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

California Development Multifamily Western

MBK Rental Living Buys 14.5-Acre Site in Southern California for Azure Multifamily Community

by Amy Works April 10, 2019

SANTA MARIA, CALIF. — MBK Rental Living has acquired a 14.5-acre land site in Santa Maria for the development of Azure, a multifamily property. Easton Plaza LP sold the site for an undisclosed price. Upon completion, Azure will feature 318 two- and three-story garden-style apartments ranging in size from 406 square feet to 1,211 square feet. Community amenities will include two swimming pools, two hot tubs, a dog park, sports court, fitness center and playground. Grading of the site is slated for this spring, with leasing expected to begin in mid- to late-2020.

April 10, 2019

Arizona Development Industrial Western

Fairlife to Build 300,000 SF Production, Distribution Facility in Goodyear, Arizona

by Amy Works April 10, 2019

GOODYEAR, ARIZ. — Fairlife, a milk production company, plans to develop a 300,000-square-foot production and distribution facility in Goodyear. Slated to begin operations in late 2020, the $200 million facility will house product lines to accommodate growing demand. Working with the United Dairymen of Arizona to source milk from numerous dairy farmers in Goodyear, the new Fairlife plant will enable increased production of all its products, including different varieties of ultra-filtered milk, Core Power, fairlife YUP!, fairlife smart snacks and fairlife nutrition plan. Located at the corner of Cotton Lane and Thomas Road within Palm Valley 303 Business Park, the new facility will feature advanced manufacturing technologies and energy-saving equipment to reduce power consumption, while creating more than 140 local jobs.

April 10, 2019

Acquisitions California Office Western

Madison Partners Directs $31M Sale of 55,000 SF Office Building Near Los Angeles

by Amy Works April 10, 2019

EL SEGUNDO, CALIF. — Madison Partners has arranged the off-market sale of an office building, located at 2221 Park Place in El Segundo. Powerscourt Partners purchased the property from 2221 PPA LLC for $31 million, or $564 per square foot. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, while Geoff Ludwig of Colliers International represented the buyer in the deal. The 55,000-square-foot office building was vacant at the time of sale.

April 10, 2019

Acquisitions California Lee & Associates Multifamily Seniors Housing Western

Lee & Associates Arranges Sale of 132-Unit Seniors Housing Project in Southern California for $8.7M

by Amy Works April 10, 2019

LANCASTER, CALIF. — Lee & Associates-LA North/Ventura has negotiated the sale of Aurora Village Apartments, a low-income seniors housing project in Lancaster. The property is located in what city planners hope will be a “Medical Main Street” district for the city, which is north of Los Angeles in the western Mojave Desert area. It features 132 units on a 3.4-acre site within the city’s Amargosa Creek Master Plan, which envisions a mixed-use, pedestrian-friendly district with retail and medical amenities. The seller, Aurora Village LP, was the original developer and used federal Low Income Housing Tax Credit funding to finance the project. Afton Properties acquired the community for $8.7 million. Matt Benwitt of Lee & Associates-LA North/Ventura represented the seller in the transaction. Edward Mulflur of Re/Max Commercial represented the buyer. “With the expiration of the 15-year initial operation period, the new buyer is able to sell new tax credits,” says Benwitt. “The buyer will also benefit from the property’s location in an Opportunity Zone. Recent installation of solar electric and water heating systems by the seller presented an attractive package to the buyer.”

April 10, 2019

California Loans Retail Western

SRS Secures $6.5M Acquisition Loan for Mimi’s Plaza in Tustin, California

by Amy Works April 10, 2019

TUSTIN, CALIF. — SRS Real Estate Partners has secured a $6.5 million loan for the purchase of Mimi’s Plaza, a retail center located at 13911, 13931 and 13951 Carroll Way in Tustin. Built in 1990 and situated on 2.4 acres, the three-building property features 30,795 square feet of retail space. At the time of financing, the property was fully occupied. Ben Townsend and Matt Marlin of SRS’s Debt & Equity team structured the non-recourse, five-year loan on behalf of an out-of-state private investor. The loan features a 4.65 percent fixed interest rate and a 30-year amortization.

April 10, 2019

Leasing Activity Office Top Stories Washington Western

Dropbox Signs 120,886 SF Lease at Spec Office Tower Under Construction in Seattle

by Kristin Harlow April 10, 2019

SEATTLE — Dropbox Inc. has leased four floors totaling 120,886 square feet at a speculative office tower currently under construction in Seattle’s central business district. Skanska is developing the 38-story building, known as 2+U. Dropbox, a San Francisco-based file storage and sharing company, is expected to occupy the space at 2+U in late 2020. With this new signing, 2+U is now 60 percent leased. Other tenants joining Dropbox include Indeed.com and coworking firm Spaces. The 686,000-square-foot tower is scheduled for completion this summer. Located at the corner of Second Avenue and University Street, the development is adjacent to the Seattle Art Museum and Benaroya Hall. The property is lifted 85 feet off the ground in order to create an outdoor “urban village” underneath the building. The village area will include nearly a half-acre of open space with 17,000 square feet of retail and arts space. Floor plates at 2+U will range from 18,000 to 30,000 square feet. In addition to a rooftop deck, tenants will enjoy unobstructed views of the Puget Sound and Olympic Mountains. Dropbox currently occupies space at the Columbia Center in the city. “We’re thrilled to expand in Seattle,” says Greg Conklin, engineering director and Seattle site …

April 10, 2019

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