Western Real Estate Business

AUG 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

Issue link: https://westernrealestatebusiness.epubxp.com/i/1012778

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Page 9 of 42

C A L I F O R N I A www.REBusinessOnline.com Western Real Estate Business • August 2018 • 7 BELLWETHER ENTERPRISE ARRANGES $25 MILLION REFINANCING FOR OFFICE BUILDING LOS ANGELES — Bellwether Enter- prise Real Estate Capital has arranged $25 million in refinancing for a sin- gle-tenant office building located in the South Bay region of Los Angeles. Shelley Magoffin and Max Sauerman of Bellwether's Los Angeles office se- cured the first mortgage financing for the borrower, a Los Angeles-based in- vestor. The borrower plans to use the loan to refinance existing debt. The new non-recourse loan features a 12- year term and three years of interest- only payments followed by a 30-year amortization. Originally constructed in the 1950s and expanded in the 1980s, the property features 200,000 square feet of office space. At the time of refinancing, the building was occu- pied by a defense company, which re- cently extended its lease for 10 years. Bellwether Enterprise Real Estate Capital is the commercial and multi- family mortgage banking subsidiary of Enterprise Community Investment. METLIFE, NORTHWESTERN MUTUAL PROVIDE $450 MILLION REFINANCING FOR BROADWAY PLAZA WALNUT CREEK, CALIF. — MetLife Investment Management and North- western Mutual have provided a $450 million, fixed-rate loan for Broadway Plaza, a 958,000-square-foot, open-air retail center in Walnut Creek. The 12- year loan was provided on behalf of the property owner, a joint venture between Macerich and Northwest- ern Mutual. Broadway Center, which originally opened in 1951, underwent a renovation in 2014 that more than doubled the shopping center space, adding more than 50 new retailers. The center is 98 percent leased and an- chored by Nordstrom, Neiman Mar- cus and Macy's. Additional tenants include Aldo, LUSH, Madewell, Lu- lulemon, Nespresso, Zara, Kate Spade and Sephora, among others. COLLIERS BROKERS $4.1 MILLION SALE OF OFFICE PROPERTY IN HOLLYWOOD LOS ANGELES — Colliers Interna- tional has negotiated the sale of a cre- ative office property located at 6507- 6509 De Longpre Ave. in Hollywood. Weinandroses LLC sold the property for $4.1 million, or $949 per square foot. The 4,320-square-foot asset in- cludes an office building and a pri- vate writer's bungalow. Formerly oc- cupied by Go Film, a commercial and television production company, the property features private gated park- ing and a fully wired security/sound system. Nathan Pellow and Patrick Moody of Colliers' Los Angeles office represented the seller. The name of the buyer was not released. GEORGE SMITH PARTNERS ARRANGES $32.4 MILLION DEVELOPMENT FINANCING FOR 250-ROOM HOTEL COACHELLA, CALIF. — George Smith Partners has arranged $32.4 million in financing for the ground- up development of an IHG Hotel In- digo in Coachella. The borrower and developer is Glenroy Coachella. Ste- ven Bram, David Pascale and Huber Bongolan Jr. of George Smith Partners arranged a $24.4 million senior con- struction loan and $8 million PACE funding for the hotel. The hotel will be the first new construction hotel project financed by PACE in California. Situ- ated on 35 acres, the casitas-style re- sort hotel will feature 250 guest rooms with private entrances and en-suite bathrooms; a 13,000-square-foot con- vention center; a 10,000-square-foot salt water pool with a summer cooling system and a DJ booth/catwalk; and an 11-acre playground to host music- related events, wellness retreats and corporate/private events. HANLEY INVESTMENT GROUP, VOIT REAL ESTATE SERVICES NEGOTIATE $9.8 MILLION SALE OF SHOPPING PLAZA RANCHO CUCAMONGA, CALIF. — Hanley Investment Group Real Estate Advisors, in conjunction with Voit Real Estate Services, has arranged the $9.8 million sale of RC Plaza, a 37,239-square-foot retail center in Ran- cho Cucamonga. Bill Asher and Ed Hanley of Hanley Investment Group, along with Joe Miller of Voit Real Es- tate Services, arranged the transac- tion on behalf of the seller, a private partnership based in Orange County. Eric Treibatch of Ophir Management Services Inc. represented the buyer, a private investor from Los Angeles. RC Plaza includes nine buildings and is home to tenants such as Starbucks Coffee and Pizza Hut. The center in- cludes an additional 15,717-square- foot building that is separately owned and was not included in the sale. REV PROJECTS ACQUIRES R&D BUILDING IN BAYSIDE BUSINESS PARK FOR $9.6 MILLION FREMONT, CALIF. — Rev Projects has purchased a freestanding R&D build- ing located at 46355 Landing Parkway in Fremont. Oplink Communications, the former occupant, sold the proper- ty for $9.6 million, or $183 per square foot. The buyer plans to complete improvements at the 52,321-square- foot building, which is located within Bayside Business Park. Oplink Com- munications, a United States-based manufacturer of optical components, relocated its operations to a nearby building after being acquired by Koch Industries. Mike Spiro of Newmark Knight Frank Oakland represented the seller in the transaction. HFF ARRANGES $250 MILLION DEVELOPMENT FINANCING FOR BAY AREA OFFICE, HOTEL PROJECT MOUNTAIN VIEW, CALIF. — HFF has arranged the $250 million capi- talization of Ameswell Mountain View, a fully entitled mixed-use proj- ect under development in Moun- tain View. Bruce Ganong, Michael Leggett, Ben Bullock, Thomas Foley, Austin White and Bercut Smith of HFF arranged the joint venture eq- uity partnership with Rockwood Capital for the borrower, Broad- reach Capital. Additionally, the HFF team worked on behalf of both par- ties to secure $140 million in con- struction financing through Wells Fargo Bank. Ameswell will include a 255-room independent hotel and a 216,700-square-foot Class A office building. The Ameswell Hotel will feature a creative, local design with a strong emphasis on art and tech- nology; 6,258 square feet of meeting and events space; food and beverage offerings, including a destination bar and restaurant and a grab-and- go market; and outdoor gathering spaces with a swimming pool, fire pits, bocce ball court and a lawn. Visit our Booth @ ICSC Western Division Conference Booth # 908 Located in Coachella, the 250-room IHG Hotel Indigo will feature a 10,000-square-foot saltwater pool with a DJ booth/catwalk and an 11-acre playground to host music-related events.

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