Press Releases
2017
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.

 

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.

 

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.

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.

bluffview-2

“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.

 

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.under-armour

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.

 

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

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.

2015
BUCHANAN STREET PARTNERS ACQUIRES SCOTTSDALE, AZ OFFICE BUILDING
November 30, 2015

Scottsdale, Ariz. and Newport Beach, Calif. (November 30, 2015) – Buchanan Street Partners has purchased Paradise Valley Corporate Center, a 198,000-square-foot office building at 4835 East Cactus Road in Scottsdale, Arizona. The acquisition increases Buchanan Street’s real estate investment holdings in the Greater Phoenix area to more than 1.3 million square feet as the firm continues to expand its Arizona portfolio. Terms of the sale were not disclosed.

“We continue to invest in Phoenix because it is an active market with sustainable job growth,” said Brian Payne, vice president at Buchanan Street Partners. “Continued prospects for employment growth and the lack of any meaningful office development in the immediate area bode well for rent growth at the project.”

Paradise Valley Corporate Center was 95 percent leased at time of sale. Buchanan Street plans lobby, landscaping and other common area upgrades in 2016 to modernize the project.

The four-story building is proximate to Paradise Valley Mall and 2.3 million square feet of retail amenities. The project is accessible from State Route 51 via the East Cactus road offramp.

“Paradise Valley Corporate Center is located in an affluent submarket with abundant amenties nearby,” added Payne. “This property is central to executive and employee housing, positioning it as an attractive location for business owners.”

Christopher Toci of Cushman & Wakefield represented the seller (unnamed) in the transaction, and Buchanan Street represented itself.

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.

BUCHANAN STREET PARTNERS ACQUIRES TOLLWAY PLAZA IN DALLAS
November 9, 2015

Acquisition Marks Third in Dallas as
Company Anticipates Continued Growth in Regional Market

Newport Beach, Calif. and Dallas (November 9, 2015) – Buchanan Street Partners announces the acquisition of Tollway Plaza, an office property located at 15950 and 16000 North Dallas Parkway in Dallas, Texas. This is Buchanan Street’s third purchase in the Greater Dallas area this year. Terms of the sale were not disclosed.

tollway-plaza"This was an attractive addition to our Texas portfolio because of the quality of the real estate and projected growth in the region,” said Tim Ballard, president at Buchanan Street Partners. “Tollway Plaza is an amenity-rich campus that is well positioned to benefit from tightening vacancies and corporate expansion in the area.”

Tollway Plaza is a LEED-certified property that consists of two, eight-story buildings totaling 370,073 square feet. Onsite amenities include a modern fitness center, a large high-tech conference facility and café. Buchanan Street plans moderate upgrades to campus lobbies, elevators and restrooms to match the contemporary design of the property exteriors.

Tollway Plaza is centrally located in the Dallas North Tollway submarket, an area poised for both job and rent growth. The property is situated along the Dallas North Tollway and benefits from immediate access to highway on- and off-ramps. It also is nearby the I-635 freeway and SR-190, and is within 20 minutes from Dallas/Fort Worth International Airport.

“We are actively buying all types of office product in the Dallas region,” said Matt Haugen, assistant vice president at Buchanan Street Partners. “Given the sustainable job growth in the region and lack of available development pads, we anticipate an increase in rents in the area over the next few years as vacancies tighten.”

The company also recently purchased Richardson Office Center in Far North Dallas, a property that is anticipated to benefit from strong positive absorption in the submarket. In the first quarter of 2015, Buchanan Street acquired Granite Tower in Dallas, a property that is positioned for growth upon completion of the adjacent LBJ Freeway improvement project.

tollwayplaza065

“Dallas is an extremely active market that is attracting technology firms and other corporate headquarters from outside the region,” said Haugen. “The amenity base and modern design of Tollway Plaza fits the corporate image that many tenants seek.”

Tollway Plaza was 95 percent leased at the time of the sale. Tenants include Travis Wolff, LLP, Axxess Technology Solutions, HQ Global and Stewart Title.

“Tollway Plaza is a trophy asset in one of the best locations in Dallas. The property has consistently led the market in leasing and we anticipate it will continue to do so in the future,” said Tommy Nelson, vice president of office brokerage services at CBRE in Dallas. Nelson, Shannon Brown and Kenzie Killgore of CBRE were awarded leasing responsibilities of Tollway Plaza.

HFF Dallas Investment Sales team represented the seller, who was unnamed in the deal. Buchanan Street Partners represented itself.

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 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 FUNDS $10.5 MILLION LOAN FOR LAS VEGAS RETAIL ACQUISITION
October 8, 2015

Growing Retail Market Provides Opportunity for Value-Add Investment

Newport Beach, Calif. and Las Vegas (October 8, 2015) – Buchanan Street Partners funded a $10.5 million loan for the acquisition of Caroline’s Court, which consists of all of the out-parcels of a community shopping center anchored by Lowe’s in northwest Las Vegas, Nevada. The project is situated adjacent to US-95 at the interchange with North Durango Drive and is poised to benefit from rapid retail growth in the area.

“The Las Vegas retail market continues to strengthen. Rents have recovered significantly to support new construction, which bodes well for centers with development potential such as Caroline’s Court,” said Mark Reese, vice president of Buchanan Street Partners. “We liked the intrinsic merits of this project and the sponsor’s development plan, and were able to structure a non-recourse loan to include pre-development expenses and leasing commissions. This will enable the property to fully realize its investment potential.”

Located at 7703-7757 North El Capitan Way, the 11-acre property includes a 14,500-square-foot strip retail center and two quick-serve restaurants. Additionaly there are five development-ready pads and four acres of undeveloped retail land. The buyer, Durango I-95 LLC, plans to divest the quick-serve restaurants and strip retail center, and subdivide the excess land for lease or sale to single-tenant retail users.

“The borrower has great preliminary interest from prospective buyers and tenants,” added Reese. “Residential development along the US-95 corridor is driving new demand for retail, and we believe this is an underserved location that, with the right development plan, will perform well.”

Mike Guterman, principal of Highland Realty Capital, represented the borrower in the transaction.
Buchanan Street Partners originates bridge loans and construction loans for the acquisition, redevelopment, recapitalization or refinance of commercial real estate in primary and secondary western markets. The company is a balance sheet lender that funds loans which 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

BUCHANAN STREET PARTNERS PURCHASES DALLAS OFFICE PROPERTY
August 17, 2015

 Property Marks Firm’s Second Purchase in Greater-Dallas Market This Year

Newport Beach, Calif. and Richardson, Texas (August 17, 2015) – Buchanan Street Partners, a real estate investment management firm, announces the acquisition of Richardson Office Center I & II, a 238,301-square-foot campus located in Richardson, Texas. Buchanan Street acquired the property in partnership with CarVal Investors from Principal Real Estate Investors for an undisclosed amount and plans to complete minor upgrades. This is Buchanan Street’s second purchase in the greater Dallas area this year.

richardson-office-campus

“The Far North Dallas submarket has been experiencing strong positive absorption and growth in rental rates causing a wider‑than‑normal price gap compared to Richardson,” said Matt Haugen, assistant vice president at Buchanan Street Partners. “Given that trend, the location was one of the main reasons we were attracted to the property. Companies in search of a better real estate value have moved to Richardson because of its affordability and projected growth.”

Richardson Office Center is located at 3001 & 3101 E. President George Bush Highway in Richardson. It is currently 90 percent occupied by high-credit tenants including Boeing, Genpact and Avnet. The property has excellent visibility from the President George Bush Turnpike and boasts a parking ratio of six parking spaces per 1,000 square feet. Buchanan Street plans to complete modest renovations to the two-building campus including painting the exterior of the buildings and lobby upgrades.

“In addition to corporate relocations to the Richardson area, the nearby 186‑acre mixed use CityLine development is an attractive amenity that is drawing companies to the region,” said Haugen.

Gary Carr and Robert Hill of CBRE represented the seller in the transaction, and Buchanan Street represented itself.

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 CARVAL INVESTORS

CarVal Investors is a leading global alternative investment fund manager. Founded in 1987 by Cargill, CarVal Investors has navigated through ever-changing market cycles, opportunistically investing $85 billion in 5,300 transactions across 74 countries. CarVal Investors has an experienced team of approximately 175 employees in 6 offices in 5 countries. Today, CarVal Investors has approximately $10 billion in assets under management.

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

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BUCHANAN STREET PARTNERS BUYS AGAIN IN SAN FRANCISCO BAY AREA
June 29, 2015

Firm Acquires Rowland Plaza in Novato, Calif. For $25 Million and Plans to Complete Building Upgrades by Mid-2016

 Newport Beach and San Francisco, Calif. (June 29, 2015) Buchanan Street Partners, a real estate investment management firm, has acquired Rowland Plaza, a 143,444-square-foot office project located in Novato, California. Buchanan Street acquired the property for $24.9 million from a joint venture between Barker Pacific Group and Rockwood Capital, and is planning renovations to common areas and landscaping. This is Buchanan Street’s second acquisition in the San Francisco Bay Area this quarter.

“Companies are expanding north due to lack of space and the high cost of locating in central San Francisco. We were attracted to the property because the Novato market is in the path of that expansion,” said Chris Herthel, senior vice president at Buchanan Street Partners. “We believe this is one of the best projects in the market, because it offers efficient multitenant floor plates, and accessibility.”

Buchanan Street will upgrade the common areas, including a complete lobby renovation, and will redesign the landscaping to increase the curb appeal of the project. Renovations are scheduled to be completed mid‑2016.

Rowland Plaza is comprised of two three‑story buildings at 75 and 88 Rowland Way. The project is 73 percent leased to a diverse mix of tenants, including public accounting, technology, healthcare, professional services, and governmental and social services firms.

Rowland Plaza is centrally located in an established commercial area in Marin County and has good freeway visibility from U.S. Highway 101. The property is located near downtown Novato and is walking distance to the Vintage Oaks Shopping Center, a prominent retail center.

“The asset has good upside potential given strong market fundamentals and our strategy to upgrade the project,” said Herthel.

Grant Lammersen and George Eckard from Cushman & Wakefield represented the seller. 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. www.buchananstreet.com.

BUCHANAN STREET PARTNERS PURCHASES SAN PEDRO PLAZA IN SAN ANTONIO, TEXAS
June 8, 2015

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

Newport Beach, Calif. and San Antonio (June 8, 2015) – Buchanan Street Partners, a real estate investment management firm, announces the acquisition of San Pedro Plaza, a 163,764-square-foot office building located at 7330 San Pedro Avenue in San Antonio, Texas for an undisclosed price. Buchanan Street will make extensive improvements to attract new tenants during a time of positive absorption in the region. 

“This is our fifth office investment in the San Antonio market,” said Kimberly Stevenson, vice president at Buchanan Street Partners. “This is an attractive investment for Buchanan Street because of the building’s potential due to strong market fundamentals and the property’s excellent location.”

Buchanan Street plans to significantly upgrade the lobby, restrooms and common areas. Additionally, Buchanan will be removing an adjacent retail building in order to provide more convenient access and additional surface parking. The building is currently 30 percent vacant with available suites ranging from 1,000 square feet to 18,000 square feet.

“San Antonio is an extremely active market in which we are witnessing continued job growth,” said Stevenson. “We recently completed a similar renovation to The Pyramid which has resulted in tremendous leasing activity such that the property is currently 95 percent leased.”

San Pedro Plaza is located in the North Central Market near the intersection of Loop 410 and San Pedro Avenue. The property is nearby executive housing areas such as Alamo Heights and Terrell Hills. It is also less than 10 minutes from San Antonio International Airport and Alamo Quarry Market, Park North Shopping Center and North Star Mall.

Barbara Emmons and Todd Mills of CBRE represented the seller in this 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. www.buchananstreet.com.

BUCHANAN STREET PARTNERS PURCHASES SOUTH SAN FRANCISCO OFFICE CAMPUS
May 26, 2015

Newport Beach, Calif. and South San Francisco, Calif. (May 26, 2015) Buchanan Street Partners, a real estate investment management firm, has acquired South San Francisco Business Center, a 112,384-square-foot flex office campus located at 800‑890 Dubuque Avenue in South San Francisco, California. Buchanan Street acquired the three‑building property for an undisclosed amount from an affiliate of LBA Realty, and plans significant renovations to improve the project’s appeal to flex users and life science tenants.

south-sf-biz-center-1

“We were attracted to the project because of the high demand for flex/R&D space on the San Francisco Peninsula,” said Bob Dougherty, partner at Buchanan Street Partners. “The life sciences sector is experiencing dynamic growth in the region, and we look forward to meeting that tenant demand with a newly improved business center.”

Buchanan Street will improve tenant suites with lab stations, both on a speculative turnkey basis and in tenant improvement packages. The firm will also upgrade and modernize suite entry ways, add new campus and suite signage, update the landscaping/hardscape and reskin the building façades.

South San Francisco Business Center is made up of two single‑story buildings and one two‑story building, and is approximately 35 percent lab and R&D space. The campus is currently 95 percent leased to tenants representing a diverse range of industries including consumer products, biotechnology, non-profit and technology.

“The property has intrinsic value by virtue of its extraordinary 101 freeway visibility,” said Dougherty. “There is a scarcity of land in the South San Francisco region, the largest R&D submarket in the Peninsula area, which also supports the value of this project.”

South San Francisco Business Center is centrally located between San Francisco and Silicon Valley, two of the country’s strongest office markets. The project is adjacent to U.S. Highway 101 at East Grand Avenue, and is close to San Francisco International Airport, among other primary transportation arteries.

Jones Lang LaSalle represented the seller in the sale of the property. 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. www.buchananstreet.com.

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

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BUCHANAN STREET PARTNERS CLOSES $9.45 MILLION LOAN FOR ACQUISITION OF FUTURE UNDER ARMOUR OFFICES IN PORTLAND, OREGON
May 7, 2015

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.

BUCHANAN STREET PARTNERS ACQUIRES TWO INLAND EMPIRE OFFICE BUILDINGS
April 28, 2015

Acquisition Marks Third in the Region as Firm Capitalizes on the Strength of the Inland Empire Market

Newport Beach and Ontario, Calif. (April 28, 2015) – Buchanan Street Partners, a national real estate investment management firm, announces the acquisition of Waterside Center, a two-building, 159,092-square-foot office complex located at 3110 and 3200 East Guasti Road in Ontario, California. Buchanan Street acquired the pair of buildings at an undisclosed price from a venture between Greenlaw Partners and Walton Street Capital. The project was 97 percent leased at the time of the sale.

“This institutional grade asset was an attractive addition to our portfolio of stabilized, high quality office buildings,” said Bob Dougherty, partner at Buchanan Street Partners. “We anticipate that the imbalance between office product supply and demand in the region will have a favorable impact on rent growth.”
Waterside Center was built in 2007 and features contemporary architecture, outdoor courtyards and water features, a state-of-the-art energy management system and a fiber optics infrastructure for optimized bandwidth.

The project is located adjacent to the Ontario International Airport and I-10 freeway within the Centrelake Business Park, a 70-acre master planned corporate and financial center. The project has high visibility to the I-10 freeway and direct access to the I-10, I15, SR60, and I-210 freeways.
Last year, the Inland Empire West office market had its best performance since 2007, led by strong leasing activity in Riverside, Rancho Cucamonga and Ontario. The Inland Empire West experienced more than 300,000 square feet of positive net absorption in 2014. Additionally, new tenant demand and an improving economy led to a dip in the vacancy rate below 10 percent in the first quarter of 2015.

“Although vacancies are declining, we anticipate very little new speculative inventory in the Inland Empire,” said Kimberly Stevenson, vice president at Buchanan Street Partners. “As an existing owner of assets in the region, we have seen excellent occupancy and rental improvement over the past several years. Waterside Center represents an outstanding opportunity to participate further in this upward trend.”

Kevin Shannon’s team of CBRE represented the seller, while Buchanan Street Partners represented itself.

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 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.

BUCHANAN STREET PARTNERS CLOSES $34.5 MILLION ACQUISITION LOAN FOR TWO OFFICE BUILDINGS IN TEMPE, ARIZONA
February 26, 2015

Newport Beach, Calif. (February 26, 2015) – Buchanan Street Partners, a national real estate investment management firm, has structured $34.5 million in bridge financing for the acquisition of two Class A office buildings in Tempe, Arizona. Along with its active equity investment platform, the firm is growing its lending activity for mezzanine debt and bridge loans in primary markets in the Western U.S. This transaction builds on the over 1 million square feet of commercial property the firm has acquired in the Phoenix area.

“Buchanan Street’s perspective as an owner itself is a decided advantage when providing structured debt for owners implementing value-add business plans,” said Chris Herthel, senior vice president of Buchanan Street Partners, who led the transaction.

The acquisition financing was provided to a joint venture between Cypress Office Properties and Harbert Management Corporation, with additional funds available for planned improvements and leasing costs. The buildings were 74 percent leased at closing.

The venture purchased Park Bridge and Park Garden, two Tempe office buildings totaling 287,000 square feet located at 1501 and 1620 W. Fountainhead Parkway in Fountainhead Corporate Park. The buildings benefit from a unique campus environment with ample amenities and parking, and a central location near downtown Tempe and Arizona State University. Fountainhead Corporate Park has good access to Interstate 10, US Route 60, and State Routes 143 and 202.

Tempe is one of the leading submarkets in Greater Phoenix, with a Class A office vacancy rate of 9 percent as of the third quarter of 2014. Submarket fundamentals and an experienced borrower were determining factors in Buchanan Street’s decision to fund the acquisition loan.

“This opportunity was a good match with our investment strategy to provide structured financing solutions where there is a good combination of an experienced borrower, high-quality assets in transition, an attractive investment basis, and a market demonstrating positive trends,” added Herthel.

Buchanan Street is actively growing its mezzanine and bridge lending activity in all major property types throughout primary Western U.S. markets. The firm utilizes its long track record investing throughout the entire capital stack to tailor an appropriate structured financing solution for each unique borrower and asset business plan.

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.

BUCHANAN STREET ACQUIRES OFFICE BUILDING IN CARLSBAD, CALIF. FOR $19.5 MILLION
February 18, 2015

Newport Beach, Calif. (February 18, 2015) – Buchanan Street Partners, a national real estate investment management firm, announces the acquisition of Carlsbad Airport Corporate Center, a two-story, 120,000-square-foot office building located at 1950 Camino Vida Roble in Carlsbad, California. The firm acquired the property from Pacific Realty Advisors for $19.5 million.

“Carlsbad Airport Corporate Center is an ideal addition to our growing portfolio in the San Diego area,” said Matt Haugen, Assistant Vice President at Buchanan Street Partners. “With a lack of new development, Carlsbad has seen a substantial drop in vacancies over the last twelve months and we believe this will lead to significant rent appreciation in the near term.”

Buchanan Street was attracted to the current cash flow returns from the fully leased building. The property has an unmatched parking ratio which differentiates itself from its competitors. The company plans to improve the common areas to meet existing and future tenant needs.

The Carlsbad office market has a current vacancy rate of approximately 17 percent, a dramatic improvement from the peak 35 percent vacancy experienced in 2007. The improved market performance has led to a 10 percent increase in lease rates over the last two years.

“The strong Carlsbad submarket and high caliber of tenants at the property made this an attractive acquisition for us,” added Matt Haugen. “The project benefits from a location that is close to executive housing, major freeways, and abundant amenities and retail services in the area.”

Buchanan Street Partners represented themselves in the transaction, while the seller was represented by Rick Reeder and Brad Tecca of DTZ Capital Markets.

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.

SOUTHERN CALIFORNIA OFFICE CAMPUS SELLS TO BUCHANAN STREET PARTNERS
February 10, 2015

Company Plans Significant Improvements to Appeal to Area Tenants

Newport Beach, Calif. (February 10, 2015) – Buchanan Street Partners, a national real estate investment management firm, announces the acquisition of University Tech Center, a two-building, 100,360-square-foot suburban office complex located at 3179 and 3191 West Temple Avenue in Pomona, California. The firm acquired the property from Invesco for an undisclosed price, and plans to complete significant improvements to the property over the next year.

“The acquisition of University Tech Center is a perfect addition to our growing Inland Empire portfolio, offering predictable cash flow and a strong tenant base with opportunities for growth,” said Kimberly Stevenson, vice president of Buchanan Street Partners.

Buchanan Street plans to bolster existing capital improvements with more substantial upgrades to the common areas, including the development of collaborative outdoor areas and new eco-friendly landscaping.

At the time of the acquisition the project was 91 percent leased. The County of Los Angeles currently occupies one of the buildings.

University Tech Center is located north of the US-60 and SR-57 freeway interchange in an area central to North Orange County, the San Gabriel Valley and the Inland Empire. The proximity of the project to California Polytechnic State University, Pomona, and abundant nearby amenities is attractive to a diverse range of tenants.

“As the Greater Los Angeles office market rebound continues, we anticipate very little new speculative inventory in the region,” said Stevenson. “This acquisition parallels our investment strategy to purchase value-add properties on an attractive basis in submarkets with improving fundamentals.”

Kevin Shannon and Mike Kendall of CBRE represented Invesco, while Buchanan Street Partners represented themselves in the transaction.

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.

BUCHANAN STREET PARTNERS FUNDS $10.2 MILLION LOAN FOR LOS ANGELES RETAIL BUILDING
February 4, 2015

Brisk Redevelopment Activity Underway in Culver City

Newport Beach, Calif. (February 4, 2015) – Buchanan Street Partners, a national real estate investment management firm, recently closed a $10.2 million loan to VCN for its $16 million acquisition of Surfas Culinary District at 8777 Washington Boulevard in Culver City, California. The loan was funded through Buchanan Street’s high-yield lending program and provides for additional funds to secure entitlements for new development.

Surfas Culinary District, who was also the seller in the transaction, will remain in the 13,206-square-foot retail building while VCN re-entitles the property. VCN plans to develop a 100,000-square-foot mixed use project on the site and capitalize on the high-density, mixed-use zoning that has spurred numerous redevelopments in Culver City.

“We were attracted to the extensive redevelopment plans that the borrower intends to complete,” said Mark Reese, Vice President of Buchanan Street Partners. “VCN was an ideal candidate for our high yield, small balance product that will drive the value of the property as redevelopment on and around this site continues.”

Buchanan Street financed 65 percent of the purchase price on an 18-month term, which includes earn-out funding for the borrower’s entitlement expenses during the term.

The property is located at the corner of Washington Boulevard and National Boulevard, approximately one block east of the recently opened Expo light rail line at Washington Boulevard Station. The Culver City submarket is undergoing extensive redevelopment with several additional projects underway nearby. Lowe Enterprises has planned a 500,000-square-foot mixed use development with residential, retail, office and hotel improvements across National Boulevard. Greystar is developing a mixed-use project with 115 apartments above retail stores on the other side of Washington Boulevard, while the Runyon Group is underway with an 80,000-square-foot upscale retail project on the southwest corner of Washington and National Boulevard.

Buchanan Street originates short-term bridge 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.

BUCHANAN STREET PARTNERS ACQUIRES TWO SAN DIEGO BUILDINGS FOR $23.1 MILLION
January 26, 2015

Company Plans to Complete Major Repositioning to Deliver Contemporary Office Space

Newport Beach and San Diego, Calif. (January 26, 2015) – Buchanan Street Partners, a national real estate investment management firm, announces the acquisition of Cornerstone Heights Corporate Center, a two-building office complex located at 5959 and 6059 Cornerstone Court West in Sorrento Mesa, a major technology hub in Greater San Diego, California. The acquisition reflects Buchanan Street’s ongoing investment strategy in the West, where the Newport Beach-based investor has been an active buyer in value-add and core-plus office properties.

“This investment furthers our portfolio growth with a stabilized, high quality office building in an established market that is in high demand by technology companies,” said Tim Ballard, president of Buchanan Street Partners.

The firm acquired the 98,000-square-foot office complex for $23.1 million on an all-cash basis from a partnership between Lincoln Property Company and Artemis Real Estate Partners. The project is 91 percent leased and benefits from a recent $4.5 million renovation that included the addition of collaborative workspaces, contemporary kitchens and meeting areas, and exposed high ceilings to the building.

“Office buildings that provide a contemporary work setting with abundant onsite amenities are in high demand, especially in markets dominated by technology users,” added Ballard. “This investment is appealing for the value that can be created through the planned improvements in a submarket with sound fundamentals.”

The Cornerstone Heights tenant roster includes Verimatrix, Inc., Konica Minolta Business Solutions and Tillster, Inc. The complex has one office space available totaling 8,708 rentable square feet, with DTZ Capital Markets handling leasing.

Buchanan Street represented itself in the transaction, while the seller was represented by Rick Reeder and Brad Tecca of DTZ Capital Markets, San Diego. Cornerstone Heights will continue to be managed by Unrie Real Estate Group.

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.

BUCHANAN STREET PARTNERS PURCHASES DALLAS OFFICE BUILDING
January 21, 2015

Company Will Capitalize on LBJ Freeway Infrastructure
Improvements and Growing Regional Economy

 Newport Beach, Calif. and Dallas (January 21, 2015) – Buchanan Street Partners, a national real estate investment management firm, announces the acquisition of Granite Tower, a 10‑story, 240,000-square-foot office building located at 4055 Valley View Lane in Dallas, Texas. Buchanan Street acquired the property on behalf of an unnamed pension plan from a partnership between CREA Investments and Macfarlan Capital Partners. Terms of the sale were undisclosed.

“Granite Tower is an ideal fit for our client’s core-plus investment strategy, offering strong, durable cash flow and an attractive basis relative to replacement cost,” said
Bob Dougherty, partner of Buchanan Street Partners.

Buchanan Street plans to capitalize on improving market fundamentals in the Dallas Fort Worth Metroplex and significant infrastructure upgrades in the immediate area. A $2.7 billion LBJ Freeway improvement project is near completion, and increased retail amenities are expected as a result of the improved access in the area.

The company’s strategy for Granite Tower, currently 97 percent leased, will be to benefit from the property’s high occupancy rate and stable cash flow while the nearby improvements are completed. With the improvements to the existing freeway, Granite Tower will serve as an affordable alternative to the Galleria and North Dallas Tollway submarkets nearby.

“This is an attractive investment for Buchanan Street Partners because of the building’s potential due to strong market fundamentals in the Dallas area,” added Dougherty. “The West LBJ Freeway submarket provides tenants prominent building exposure, reasonable lease rates and a premium location that is ideal for business growth.”

A recent study by Economy.com states that the Dallas-Fort Worth area is projected to rank first in population and job growth in 2015, and is expected to add nearly 500,000 jobs over the next three years. Dallas led all metropolitan areas in year-over-year job growth in 2014 with an increase of 3.8 percent, adding nearly 120,000 jobs and ranking second only to New York City for total jobs created.

The Granite Tower investment was Buchanan Street’s first in the Dallas metropolitan area since it sold Riverside Commons in Las Colinas to Research in Motion in 2009. The firm acquired Granite Tower with five year fixed rate financing provided by a Midwestern life insurance company through HFF, who acted as the mortgage broker in the transaction. The property will continue to be managed and leased by Dallas-based DTZ.

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.

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

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2014
BUCHANAN STREET PARTNERS ACQUIRES STAPLEY CORPORATE CENTER IN PHOENIX FOR $32.5 MILLION
July 7, 2014

Firm Increases Phoenix Area Assets to 1.4 Million Square Feet

Mesa, Ariz. and Newport Beach, Calif. – July 7, 2014 – Buchanan Street Partners, a Newport Beach-based real estate investor, has acquired Stapley Corporate Center, a two-building, Class A office property located at 1840 and 1910 South Stapley Drive in Mesa, Arizona. The acquisition reflects Buchanan Street’s continued investment strategy in the Phoenix area, a market where the firm has been an active buyer of commercial and multifamily assets.

Stapley Corporate Center was purchased for $32.5 million from The DESCO Group, Inc., the original developer that built and
has managed the property since 2007. The 180,000-square-foot property is 90 percent occupied with long-term leases in place, including tenants Cigna Healthcare and Wells Fargo.

Chris Toci and Chad Little of Cushman & Wakefield of Arizona represented the seller in the transaction, while Buchanan Street represented itself. Mark Gustin of Jones Lang LaSalle will handle leasing for the property.

“This property will continue to attract top tenants seeking high-image office space in the East Valley, based both upon the quality of the building and the continued Phoenix recovery,” said Brian Payne, Vice President of Buchanan Street Partners. “The project benefits from a location adjacent to executive housing in Gilbert and is in close proximity to more than 2 million square feet of retail services in the immediate area.”

Stapley Corporate Center has immediate access to Highway 60 and is near the border between Mesa and Gilbert, a city with the second highest household income in the Phoenix area and the highest concentration of graduate and professional degrees among western U.S. cities.

The investment is part of Buchanan Street’s continued value-add investment strategy in the Phoenix area, a market where the investor now owns 1.4 million square feet of properties. Buchanan Street acquired two Phoenix area properties earlier this year, including Mesa Corporate Center, a 106,077-square-foot Class A office building in Mesa, and Vue Park West, a 260-unit luxury apartment community in Peoria, Arizona.

In addition to investing in the Phoenix area, Buchanan Street has targeted Southern California, Houston, Texas, the San Francisco Bay Area and Denver, Colorado for acquisitions. The firm has recently added six new hires as it expands its growing investment and lending businesses.

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.

BUCHANAN STREET PARTNERS EXPANDS TEAM AND PRODUCT OFFERING
May 19, 2014

Newport Beach, Calif. – May 19, 2014 – Buchanan Street Partners, a national real estate investment management firm, has made six new hires in support of its growing equity platform and new lending business. Both programs are actively targeting opportunities to invest in and finance commercial real estate nationwide.

Chris Herthel joins Buchanan Street as a senior vice president in the Newport Beach office and will source equity and debt opportunities in the firm’s target markets. Additional team members include Tom Lam, assistant vice president of institutional portfolio management who will work directly with Herthel, and Mark Reese, who has been named vice president of debt investments. The firm also hired two associates, Charlie Farmer, who will be responsible for equity investments and asset management, and Lisa Lacayo, who will manage investor services. Katie Schulte has also been hired as marketing coordinator and executive assistant.

“Our new team member hires affirm not only the evolving market opportunity but our commitment to investing in our greatest asset, our human capital,” said Robert Brunswick, CEO of Buchanan Street.

The expansion of the Buchanan Street team comes at a time of business growth for the company. Buchanan Street’s existing investment platform has matured from its prior history of allocating equity capital to operating partners to the firm’s primary direct ownership and operations focus. The firm’s equity business has recently targeted Southern California, Phoenix, Ariz., Houston, Texas, San Francisco Bay Area and Denver, Colo.

Buchanan Street has also launched a new high-yield, small balance loan product to supplement its existing structured whole loan and mezzanine financing business.

“The current market demands have opened opportunities for our firm to expand our product offerings,” said Brunswick. “We look forward to continuing to respond to market niche investment opportunities through our full capital stack investment capabilities.”

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

 

BUCHANAN STREET PARTNERS PURCHASES WORKSCAPES OFFICE CAMPUS IN NEWPORT BEACH, CALIF.
May 8, 2014

Firm to Complete Repositioning of Campus to Creative Office Space

Newport Beach, Calif. – May 19, 2014 Buchanan Street Partners, a national real estate investment management firm, has acquired WorkScapes, a creative office campus located at 20321-20371 Irvine Avenue in Newport Beach, Calif. The firm acquired the six-building campus for $14.5 million from Hackman Capital Partners with plans to invest significant capital to complete property upgrades.

WorkScapes is an 82,660-square-foot campus that, at the time of purchase, had already successfully begun the process of converting traditional office space into creative office use. Buchanan Street plans to complete the repositioning of the property by renovating the remaining traditional office space to creative space while also creating outdoor meeting areas with Wi Fi access for tenant use. The improvements will create a synergy between the six buildings.workscapes_1_web

“We will affirm and complete the existing repositioning strategy that was previously in place at the property,” said Robert Brunswick, CEO of Buchanan Street Partners. “The completed renovations will bring a true creative campus to an underserved tenant market in Orange County.”

The largest building in the campus will be transformed from traditional commodity office space to creative office with renovations including a new lobby design, upgraded corridors and restrooms, an upscale entrance with common-area seating, new landscaping, and exterior painting. Available office space will be upgraded to a progressive design with collaborative workspaces and with abundant natural light in each space.

“Many tenants search for a unique creative space in Orange County where they can build a modern corporate culture,” said Simon Dillon, first vice president of CBRE. “We are thrilled to have a product to offer them that will add value to their businesses.”

Buchanan Street utilized a significant equity infusion to complete the acquisition due to the assumption of a lowly-levered existing CMBS loan required as part of purchase.

Gary Stache, Pat Scruggs and Anthony DeLorenzo of CBRE represented Hackman Capital Partners in the sale of the property.

The WorkScapes campus is currently 80 percent leased with six available suites ranging from 1,452 square feet to more than 3,500 square feet. The leasing brokers named to market the campus are Simon Dillon, Justin Hill and Jason Katz from CBRE. Notable tenants include the Newport Beach Chamber of Commerce, Life Generations Health Care and P11 Creative Inc.

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.

FOR IMMEDIATE RELEASE
Contact: Nicole Inal
IDEA HALL
714-263-8731
nicole@ideahall.com

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Buchanan Street Partners Invests $43.25 Million in Two Properties in Greater Phoenix, Ariz.
April 8, 2014

Phoenix, Ariz. and Newport Beach, Calif. – April 8, 2014 – Buchanan Street Partners announces two acquisitions in the greater Phoenix, Ariz. area, including Vue Park West, a 260-unit luxury apartment complex in Peoria, Ariz., and the 106,077-square-foot Mesa Corporate Center office complex in Mesa, Ariz. The acquisitions reflect Buchanan Street’s continued investment strategy in the Phoenix area, a market where the Newport Beach, Calif.-based investor has been an active buyer of value-add commercial and multifamily investments.

Buchanan Street, in partnership with Denver-based Baron Properties, paid $30 million for the Vue Park West (formerly known as Alta Park West), for approximately $115,300 per unit. Buchanan was attracted to the project’s current cash flow and the prospect for rent growth in the West Valley market. Completed by Wood Partners in 2008, the community has enjoyed an occupancy rate of more than 90% since 2010, outperforming submarket occupancy over the same period.

Buchanan Street also recognized the value of Vue Park West’s location within walking distance of numerous retail amenities at the adjacent Park West lifestyle center, and the property’s convenient access to the Agua Fria (101) Freeway at W. Northern Avenue. Baron will make modest renovations that will allow the partnership to maximize the property’s potential.

“Vue Park West is an excellent example of the caliber of core plus and value-add investments that we are making in select Western markets,” said Bob Dougherty, partner at Buchanan Street Partners. Buchanan Street has targeted California, Arizona, Nevada and Texas for investments in the $10 million to $100 million range.

Buchanan Street has also acquired Mesa Corporate Center, a two-story Class A office building, for $13.2 million from seller Parkway Properties. The project, located at 1001 W. Southern Avenue in Mesa, was 89% leased at the time of the sale, with a credit tenant roster that included Allstate Corporation and Carrington College (DeVry).

Buchanan Street acquired the property at a 40% discount to estimated replacement cost and was attracted to the project’s current cash flow and opportunity to participate in improving fundamentals as leases expire.

“Mesa Corporate Center offers a first-class office environment in a location that complements Buchanan’s existing Phoenix-area portfolio, allowing the firm to broaden its offerings to existing and potential tenants and achieve further economies of scale in the Phoenix market,” said Brian Payne, vice president at Buchanan Street Partners.

About Buchanan Street Partners
Buchanan Street Partners is an institutional real estate investment management firm based in Newport Beach, Calif. that invests in value-add real estate assets through both equity and debt investment strategies. www.buchananstreet.com

 

Buchanan Street Partners Closes $72 Million Loan for Class A Office Tower in Atlanta, GA
April 7, 2014

20-story Building Located in Upscale Midtown Market

Atlanta, GA and Newport Beach, Calif. – April 7, 2014 – Buchanan Street Partners, a nationwide lender for core plus and value-add income properties, has made a $72 million loan secured by Campanile, a 20-story Class A office building in Midtown Atlanta, GA. The loan represents Buchanan’s expanding lending presence and reflects the company’s ongoing strategy to provide financing for institutional-grade real estate needing new capital to realize full investment potential.campanile

Campanile, the former headquarters for Bell South, is a 445,280-square-foot office building that was 50% leased at funding. Buchanan’s non-recourse first mortgage retired existing financing and provides owner Dewberry Capital, which has owned the property since 2010, new funds for leasing costs.

The loan was Buchanan’s second to Dewberry in the past six months. Buchanan provided a $95 million loan in October 2013 to refinance Dewberry’s Peachtree Pointe and Gallery Uptown complex at Pershing Point.

Campanile, located at the intersection of 14th and Peachtree Streets, is a landmark Midtown office building that has undergone significant capital improvements over the past three years. These include exterior upgrades to modernize the roof lines, energy efficient glass, a new digitally controlled HVAC system, upgraded chillers and cooling towers, and a complete replacement of the elevator systems and controls. The lobby and common areas have been modernized with upgraded lighting and new furnishings.

“We were attracted to the high quality of this asset, the strong credit of its anchor tenants and its central location in a positive trending submarket,” said Bob Dougherty, partner at Buchanan Street Partners. “Dewberry Capital is well-regarded for its expertise in Midtown, and we were able to meet their needs for an expeditious closing while devising a capital structure that was advantageous to all.”

Buchanan Street provides first mortgage capital and structured financings for high quality commercial and multi-family properties nationwide. The firm, founded in 1999, is experienced in delivering competitive debt and equity capital structures that help owners maximize the value of their real estate.

About Buchanan Street Partners

Buchanan Street Partners is an institutional real estate investment management firm based in Newport Beach, Calif. that invests in value-add real estate assets through both equity and debt investment strategies. www.buchananstreet.com

 

FOR IMMEDIATE RELEASE:
Nicole Inal
IDEA HALL
714-263-8731
nicole@ideahall.com

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