June 5, 2014 | ISSUE 371

Western Real Estate Business E-Newsletter
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Lowe, AECOM Acquire Stake in 954-Room Resort and Convention Center
Town and Country Resort & Convention Center includes three swimming pools, three restaurants, a day spa, fitness center and 200,000 square feet of flexible meeting space.

SAN DIEGO -- Lowe Enterprises, AECOM Capital and current property owner Atlas Hotels Inc. have formed a joint venture to own, operate and reposition the 954-room Town and Country Resort & Convention Center in the Mission Valley area of San Diego. Built in 1953, the two-building property is located at 500 Hotel Circle N., adjacent to the 27-hole Riverwalk Golf Club, as well as the Fashion Valley shopping center. The convention facilities include more than 200,000 square feet of flexible meeting space and more than 50,000 square feet of outdoor event space. The resort features the 14,000-square-foot Bella Tosca Day Spa, a fitness center, three restaurants and three swimming pools. Destination Hotels & Resorts, Lowe's hospitality management subsidiary, has assumed management of the property. The new ownership group will immediately begin its property-wide upgrade program.


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Colliers International Brokers Sale
of 223,000 SF Torbati Building in San Diego


The Torbati Building is located at 625 Broadway.


 

SAN DIEGO -- Colliers International has brokered the sale of the Torbati Building, a 223,000-square-foot office tower in downtown San Diego. Constructed in 1925, the 14-story building is located at 625 Broadway. Tim Cowden of Colliers represented the buyer, 625BWSD9 Owner LLC, which is a partnership formed by Hammer Ventures, a locally based real estate development company. The seller, 625 Broadway Holdings LLC, had no representation in the transaction.


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Newmark Arranges $26M Sale of 164-Unit

Las Vegas-Area Apartment Property

Elysian Parc features one- and two-bedroom apartments, as well as a swimming pool, fitness center, tanning bed and fire pit. 

HENDERSON, NEV. -- Newmark Grubb Knight Frank has brokered the $26 million sale of Elysian Parc, a 164-unit apartment complex in the Las Vegas suburb of Henderson. The property offers one- and two-bedroom apartments, as well as a clubhouse, fitness center, tanning bed, swimming pool, fire pit and hot tub. The garden-style community was 94 percent leased at the time of the sale. NGKF represented the seller, The Calida Group, in the transaction. San Francisco-based Hamilton Zanze was the buyer and procured acquisition financing through Berkeley Point.


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NAI Capital Brokers Sale of Two Glendale Apartment Complexes for $24.8M

Villa Monaco Apartments, constructed in 1988 and located at 1304 E. California Ave., includes 49 units. The Sirott family trust acquired the asset for $15.5 million. 

GLENDALE, CALIF. -- NAI Capital has brokered two multifamily property sales in Glendale for a combined $24.8 million. The Sirott family trust acquired both Villa Geneva Apartments, a 36-unit property located at 1304 E. California Ave.; and Villa Monaco Apartments, a 49-unit property located at 1234 E. California Ave. Glendale Villa Geneva sold Villa Geneva, which was constructed in 1987 for $9.3 million; while Villa Monaco Ltd. sold Villa Monaco, which was constructed in 1988, for $15.5 million. Jesus Henao of NAI Capital represented the Sirott family trust in the transactions.


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Seniors Housing Business Selected
to Produce 'ASHA 50' Supplement


 

ATLANTA -- Seniors Housing Business, France Media Inc.'s award-winning magazine covering the rapidly growing independent and assisted living, skilled nursing and memory care facets of the seniors housing industry, has been selected by the American Seniors Housing Association to produce this year's "ASHA 50" supplement, which ranks the 50 largest owners and managers of seniors housing.

 

The ASHA 50 supplement will be produced with Seniors Housing Business' August/September issue, which will also be distributed at the National Investment Center's (NIC) annual conference, the leading information and networking event in the seniors housing industry.

 

"We are extremely excited to work with Seniors Housing Business on the ASHA 50 rankings and we believe this 21st edition will continue the established tradition of producing authoritative rankings of the largest owners and managers of market-rate seniors housing," said David Schless, president of the American Seniors Housing Association. "The ASHA 50 supplement is a must-have publication for owners, operators, lenders and investors, and other professionals interested in understanding key trends related to seniors housing real estate." 

 

"Seniors Housing Business is very excited to partner with ASHA on what is a 'must-read' for everyone in seniors housing as well as those considering getting into this growing sector of commercial real estate," said Richard Kelley, publisher of Seniors Housing Business. "ASHA's decision to work with Seniors Housing Business is a reflection of how the magazine has become an integral part of the seniors housing industry. The ASHA 50 will not only reach all of our Seniors Housing Business circulation, but will also be mailed with the circulations of France Media's five regional commercial real estate magazines (Northeast Real Estate Business, Southeast Real Estate Business, Heartland Real Estate Business, Texas Real Estate Business and Western Real Estate Business) to give ASHA and this burgeoning asset class the widest possible exposure and reach." 

 

For more information about the ASHA 50 supplement and Seniors Housing Business, contact Editor Matt Valley at (404) 832-8262 or mvalley@francemediainc.com. For advertising information, contact Richard Kelley at (914) 468-0818 or rkelley@francemediainc.com.


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Capital One Bank Combines Balance Sheet, Agency Lending Groups

 

NEW YORK CITY -- Capital One Bank has introduced Capital One Multifamily Finance, a commercial real estate organization that combines the company's balance sheet and agency lending groups into a single entity. This is the next stage in Capital One's integration of Beech Street Capital, the agency originator and servicer acquired by Capital One last year.

 

"These teams are already working closely together to offer our clients the best of both organizations," says Rick Lyon, head of commercial real estate banking for Capital One in New York City. "Bringing them under a single banner enhances our ability to serve clients more efficiently, while signaling to the marketplace that we intend to become an even greater force in the multifamily business."

 

Capital One Multifamily Finance is entering the market as top-five U.S. multifamily originator. The company will offer its expanded client base the capabilities of Capital One's Commercial Banking group in related asset classes and in services, such as treasury management.

 

"As a full-service provider, we have the breadth to deliver the best possible financing solution for each one of our clients," says Scott Swerdlin, senior vice president of Capital One.

 

The multifamily group will offer a national platform with offices across the country. Beech Street operates nine locations across the country, and Capital One offers balance sheet financing in key East Coast markets, as well as Texas and Louisiana.


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M&M Brokers $16.9M Sale of Two-Property Retail Portfolio in Playa Vista

Both Pacific Promenade and Seabluff Drive are both located on the ground floor of mixed-use developments, each of which features 179 condominiums.

PLAYA VISTA, CALIF. -- Marcus & Millichap has brokered the sale of The Shops at Concert Park, a portfolio of two shopping centers in Playa Vista, for $16.9 million. A foreign investor acquired the 11,828-square-foot Pacific Promenade, located at 13020 Pacific Promenade, as well as the 10,907-square-foot Seabluff Drive, located on the corner of Seabluff Drive and Runway Drive. Both properties are situated on the ground floors of mixed-used developments, each of which features 179 condominiums. Tenants at Pacific Promenade include Bank of America, Coffee Bean and Race Telecommunications. Tenants at Seabluff Drive include Playa Vista Medical Center, Playa Pilates and Pinkberry. Brandon Michaels and Janette Monfared of Marcus & Millichap represented the seller, an affiliate of Brookfield residential, in the transaction. Sharone Sabar, also of Marcus & Millichap, arranged $10.8 million in CMBS financing for the buyer.


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Hendricks-Berkadia Brokers Sale

of Phoenix Area Apartments for $15M

Located at 945 W. Broadway Road, Sendero Ridge offers one- and two-bedroom apartments, as well as a swimming pool, volleyball court, laundry facility and barbecue area. 

MESA, ARIZ. -- Hendricks-Berkadia has brokered the sale of Sendero Ridge, a 288-unit multifamily property in the Phoenix suburb of Mesa, for $15 million. Constructed in 1986, the complex includes one- and two-bedroom apartments, plus amenities such as a swimming pool, volleyball court, laundry facility and barbecue area. Situated on 12 acres at 945 W. Broadway Road, the community is in proximity to State Route 87, State Route 60 and Loop 101, as well as the Mesa Arts Center and the spring training facility of the Chicago Cubs. Mark Forrester and Ric Holway of Hendricks-Berkadia negotiated the transaction between the seller, New York-based Pimal Property Inc., and the buyer, Toronto-based 945 W. Broadway Rd. LP.


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NorthMarq Arranges $14.5M Loan

for Seniors Housing Property Expansion

Quail Park at Crystal Terrace currently consists of a three-story building and 20 single-story cottages. The expansion will include an adjacent 24-unit, 36-bed memory care facility. 

KLAMATH FALLAS, ORE. -- NorthMarq Capital has arranged a $14.5 million bridge/construction loan for the expansion of Quail Park at Crystal Terrace, a seniors housing property in the south Oregon city of Klamath Falls, which is situated about 20 miles north of the California state border. The facility, which provides both independent and assisted living services, currently consists of one three-story, 67-unit building and 20 one-story cottages. The expansion will include a 24-unit, 36-bed memory care facility to be developed on an adjacent parcel. Stuart Oswald of NorthMarq originated the four-year loan, which includes a 25-year amortization schedule and reflects a 75 percent loan-to-value ratio. A non-recourse bridge lender supplied the financing.


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Expanding Retailers In The Inland Empire

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June 10, 2014

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Contact Us
 
Nellie Day, Editor
Western Real Estate Business 
France Media Inc.
Main Office: 404-832-8262


nday@francemediainc.com
www.rebusinessonline.com



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