Friday, October 31, 2014
Last Updated: November 23, 2012 04:45pm ET
DEAL-WRAP

HFF Finances Acquisition of 900,000-SF Mixed-Use

Southlands Town Center is
composed of 730,000 square feet
of retail space and 170,000 square
feet of office space.

(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 - 6.)

AURORA, CO-HFF has arranged acquisition financing for Southlands Town Center, a 900,000-square-foot, mixed-use property here, on behalf of Northwood Investors from an unnamed seller. The five-year loan, whose amount HFF declined to disclose, was placed with CIBC World Markets. Southlands Town Center is an outdoor lifestyle center composed of 730,000 square feet of retail space and 170,000 square feet of office space. Its four-block main street and community plaza are surrounded by well-known retailers and an AMC Theaters. The center itself contains more than 100 retailers and restaurants. In addition, HFF has arranged $54 million in financing for RiverPlace Square Apartments, a 290-unit, class-A multifamily community in Portland, OR, on behalf of a joint venture between Cardinal Group Investments LLC and Fundamental Advisors LP. HFF placed a $44.5-million loan with a national bank and arranged a $9.5-million mezzanine loan with a mortgage REIT. Loan proceeds were used to acquire the property.

EVERETT, WA-CBRE Capital Markets Dallas Debt & Equity Finance Group has secured financing for a $35-million acquisition loan on behalf of an affiliate of the Goldman Sachs Group Inc. and East Rock Capital LLC for Fulton’s Crossing, a 504-unit multifamily community here. The property is on a 18.83-acre site and comprises 27 two- and three-story buildings, a single-story leasing center/clubhouse, and an additional single-story exercise and social center. EVP Mike Bryant and VP Jon Wooton of CBRE’s Dallas office negotiated the financing. The five-year loan was under the Freddie Mac Capped ARM program, providing the borrower the ultimate prepay flexibility combined with the assurance of a max capped interest rate during the loan term.

LOS ANGELES-Lowe Economic Development Co., an affiliate of Lowe Enterprises, has placed $14 million in New Markets Tax Credits to help fund the $28-million development of the Anderson Munger Family YMCA here. The multilevel, 29,000-square-foot facility will include a fitness center with indoor pool and rooftop running track, basketball court, child care center, and a youth and teen canteen. Designed to meet LEED Silver standards it incorporates many sustainable elements such as the creation of a park atop the center’s four-story parking structure. Construction of the center, located at 249 S. Oxford Avenue at Third St., is expected to begin on December 15, 2012. It is part of the Hollywood-Wilshire YMCA.

NEWPORT BEACH, CA-Griffin-American Healthcare REIT II Inc. has released its third-quarter earnings report. During the quarter, the REIT acquired 32 healthcare-related buildings for $277.4 million, bringing the value of its portfolio to approximately $1.1 billion, based on purchase price, according to Danny Prosky, president and COO. As a result of this growth, important financial metrics, such as normalized modified funds from operations and net operating income, experienced year-over-year growth of approximately 148% and 115%, respectively, as compared to the third quarter of 2011. Including acquisitions completed subsequent to the close of the third quarter, the REIT’s portfolio has grown by approximately 155% since January 1, based on purchase price.

SALES

HESPERIA, CA-The California Division of Land Advisors Organization has closed Rancho Las Flores, a roughly 9,000-acre planned community here for an undisclosed amount. The property was sold in its current unimproved condition, with an approved specific plan for approximately 15,000 dwelling units. The Land Advisors team of Terry Ruckle, Randy Coe and Michel Faris handled the transaction on behalf of a post-bankruptcy manager for the estate of a private mortgage lender that had previously lent more than $80 million to the project.

MAUI, HI-Central Pacific Bank has sold Lahaina Gateway, an upscale, 137,000-square-foot, grocery-anchored shopping center here, to Thompson National Properties for $32 million. Rick Chichester, president and COO, and Matt Mousavi, managing director, with Faris Lee Investments represented the buyer in the off-market deal, while the seller represented itself.

EVERETT, WA-Frontier Communications has sold 1800 41st St., a 290,024-square-foot, class-A office complex here, to 1800 41st St. LLC for what industry sources unrelated to the deal report is $19 million. Drew Saunders and Paul Lee of Jones Lang LaSalle represented Frontier in the sale. Terms of the transaction were not disclosed, but Frontier will lease back one of the two towers, totaling 165,000 square feet, leaving the remaining 125,000-square-foot tower available for lease via JLL.

SAN DIEGO-OliverMcMillan has listed the Lofts portfolio here for sale. Located in the East Village neighborhood of downtown, the portfolio consists of three high-end mixed-use communities that OliverMcMillan developed between 2006 and 2010. Kevin Mulhern, Rachel Parsons and Dixie Hall of CBRE San Diego are representing the seller in the unpriced offering. The three assets include a total of 460 residential rental units that are 95% occupied, plus approximately 23,000 square feet of ground-floor retail space.

DEVELOPMENT

LAGUNA HILLS, CA-Nadel Architects has completed the design for the Village at Nellie Gail Ranch, a shopping center here. The renovation and expansion project has recently received entitlement to move forward with construction, which is tentatively set to be completed in late summer/early fall 2013.
The Village, owned by Vintage Real Estate LLC, was originally built in the 1980s and currently comprises approximately 60,000 square feet, with tenants including Big 5 Sporting Goods and Chuck E. Cheese. Plans include a 28,000-square-foot expansion, which will include the Fresh Market, a high-end European-style grocery store, and additional retail space, bringing the total gross leasable area to over 88,000 square feet. Also planned are a re-design of the existing building facades.
SAN FRANCISCO-LandMark Retail Group has completed the development of two CVS/Pharmacy stores here and in Oakland, CA. LandMark worked closely with city officials and the community to bring a 15,312-square-foot CVS/Pharmacy to an abandoned storefront property located at 1760 Ocean Ave. in San Francisco’s Ingleside neighborhood. In Oakland, LandMark worked with the city and Councilwoman Desley Brooks to open the new store, located on the corner of 73rd and Bancroft aves. The firm added 13,821 square feet to the space and constructed a convenient drive-thru option.

GYPSUM, CO-Next Realty and its development partners are offering a free land and building package to the first big-box retailer to commit to open at Tower Center here, which will include a home-improvement center, a general merchandiser, a supermarket, and junior anchors. Fully approved and shadow anchored by Costco, the center will be a 450,000-squre-foot power retail project, the first approved project of its kind in underserved Eagle County. Nine outparcels are suitable for inline retailers, restaurants and banks, among other users. The 121-acre mixed-use site includes 74 acres for commercial development and 47 acres of residential development already underway and selling. The site is fully entitled.

NORTH SALT LAKE CITY, UT-Big-D Construction has broken ground on a new testing laboratory and change house project for Big West Oil at 333 West Center St. here. The project will be one of several safety upgrades to Big West’s facilities at the refinery.

LEASES

SAN DIEGO-Alexandria Real Estate Equities Inc. has signed a 10-year lease transaction with Genomatica Inc. The biotech firm is relocating from its existing Wateridge Summit facility to ARE Esplanade campus in University Town Center here, where it will fully occupy an approximately 68,000-square-foot facility that Alexandria is currently redeveloping and expects to deliver in September 2013. ARE Esplanade is a one-of-a-kind, sustainable science campus that will feature a unique pedestrian esplanade, a creative eatery with organic offerings, and state-of-the-art meeting spaces for collaboration.

SAN FERNANDO, CA-Rexford Industrial has leased a 76,993-square-foot industrial building at 1050 Arroyo St. here to PureTek Corp. David Young, Chad Gahr, Todd Lorber and Chris Jackson, all SVPs with NAI Capital’s Encino office, represented the landlord in the transaction, while the tenant was represented by Mark Berman of LesMark Strategic Real Estate Services. The new location will serve as a secondary manufacturing location for the PureTek.

EXECUTIVE MOVES

SAN DIEGO-OliverMcMillan has added four managing directors to its team. Eric Buchanan, managing director, is focusing on residential and new-business development for the firm nationwide. Buchanan, who specializes in multifamily and mixed-use projects, was previously VP of development and investment for Archstone in Southern California. Serge Krivatsy, managing director, oversees the firm’s Hawaii office. Before joining OliverMcMillan, he was a founding member and principal of THM Partners LLC, a Hawaii-based real estate development firm. Nathan Hong, managing director, oversees the firm’s Northern California office and development projects. He was previously the chief development officer of the Cosmopolitan of Las Vegas. John Costello, managing director based here, manages all aspects of the development and design process including financial feasibility analysis, strategic planning, entitlements, estimating, negotiations and construction. He was previously with Archstone’s West Coast mixed-use division as group VP.

WEST LOS ANGELES-The capital markets services group of DTZ, a UGL Co., has hired Jacqueline J. Hung as assistant VP in the local office. She will also cover the Downtown L.A. and Orange County markets. Hung was most recently a senior financial analyst at Premier Asset Management Solutions in Los Angeles, where she provided project-management and financial reporting services to Cityview, a real estate fund client with more than $1.2 billion in multifamily and residential development projects.

LOS ANGELES-Cassidy Turley has hired Lee Black, Jared Smits and Yvonne Ayala for the firm’s Los Angeles Metro office as executive managing director, principal, VP and senior associate, respectively. The additions assist the firm in expanding its client services platform into the San Fernando Valley. Black was previously an EVP at NAI Capital and the firm’s top producer in 2011. Smits most recently spent five years with NAI Capital as a VP specializing in landlord and tenant representation in the North Los Angeles submarket. Ayala previously served as marketing director for NAI Capital, overseeing marketing efforts for its 14 Southern California offices.

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Categories: West

Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the West Coast region of GlobeSt.com and Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

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