Western

Washington Capital Management Buys Spectrum Corporate Plaza Office Campus in San Diego for $39.8M

by Amy Works April 12, 2019

SAN DIEGO — Seattle-based Washington Capital Management, on behalf of its client, has acquired Spectrum Corporate Plaza, an office asset located in the Kearny Mesa submarket of San Diego. An undisclosed seller sold the property for $39.8 million. Located at 9242 and 9246 Lightwave Ave., the 129,146-square-foot office campus consists of two freestanding buildings. At the time of sale, the property was 95 percent leased. Major tenants include Epsilon Systems, Henkels and McCoy, the State of California and San Diego Workforce Partnership. Situated on 6.4 acres, the asset also features 514 parking spaces. Louay Alsadek and Hunter Rower of CBRE represented the seller, while Washington Capital Management represented the buyer, its client, in the deal.

April 12, 2019

Acquisitions California Healthcare Loans Western

CIT Group Arranges $36.8M in Acquisition Financing for Bakersfield Heart Hospital in California

by Amy Works April 12, 2019

BAKERSFIELD, CALIF. — CIT Group’s Healthcare Finance business served as the sole lead arranger for $36.8 million in acquisition financing. The borrower, The Sanders Trust, will use the funds to purchase Bakersfield Heart Hospital. The lender was not disclosed. Located in Bakersfield, the hospital specializes in diagnosis and treatment of heart and vascular disease, as well as a wide range of other medical and surgical procedures. The hospital will continue to be owned and managed by its current team of more than 400 employees, cardiologists, physicians and surgeons in Bakersfield and Kern County, Calif.

April 12, 2019

1399-Vine-St-1644-Pennsylvania-St-Denver-CO

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Brokers $8.4M Sale of Multifamily Portfolio in Central Denver

by Amy Works April 12, 2019

DENVER — Pinnacle Real Estate Advisors has arranged the sale of a two-property multifamily portfolio located in central Denver. An undisclosed seller sold the assets for $8.4 million. The 52-unit portfolio consists of 1339 Vine Street, which was built in 1957, and 1644 Pennsylvania Street, which was built in 1956. Jeff Johnson and Andrew Monette of Pinnacle’s Johnson|Ritter team represented the seller, while Mike Krebsbach of MitchellKrebsbach Investment Group represented the undisclosed buyer in the deal.

April 12, 2019

California Industrial Loans Multifamily Western

Continental Partners Secures $15.8M in Financing for Four Southern California Assets

by Amy Works April 12, 2019

LOS ANGELES AND MOORPARK, CALIF. — Continental Partners has arranged a total of $15.8 million in financing across two transactions in Southern California. Zalmi Klyne of Continental Partners handled the transactions. Continental Partners secured $9 million in refinancing for a 41-unit, three-property multifamily portfolio in South Los Angeles. The financing allowed the undisclosed sponsor to cash out 90 percent equity. Previously, the firm arranged a bridge loan for the purchase of the assets in December 2017. The new 30-year loan is priced at rate of 4.61 percent with three years of interest-only payments and a loan-to-value ratio of 70 percent. The company also arranged $6.8 million in cash-out refinancing for a 105,000-square-foot industrial building in Moorpark. The firm previously secured a bridge loan for the acquisition of the property in October 2017. The loan was 98.5 percent of the original purchase price. The new financing features a seven-year term with a five-year fixed interest rate. The loan-to-value ratio is 70 percent.

April 12, 2019

Acquisitions Net Lease Retail Washington Western

SRS Directs $6M Sale of Rite Aid-Occupied Asset in Kingston, Washington

by Amy Works April 12, 2019

KINGSTON, WASH. — SRS Real Estate Partners has negotiated the sale of a single-tenant retail property, located at 27000 Miller Bay Road NE in Kingston. A U.S.-based investment fund sold the asset to a California-based family office for $6 million. Built in 2007 on 2.2 acres, the 17,272-square-foot building includes a drive-thru. Rite Aid currently occupies the property under a corporate-guaranteed triple-net lease with Rite Aid Corp. There are nine years remaining on the lease. Ryan Tomkins of SRS’ National Net Lease Group represented the seller in the transaction.

April 12, 2019

California Development Loans Multifamily Western

PCCP Provides $145M Loan for Development of 442-Unit Multifamily Asset in San Diego

by Amy Works April 11, 2019

SAN DIEGO — PCCP has funded a $145 million senior loan to Sunroad Enterprises for the development of Sunroad Centrum Phase 6, a seven-story, Class A multifamily community in the Kearny Mesa neighborhood of San Diego. The 442-unit project is the final phase of the 24-acre Centrum master plan, which includes more than 800 multifamily units and an 11-story office tower. The new multifamily property will feature a 4,200-square-foot, two-level fitness center, pool, spa, rooftop bar with grill area and outdoor televisions, business center lounge, conference rooms, wine room with outdoor patio, game room and pet-grooming center. Aldon Cole, Tim Wright and Bharat Madan of HFF’s San Diego office arranged the financing.

April 11, 2019

California Development Loans Multifamily Western

Oakdale Communities Receives $83M Construction Loan for 300-Unit Multifamily Property in Sacramento

by Amy Works April 11, 2019

SACRAMENTO — Houston-based Oakdale Communities has received an $83 million loan for the development of The Core Natomas, an apartment complex in Sacramento. Located at 2705 Orchard Lane, the 300-unit, village-style community will feature 13 two- and three-story buildings offering one-, two- and three-bedroom layouts. On-site amenities will include a clubhouse, resort-style swimming pool, fitness center and outdoor kitchens. Construction is slated to begin in May. Kevin Randles, Angelica Heath, Jim Richards and Susan Speer of CBRE arranged the financing, which represents 90 percent of total needed project capital. William Ayres, also of CBRE, brokered the acquisition of the land site.

April 11, 2019

Development Hawaii Hospitality Western

Ike Place Hotels, R.D. Olson Begin Construction of AC Hotel Wailea in Hawaii

by Amy Works April 11, 2019

WAILEA, HAWAII — Ike Place Hotels and R.D. Olson Construction have started the ground-up construction of AC Hotel Wailea, a four-story estate hotel located at the corner of Wailea Ike Place and Wailea Ike Drive in Wailea. Situated on three acres, the 70,000-square-foot property will feature 110 guestrooms including one-bedroom suites and studio options, a business center, fitness area and infinity-edge pool with a poolside tiki bar and cabanas. The property will features a Polynesian design with modern flare and offer guests ocean-view and mountain-view room options with private lanais. Additionally, the property will feature indoor/outdoor lounge spaces and an 85-car parking lot. The project team includes R.D. Olson Development, Architects Hawaii Limited and SAND Design. Completion is slated for fall 2020.

April 11, 2019

Acquisitions Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $61M Acquisition Financing for Portland-Area Seniors Housing Portfolio

by Amy Works April 11, 2019

LAKE OSWEGO AND WILSONVILLE, ORE. — CBRE has arranged $61 million in financing for the acquisition of The Springs at Carman Oaks in Lake Oswego and The Springs Wilsonville in Wilsonville, both seniors housing communities in the greater Portland area. The borrower was The Springs Living, which sought to buy out its partner on the properties and become sole owner. Springs initially purchased the communities in 2012 with an institutional equity partner, and subsequently repositioned the assets. Springs will remain as operator following the transaction. The portfolio features a total of 145 independent living units, 82 assisted living units and 41 memory care units. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the four-year, floating-rate loan with 30 months of interest-only payments. A national bank provided the capital.

April 11, 2019

Acquisitions California Retail Western

Optimus Properties Sells Multi-Tenant Retail Asset in Los Angeles

by Amy Works April 11, 2019

LOS ANGELES — An affiliate of Optimus Properties has completed the disposition of a retail building located at 8036-8038 W. Third St. in Los Angeles. Terms of the transaction were not released. Built in 1946, the property features 2,200 square feet of retail space and 12 parking spaces. At the time of sale, the building was fully occupied by The Osso Good Co., a maker of bone broth and paleo soups; I Love Nails, a nail salon; and Shampoo, a hair salon.

April 11, 2019

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