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AcquisitionsMultifamilyOregonSeniors HousingWestern

Cushman & Wakefield Brokers Sale of Two-Property Seniors Housing Portfolio in Portland

by Amy Works

PORTLAND, ORE. — Cushman & Wakefield National Senior Housing Capital Markets, exclusively advising seller Focus Healthcare Partners LLC, has arranged the sale of a portfolio of two seniors housing assets in Portland. The portfolio included Vancouver Pointe Senior Village, a 127-unit independent living community, and Hawthorne Gardens, a 58-unit assisted living and memory care community in the Sunnyside/Hawthorne neighborhood. A private equity investor acquired the properties for an undisclosed price. Artegan, the current operator, will continue to manage the communities.  Vancouver Pointe Senior Village was originally built in 2006 and recently underwent renovations to the common areas totaling nearly $1 million.  Hawthorne Gardens was built in 2007 featuring 36 assisted living units and a 22-unit memory care wing. The community also underwent a recent capital improvement program to complete a memory care conversion and a general upgrade of the community. 

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CaliforniaFeaturesWestern

Multifamily Sector, Energizer Bunny Share Common Trait, Says MBA’s Woodwell

by John Nelson

SAN DIEGO — The multifamily sector is like the Energizer Bunny, says Jamie Woodwell, vice president of commercial and multifamily research for the Mortgage Bankers Association (MBA). “It just keeps going and going and going.” The product type remains an investment darling. Although 600,000 units are currently under construction nationally — maintaining an elevated level of building activity that is the highest since the mid-1970s — consumer demand remains strong. According to Reis, the national apartment vacancy rate finished 2018 at 4.8 percent, up from 4.6 percent a year earlier. Apartment construction started to accelerate in 2017 and remained elevated throughout 2018, raising concerns that the apartment market was becoming overbuilt. Fortunately for developers, apartment occupancy growth has nearly kept pace with supply growth. “We’ve got this great balance right now really between supply and demand on the multifamily side,” said Woodwell during Sunday’s opening session of the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo at the Manchester Grand Hyatt San Diego. Woodwell teamed up with Michael Fratantoni, chief economist for the MBA, to provide an economic overview and commercial real estate finance forecast. The apartment sector is not only benefitting from strong real estate fundamentals, but also healthy increases …

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CaliforniaDevelopmentMixed-UseTop StoriesWestern

Related Cos., CORE USA Break Ground on $1B Mixed-Use Project in Los Angeles

by David Cohen

LOS ANGELES — Related Cos. and partner CORE USA have broken ground on The Grand, a $1 billion mixed-use development in downtown Los Angeles.  Located across the street from the Walt Disney Concert Hall on Grand Avenue, world-renowned architect Frank Gehry designed the project. Upon completion, the property will include more than 176,000 square feet of retail space, an Equinox Hotel and more than 400 residences. The retail portion will include chef-driven restaurants and a collection of shops, as well as a movie theater complex. Approximately 20 percent of the residences will be affordable-rate units.  The Grand and the Grand Avenue Redevelopment are the result of a collaborative public-private partnership, guided by the Los Angeles Grand Avenue Authority, a joint organization of the County of Los Angeles, the City of Los Angeles, and the former Community Redevelopment Agency of the City of Los Angeles.  It is estimated that The Grand will generate 10,000 new jobs and $397 million in revenues to the City of Los Angeles and $68 million in revenues to the County of Los Angeles over the next 25 years, according to the developers.  The development will connect multiple areas of downtown and is organized around several key urban …

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AcquisitionsCaliforniaOfficeWestern

Omninet Sells Cornerstone Plaza Office Complex in San Diego’s Sorrento Mesa for $18.8M

by Amy Works

SAN DIEGO — Omninet has completed the sale of Cornerstone Plaza, an office campus located at 6160 and 6170 Cornerstone Court East in San Diego’s Sorrento Mesa submarket. Bridge Investment Group acquired the property for $18.8 million. Built in 1996 and situated on 5 acres, Cornerstone Plaza consists of two buildings offering a total of 97,316 square feet of office space. At the time of sale, the property was 67 percent occupied by a variety of tenants, including Broadcast Company of America, Robbins Research International and Bentley Systems. The buildings are joined by a furnished outdoor gathering space with water features, landscaping and collaborative spaces. Kevin Shannon, Brunson Howard, Paul Jones, Ken White, Rick Stumm and Andrew Pascale of Newmark Knight Frank’s U.S. Capital Markets represented the seller, while Bridge Investment Group was self-represented in the deal.

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Caviata-Apts-Sparks-NV
AcquisitionsMultifamilyNevadaWestern

MG Properties Acquires 184-Unit Caviata at Kiley Ranch Apartments in Sparks, Nevada

by Amy Works

SPARKS, NEV. — San Diego-based MG Properties Group has purchased Caviata at Kiley Ranch Apartments, a multifamily property located at 950 Henry Orr Parkway in Sparks, for an undisclosed price. The community features 184 units in a mix of two- and three-bedroom townhouse floor plans, averaging 1,600 square feet. Each unit features direct-access garages, open-concept floor plans with fully equipped kitchens, full-size washers and dryers, fireplaces and patios or balconies. Community amenities include a pool, spa, barbecue lounge area with fire pits, picnic area with gas barbecues, and a fitness center. The Blomsterberg Group of Marcus & Millichap and the Jones-Saglimbeni Group of Institutional Property Advisors represented the undisclosed seller. Brian Eisendrath and Cameron Chalfant of CBRE arranged acquisition financing for the transaction.

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AcquisitionsCaliforniaDevelopmentHospitalityRestaurantRetailWestern

CalBay Development Buys 5.3-Acre Development Site Near Los Angeles for $12M

by Amy Works

TORRANCE, CALIF. — CalBay Development has acquired a freeway-oriented land site located at the northwest corner of 190th and Western avenues in Torrance. Irvine, Calif.-based Sares-Regis sold the 5.3-acre development site for $12 million. CalBay plans to develop the site into hotel, health club, retail and/or restaurant uses. The site was part of a 110-acre Toyota Headquarters, which was recently vacated. The campus comprises 18 buildings with more than 2 million square feet of office and industrial space. The campus served as Toyota’s North American headquarters since 1967 until it was sold to a partnership led by Sares-Regis. Jeff Adkison and Geoff Tranchina of JLL arranged the transaction.

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Bristol-61-Culver-City-CA
AcquisitionsCaliforniaOfficeWestern

Joint Venture Sells Bristol 61 Creative Office Campus in Culver City, California

by Amy Works

CULVER CITY, CALIF. — Boston-based Intercontinental Real Estate Corp. and San Francisco-based The Swing Co. have completed the disposition of Bristol 61, a creative campus in Culver City, for an undisclosed price. The name of the buyer was not released. Formerly known as Fox Hills Business Park, Bristol 61 is a four-building, 75,941-square-foot creative office campus located at 6100-6160 Bristol Parkway within the Corporate Pointe submarket of Culver City. Situated on four separate legal parcels, totaling 4.88 acres, the asset also features surface parking for 265 cars. Kevin Shannon, Rob Hannon and Laura Stumm of NKF Capital Markets brokered the sale and Andrea Salvi of Bradley & Associates P.C. represented the sellers in the transaction.

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Oregon-City-Memory-Care-Oregon-City-OR
AcquisitionsMultifamilyOregonSeniors HousingWestern

Marcus & Millichap Arranges Sale of Memory Care Community in Oregon City for $4.9M

by Amy Works

OREGON CITY, ORE. — Marcus & Millichap has arranged the sale of Oregon City Memory Care, a 31-unit memory care facility in Oregon City, just south of Portland. The facility was vacant at the time of sale and owned by a Seattle-based bank. A private investor acquired the asset for $4.9 million. The previous borrower lacked the working capital to make it through lease-up. The buyer plans to expand several of the units to allow for double occupancy as well as make accessibility improvements to the property. Tony Cassie and Sam Thompson, seniors housing investment specialists located in Marcus & Millichap’s Portland Office, represented the seller in the transaction.

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ArizonaDevelopmentIndustrialMarket ReportsWesternWestern Market Reports

Phoenix Is Defined by Land, Labor, Logistics

by Taylor Williams

Phoenix has long enjoyed the benefits of land, labor and logistics. In today’s ecommerce-driven market, however, those benefits are propelling the Valley’s industrial activity, and opportunity, to new heights. The region has absorbed more than 5.8 million square feet of industrial space year-to-date. It has also welcomed almost 5 million square feet of new industrial construction, while industrial vacancy rates still sit below 7 percent — their lowest levels in 12 years. Some of this activity can be credited to the price and availability of our land. This typically involves large parcels in the West Valley within close proximity to freeways that are often available at $5 per square foot to $6 per square foot. This is attracting tremendous big box interest, particularly in the Southwest Valley submarket where much of the metro’s more than 5.7 million square feet of new construction is occurring. Lincoln Property Company delivered one of the largest of these developments this past December: the $85 million, 901,700-square-foot Lincoln Logistics Center 40. Underscoring high confidence in the industrial sector, Lincoln Logistics 40 was developed fully speculative with amenities that target ecommerce and logistics-focused users. Among these are 40’ clear height ceilings, sophisticated cross-dock configuration, and extensive …

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AcquisitionsArizonaHospitalityWestern

Park Hotels & Resorts Sells Pointe Hilton Squaw Peak Resort in Phoenix for $51.4M

by Amy Works

PHOENIX — Park Hotels & Resorts has closed on the sale of Pointe Hilton Squaw Peak Resort, located at 7677 N. 16th St. in Phoenix. An undisclosed buyer acquired the asset for $51.4 million, or $91,200 per key before customary closing costs. The all-suite resort features 563 rooms, a four-acre waterpark, kid’s camp, full-service spa and fitness center, three restaurants and 48,000 square feet of indoor/outdoor meeting space. This transaction represents the 14th hotel that Park has sold over the prior year and continues the company’s strategy of improving the overall quality of its portfolio by recycling out of non-core hotels.

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