Western

Driftwood Acquisitions Enters California Market with $85.7M Marriott Mission Valley Purchase

by Amy Works March 27, 2019

SAN DIEGO — Driftwood Acquisitions and Development (DAD) has entered the California market with the acquisition of Marriott Mission Valley located at 8757 Rio San Diego Drive in San Diego. An undisclosed seller sold the property for $85.7 million. Built in 1988 on a 7.4-acre site, Marriott Mission Valley features 353 guest rooms, more than 37,000 square feet of meeting and event space, Dine Entertain Network Restaurant, M Club Lounge, a business center, fitness center, outdoor swimming pool and convenience store. DAD plans to develop a 130,000-square-foot, 150-key hotel on a 1.7-acre portion of the site. Slated for completion in 2021, the property will include 5,000 square feet of meeting space and a state-of-the-art fitness center.

March 27, 2019

Development Nevada Retail Western

Albertsons Cos. Acquires Site in Reno for 63,000 SF Safeway Store

by Amy Works March 27, 2019

RENO, NEV. — Albertsons Cos. has closed escrow on a 5.4-acre land site at the Damonte Ranch Town Center In Reno. Kelly Bland of NAI Alliance assisted in the sale of the property. The seller and terms of the transaction were not disclosed. The buyer plans to build a 63,000-square-foot Safeway store on the site by 2021. The store will be the fourth anchor tenant in the 50-acre shopping center. Other tenants include The Home Depot, RC Willey and Office Depot. Safeway Northern California is a division of Albertsons Cos., which operates more than 280 stores across northern California, Nevada and Hawaii under four banners: Andronico’s, Safeway, Safeway Community Markets and Vons.

March 27, 2019

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Negotiates $3M Sale of Apartment Building in Colorado

by Amy Works March 27, 2019

ARVADA, COLO. — Pinnacle Real Estate Advisors has brokered the sale of an apartment building located at 5351-5361 Everett St. in Arvada. An undisclosed buyer acquired the property for $3 million, or $152,500 per unit. Built in 1961, the property features 20 apartment units. Josh Newell of Pinnacle Real Estate Advisors brokered the transaction.

March 27, 2019

Acquisitions California Retail Western

SVN Desert Commercial Arranges $2.4M Sale Shoppes of Sierra Vista in Arizona

by Amy Works March 27, 2019

SIERRA VISTA, CALIF. — SVN Desert Commercial Advisors has brokered the sale of Shoppes at Sierra Vista, a shopping center located at 439/465 N. Highway 90 in Sierra Vista. Pennsylvania-based Kwang Lee of INU Real Estate Management acquired the property for $2.4 million. The seller was Barry Roth with Roth Partnership. At the time of sale, the property was 100 percent leased. Rommie Mojahed and Beau Flahart of SVN Desert Commercial represented the seller in the deal.

March 27, 2019

Acquisitions Arizona Multifamily Western

FSC Realty Buys 225-Unit Alta Midtown Apartment Complex in Phoenix for $52M

by Amy Works March 26, 2019

PHOENIX — FSC Realty has purchased Alta Midtown, a multifamily community located in midtown Phoenix. Wood Partners sold the asset for $52 million, or $231,111 per unit. Developed in 2017, Alta Midtown features 225 apartments with contemporary interiors and nine-foot or taller ceilings. Community amenities include a resort-inspired pool and spa, rooftop lounge and on-site beer garden. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

March 26, 2019

Acquisitions California Industrial Office Western

RAF Pacifica Acquires Five Industrial, Office Assets in Southern California for $59.6M

by Amy Works March 26, 2019

CARLSBAD, CALIF. — RAF Pacifica Group (RPG) has purchased five properties totaling six buildings in the Carlsbad market. RPG acquired the assets for a total consideration of $59.6 million. RPG acquired a 67,528-square-foot, value-add industrial property, located at 6305 El Camino Real in Carlsbad, from an institutional owner for $10.5 million. The property features 20-foot clear heights, seven dock-high doors, 195 parking stalls, approximately 28,941 square feet of office space, 28,940 square feet of R&D space and 9,647 square feet of warehouse space. Aric Starck of Cushman & Wakefield represented both RPG and the seller in the deal. The company also purchased three properties within the Carlsbad Research Center in Carlsbad from A&M CapRE Aston LLC: 2320 Faraday Avenue, 2320 Faraday Avenue and 1905 Aston Avenue. The 23,375-square-foot asset at 2320 Faraday Ave. and the 17,451-square-foot facility at 2330 Faraday Ave. are fully occupied, creative-industrial properties that sold for $12.8 million. Each building offers 16-foot to 18-foot clear heights, two grade-level loading doors, 1,000 amps of 227-480 volts and a parking ratio of 3.5/1,000 square feet. RPG acquired the property, at 1905 Aston Ave., for $12.4 million. The asset features 48,818 square feet of creative industrial R&D and corporate headquarters …

March 26, 2019

Development Multifamily Nevada Seniors Housing Western

Mission Senior Living Breaks Ground on Mountain Lakes Estates Retirement Community in Reno

by Amy Works March 26, 2019

RENO, NEV. — Carson City, Nev.-based Mission Senior Living has broken ground on Mountain Lakes Estates Retirement Community in Reno. The 121,000-square-foot, four-story building will feature 130 active adult apartments for residents of at least 55 years of age. The project is scheduled for completion in spring 2020. The new property will be one of six Mission Senior Living communities, with additional locations in Nevada, Arizona and Oregon.

March 26, 2019

Acquisitions California Multifamily Seniors Housing Western

Marcus & Millichap Brokers $16M Sale of Villas Raintree Apartments in El Monte, California

by Amy Works March 26, 2019

EL MONTE, CALIF. — Marcus & Millichap has arranged the sale of Villas Raintree Apartments, a seniors housing property located at 11905 Ferris Road in El Monte. A private investor sold the asset for $16 million. Built in 1978, the property features 70 one-bedroom/one-bath units totaling 553 square feet each with air conditioning, balconies and storage units. On-site amenities include gated security, laundry facilities, a community room, shuffle board and social areas. Alexander Garcia Jr. of Marcus & Millichap represented both the seller and buyer, also a private investor, in the deal.

March 26, 2019

Loans Retail Washington Western

PSRS Arranges $1.4M Acquisition Loan for 13,000 SF Retail Center in Pullman, Washington

by Amy Works March 26, 2019

PULLMAN, WASH. — PSRS has secured $1.4 million in financing for the acquisition of Edison Center, a two-building retail property located at 588 and 594 S.E. Bishop Blvd. in Pullman. Nine tenants occupy the 13,000-square-foot strip retail center. Kostas Kavayiotidis and Grady Seldin of PSRS arranged the recourse, full-leverage, 10-year loan with a 25-year amortization schedule. Standard Insurance provided the capital.

March 26, 2019

Conference Coverage Features Multifamily Seniors Housing Western Western Feature Archive

Has Seniors Housing Gone ‘Mainstream?’ InterFace Panelists Weigh In

by Kristin Harlow March 26, 2019

LOS ANGELES — Seniors housing has generally been considered a niche asset class with niche residents. After all, there are age restrictions, finite timelines for most residents, third-party advocates (namely, the senior’s family), elevated rental rates, highly trained operators, a limited selection of amenities and oftentimes residents with special needs. None of the above has changed in recent years. What has changed, however, is the onslaught of Baby Boomers inching toward that stage in life where seniors housing services can accommodate their growing needs. What has also changed is the larger investment community’s perception of this product type and its potential, noted Investment Market Update panelists at InterFace Conference Group’s Seniors Housing West event, held March 7 at the Omni Los Angeles. The amount of capital chasing deals was a theme throughout the day-long conference, with numerous speakers noting there just isn’t enough supply to keep up with demand. “Seniors housing and skilled nursing has all this capital chasing it because it’s suddenly not an alternative asset class,” said Talya Nevo-Hacohen, CIO of Sabra Healthcare REIT. “The perception is that this is suddenly mainstream.” Panelists expressed concerns that this sudden interest may entice the wrong type of investors — and …

March 26, 2019

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