LOS ANGELES—The Port of Long Beach has received an AA rating on outstanding debt from Fitch Ratings, maintaining its bond status. The port has $867.6 million in outstanding debt, and is rolling out a capital improvement program totaling $3.2 billion through 2026. The agency noted “strong financial metrics” and “considerable liquidity” for the next decade as the port rolls out its capital improvements.
SALES
PORTLAND—The Berkshire Group has purchased the Cook Apartments, a 206-unit apartment building in the Williams District of Portland. This is the firm's second multifamily transaction in the Portland market, and they plan to manage the property. The sales price was not disclosed.
PORTLAND—BLF Holdings has acquired the Townfair Apartments in Portland, OR, for $31 million from Tokola Properties. The 261-unit apartment complex sits on 11.6 acres and is walking distance to shops and restaurants.
SALT LAKE CITY—Gladstone Commercial Corp. has acquired single tenant office building in Taylorsville, UT, a suburb of Salt Lake City, for $17 million at an 8.4% cap rate. The three-story 107,626-square-foot property is fully leased to Convergys Customer Management Group.
LEASES
LOS ANGELES—Co-op Natural Foods has signed a 19,000-square-foot lease at Access Culver City, a mixed-use development. This is the boutique grocery chain's second Santa Monica location. CBRE's Timothy Bower and Zachary Card represented the developer, Greystar Real Estate Partners, in the lease transaction. The value of the lease was not disclosed. Co-Op Natural Foods will open in 2017.
LOS ANGELES—IgnitedSpaces has signed a 42,161-square-foot lease with Jamison at the California Market Center in Downtown Los Angeles. The Hollywood-based company will occupy the full 12th floor of building B. The terms of the lease were not disclosed.
SAN BERNARDINO, CA—Arden Cos. is relocating its operations to a new manufacturing facility in Victorville. The details of the facility are unknown, but it will expand the company's West Coast footprint. Stirling Capital Investments chief operating officer Brian Parno were responsible for the development of Arden's new state-of-the-art facility, which will open in September 2016.
FINANCING
LOS ANGELES—Held Properties has secured a $15.5 million loan to refinance a White Magnolia Apartments in Encino, CA. The loan has a 10-year term, 3.65% before stabilization with five years of interest-only, and was funded through a life company. JLL managing director Brian Halpern secured the funding on behalf of the borrower.
LOS ANGELES—RealtyMogul.com has closed another $7.5 million in transactions, inching closer to its long-term $1 billion goal. The funds were used on a variety of transactions, including finance multifamily, residential, office and retail properties in Ohio, Savannah, GA, and for a joint venture equity fund. The platform has funded $200 million in real estate transactions since its inception in 2013.
SAN CLEMENTE—Pillar has secured $40 million for three manufactured housing communities. The communities had varying levels of occupancy, but were all highly rated. Arthur W. Tuverson, managing director of Pillar's MHC/RV Resort Group, secured the funding on behalf of the unnamed borrowers. The terms of the loans were not disclosed, but they were all funded through Freddie Mac and Fannie Mae.
EMPLOYMENT
COSTA MESA, CA—Peter Bethea has joined Westar Associates as leasing manager in the firm's Orange County office. As leasing manager, Bethea will oversee activities for the company's 2-million-square-foot retail portfolio. He comes to the firm form Cushman & Wakefield.
LOS ANGELES—Philip J. Prassas has joined Crow Holdings International as senior managing director and head of the firm's new Los Angeles office. He joins the firm from KTR Capital Partners, where he served as SVP of investments, and has also served at Duke Realty Corp. and at RREEF/DB Real Estate.
LOS ANGELES—Thomas Traynor and James Millon have joined CBRE Capital Markets as EVPs. The duo joins the firm from Deutsche Bank and will focus on the large loan space in New York City.
DEVELOPMENT
SEATTLE—Dermody Properties has broken ground on LogistiCenter at 167, a 225,927-square-foot industrial property in Fife, WA. The property is 1.7 miles from the Port of Tacoma and is targeting distribution operations tenants. The property features 32' clear height, 70 dock doors, four grade-level doors and 166 car stalls.
PARK CITY, UT—ValueRock has entitled an 87-acre land site in Park City to build Deer Cove Master Plan, a mixed-use housing development. The developer purchased the property in 2001, and has spent $20 million during the entitlement process.
LOS ANGELES—The Port of Long Beach has received an AA rating on outstanding debt from Fitch Ratings, maintaining its bond status. The port has $867.6 million in outstanding debt, and is rolling out a capital improvement program totaling $3.2 billion through 2026. The agency noted “strong financial metrics” and “considerable liquidity” for the next decade as the port rolls out its capital improvements.
SALES
PORTLAND—The Berkshire Group has purchased the Cook Apartments, a 206-unit apartment building in the Williams District of Portland. This is the firm's second multifamily transaction in the Portland market, and they plan to manage the property. The sales price was not disclosed.
PORTLAND—BLF Holdings has acquired the Townfair Apartments in Portland, OR, for $31 million from Tokola Properties. The 261-unit apartment complex sits on 11.6 acres and is walking distance to shops and restaurants.
SALT LAKE CITY—Gladstone Commercial Corp. has acquired single tenant office building in Taylorsville, UT, a suburb of Salt Lake City, for $17 million at an 8.4% cap rate. The three-story 107,626-square-foot property is fully leased to Convergys Customer Management Group.
LEASES
LOS ANGELES—Co-op Natural Foods has signed a 19,000-square-foot lease at Access Culver City, a mixed-use development. This is the boutique grocery chain's second Santa Monica location. CBRE's Timothy Bower and Zachary Card represented the developer, Greystar Real Estate Partners, in the lease transaction. The value of the lease was not disclosed. Co-Op Natural Foods will open in 2017.
LOS ANGELES—IgnitedSpaces has signed a 42,161-square-foot lease with Jamison at the California Market Center in Downtown Los Angeles. The Hollywood-based company will occupy the full 12th floor of building B. The terms of the lease were not disclosed.
SAN BERNARDINO, CA—Arden Cos. is relocating its operations to a new manufacturing facility in Victorville. The details of the facility are unknown, but it will expand the company's West Coast footprint. Stirling Capital Investments chief operating officer Brian Parno were responsible for the development of Arden's new state-of-the-art facility, which will open in September 2016.
FINANCING
LOS ANGELES—Held Properties has secured a $15.5 million loan to refinance a White Magnolia Apartments in Encino, CA. The loan has a 10-year term, 3.65% before stabilization with five years of interest-only, and was funded through a life company. JLL managing director Brian Halpern secured the funding on behalf of the borrower.
LOS ANGELES—RealtyMogul.com has closed another $7.5 million in transactions, inching closer to its long-term $1 billion goal. The funds were used on a variety of transactions, including finance multifamily, residential, office and retail properties in Ohio, Savannah, GA, and for a joint venture equity fund. The platform has funded $200 million in real estate transactions since its inception in 2013.
SAN CLEMENTE—Pillar has secured $40 million for three manufactured housing communities. The communities had varying levels of occupancy, but were all highly rated. Arthur W. Tuverson, managing director of Pillar's MHC/RV Resort Group, secured the funding on behalf of the unnamed borrowers. The terms of the loans were not disclosed, but they were all funded through
EMPLOYMENT
COSTA MESA, CA—Peter Bethea has joined Westar Associates as leasing manager in the firm's Orange County office. As leasing manager, Bethea will oversee activities for the company's 2-million-square-foot retail portfolio. He comes to the firm form Cushman & Wakefield.
LOS ANGELES—Philip J. Prassas has joined Crow Holdings International as senior managing director and head of the firm's new Los Angeles office. He joins the firm from KTR Capital Partners, where he served as SVP of investments, and has also served at Duke Realty Corp. and at RREEF/DB Real Estate.
LOS ANGELES—Thomas Traynor and James Millon have joined CBRE Capital Markets as EVPs. The duo joins the firm from
DEVELOPMENT
SEATTLE—Dermody Properties has broken ground on LogistiCenter at 167, a 225,927-square-foot industrial property in Fife, WA. The property is 1.7 miles from the Port of Tacoma and is targeting distribution operations tenants. The property features 32' clear height, 70 dock doors, four grade-level doors and 166 car stalls.
PARK CITY, UT—ValueRock has entitled an 87-acre land site in Park City to build Deer Cove Master Plan, a mixed-use housing development. The developer purchased the property in 2001, and has spent $20 million during the entitlement process.
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