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/873170
C A L I F O R N I A & H A WA I I 20 • September 2017 • Western Real Estate Business www.REBusinessOnline.com COLLIERS INTERNATIONAL ARRANGES $42.3 MILLION SALE OF FLAGSHIP WALGREENS IN HONOLULU HONOLULU — Colliers International has arranged the $42.3 million sale of a flagship Walgreens store located across from Ala Moana Center in Ho- nolulu. The single-tenant, net-leased prop- erty was sold by an entity affiliated with Salem Partners and Argosy Real Estate Partners. Tom Lagos of Colliers International spearheaded negotia- tions on behalf of the buyer, a Los An- geles-based Korean investment fund. The transaction was structured as a re- verse 1031 exchange, which required the buyer to park a grocery-anchored property located in California with an Exchange Accommodation Title- holder (EAT). This enabled the buyer to purchase the Walgreens site now, and complete the sale of the grocery- anchored center — Hacienda Plaza — at a later date. FOUNTAIN RESIDENTIAL BREAKS GROUND ON 174-BED COMMUNITY NEAR CALIFORNIA STATE UNIVERSITY — CHICO CHICO, CALIF. — Fountain Resi- dential Partners has broken ground on Campus Walk, a 174-bed student housing community located near Cal- ifornia State University — Chico. The property will offer fully fur- nished two- and four-bedroom units. Community amenities are set to in- clude study rooms, a pool deck with a movie screen and a specially designed outdoor fitness and lounge area. The community is being built by Chico- based general contractor Modern Building Inc., and will be leased and managed by Aspen Heights. The de- velopment is scheduled for comple- tion in fall 2018. BUSINESS FINANCE CAPITAL SERVICES MORE THAN $148 MILLION IN SBA 504 FUNDING IN LOS ANGELES LOS ANGELES — Business Finance Capital (BFC) has serviced more than $148 million in SBA 504 funds in Los Angeles so far in 2017. The Certified Development Company (CDC) has completed a total of 106 SBA loans, which are designed to assist business- es seeking finance mechanisms such as real estate and machinery. The program works by distributing the loan across three parties: a conven- tional lender (50 percent), a non-profit certified development company such as BFC (40 percent) and the buyer (10 percent). BFC also services the 504 Re- finance Program. BFC services a range of industries, including wholesalers and distribu- tors, manufacturers, assisted living facilities, hotels, law practices, medi- cal and dental offices, car washes, con- struction companies and more. JV ACQUIRES BAY AREA DATA CENTER DEVELOPMENT SITE SAN FRANCISCO — A joint venture between CIM Group and fifteenforty- seven Critical Systems Realty (1547) has acquired a 7.3-acre site at 400 Paul Ave. in the Portola neighborhood of San Francisco for an undisclosed sum. The site will soon be home to a 187,000-square-foot data center with 24MW of power capacity. The acquisition also includes two 1930s-era buildings that total 54,225 square feet. The facilities will undergo improvements to serve as office and support space for data center tenants. Honolulu's flagship Walgreens store is located across from Ala Moana Center.