Western Real Estate Business

JUN 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/993830

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Page 12 of 50

C A L I F O R N I A 10 • June 2018 • Western Real Estate Business www.REBusinessOnline.com JLL ARRANGES $33 MILLION SALE OF SEVEN-STORY OFFICE BUILDING IN SAN DIEGO SAN DIEGO — JLL Capital Markets has brokered the sale of 1450 Frazee, an office building located in San Diego's Mission Valley district. A joint venture between Hill Properties and a fund managed by DRA Advisors acquired the property from an affiliate of Menlo Equities for $33 million. At the time of sale, the seven-story, 140,477-square- foot building was 90.6 percent leased to 27 tenants. Lynn LaChapelle, Bob Prendergast and Sach Kirpalani of JLL arranged the transaction. CONOR COMMERCIAL, ARA BREAK GROUND ON 814,852 SF INDUSTRIAL BUILDING IN BAY AREA FREMONT, CALIF. — Conor Commer- cial Real Estate and American Realty Advisors (ARA) have broken ground on Pacific Commons Industrial Cen- ter, a distribution center located at the southwest corner of Cushing Parkway and Bunche Drive in Fremont. Slated for completion in the second quarter of 2019, the 814,852-square-foot logis- tics and fulfillment center will feature 36-foot clear heights, cross-dock con- figurations, an ESFR sprinkler system, 141 dock doors, 143 trailer parking stalls and flexible office space. De- signed to achieve LEED-Silver certifi- cation, the property will also feature 68 electric vehicle charging stations. Situated on 41 acres, the property is in close proximity to interstates 880 and 680, Warm Springs BART station and Pacific Commons Shopping Cen- ter. The developers have retained Rob Shannon, Chip Sutherland and Doug Norton of CBRE to market the prop- erty for lease. GOLDRICH KEST BUYS 43- UNIT APARTMENT BUILDING IN WEST HOLLYWOOD FOR $23.6 MILLION WEST HOLLYWOOD, CALIF. — Cul- ver City, Calif.-based Goldrich Kest has purchased Infinity West, an apart- ment building located at the intersec- tion of Sunset Boulevard and La Brea Avenue in West Hollywood. Bolour Associates sold the property to Gold- rich Kest for $23.6 million. Built in 2012, the 43-unit property features a mix of studio, one- and two-bedroom layouts, a fitness center, conference room and secured parking. Blake Rodgers of HFF represented the seller in the deal. MARCUS & MILLICHAP BROKERS $2.4 MILLION SALE OF VACANT RETAIL PROPERTY SANTA ANA, CALIF. — Marcus & Millichap has brokered the sale of The Legion Building, a retail property lo- cated at 313 N. Birch St. in Santa Ana. An undisclosed buyer acquired the property for $2.4 million, or $155.63 per square foot. At the time of sale, the 15,742-square-foot property was va- cant. Joseph Lising of Marcus & Mil- lichap brokered the transaction. The name of the seller was not released. WALKER & DUNLOP PROVIDES $10 MILLION CONSTRUCTION LOAN FOR ASSISTED LIVING FACILITY IN SONOMA COUNTY CLOVERDALE, CALIF. — Walker & Dunlop Inc. has provided $10 million in HUD financing for the construction of Vine Ridge, a 51-unit assisted living community in the Sonoma County city of Cloverdale. The community will consist of a two-story, 42,000-square- foot building on a 2.5-acre site. West- ern Living Concepts is developing and will operate the property, the sec- ond seniors housing community in its portfolio. Vine Ridge is scheduled for completion in 2019. Walker & Dun- lop's team, led by Kevin Giusti, closed the loan through HUD's Section 232 loan program, which provides financ- ing for nursing homes, assisted living facilities, memory care, independent living, and board and care facilities. The program provides the borrower with a non-recourse, fixed-rate mort- gage throughout the construction pe- riod and 40-year permanent term of the mortgage. GREYSTONE PROVIDES $28.5 MILLION FANNIE MAE ACQUISITION LOAN FOR MULTIFAMILY PROPERTY SACRAMENTO, CALIF. — Greystone has provided a $28.5 million Fannie Mae DUS loan for the acquisition of Carmel Pointe in Sacramento. Located at 7826 Center Parkway, the garden- style multifamily property features 22 two-story buildings offering a total of 332 residences. On-site amenities in- clude two outdoor swimming pools, a spa, fitness center, clubhouse, play- ground, dog park, tennis court and five laundry rooms. Simon Herrmann, Todd Vitzthum and Cody Field of Greystone arranged the financing for the undisclosed borrower. CIM GROUP, 1547 BREAK GROUND FOR 187,000 SF DATA CENTER SAN FRANCISCO — CIM Group, in partnership with fifteenfortysev- en Critical Systems Realty (1547), has commenced construction for its 240,000-square-foot data center cam- pus on 7.3 acres at 400 Paul Ave. in San Francisco. The first phase of de- velopment will include the renovation of two existing 1930s-era buildings. Totaling 54,225 square feet, the build- ings will be modernized to provide creative office and support space for data center tenants. Additionally, con- struction will start immediately for the campus, including a 187,000-square- foot purpose-built data center. The two-story building will feature a se- cure and scalable data center with 24 MW of power capacity. HFF ARRANGES $145 MILLION CONSTRUCTION LOAN FOR OFFICE BUILDING RENOVATION, EXPANSION SAN FRANCISCO — HFF has ar- ranged $145 million in construction fi- nancing for 633 Folsom, a seven-story office building located in the SOMA submarket of San Francisco. The Swig Co. will use the loan proceeds to com- plete a full-building renovation and expansion, which will add five floors to the property. Once completed, the 171,632-square-foot building will be- come a 12-story, 266,053-square-foot Class A office building. Originally built in 1967 by The Swig Co., 633 Fol- som has been fully leased for the past 20 years, most recently to California Pacific Medical Center. The project is scheduled to commence this summer. Bruce Ganong and Bercut Smith of HFF secured the financing for Swig. GMH CAPITAL, AGC EQUITY PARTNERS PLAN 305-BED STUDENT HOUSING COMMUNITY SACRAMENTO, CALIF. — GMH Cap- ital Partners and AGC Equity Part- ners have announced plans for The Academy on 65th, a 305-bed student housing community located near Cal- ifornia State University – Sacramento. The property will offer fully furnished units, alongside shared amenities in- cluding a fitness center, game room, motion studio, private and group study spaces, an outdoor courtyard and a hot tub. The main entrance will be situated along 65th Street, steps away from the Hornet Crossing en- trance, a pedestrian and bike trail leading directly to campus. GMH re- cently announced its new partnership with AGC to acquire and develop core and value-add student housing prop- erties. GMH University Housing will manage the community, with leasing set to begin in August 2018. W H A T ' S B U G G I N ' Y O U ? Pest Control for Professionally Managed Properties OFFICE RETAIL INDUSTRIAL RESIDENTIAL Eco-Friendly Solutions | Serving Southern California Pest Control Pigeon Control Termite Control Rodent Control Bee Control Gopher Control 1.877.522.2377 | www.AccessExt.com At the time of sale, the 140,477-square- foot office building was 90.6 percent leased to 27 tenants.

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