Western

Fading Tailwinds Will Limit U.S. Economic Growth in 2019, Says MBA’s Chief Economist

by John Nelson February 11, 2019

SAN DIEGO — Despite a strong U.S. job market, GDP growth will slow now that the tailwind from the Tax Cuts and Jobs Act has largely dissipated, predicts Michael Fratantoni, chief economist with the Mortgage Bankers Association (MBA). More specifically, Fratantoni is forecasting the nation’s economy to grow 2 percent in 2019, down from 3.1 percent in 2018. Passage of the sweeping tax bill in late 2017 and signed into law by President Donald Trump “led to some front-loading of some additional spending and benefits, particularly on the corporate tax side that showed up as this faster growth rate in 2018,” explains Fratantoni. “We also know that the budget agreement that was reached [early last year] really concentrated about $300 billion of spending particularly in 2018, maybe a little bit into 2019.” The comments from the veteran economist came during a special session Sunday on the opening day of the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo at the Manchester Grand Hyatt San Diego. Jaime Woodwell, vice president of commercial/multifamily research for MBA, also provided an update on the state of the commercial/multifamily market during the session. The-four day conference has attracted mortgage bankers from across the country. One …

February 11, 2019

Acquisitions California Office Western

PCCP Acquires 138,393 SF Office Building in San Francisco for $120M

by Amy Works February 8, 2019

SAN FRANCISCO — PCCP has purchased a four-story office property, located at 350 Rhode Island St. in San Francisco’s Potreto Hill neighborhood and Showplace Square office submarket, for $120 million. The name of the seller was not released. Built in 2001, the asset includes two interconnected buildings offering a total of 138,393 square feet of Class A office space over three levels of subterranean parking. The buildings are now under separate ownership, and the parking structure component of PCCP’s acquisition provides added cash flow for the investment. The property features 35,000-square-foot floor plates and a modern, distinctive architectural design.

February 8, 2019

Park-Meadows-Corporate-Center-I-Lone-Tree-CO

Acquisitions Colorado Office Western

Bailey Co. Buys Park Meadows Corporate Center in Lone Tree, Colorado, for $10M

by Amy Works February 8, 2019

LONE TREE, COLO. — Golden, Colo.-based The Bailey Co. has acquired Park Meadows Corporate Center I, located at 10004 Park Meadows Drive in Lone Tree. LRS Bay Road Investment Group sold the property for $10 million. Monica Wiley and Jeff Wood of CBRE represented the seller, while Mitch Bradley, Joe Serieno and Chad Alexander, also of CBRE, served as leasing advisors on the transaction. Constructed in 2000, the three-story multi-tenant asset features 60,144 square feet of office space. Lone Tree is located in metro Denver, approximately 15 miles south of downtown.

February 8, 2019

Acquisitions Arizona Retail Western

SVN Desert Commercial Advisors Arranges $6.9M Shopping Center Sale in Mesa, Arizona

by Amy Works February 8, 2019

MESA, ARIZ. — SVN Desert Commercial Advisors has brokered the sale of a shopping center, located at 810-848 S. Alma School Road in Mesa. Alex Holding LLC and Sunnyslope LLC acquired the asset for $6.9 million. At the time of sale, the 74,604-square-foot property was fully occupied. Rommie Mojahed and Beau Flahart of SVN Desert Commercial Advisors represented the undisclosed seller in the transaction.

February 8, 2019

Acquisitions Colorado Office Western

Concord HQ Purchases 9,009 SF Office Property in Denver for $4.5M

by Amy Works February 8, 2019

DENVER — Concord HQ LLC has purchased an office property in Denver from Unico BOP 1406 Wazee LLC/Unico BOP 1408 Wazee for $4.5 million. Located at 1408 Wazee in Denver, the asset features 9,009 square feet of office space. Andrew Blaustein and Josh Pons of Newmark Knight Frank represented the buyer, while JLL represented the seller in the deal. First American Title Insurance Co. also participated in the transaction.

February 8, 2019

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Acquisitions California Office Western

CBRE Brokers $3M Sale of Creative Office Building in San Diego’s Bankers Hill

by Amy Works February 8, 2019

SAN DIEGO — CBRE has arranged the sale of a creative office building, located at 2870 Fifth Ave. in San Diego’s Bankers Hill neighborhood. A private 1031-exchange buyer acquired the approximately 7,300-square-foot property for $3 million, or $411 per square foot. Matt Pourcho, Anthony DeLorenzo, Gary Stache, Doug Mack and Marc Frederick of CBRE represented the seller, HG Fenton Co., in the deal. Originally constructed as a fire station in 1900, the two-story building was recently repositioned and renovated into a modern creative office building. At the time of sale, the property was 100 percent leased. Tenants include Fox & Jane salon, Sojourn Healing Collective, KD Skin beauty salon and Explore That Store digital marketing agency.

February 8, 2019

California Multifamily Top Stories Western

Hankey Investment, Jamison Properties Break Ground on $300M Residential Tower in Los Angeles’ Koreatown

by Kristin Harlow February 8, 2019

LOS ANGELES — Hankey Investment Co. LP and Jamison Properties LP have broken ground on a $300 million residential tower in Koreatown, a submarket adjacent to downtown Los Angeles. Located at 2900 Wilshire Blvd., the unnamed development will rise 25 stories. The project will include 644 apartment units and a 1,000-space parking podium. Floor plans will range from studios to three-bedroom units, as well as two-story penthouses. Monthly rents will range from $2,000 to $10,000. A one-acre amenity deck will house a gym, clubhouse, pool, spa, business center, dog park and zen garden. The project will also include 15,000 square feet of ground-floor retail space. The building’s design features a unique floor shape as to avoid casting shade on two nearby parks, as well as providing unobstructed views of downtown Los Angeles and the Hollywood Hills. “As the Los Angeles housing market continues to be impacted, additional rental units will help provide much-needed homes in a very desirable location,” says W. Scott Dobbins, president of Hankey. The project team also includes Large Architecture, Dianna Wong Architecture + Interior Design, AECOM and Wilshire Construction. Completion is slated for early 2021. — Kristin Hiller

February 8, 2019

Acquisitions California Office Western

CIGNA Investment Management, The Muller Co. Buy Century Plaza in San Jose for $63.4M

by Amy Works February 7, 2019

SAN JOSE, CALIF. — A joint venture between CIGNA Investment Management and The Muller Co. has acquired Century Plaza, a six-story office building located at 550 S. Winchester Blvd. near Santana Row in San Jose. New York Life Real Estate Investors sold the property for $63.4 million. The new ownership plans to rebrand the 103,622-square-foot property and invest approximately $4.1 million to upgrade the façade, landscaping, lobby, restrooms and corridors. At the time of sale, the property was 82 percent leased. Eric Fox and Nick Lazzarina of Cushman & Wakefield’s San Jose office, along with Steven Hermann, Seth Siegel and Adam Lasoff of Cushman & Wakefield’s San Francisco office, represented the buyer and seller in the deal.

February 7, 2019

Hawaii Hospitality Loans Western

Phillips Realty Capital Structures $63M Financing for OHANA Waikiki Malia Hotel in Honolulu

by Amy Works February 7, 2019

HONOLULU — Bethesda, Md.-based Phillips Realty Capital has secured $63 million in financing on behalf of Lucky Hotels USA. Benefit Street Partners provided fixed-rate, permanent financing secured by the OHANA Waikiki Malia Hotel in Honolulu. John Sieber Jr. of Phillips Realty Capital structured the financing, while Aaron Derby at Benefit Street Partners represented the lender. Situated at 2211 Kuhio Ave. within the Waikiki Resort District, the hotel features two towers built in 1960 and 1980 and underwent a $6.2 million renovation in 2010 to update the rooms, lobby and common areas. Outrigger Hotels and Resorts manages the 327-room hotel.

February 7, 2019

California Development Multifamily Retail Western

Shea Properties, Ivanhoé Cambridge Begin Construction of Mixed-Use Property in San Jose

by Amy Works February 7, 2019

SAN JOSE, CALIF. — Shea Properties and Ivanhoé Cambridge have broken ground on a two-property mixed-use project in San Jose’s Japantown. Situated on a 3.8-acre parcel, the project will include Facet, a two-building, 518-unit apartment community, and 6th and Jackson, a 19,000-square-foot retail area with restaurants, shops and services. Additionally, the project will feature a community park situated between the residential structures. Being built by San Jose-based Swenson, the residential component will feature units ranging from 512-square-foot studios to 1,537-square-foot three-bedroom units. Units will include stainless steel appliances, full-size washers/dryers, quartz countertops and smart home technology. Community amenities will include swimming pool/spa, poolside BBQ grills, outdoor gaming areas, fitness room, indoor kitchen/lounge, rooftop deck, pet spa and large dog run area. Additionally, the North building will offer flexible work options, including work pods, collaborative work lounges and multimedia rooms, for residents. The South Building will feature amenities for an active lifestyle, including large, gym-quality fitness areas, as well as shopping and dining options on the ground level. Facet is slated to begin leasing in Spring 2021, with the retail space at 6th and Jackson scheduled to open at the same time.

February 7, 2019

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