Western

Alpha Wave Investors Purchases 76-Unit Cove on Bruce Apartments in Metro Salt Lake City

by Amy Works October 2, 2018

CLEARFIELD, UTAH — Alpha Wave Investors has acquired Cove on Bruce Apartments, a multifamily property in the Salt Lake City suburb of Clearfield, for an undisclosed price. The 76-unit property features two-bedroom/one-bath floorplans with in-unit washer/dryer hookups. Community amenities include covered parking, a children’s playground and a pet-friendly environment. The buyer plans to invest more than $750,000 in capital improvements, including a new leasing office and fitness center, exterior paint, signage and landscape upgrades, interior renovations, and the installation of energy-efficient fixtures. Jason Wadsworth of Carpenter Commercial represented the buyer and undisclosed seller in the deal. This transaction is Alpha Wave’s fourth acquisition in the Salt Lake City metro area in the past 12 months.

October 2, 2018

Acquisitions California Office Western

Blumhouse Productions Buys Office Property in Los Angeles for $2.7M

by Amy Works October 2, 2018

LOS ANGELES — Blumhouse Productions, a producer of horror film franchises, has purchased an office building located at 2410 Beverly Blvd. in Los Angeles. Kessel & Associates sold the property for $2.7 million, or $486 per square foot. The buyer currently owns and occupies two nearby office buildings and plans to expand its operations to the newly acquired 5,490-square-foot property. Nathan Pellow and Patrick Moody of Colliers International represented the seller in the transaction.

October 2, 2018

Acquisitions Arizona Office Western

SVN Desert Commercial Arranges $1.1M Sale of Office Building in Phoenix

by Amy Works October 2, 2018

PHOENIX — SVN Desert Commercial has arranged the sale of an office building, located at 810 W. Bethany Home Road in Phoenix. Arizona Medical Association (ARMA) sold the property to a Katie Hess, founder of Lotuswei, for $1.1 million. ARMA was the only occupant and owner of the 15,304-square-foot building, which was built in 1970, until the sale. The seller plans to relocate, while the new owner plans to occupy the majority of the building with small spaces available for lease. Justin Horwitz and Paul Borgesen II of SVN Desert Commercial represented the seller in the deal.

October 2, 2018

Industrial Market Reports Nevada Western Western Market Reports

Opportunity, Demand Define Las Vegas Industrial Market

by Taylor Williams October 2, 2018

The Las Vegas industrial sector set records in 2017, with more new construction and higher net absorption than any other time in the market’s history. New construction was dominated by pre-leased space primarily driven by transportation and logistics companies, namely ecommerce and retail-related businesses. As a result, the overall vacancy rate decreased to the second lowest level in market history. As a percentage of overall market size, Las Vegas led the country in both new construction and net absorption. The significant momentum of 2017 did carry over to the first quarter of 2018, albeit at a relatively slower rate. New construction totaled 1.3 million square feet and net absorption lagged deliveries at a positive 1 million square feet, marking the 22nd consecutive quarter of positive net absorption. The overall direct vacancy rate in the first quarter of 2018 was 4 percent, an increase of 50 basis points over the previous quarter. This provided much-needed inventory for tenants looking to enter or expand into the Las Vegas market. While the North Las Vegas submarket dominated 2017, accounting for nearly 70 percent of total net absorption, it is the Southwest submarket that is surging in 2018 with 53 percent of net absorption …

October 2, 2018

Acquisitions California Multifamily Seniors Housing Western

Blueprint Negotiates Sale of Memory Care Community in Orange County, California

by Amy Works October 1, 2018

FULLERTON, CALIF. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Richman Gardens, a standalone memory care community in the Orange County city of Fullerton. A joint venture between a REIT and a national operator sold the community as part of a larger portfolio disposition strategy. A Los Angeles-based owner-operator acquired the property for an undisclosed price. The buyer plans to implement a substantial renovation of the community, as well as implement operational changes to reduce expenses. This is the company’s first Orange County acquisition. Blueprint’s Jacob Gehl, Ben Firestone and Scott Frazier handled the transaction.

October 1, 2018

California Leasing Activity Retail Western

Warner Pacific Properties Fully Leases Monrovia Landing Shopping Center in Southern California

by Amy Works October 1, 2018

MONROVIA, CALIF. — Warner Pacific Properties has completed leasing Monrovia Landing, a shopping center located at 729 E. Huntington Drive in Monrovia. ULTA Beauty opened a location at the property, and Kids Empire and Tapioca Expressed signed leases to open locations within the next four months. The transactions bring the 98,000-square-foot neighborhood retail center to full occupancy. Additional tenants include T.J. Maxx, HomeGoods, ALDI and O’Reilly Auto Parts. Kids Empire will open a 10,500-square-foot facility that provides a safe, high-quality place for children to play, explore and expend energy. The space is expected to open by the end of January 2019. Tapioca Express is a Taiwanese-American fast-food franchise chain specializing in bubble tea, coffee, a variety of fruit juices, yogurt, smoothies, slushes, small meals, sandwiches and light snacks. The South El Monte, Calif.-based chain is slated to open its 1,200-square-foot restaurant at Monrovia Landing in November. Warner Pacific Properties originally acquired Monrovia Landing in 2016. At the time of acquisition, the 98,000-square-foot property consisted of a vacated Alberstons grocery building and an O’Reilly Auto Parts store. Monrovia Landing is part of a larger retail development referred to as the Shamrock Center, which includes a 24 Hour Fitness, Yoshinoya and Taco …

October 1, 2018

Griffin-Plaza-Senior-Living-Simi-Valley-CA

California Development Loans Multifamily Seniors Housing Western

Canyon Partners Real Estate Invests $10.6M in Seniors Housing Development in Southern California

by Amy Works October 1, 2018

SIMI VALLEY, CALIF. — Canyon Partners Real Estate LLC has provided $10.6 million of preferred equity for the construction of a seniors housing community in Simi Valley, approximately 40 miles northwest of downtown Los Angeles. Griffin Fine Living is developing the project, known as Griffin Plaza Senior Living. This transaction represents Canyon’s third investment with Griffin since 2013. When completed, Griffin Plaza will feature 75 assisted living units and 26 memory care units in a two-story, 100,000-square-foot building. The development is near numerous acute care facilities and is located within the existing 13-acre Griffin Plaza retail center. Originally developed by Griffin in the early 1980s, the shopping center is currently undergoing a full-scale renovation to create a lifestyle center with anchor tenants including an Aldi grocery store and a CVS Pharmacy. “The Simi Valley region is already significantly underserved in seniors housing and memory care,” says Paul Griffin, CEO of Griffin Fine Living. “Demand for high-quality facilities is forecasted to increase, creating a demographics-led investment opportunity.” Solvere Living has been selected as the operator. Construction is scheduled for completion before the end of 2019.

October 1, 2018

Acquisitions California Multifamily Western

Charles Dunn Co. Brokers $3.2M Sale of Multifamily Property in Los Angeles

by Amy Works October 1, 2018

LOS ANGELES — Charles Dunn Co. has arranged the sale of an apartment building located at 315 S. Hamel Road in the Beverly Grove neighborhood of Los Angeles. Bentley Place LLC acquired the property for $3.2 million, or $293,181 per unit. Built in 1954, the 6,000-square-foot property features nine one-bedroom/one-bath units and two studio units. At the time of escrow, six units were vacant. Michael Monempour of Charles Dunn Co. represented both the buyer and seller, which was the original developer of the property.

October 1, 2018

Acquisitions California Industrial Top Stories Western

RAF Pacifica Group Sells 1 MSF Industrial Portfolio in Metro San Diego for $170M

by Taylor Williams October 1, 2018

CARLSBAD, VISTA, SAN MARCOS AND TEMECULA, CALIF. — RAF Pacifica Group has completed the disposition of a 12-asset industrial portfolio in San Diego County. An undisclosed buyer acquired the properties for $170 million. Totaling more than 1 million square feet, the portfolio consists of institutional-quality assets in the southern California cities of Carlsbad (3261, 3266 and 3193 Lionshead Ave. and 2281 Las Palmas); Vista (1125 Joshua Way, 1385 Park Center Drive, 2641 and 2651 La Mirada Drive); San Marcos (120 Mata Way, 195 Bosstick Blvd., and 2946, 2950 and 2954 Norman Strasse Road); and Temecula (26201 Ynez Road and 42259 Rio Nedo Road). The Class A properties feature highly efficient warehouse designs and loading capabilities, low office build-out percentages, expansive clear heights and strategic layouts for parking, loading and truck traffic flow. Aric Starck of Cushman & Wakefield’s San Diego office represented the seller, while the buyer was self-represented in the transaction. “The RAF portfolio incorporates a remarkable mix of existing core assets, fully renovated warehouse/distribution centers, as well as newly developed, state-of-the-art projects,” said Starck. “Each asset is strategically positioned in sought-after locations characterized by superior access to freeways, amenities, airports and residential communities.” According to Starck, the deal …

October 1, 2018

Affordable Housing California Loans Multifamily Western

Berkeley Point Capital Provides $52.4M Refinancing for Affordable Housing in San Diego

by Amy Works September 28, 2018

SAN DIEGO — Berkeley Point Capital has provided a $52.4 million multifamily affordable housing refinancing for Lantana Hills Apartment Homes in San Diego. The borrow is an affiliate of the Convermat Corp. Lantana Hills Apartments Homes was built in two phases with 300 units constructed in 1955 and the remaining 80 units constructed in 1986. The complex comprises one- and two-bedroom apartments, 23 acres of landscaping and parks, two swimming pools, a newly remodeled fitness center, and garage and surface parking. The new loan, provided via Fannie Mae’s Affordable Housing Group, features a 12-year term with eight years of interest-only payments. The financing was used to retire tax-exempt, variable-rate bonds totaling $37.5 million that were issued by the City of San Diego in 2004. The complex underwent a $5.9 million in renovations between 2014 and 2017 that included new wood flooring, quartz kitchen countertops, new kitchen appliances and accessories, while also becoming a pet-friendly community. The borrower plans on spending an additional $1.4 million in capital expenditures in 2018. Mitch Clarfield of Berkeley Point’s Santa Monica, Calif., office facilitated the loan for the borrower.

September 28, 2018

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