(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles and RealShare Apartments East, February 15th in Washington, DC).
FINANCING
SAN FRANCISCO-Highland Realty Capital has arranged $31.5 million in debt financing for a three-property, 365-unit apartment portfolio in California on behalf of “a longstanding client.” The portfolio consists of Broadstone at Stanford Ranch, a 186-unit apartment community in Rocklin, CA, 25 miles northeast of Sacramento; 107-unit Willow Creek Apartments in the San Diego suburb of Poway, CA; and Heather Ridge Apartments, a 72-unit apartment community in Orangevale, CA, a suburb of Sacramento. The three fully occupied, garden-style properties are owned by G.W. Williams Co., which had been seeking to refinance maturing loans that were secured by each of the properties. Based in San Mateo, CA, G.W. Williams Co. owns 2,200 apartment units and more than one million square feet of commercial space in the western US. “Despite the market turmoil of the past six months, we were able to achieve our objective, which was to structure flexible financing terms that were consistent with our client's strategy for each asset and its overall portfolio,” says Jeffrey K. Eliason, a principal with Highland who secured the three loans, in a prepared statement. “The favorable interest rates and other terms we were able to arrange are a testament to the strength of the assets and their submarkets, as well as to our client's reputation in the marketplace.” The interest rates for the three loans were not disclosed.
SAN DIEGO-Westcore Properties has completed two commercial real estate loan acquisitions totaling $20 million in secured debt against a class A office property in Denver, and an industrial building in Garden Grove, CA. Marc Brutten, founder and chairman of Westcore Properties, says that “We are actively seeking equity and debt interests in high quality commercial real estate throughout the western US. These two recent loan acquisitions met our criteria for asset location, quality and performance.” In Denver, the company acquired a sub-performing $11.7-million loan secured against a 108,000-square-foot, class A office building located adjacent to Interlocken Business Park in the northwest part of the city. The prior lender was not disclosed. In the Orange County suburb of Garden Grove, Westcore Properties also recently acquired a $9-million loan from an undisclosed financial institution that is secured by a 105,000-square-foot industrial building.
LANCASTER, CA-CT/KDF Community Development Partners, a joint venture between CT Realty Investors and KDF Communities, in concert with its investment partner, U.S. Bancorp Community Development Corp., has placed $16.15 million of its New Markets Tax Credit allocation with a subsidiary of InSite Development of Woodland Hills, CA. The NMTC funds will be used to redevelop four properties along the new Lancaster Promenade, now known as The BLVD, in downtown Lancaster, CA.
SALES
CERRITOS, CA-Nima Accessories has close on a $7 million purchase of a 105,680-square-foot industrial building at 16804-16808 Grindley Place. Jim Halferty and James Kinetz, senior vice presidents in the Lee & Associates Los Angeles-Central office, represented the buyer, who plans to use the building as a warehouse. The seller, L-W Income Properties, was represented by Colliers International.
DENVER-Alliance Residential Co. has purchased a 1.62-acre multifamily development site in the renowned Cherry Creek neighborhood of Denver. Alliance purchased the land with plans to build a LEED Silver-certified mixed-use luxury apartment community named Broadstone Gardens at Cherry Creek. Construction will begin in February. Final completion is slated for summer 2013.
SEATTLE-Atlanta-headquartered ARA arranged the sale of the Rivercroft Apartments, a 90-unit, class B+, apartment building in Bothell, an eastside suburb of Seattle. On behalf of ARA’s, Seattle-based office, Jim Claeys represented the seller in the transaction. The seller, Rivercroft LLC, owns multifamily assets in Washington, California and Nevada. The buyer, Bennett Properties LLC, is a Singapore based investor who owns properties throughout the US, primarily in the western half of the country. The property sold for $12.65 million or $140,555 per unit, at a 5.4% CAP.
LONG BEACH, CA-Realm Group II LLC of Newport Beach, CA has acquired, through its affiliated company Realm 200 Pine Holdings LLC, the 200 Pine Ave. office and retail building located in the heart of downtown Long Beach. Realm acquired the property for $9.58 million or $143 per foot. The 67,000-square-foot building contains 54,000 square feet of office and 13,000 square feet of ground floor retail space. 200 Pine is situated at the corner of Pine Avenue and Broadway, just two blocks east of Ocean Boulevard. The building was 70% occupied with local and national tenants such as Ignify and XO Communications. In addition to the office, the project’s retail tenants include Octopus Restaurant and Gaucho Grill. The leasing brokers are George Thomson and Noel Aguirre of Lee & Associates.
LOS ANGELES-4130 Cahuenga Blvd., a 73,150-rentable-square-foot three-story with mezzanine office building in Toluca Lake, has changed hands for $15.2 million. Martin Cohan, a vice president investments in Marcus & Millichap’s West Los Angeles office, represented the seller, Cahuenga Plaza LP of Los Angeles. Matthew Ziegler, a vice president investments in the firm’s Encino office, represented the buyer, Cahuenga Pacific LLC, a Sherman Oaks-based owner/operator with properties in Southern California and the East Coast.
DEVELOPMENT
SANTA ANA, CA-The City of Santa Ana Redevelopment Agency and Related California, a real estate developer specializing in affordable and market rate multifamily and mixed-use residential properties in California, have started construction on 74 units of apartment homes for low income families in the Lacy Neighborhood of the Santa Ana Station District. The groundbreaking begins the first of three phases of new residential development made possible by Redevelopment. The project phases are anticipated to include a mix of affordable rental and for sale apartments and townhomes totaling 138 units (99 new construction apartment units, an anticipated 24 new construction homeownership units and 15 rental units that will be rehabilitated from existing vacant residences). The Station District Apartment homes project is one of the first major new developments to commence construction under the City’s Transit Zoning Code adopted in June 2010 to promote transit-oriented development in the area surrounding the Santa Ana Regional Transportation Center (SARTC). The City of Santa Ana Redevelopment Agency selected Related California, along with Joint Venture Partner Griffin Realty Corporation in 2009 through a Request for Qualifications Process as Master Developer for the Station District. The Station District, which encompasses 94 acres of land to the west of the Santa Ana Regional Transportation Center and is generally situated within the Lacy neighborhood, has been a focal point of City and County transportation, infrastructure and transit-oriented development planning.
CASTRO VALLEY, CA-Pacific Medical Buildings has started construction on a $27.5-million, four-story, 80,000-square-foot medical office building on Sutter Health’s new Eden Medical Center campus at 20103 Lake Chabot Rd. in Castro Valley. The new MOB will be PMB’s second building on the hospital campus. The project is a joint venture with Ventas Inc., the Chicago-based real estate investment trust that acquired Nationwide Health Properties, which had a development pipeline agreement with PMB. PMB will develop, own and operate the MOB. The MOB will be connected on all four floors to the $320 million, 130-bed, 230,000-square-foot acute care Eden Medical Center, which is now under construction.
SANTA MONICA, CA-NMS Properties opens Luxe @ Broadway Studio Apartments as the newest addition to the NMS Properties multifamily affordable portfolio in Santa Monica. Luxe @ Broadway Studio Apartments will feature 97 studio and junior one bedroom residential dwellings for rent over retail and three floors of subterranean parking. “NMS Properties has redefined affordable living choices in Santa Monica with our latest project Luxe @ Broadway Studio Apartments. Our focus on upgraded interior finishes is equally matched with interesting exterior spaces that lends to the overall original design aesthetic. NMS Properties brand quality is seen in every detail of the project,” says Jim Andersen, president of NMS Properties.
LEASES
LONG BEACH, CA-Lee & Associates has won its bid to secure the leasing assignment to the industrial portfolio of Watt Properties, a division of Watt Companies. The 12 buildings and four industrial properties sit on a total of 580,436 square feet and are located in the cities of Long Beach, Torrance, Carson and Northridge. The CSULB Technology Park, located at Technology Place, and Northridge Business Park, on Prairie St. in Northridge, CA, make up the bulk of the portfolio, with 257,116 square feet and 231,620 square feet respectively.
LA MIRADA, CA-Ahern Rentals Inc. leases 125,000 square feet for 10 years at 16930 Valley View Ave. here from 16930 LLC. Jeff Hubbard, senior vice president/principal of the Lee & Associates’ Los Angeles-Central office represented the landlord. The tenant was represented by Chris Koceman of Delta Mobility. The 50-year-old equipment rental company, with 75 locations nationwide, plans to utilize the facility for its construction equipment rental business.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
