Press Releases
2018
BUCHANAN STREET PARTNERS CLOSES $16 MILLION BRIDGE CONSTRUCTION LOAN FOR WASHINGTON RETAIL PROJECT
November 26, 2018

NEWPORT BEACH, Calif. and SEATTLE, Wash. – (Nov. 26, 2018) Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm, has closed on a $16 million non-recourse bridge financing to Net Lease Alliance to resume and complete the construction of a 125,100 square-foot retail center in the suburban Seattle community of Puyallup, Washington.

The project involves the redevelopment of a former Lowe’s store and is 100 percent pre-leased to 24 Hour Fitness and At Home, a publicly traded retail chain specializing in home décor products. Buchanan Street closed the loan in two weeks to enable the timely completion of the project and meet tenant commencement dates by year-end and the first quarter of 2019.

“Lenders are typically reticent to finance a disrupted construction project, though we found the merits of this transaction compelling,” said Joseph Maehler, senior vice president, Buchanan Street Partners. “Buchanan Street’s loan is backed by an experienced, reputable sponsor, a high-quality asset, strong market fundamentals and an attractive, risk-adjusted return.”

Target Rock Partners represented Net Lease Alliance in the transaction.

The property is located at 301 37th Avenue SE in Puyallup, ten miles east of Tacoma and 35 miles south of Seattle. The local market has experienced significant economic and population growth in recent years and is at the intersection of three major highways and a top boarding location for local commuter rail service.

“Net Lease Alliance relied on our extensive construction lending experience to understand the project’s scope and move quickly to craft a financial solution for a complex deal involving a Washington property, an Alabama sponsor, a California lender and a New York broker,” added Maehler.

Buchanan Street provides first mortgage capital and structured financing for commercial and multifamily properties. The company’s debt lending platform provides construction and bridge loans from $3 million to $30 million.

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BUCHANAN STREET PARTNERS FINANCES APARTMENT ACQUISITION IN PRIME WESTSIDE LOS ANGELES MARKET
August 28, 2018

NEWPORT BEACH and LOS ANGELES (August 28, 2018) – Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm, has provided $4.1 million in short-term bridge loan financing for the acquisition and repositioning of Pacific Apartments, a 13-unit multifamily complex in the Mar Vista neighborhood of Los Angeles, California.

Buchanan Street closed the loan quickly for an unnamed repeat client, providing for 80 percent of the purchase price and renovation costs.

“Our familiarity with the investor and our ability to quickly assess the merits of the business plan for the project enabled us to move very quickly on this loan,” said Joseph Maehler, senior vice president at Buchanan Street Partners. “The project’s location near LA’s Silicon Beach and the strong market fundamentals that define the area also played a major role in our decision.”

Pacific Apartments is located in Mar Vista and is one block from Venice Boulevard and Centinela Avenue, an area in LA’s Westside known for trendy restaurants, coffee shops and specialty stores. Nearby Silicon Beach is home to over 500 technology companies including Google, Apple, Amazon, Yahoo!, YouTube, Facebook, and others.

The property, which was vacant at the time of sale, will undergo a complete renovation, including the addition of two rental units. Extensive interior remodeling is planned, including all new kitchens, plank flooring, modern lighting and energy efficient air conditioning. Exterior upgrades will include new landscaping, painting and façade improvements.

“Mar Vista is one of the last affordable Westside neighborhoods adjacent to the booming Silicon Beach,” added Maehler. “We recognize the value of this asset along with the value that can be created in bringing the older housing stock up to date. Small multi-unit rental properties, consisting of 2 to 49 units are a staple of the Los Angeles housing supply but are also considerably dated and in need of renovation. We see great potential in this local asset class.”

Buchanan Street provides first mortgage capital and structured financing for commercial and multifamily properties. The company’s debt lending platform provides construction and bridge loans in the $3 million to $30 million range.

ABOUT BUCHANAN STREET PARTNERS

Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested more than $6.5 billion in real estate debt and equity investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to identify opportunities and maximize value while prioritizing capital preservation. www.buchananstreet.com.

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BUCHANAN STREET PARTNERS FINANCES MEDICAL OFFICE BUILDING ACQUISITION IN TUCSON, ARIZONA
July 23, 2018

Newport Beach, Calif. and Tucson, Ariz. (July 23, 2018) – Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm, has provided $4.25 million in non-recourse bridge financing to Cypress West Partners (CWP) for its purchase of a 15,038 square-foot medical office building in Tucson, Arizona.

CWP, which owns or manages a portfolio of 2.4 million square feet of medical office properties in the Western U.S., successfully executed two 10-year leases for 100 percent of the building prior to closing.

“By securing long-term leases for full occupancy prior to the close, CWP created substantial value for the project,” said Joseph Maehler, senior vice president, Buchanan Street Partners.

The building is 50 percent leased to one of the nation’s leading operators of general acute hospitals, which has 119 hospitals in 20 states. A regional pain management clinic operator will occupy the balance of the building.

“Based upon CWP’s leasing success, we were able to provide a high leverage acquisition loan that limited the borrower’s equity and closed in two weeks,” added Maehler.

Buchanan Street provides first mortgage capital and structured financing for high quality commercial and multifamily properties. The company’s debt lending platform focuses on construction and bridge loans in the $3-$30 million range. Buchanan’s flat entrepreneurial structure allows it to provide creative financing solutions that borrowers can depend on to close quickly.

ABOUT BUCHANAN STREET PARTNERS

Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested more than $6.5 billion in real estate debt and equity investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to identify opportunities and maximize value while prioritizing capital preservation. www.buchananstreet.com.

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Buchanan Street Partners Sells Flex Office Campus in South San Francisco for $47.5 Million
July 10, 2018

Lab space for life science tenants in high demand, short supply in South San Francisco

Newport Beach, Calif. and San Francisco, Calif. (July 10, 2018) – Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm, has sold Dubuque Center, a three-building, 112,000-square-foot flex office and R&D campus located at 800-890 Dubuque Avenue in South San Francisco to SFF Realty Fund III, an affiliate of San Francisco-based PSAI Realty Partners, for $47.5 million.

Buchanan Street purchased Dubuque Center in 2015 as a value add investment that would capitalize on the strong demand for flex office space surrounding the Oyster Point submarket, a hub for cutting-edge biotech businesses. In addition to physical improvements, Buchanan Street focused on converting underperforming industrial space into laboratories and other life science uses.

“We are very pleased with our investment in Dubuque Center,” said Robert Dougherty, partner, Buchanan Street Partners. “We understood early on that the property’s strategic location within the heart of San Francisco’s burgeoning life sciences and biotech hub supported repositioning the asset to meet the high demand from biotech users in a supply-constrained market.”

Dubuque Center was 93 percent leased at the time of sale to, among others, Walmart, Emerald Cloud Lab and Thermo Fisher Scientific.

Buchanan Street was represented in the sale by Michael Leggett, David Dokko
and Ben Bullock of HFF.

ABOUT BUCHANAN STREET PARTNERS

Buchanan Street Partners is a real estate investment firm based in Newport
Beach, California that invests debt and equity capital on behalf of institutional and
private investors. Since its inception, Buchanan Street has invested more than
$6.5 billion in real estate debt and equity investments. The company is comprised
of a highly skilled team that has invested through multiple real estate cycles,
enabling them to identify opportunities and maximize value while prioritizing capital
preservation. www.buchananstreet.com.

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BUCHANAN STREET PARTNERS ACQUIRES FOUR OFFICE BUILDINGS IN LAS VEGAS AREA
June 14, 2018

Value add investment will include new capital infusion for property upgrades
and leasing expenses

Newport Beach, Calif. and Las Vegas (June 14, 2018) – Buchanan Street Partners, a real estate investment management firm, has extended its value add investment strategy with the purchase of Tech Park V and VI, four office buildings totaling 158,341 square feet that are part of a larger master-planned office park in the Las Vegas area of Henderson, Nev. Buchanan Street acquired the buildings off-market for an undisclosed amount from American Nevada Company, who was represented by Cushman and Wakefield in the transaction.

The buildings were a collective 64 percent leased at the time of sale. Buchanan Street plans to infuse new capital into the buildings’ common areas and restrooms and provide funds for leasing costs.

“With two large blocks of vacancy that can accommodate tenants ranging in size from 10,000-40,000 square feet, an above standard parking ratio of 7 spaces per 1,000 square feet and available building signage along I-215, we believe that these buildings will generate great interest from large national and regional companies,” said Matt Haugen, vice president at Buchanan Street Partners.

Buchanan Street was also attracted to the investment due to the ongoing economic impact of the business-friendly nature of Las Vegas, where robust regional economic growth has been marked by increases in employment that exceed the national average.

“The favorable job growth and strong office market fundamentals in Las Vegas bode well for the achievement of stabilized occupancy for these assets,” added Haugen.

Tech Park V and VI are located at 2300, 2310, 2340 and 2350 Corporate Circle Drive and benefit from excellent freeway access at the nearby intersection of Interstate 215 at North Green Valley Parkway. Numerous retail stores and restaurants are located nearby and McCarran International Airport and University of Nevada, Las Vegas are a short drive away.

Buchanan Street invests in value add and core plus commercial and multifamily real estate in select markets throughout the Western U.S.

ABOUT BUCHANAN STREET PARTNERS

Buchanan Street Partners is a real estate investment management firm based in Newport Beach, Calif. that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has completed approximately $6.5 billion of real estate debt and equity investments, focused in the Western United States. The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to identify opportunities and maximize value while prioritizing principal preservation. www.buchananstreet.com.

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Buchanan Street Partners and CarVal Investors Collaborate with JPI on $74 Million Apartment Development in Dallas-Fort Worth Metroplex
April 10, 2018

Investors’ $16 million preferred equity commitment anchors construction of 409-unit multifamily project, marking the first phase of a 14-acre master-planned development  

DALLAS and Newport Beach, Calif. - April 10, 2018 – Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm, in partnership with Minneapolis-based CarVal Investors, has made a $16 million preferred equity investment in the $74 million development of Jefferson Alpha West, a 409-home Class A apartment community in the Dallas-Fort Worth Metroplex city of Farmers Branch, Texas. The project is a co-development between JPI and Dallas-based Bridgeview Real Estate, master developer of the 14-acre Alpha West mixed-use project near the Galleria Dallas regional mall.

“Our investment in Jefferson Alpha West offers the opportunity to participate with a premier multifamily developer in JPI and contribute to a significant mixed-use project in the dynamic Galleria submarket,” said Bob Dougherty, partner at Buchanan Street Partners.

Jefferson Alpha West represents the first phase of the master-planned Alpha West project at the corner of Alpha Road and Inwood Road and near the border between Farmers Branch and Addison. At completion, Alpha West will include up to 300,000 square feet of office space, 80,000 to 100,000 square feet of retail shops, a 155-room hotel and a 1,200-stall parking garage.

Jefferson Alpha West is a four-story project featuring one- and two-bedroom units ranging in size from 566 to 1,280 square feet. Apartments will feature 10-foot ceilings and contemporary kitchens with stainless steel appliances and quartz countertops. Community amenities will include concierge service, a resort-style pool, a two-story clubhouse, a state-of-the-art fitness center and yoga studio, and structured parking. The property has excellent visibility from the Dallas North Tollway and is within walking distance of Galleria Dallas.

“We value our ongoing relationship with CarVal and recognize the opportunity to achieve attractive risk-adjusted returns on this investment,” added Dougherty. “Strong regional growth paired with the merits of this project and the participants involved make this a compelling investment for Buchanan Street.”

ABOUT BUCHANAN STREET PARTNERS

Buchanan Street Partners is a real estate investment management firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested and structured approximately $19.5 billion of capital in a broad range of equity and debt real estate investments through the United States. The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to identify opportunities and maximize value while prioritizing principal preservation.  www.buchananstreet.com.

ABOUT CARVAL INVESTORS

CarVal Investors is focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, its experienced team has navigated through ever-changing credit market cycles, opportunistically investing $103 billion in 5,300 transactions across 79 countries. Today, CarVal Investors has over $10 billion in assets under management in both credit and real estate strategies. www.carvalinvestors.com.

ABOUT JPI

JPI is a national developer, builder and investment manager of Class A multifamily assets across the U.S. and is the most active multifamily developer in Dallas-Fort Worth, with 4,201 apartment homes under construction. Headquartered in Irving, Texas, JPI also has offices in California, Arizona, and New York. With a 30-year history of successful developments throughout major U.S. markets and an unparalleled depth of industry-specific experience, JPI stands among the most active privately held real estate companies in the country. JPI’s executive leadership team has an average of 25 years of comprehensive experience in multifamily developments – ranging from low-density garden apartments and mid- to high-density wrap and podium projects to student-living housing projects and mixed-use high-rise developments. The firm offers investment management, pre-development, underwriting, marketing and asset management services as well as construction, financial and administrative services. www.JPI.com.

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Buchanan Street Partners Acquires $31.75 Million Multifamily Community in Salt Lake City Area
April 2, 2018

Purchase of 160-unit Property Increases Buchanan’s Expanding Multifamily Investment Portfolio in Western U.S. Markets

Newport Beach, Calif. and Salt Lake City, Utah (April 02, 2018) – Buchanan Street Partners, a Newport Beach, California based real estate investment management firm, has acquired a 160-unit multifamily property in the Salt Lake City community of Cottonwood Heights, Utah from RK Properties for $31.75 million. The purchase follows Buchanan’s 2017 acquisition of another Salt Lake City area property, a 298-unit apartment project, and signals the company’s expanding value add investment strategy in the multifamily sector in the Western U.S.

“Salt Lake City is among the fastest growing regions in the nation with strong economic growth led by job gains in the technology, finance, healthcare and professional service sectors,” said Kevin Hampton, executive vice president at Buchanan Street Partners.

“Increases in the region’s economic activity and population continue to favorably impact the demand for multifamily housing, making this an attractive investment market for Buchanan Street,” added Hampton.

Buchanan Street’s value add strategy includes significantly upgrading the unit interiors, improvements to building exteriors and common areas and a rebranding campaign to reposition the project in the market.

Several aspects of the project appealed to Buchanan Street in making the investment, including spacious floor plans that average 1,029 square feet and ample green space in a landscaped, park-like setting. On-site amenities include a swimming pool and spa, clubhouse and fitness center.

The project is in the east side of metropolitan Salt Lake City, recently named a 2017 Top 10 Best Places to Live by U.S. News & World Report. The project features walkable access to neighborhood retail amenities and is proximate to Fashion Place Mall.

“This property has unmet potential to serve the housing needs of a highly educated workforce in a life-style market, which was a significant factor in our purchase,” added Hampton.

James Wadsworth, managing director at Berkadia, represented both Buchanan Street and RK Properties in the transaction.

ABOUT BUCHANAN STREET PARTNERS

Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested more than $6.5 billion in real estate debt and equity investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to identify opportunities and maximize value while prioritizing capital preservation.  www.buchananstreet.com.

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BUCHANAN STREET PARTNERS ACQUIRES $60.25 MILLION APARTMENT COMPLEX IN COLORADO
February 12, 2018

Purchase of 240-unit Luna Bella Apartments in Metro Denver’s Boulder Submarket Increases Buchanan’s Growing Multifamily Investment Portfolio

Newport Beach, Calif. and Lafayette, Colo. (February 12, 2018) – Buchanan Street Partners, a Newport Beach, California based real estate investment management firm, has acquired Luna Bella Apartments, a 240-unit multifamily project in the Metro Denver community of Lafayette, Colorado. Buchanan Street purchased the newly-built Class A apartment community from Milestone Development Group for $60.25 million.

The purchase of Luna Bella represents Buchanan Street’s continued investment focus on acquiring high quality multifamily assets in suburban locations proximate to major metropolitan areas. The firm also recently purchased a 298-unit apartment community in the greater Salt Lake City, Utah area.

“Our investment in Luna Bella provides the opportunity to expand our multifamily portfolio with an active apartment community that has outstanding amenities and is in close proximity to several employment centers in Metro Denver,” said Kevin Hampton, Executive Vice President at Buchanan Street Partners.

Luna Bella was designed with best-in-class amenities, including an expansive 5,400-square-foot club house, Junior Olympic swimming pool that is heated year-round and spa, a 24-hour commercial grade fitness facility stand-alone yoga studio with a tranquil Zen garden, bocce ball courts, 24-hour heated bike maintenance and repair facility, electric car charging station, an onsite carwash and detached garages for each unit.

The project, located approximately four miles southeast of Boulder, provides residents central access to major employment centers in downtown Boulder, Interlocken/Broomfield and downtown Denver via the US 36 Denver/Boulder Turnpike. Luna Bella is connected to the Boulder County Trail System for easy bicycle commuting and is also within the desirable Boulder Valley School District.

Buchanan Street was attracted to the investment due in part to supply constraints marked by the limited availability of land zoned for multifamily use, an issue that has long defined the Boulder submarket. “The acquisition of Luna Bella was also appealing due to the strong economic and demographic fundamentals in Metro Denver,” added Hampton. “Denver’s high quality of life and highly educated workforce is attractive to employers and residents alike.”

"The ARA Newmark Institutional Team, spearheaded by Vice Chairmen Doug Andrews, Shane Ozment and Terrance Hunt, represented Milestone Apartment Developers, LLC in the transaction."

ABOUT BUCHANAN STREET PARTNERS

Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested more than $6.5 billion in real estate debt and equity investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to identify opportunities and maximize value while prioritizing capital preservation.  www.buchananstreet.com.

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2017
Buchanan Street Partners Provides $20.8 Million Construction Loan for Mixed-Use, Transit-Oriented Development in Santa Clarita, California
December 11, 2017

Newport Beach, Calif. (December 11, 2017) – Buchanan Street Partners closed on a $20.8 million construction loan for Newhall Crossings, a mixed-use project with 47 apartment units and 20,164 SF of retail space in Santa Clarita, California. The project will anchor a significant redevelopment in historic Old Town Newhall, a walkable downtown district with plentiful dining and shopping opportunities in burgeoning Santa Clarita Valley.

“Santa Clarita Valley’s economy is markedly active and is built upon a solid business infrastructure. Newhall is truly coming into its own as a suburban market yet with a ‘new urban’ look and feel in its downtown area,” said Matthew Doerr, vice president at Buchanan Street Partners.

“Millennial demographic trends point to increasing demand for an urban lifestyle in a suburban location, and given its proximity to the Newhall Metrolink Station, we think Old Town Newhall is poised to capitalize on that opportunity,” added Doerr.

Newhall Crossings will be the northern anchor of the premier pedestrian oriented commercial corridor in Santa Clarita, with access to over 50 shops, restaurants and entertainment venues, and is served by a nearby Metrolink station. The project is part of a larger adjacent development that includes a seven-screen Laemmle Theatre, a portion that will be completed within the same timeframe as Newhall Crossings. The adjacent development also includes a 5-story parking garage scheduled for completion in the spring of 2018.

The city of Santa Clarita has experienced tremendous growth in previous years, including an increase in employment in business, industrial, hospitality and retail services.

“In addition to the area’s significant path of growth, experienced sponsorship, a walkable community and easy access to public transit were strong factors influencing our decision to finance Newhall Crossings,” added Doerr.

Buchanan Street provided a 77% loan-to-cost, non-recourse construction loan for Newhall Crossings. The firm provides first mortgage capital and structured financing for commercial properties in the Western United States, with a focus on bridge and construction loans in the $5 million to $25 million range.

Brian Halpern and Alex Kane at Jones Lang LaSalle arranged the financing for Buchanan Street. No further loan terms were reported.

ABOUT BUCHANAN STREET PARTNERS

Buchanan Street Partners is a real estate investment management firm based in Newport Beach, California that focuses on value-investing in both commercial and multifamily direct ownership and in making debt investments.  The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to identify opportunities and maximize value while prioritizing principal preservation. www.buchananstreet.com.

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BUCHANAN STREET PARTNERS BOLSTERS MULTIFAMILY PLATFORM WITH $50M DEVELOPMENT
September 11, 2017

Company to Complete Construction on Partially-Built Age-Restricted Housing Project in Salt Lake County, Utah Market

Newport Beach, Calif. and Herriman, Utah (September 11, 2017) – Buchanan Street Partners announces the acquisition of a bank-owned REO, a partially completed 298-unit age-restricted apartment community in Herriman, Utah. This transaction represents a programmatic effort to expand the company’s multifamily investment portfolio, following the recent appointment of Executive Vice President Kevin Hampton to lead this effort. 

Buchanan Street launched its multifamily investment platform in March 2017 to further diversify the company’s investment business, and plans to invest $500 million in the sector over the next three years.

Buchanan Street purchased the partially completed development from Key Bank and Bank of the West, with plans to finish construction in early 2018 and deliver much-needed age-restricted housing to an underserved market.

“The Incline Apartment investment allows us to build our multifamily portfolio while solving an immediate housing need in the Herriman area,” said Hampton. “A measurable void exists in the area for quality age-restricted apartment communities, and together with the recent spike in population growth, we feel this investment is poised to perform well.”

The project is located at 11901 Freedom Park Drive and is in close proximity to Daybreak, Utah’s largest and most successful master-planned community. Incline Apartments will afford residents convenient access to retail, restaurants and light rail transportation, and offer amenities such as an upscale clubhouse, fitness center, pool, spa, community Wi-Fi and more.

“The importance of amenities and proximity to services is especially relevant in today’s competitive apartment market,” added Hampton. “Resident needs continue to evolve, and as we break ground on new developments, we’re able to apply our expertise in the multi-family sector to meet those needs while also producing attractive risk-adjusted returns for our investors.”

Kip Paul, executive director of investment sales and Camron Carpenter, director at Cushman and Wakefield, represented Key Bank and Bank of the West. Buchanan represented themselves.

ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested more than $6 billion in real estate debt and equity investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to identify opportunities and maximize value while prioritizing capital preservation.  www.buchananstreet.com.

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BUCHANAN STREET PARTNERS ACQUIRES SILICON VALLEY OFFICE BUILDING FOR $32 MILLION
May 8, 2017

Company to Invest in Capital Improvements to Upgrade Building to
Meet Multi-Tenant Demand

Newport Beach and Santa Clara, Calif. (May 8, 2017) – Buchanan Street Partners announces the acquisition of the Bayland Building, an office project located nearby Levi’s Stadium in Santa Clara, California.  Buchanan Street purchased the building from Sleepy Hollow Investment Company for $32.3 million and will execute capital improvements to align the building with the growing live-work-play lifestyle in the area.

“This project was an attractive investment because of its strong in‑place tenancy, discount to replacement cost and the potential to meet multi‑tenant office demand at competitive rates,” said Robert Dougherty, partner at Buchanan Street Partners. “Bayland is well positioned to benefit from its proximity to the stadium and from future mixed-use developments planned in the area, including Related Company’s planned hotel, retail and residential project.”

The 116,000-square-foot building is 100 percent leased to four tenants led by Inphi Corporation (NYSE: IPHI). Bayland is located at 2953 Bunker Hill Lane and features structured parking for tenants. The building is within walking distance to the Santa Clara Convention Center, Levi’s Stadium and a light-rail station. Bayland is located along the Great America Parkway corridor providing convenient access to the Southbay Freeway (CA-237), Bayshore Freeway (US‑101) and Lawrence Expressway. 

“Santa Clara is home to the highest number of blue-chip tech tenants in Silicon Valley, making it an attractive location for small and mid-sized firms that serve those businesses,” said Dougherty. “With the limited supply of well-located, multi-tenant office product in the region, we anticipate robust demand at Bayland over the next few years.”

Buchanan Street will invest meaningful capital into Bayland to elevate the asset’s profile and tenant appeal. Plans include modernizing the building systems, updating common areas and increasing on-site amenities to attract and retain Silicon Valley’s innovative workforce.

Eastdil Secured’s San Jose team represented the seller in this transaction. Buchanan Street represented itself.

Buchanan Street continues to seek investments in value-add and core-plus assets throughout the Bay Area, and select markets in the western region.

ABOUT BUCHANAN STREET PARTNERS

Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested more than $6 billion in both real estate debt and equity investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing capital preservation.  www.buchananstreet.com.

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BUCHANAN STREET PARTNERS PROVIDES $8.6 MILLION CONSTRUCTION LOAN FOR TEMPE, ARIZONA TOWNHOME DEVELOPMENT
April 12, 2017

Newport Beach, Calif. and Tempe, Arizona (April 17, 2017) – Buchanan Street Partners closed an $8.6 million loan for construction of The Roosevelt, a 32-unit residential townhome development in Tempe, Arizona. The transaction underscores Buchanan Street’s expanding lending platform and attraction to Greater Phoenix, a region where the company currently owns or has financed approximately 1.5 million square feet of office and multifamily projects.

“The Tempe submarket continues to benefit from growth in the insurance, finance and technology sectors, which has helped anchor demand for residential projects like The Roosevelt,” said Matthew Doerr, vice president at Buchanan Street Partners. “We were attracted to this new construction financing opportunity because the project differentiates itself from other residential developments with an energy‑efficient design and modern façade that caters to the region’s tech-forward culture.”

Buchanan Street provided a 74 percent loan-to-cost, non-recourse solution over a 24‑month term. The company previously provided the borrower a quick-close land loan to acquire the 1.7‑acre infill site in mid-2016. The project is located at 225 South Roosevelt Street in Tempe and will be developed by a joint venture between a regional multifamily developer and a private real estate investment firm based in Scottsdale, Arizona.

The Tempe North office market continues to outperform all other submarkets in the Phoenix metro with 1.7 million square feet of positive net absorption in 2016. Major employers in the immediate area include State Farm Insurance, Microsoft, Morgan Stanley, Silicon Valley Bank and Arizona State University. The Roosevelt’s proximity to Mill Avenue will benefit the project because Mill Avenue is the premier live-work-play destination in the Phoenix metro.

“We are a believer in the Phoenix market and its projected growth,” said Brian Payne, vice president of acquisitions at Buchanan Street Partners. “We will continue to explore lending and direct acquisition opportunities throughout the Phoenix metro to further strengthen our portfolio in this area.”

The borrower was represented by Cindy Hammond of Churchill Commercial Capital. Buchanan Street represented itself.

ABOUT BUCHANAN STREET PARTNERS

Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested over $6 billion in both real estate debt and equity investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing capital preservation.  www.buchananstreet.com.

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BUCHANAN STREET PARTNERS LAUNCHES MULTIFAMILY INVESTMENT PLATFORM WITH ADDITION OF EXECUTIVE VICE PRESIDENT
March 13, 2017

 Newport Beach, Calif. (March 13, 2017) – Buchanan Street Partners announces plans to deploy $500 million over the next five years with the launch of a new multifamily platform to further diversify the company’s investment business. Kevin Hampton has been hired as an executive vice president to lead the company’s new initiative at a time when apartment assets are attractive to many investors across the West Coast.

“There are a variety of factors that we believe will result in increasing opportunities in apartment markets.  As construction lenders reign in new lending and equity investors become more cautious, we expect the supply pipeline to shrink,” said Tim Ballard, president and co‑founder of Buchanan Street Partners. “When combined with the changing demands of renters by choice, we believe that there is an increasing opportunity to improve existing apartment assets and generate attractive returns in doing so.”

Historically, Buchanan Street has invested in more than 14,000 multifamily units, often serving as the equity partner. Going forward, the company will focus on acquiring properties directly. Hampton and the dedicated multifamily effort will pursue core-plus and value-add investment opportunities in the Western United States, with an immediate focus in Denver, Salt Lake City and Phoenix.

“Kevin is a seasoned veteran that brings 25 years of multifamily investment and development experience,” said Ballard. “We were very focused on finding the right addition to our team, and Kevin is a perfect culture fit with tremendous expertise.”

Hampton was formerly the president of PLC Apartments where he oversaw the company’s investment strategy and execution. Prior to PLC, he led development and investment operations across the Western United States at Associated Estates, a publically traded REIT, and was previously the vice president of development at Western National Realty Advisors.  During his career, he has been responsible for the development of more than 15,000 apartment units across the Western states.

“As we grow our investment business, we will also seek additional multifamily experts to bolster the team,” said Hampton. “We believe that our human capital is our greatest investment and are currently in search of a multifamily acquisition analyst and a vice president of asset management to join us.”

ABOUT BUCHANAN STREET PARTNERS

Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested over $6 billion in both real estate debt and equity investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing capital preservation.  www.buchananstreet.com.

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Buchanan Street Partners Closes $25 Million Loan for Inland Empire Shopping Center
February 6, 2017

Newport Beach, Calif. (February 6, 2017) – Buchanan Street Partners has provided a $25 million loan to Euclid Plaza LLC, for Stater Bros. Plaza, a 73,641 square-foot retail center in Chino, California. The transaction represents Buchanan Street’s active bridge lending business, which provides expedited, flexible debt financings for high quality real estate projects.

“This is a contemporary, top-performing grocery-anchored shopping center offering a range of services and restaurants in an affluent section of Chino Valley,” said Matthew Doerr, vice president at Buchanan Street Partners. “We were attracted to this financing opportunity due to its secure in-place cash flow, strong tenant sales per square foot, diverse mix of internet-resistant retail tenants and significant amount of residential growth planned for the area,” added Doerr.

The immediate neighborhood is expected to add 48,000 single-family and apartment homes, 12 schools and 5 million square feet of industrial development. Stater Bros. Plaza, with the ability to add another 21,300 square feet of retail development, is expected to benefit from the growing residential base in the area.

Built in 2008, Stater Bros. Plaza was 96 percent leased at the time of the financing. In addition to Stater Bros., tenants include Sprint, Subway and others.

The borrower, Euclid Plaza, LLC, was represented in the refinancing by Executive Vice Presidents Marina Massari and Sharon Kline of CBRE’s Newport Beach, CA office. Buchanan Street represented itself.

“As we expand our new debt lending business, this project represents an ideal transaction with which to kick off 2017,” added Doerr.

Buchanan Street provides first mortgage capital and structured financing for high quality commercial properties. Buchanan Street’s new debt lending platform focuses on bridge loans in the $5 million to $25 million range, and is designed to perform more quickly than is common among more heavily regulated capital sources.

 

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BUCHANAN STREET PARTNERS PURCHASES DENVER OFFICE TOWER
January 18, 2017

Company Plans to Invest in Significant Capital Improvements to Reposition the Property

Newport Beach, Calif. and Denver (January 18, 2017) – Buchanan Street Partners announces the acquisition of 5613 DTC, a 224,015-square-foot, transit-oriented office tower located at 5613 DTC Parkway in Denver. Buchanan Street purchased the building from SteelWave, LLC with plans to complete extensive improvements that will attract and retain tenants seeking a first class office environment in one of Denver’s premier office submarket.

“This is an attractive investment for us because of the building’s strong in-place tenancy, excellent location, attractive view corridors, and value-add potential,” said Chris Herthel, Senior Vice President at Buchanan Street Partners. “5613 DTC is an amenity-rich property that is well-positioned to benefit from a comprehensive rebranding and capital improvements plan.”

Buchanan Street plans to invest significant capital in tenant spaces, common areas and building systems. Additionally, the company will look to strategically improve the tower’s fitness center, lobby and elevators, cafe, conference center, parking deck, and outdoor patios. The building is currently 80 percent occupied with available suites ranging from 2,000 square feet to 17,000 square feet.

The 12‑story tower is situated in a highly prominent location adjacent to the I-25 freeway and within walking distance to the Orchard Light Rail Station. 5613 DTC is within the Denver Technological Center (DTC) in Denver’s Southeast office submarket, the largest submarket in the Denver metro. Denver’s Southeast region consists of 34 million square feet of office space and is home to many Fortune 500 companies that are attracted to its proximity to executive and employee housing, a strong retail amenity base and accessibility via multiple transit options.

“The property amenities provide an intrinsic value to tenants that should further appreciate as future developments in the area and access to labor pools become key decision factors for companies,” said Herthel. “We anticipate the repositioning of 5613 DTC will elevate the building’s profile above its current peers and be an attractive option for Class A office users.”

Tim Richey, Mike Winn and Chad Flynn of CBRE represented the seller in this transaction. Buchanan Street represented itself. Terms of the deal were not disclosed.

ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment management firm based in Newport Beach, California, that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested and structured approximately $17 billion of capital in a broad range of equity and debt real estate investments throughout the United States. The Buchanan Street team has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing principal preservation. For more information: www.buchananstreet.com.

ABOUT STEELWAVE, LLC
SteelWave is a full-service commercial, residential and mixed-use real estate management, operating company and investment management firm. SteelWave and its predecessor companies, Legacy Partners Commercial and Lincoln Property West, have been active in commercial real estate for 45 years. We’ve built a reputation for successful execution by sourcing sound investments in our 6 key markets: Northern California, Southern California, Denver, Seattle, Portland and Texas. As a vertically integrated leader in the industry, we source, entitle, design, finance, develop, renovate, lease, manage and sell real estate investments on behalf of many well-known institutional clients. In 2015, SteelWave formed a strategic alliance with The Cavallari Group to procure and execute on certain aspects of multi-family and mixed use development and acquisition opportunities. For more, visit: www.steelwavellc.com.

 

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BUCHANAN STREET PARTNERS BUYS OFFICE TOWER IN HOUSTON
January 17, 2017

Newport Beach, Calif. and Houston (January 18, 2017) – Buchanan Street Partners has acquired Sam Houston Crossing II, a 160,000-square-foot office building located at 10344 Sam Houston Park Drive in Houston from Duke Realty for an undisclosed price. This is Buchanan Street’s sixth acquisition in Texas in the last 24 months.

According to Buchanan Street, there is an increasing opportunity in Houston’s office sector as a result of the distress in the energy sector. Although the energy sector has recovered significantly, valuations have dropped materially.

“Houston has experienced difficult times d
ue to the energy sector’s instability. However, we are optimistic about the market long term as it has continued to maintain job growth due to Houston’s increasing industry diversity,” said Matt Haugen, vice president at Buchanan Street Partners. “We believe that a rebound of the energy sector will stimulate additional job creation over the next 12 to 18 months and drive absorption in the area.”

Sam Houston Crossing II is a three-story office building that is 100 percent leased by subsidiaries of Forum Energy Technologies; PEMEX; and First American Title Company. The property has frontage along Texas-8 Beltway between US-290 and Texas State Highway 249, in a location central to housing ranging from entry to executive level.

“The market surrounding Sam Houston Crossing II is becoming an increasingly popular employment hub in Houston because of its central location to a wealth of housing. Large companies are making office decisions based on location and are attracted to this region because it can minimize employees’ commute times and appeal to a larger percentage of the workforce,” said Haugen. “Houston is one of the top 10 population centers in the nation, and we believe in its long term economy.”

Buchanan Street plans to seek opportunities in Houston and anticipates actively acquiring significant assets in Texas in 2017.

Jared Chua of CBRE represented the seller in the transaction. Buchanan Street represented itself.

ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment management firm that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested and structured approximately $17 billion of capital in a broad range of equity and debt real estate investments throughout the United States. The Buchanan Street team has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing principal preservation. For more information: www.buchananstreet.com.

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2016
BUCHANAN STREET PARTNERS PROVIDES $16 MILLION LAND LOAN TO REFINANCE COASTAL REDEVELOPMENT IN HUNTINGTON BEACH
November 10, 2016

Newport Beach, Calif. (November 10, 2016)Buchanan Street Partners has provided a $16 million loan to refinance 21845 Magnolia Street, a 29‑acre industrial facility in Huntington Beach, California recently purchased by subsidiaries of Shopoff Realty Investments. The loan represents the company’s ongoing strategy to provide reliable bridge financing for value-add real estate.

21845 Magnolia is one of the last large undeveloped coastal parcels in Southern California with redevelopment potential. Shopoff is planning a large-scale mixed-use development at the site to include single‑family homes, townhomes and open space, as well as visitor-serving uses such as hotel, commercial and retail components. Buchanan Street’s non-recourse first mortgage provides Shopoff new capital to support the pursuit of entitlements for the master-planned development.

“This was an attractive loan for Buchanan because of the project’s irreplaceable location in an area that is experiencing substantial development,” said Matt Doerr, vice president of Buchanan Street Partners. “Shopoff Realty Investments is a well-known and successful developer with significant expertise in entitlement work and large-scale developments. We were able to structure a bridge loan to facilitate the current phase of the property’s redevelopment.”

The property is situated near the intersection of Magnolia Street and Pacific Coast Highway in an amenity-rich beach community. It is located behind the Huntington Beach Wetlands Conservancy and steps from the Huntington State Beach. The project is also less than 2 miles south of Pacific City, a dynamic mixed-use project in coastal Orange County.

“The site presents many opportunities and will be a landmark development once it’s completed featuring attractive visitor-serving uses,” said William Shopoff, CEO of Shopoff Realty Investments. “Our tenured team is experienced and qualified with this type of complex project, and we are confident that they have the capability and resources to successfully execute on our business plan for the benefit of the community and our company.”

According to Doerr, Buchanan Street financed approximately 50 percent of the acquisition cost while meeting Shopoff’s quick close requirements.

Buchanan Street has invested and structured approximately $17 billion on behalf of institutional and private investors across a broad range of equity and flexible debt real estate investments throughout the United States.

Buchanan Street originates construction and bridge loans for the acquisition, redevelopment, recapitalization or refinance of commercial real estate in primary and secondary Western U.S. markets. The company is a balance sheet lender who funds loans offering flexible lending structures to accommodate varied borrower needs.

ABOUT BUCHANAN STREET PARTNERS

Buchanan Street Partners is a real estate investment management firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested and structured approximately $17 billion of capital in a broad range of equity and debt real estate investments throughout the United States. The company is comprised of a highly skilled team that has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing principal preservation. For more information: www.buchananstreet.com.

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BUCHANAN STREET PARTNERS EXPANDS LENDING BUSINESS WITH KEY HIRE AND $30 MILLION IN NEW INVESTMENTS
July 26, 2016

Matthew Doerr Assumes the Position of Vice President for the Company’s Proprietary
Lending Business at Time of Escalating Investment Activity

 Newport Beach, Calif. (July 26, 2016) –  Buchanan Street Partners has hired Matthew Doerr as Vice President to lead the company’s growing bridge loan platform under Buchanan Mortgage Holdings, the company’s proprietary lending business. His appointment comes at a time of increased lending activity, following the recent closing of three loans totaling $30 million.

Doerr has more than 13 years of experience underwriting and managing debt and equity assets in excess of $1 billion. At Buchanan Street, he will lead the structuring and underwriting of loans originating from Buchanan Mortgage’s balance sheet to accommodate acquisition, construction, redevelopment or project recapitalization across primary and secondary Western markets. Prior to joining Buchanan Street, he served as Director at Union Bank and Vice President at iStar Financial.

“Matthew brings institutional expertise to our team during an integral part of the platform’s growth,” said Tim Ballard, President of Buchanan Street Partners. “Following the recent regulatory changes imposed on banks by the Federal government, there is an increase in opportunity to participate in space that was previously controlled by banks. We look forward to leveraging Matthew’s leadership skills as we continue to respond to market demand.”

Recently, Buchanan Street has experienced an increase in lending activity, marked by the closing of three loans for its new lending platform. The company provided a $12.33 million land loan to refinance a development site in Camarillo, California. The borrower plans to break ground on a 487,000-square-foot shopping center at the end of the year.

Buchanan Street also funded an $8.5 million loan to Cadence Capital Investments for the acquisition of 3032 Wilshire Boulevard, a 9,307‑square-foot retail building in Santa Monica, California. Earlier this year, Buchanan Street provided the same borrower an acquisition loan for a site in Hollywood, California, on which the Colorado-based firm is building a new Gelson’s Market.

“We liked the intrinsic merits of and opportunities presented by the borrowers for each of these projects,” said Ballard. “We were able to structure non-recourse loans to meet a timely close and enable the properties to realize its investment potential.”

Additionally, Buchanan Street provided an $8.5 million loan to refinance a 221-key independent hotel, Rita Suites in Las Vegas, Nevada, amidst record-high visitors to the city last year.

In the last year, Buchanan Street has funded more than $77 million in loans in Nevada, Oregon, California and Arizona. The company originates bridge loans and construction loans for the acquisition, redevelopment, recapitalization or refinance of commercial real estate in primary and secondary Western U.S. markets. The company is a balance sheet lender that funds loans that offer flexible lending structures to accommodate varied borrower needs.

ABOUT BUCHANAN STREET PARTNERS

Buchanan Street Partners is a real estate investment management firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested and structured approximately $17 billion of capital in a broad range of equity and debt real estate investments throughout the United States. A highly skilled team has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing principal preservation. For more information: www.buchananstreet.com.

FOR IMMEDIATE RELEASE
Nicole Inal
IDEA HALL
nicole@ideahall.com
714.263.8731

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BUCHANAN STREET PARTNERS PURCHASES TWO BUILDINGS ADJACENT TO DALLAS LOVE FIELD
May 16, 2016

Acquisition Marks Fourth in Dallas Market;
Company Sees Opportunity to Reposition Property Amidst Local Growth

Newport Beach, Calif. and Dallas (May 16, 2016) Buchanan Street Partners announces the acquisition of Bluffview Towers, a 196,356-square-foot office property adjacent to Dallas Love Field Airport. Buchanan Street purchased the two-building property for an undisclosed amount from Commercial Developments International (CDI), marking it the company’s fourth acquisition in the Greater Dallas area in the last 16 months.

According to Buchanan Street, Dallas Love Field experienced an 87-percent increase in passenger traffic year-over-year in September. This increased activity followed the October 2014 expiration of the Wright Amendment, a 1979 federal law that limited long‑haul flights out of the airport.

“We have noticed a significant change in the area surrounding Love Field. The surge in traffic and business at the airport was a major factor in the buildings’ purchase,” said Matt Haugen, vice president at Buchanan Street Partners. “We anticipate local expansion as corporations view this area as a more preferred location, both for daily commutes and accessibility to the airport for business travel.”

Bluffview Towers is located at 3860 and 3890 West Northwest Highway nearby the affluent Bluffview and Preston Hollow neighborhoods. The property features an Embassy Suites hotel on site, which was not included in the purchase, and is within three miles of Preston Center, an 800,000-square-foot retail and dining center. Bluffview Towers is currently 82 percent occupied with several long-term tenants. Buchanan Street has plans for lobby improvements and tenant common area upgrades to bring the project up to Class A standards.

“The property has instrinsic value given the current tenants and projected growth around Love Field. By implementing insitutional quality upgrades and leveraging the location, we plan to reposition this property to elevate its standing in the market,” said Haugen.

Jack Crews, Evan Stone and Lauren Zimmer of JLL represented CDI in the transaction, while Buchanan Street represented itself.

Buchanan Street also recently purchased several other buildings in the Greater Dallas area that are poised for growth as a result of postitive absorption and infrastructure improvements. The properties include Tollway Plaza, a prominent two-building property in Addison, Richardson Office Center I & II in Far North Dallas and Granite Tower in Northwest Dallas along LBJ Freeway.

ABOUT BUCHANAN STREET PARTNERS

Buchanan Street Partners is a real estate investment management firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested and structured approximately $17 billion of capital in a broad range of equity and debt real estate investments throughout the United States. A highly skilled team has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing principal preservation. For more information: www.buchananstreet.com.

 

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BUCHANAN STREET PARTNERS CLOSES $9.45 MILLION LOAN FOR ACQUISITION OF FUTURE UNDER ARMOUR OFFICES IN PORTLAND, OREGON
May 7, 2016

Firm Closes Loan in 10 Business Days for Acquisition

Portland, Ore. and Newport Beach, Calif. (May 7, 2015)Buchanan Street Partners, a national real estate investment management firm, has originated a $9.45 million bridge loan to Run Our Dream, LLC for the acquisition of a 68,600‑square-foot building in Portland, Ore. Buchanan Street closed the loan in 10 business days. Run Our Dream required the loan to undertake project designs and to secure approvals to convert the building into creative office space.

The planned renovation will result in dramatic two-story work spaces with floor-to-ceiling windows. The borrower has preleased the property to Under Armour, Inc. (NYSE: UA) for 15 years. Under Armour plans to relocate from its Pearl District space in 2016 once the project is complete. Seattle-based InterUrban Development Advisors will develop the property.

“This was an attractive opportunity because of the experienced developer and top-tier tenant,” said Mark Reese, vice president of Buchanan Street Partners, who led the transaction. “The project is a major initiative for Run Our Dream. The planned renovations will benefit the neighborhood and provide Under Armour room to grow in Portland. We are proud to be a part of this opportunity.”

The property is located at 2815 South West Barbur Boulevard and was formerly a YMCA fitness facility that was built in 1977. The building is on a 1.71-acre plot of land with a 100-space enclosed parking garage. It is positioned near the I-5 and I-405 interchange and Ross Island Bridge, and is less than a mile from the new Lincoln Street-3rd Avenue light rail station.

Buchanan Street originates bridge loans and construction loans to accommodate acquisition, redevelopment, project recapitalization or refinance across primary western markets. These loans are originated on the firm’s balance sheet and can offer flexible lending structures to accommodate varied borrower needs.

ABOUT BUCHANAN STREET PARTNERS

Buchanan Street Partners is a real estate investment management firm that invests debt and equity capital on behalf of institutional and private investors. www.buchananstreet.com.

 

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BUCHANAN STREET PARTNERS PROVIDES $12.9 MILLION LOAN FOR NEW GELSON’S MARKET IN HOLLYWOOD
February 17, 2016

Newport Beach, Calif. and Los Angeles (February 17, 2016) – Buchanan Street Partners has provided a $12.9 million loan to Cadence Capital Investments for the purchase of five buildings on Sunset Boulevard in Hollywood. Cadence Capital is in pre-development to deliver a multi-story building that is pre-leased to upscale regional grocer Gelson’s Market.

Gelson’s choice for the seven-parcel assemblage reflects the high traffic count at the intersection of Sunset Boulevard and Gardner Street, plus affluent area demographics. The new store location will be Gelson’s second in Hollywood, following the success of its West Hollywood store. A first quarter 2018 opening is planned.

"This was an attractive investment because of the project’s irreplaceable location in an area of Hollywood that is experiencing substantial redevelopment and revitalization,” said Mark Reese, vice president of Buchanan Street Partners. “Cadence Capital Investments is working on a truncated timeline to meet the increasing demand in the surrounding neighborhood.”

The project is adjacent to the famous Guitar Center on Sunset Boulevard in the heart of Hollywood. A low retail vacancy of 4.4 percent in the West Hollywood market speaks to the high demand by retailers, punctuated by lease rates of approximately $60 per-square-foot. The immediate neighborhood is undergoing a redevelopment renaissance, with new retail shops, restaurants and mixed-use developments either in progress or planned.

“As we grow our active lending platform, this high profile project was the perfect transaction to kick off 2016,” said Reese. “There is currently an increase in opportunity for private lenders to provide acquisition, development and construction loans due to regulatory changes imposed on banks by the Federal government.”

Buchanan Street has invested and structured approximately $17 billion on behalf of institutional and private investors across a broad range of equity and flexible debt real estate investments throughout the United States. In the last year, the company has funded more than $77 million in loans in Nevada, Oregon, California and Arizona.

Buchanan Street originates bridge loans and construction loans for the acquisition, redevelopment, recapitalization or refinance of commercial real estate in primary and secondary western U.S. markets. The company is a balance sheet lender that funds loans that offer flexible lending structures to accommodate varied borrower needs.

ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment management firm that invests debt and equity capital on behalf of institutional and private investors. www.buchananstreet.com

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BUCHANAN STREET PARTNERS ACQUIRES TWO BUILDINGS IN LOS ANGELES COUNTY
January 25, 2016

Diamond Bar, Calif. and Newport Beach, Calif. (January 25, 2016) – Buchanan Street Partners has purchased Gateway Corporate Center, a two-building, 162,339-square-foot office complex located at 21680 & 21688 Gateway Corporate Center Drive in Diamond Bar, California. The acquisition reflects Buchanan Street’s ongoing investment strategy in the West, where the Newport Beach-based investor is actively buying core-plus and value-add office properties in growing markets.

“This investment presents the opportunity to capitalize on a property that generates strong cash flow and is located in a stable and well-established submarket that attracts both Fortune 1000 companies as
well as smaller entrepreneurial firms,” said Chris Herthel, senior vice president at Buchanan Street Partners.

The firm acquired Gateway Corporate Center from Cornerstone Real Estate Advisers LLC, acting on behalf of an institutional investor. The project is 94 percent leased to high-credit tenants and benefits from institutional quality construction, efficient floorplates and ample parking. Buchanan Street will implement a proactive replacement program for several of the major building systems along with targeted aesthetic enhancements to the buildings’ lobbies, corridors and elevators.

Gateway Corporate Center is located in the East San Gabriel Valley submarket at the intersection of the CA-60 and CA-57 freeways, near the industrial hub in The City of Industry. The property also benefits from its location within Diamond Bar, which offers nearby executive housing, high-achieving public schools and an abundance of retail amenities.

“The project benefits from a central location that provides companies the ability to draw employees from Los Angeles, Orange, San Bernardino and Riverside Counties,” said Herthel. “Gateway Corporate Center’s accessibility is attractive to a wide range of firms looking to hire and retain top talent in the region. For these reasons, we anticipate the submarket to continue to be a leader in the greater Los Angeles market over the next five years.”

Jeff Cole and Ed Hernandez of Cushman & Wakefield represented both Buchanan Street and Cornerstone.

ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partner was founded in 1999 and is a real estate investment management firm that invests debt and equity capital on behalf of institutional and private investors. Buchanan has invested and structured approximately $17 billion of capital in a broad range of equity and debt real estate investments throughout the United States. www.buchananstreet.com.

ABOUT CORNERSTONE
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, visit www.cornerstoneadvisers.com.

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