaurants and parking garages. …

July 12, 2018

California Development Hospitality Loans Office Western

HFF Arranges $250M Development Financing for Bay Area Office, Hotel Project

by Amy Works July 11, 2018

MOUNTAIN VIEW, CALIF. — HFF has arranged the $250 million capitalization of Ameswell Mountain View, a fully entitled mixed-use project under development in Mountain View. Bruce Ganong, Michael Leggett, Ben Bullock, Thomas Foley, Austin White and Bercut Smith of HFF arranged the joint venture equity partnership with Rockwood Capital for the borrower, Broadreach Capital. Additionally, the HFF team worked on behalf of both parties to secure $140 million in construction financing with Wells Fargo Bank. Ameswall will feature a 255-room independent hotel and a 216,700-square-foot Class A office building. The Ameswall Hotel will feature a creative, local design with a strong emphasis on art and technology; 6,258 square feet of meeting and events space; food and beverage offerings, including a destination bar and restaurant and a grab-and-go market; and outdoor gathering spaces with a swimming pool, fire pits, bocce ball court and a lawn. Aiming for LEED Platinum certification, the five-story creative office building will feature floor-to-ceiling glass lines to provide natural light, 14-foot ceilings and 47,000-square-foot floorplates. Amenities for the property include a 2.5-acre park, terraces, break-out areas to merge workspace and nature, dedicated bike and pedestrian trails, and electric vehicle charging stations. The development will also feature a …

July 11, 2018

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