REBusinessOnline

HCP to Transition Operations of 24 Seniors Communities from Brookdale to Atria

IRVINE, CALIF. — Irvine-based REIT HCP (NYSE: HCP) and Louisville-based operator Atria Senior Living have agreed to transfer operations of 24 HCP-owned seniors housing properties to Atria. Brookdale Senior Living currently operates the properties. The transitions will begin this month and are expected to be completed by September, as the required regulatory approvals are

Campus Advantage Awarded Management of Two Student Housing Communities in California

DAVIS AND FULLERTON, CALIF. — Campus Advantage has been awarded management of two student housing communities in California.bThe properties include College Square, a 448-bed community located within walking distance of the University of California, Davis; and University Village, a 305-bed community located near California State University, Fullerton. Both properties are garden-style. College Square offers shared amenities including three swimming pools, a fitness center, grilling and …

DreamWorks Animation’s Headquarters, Studio Campus in Los Angeles Sells for $290M

LOS ANGELES — LA Hana OW LLC has acquired DreamWorks Animation’s headquarters and studio campus, a 460,000-square-foot creative office campus in the Los Angeles submarket of Glendale, for $290 million. The five-building campus is located at 1000 Flower St. The property is fully leased on a triple-net basis to DreamWorks Animation SKG, a wholly owned subsidiary of Comcast Corp., through 2035. The Mediterranean-style campus features landscaped courtyards, a manmade river, library, fitness …

Duke Realty Buys 3.5 MSF Industrial Portfolio for $515M

CHICAGO — Duke Realty Corp. (NYSE: DRE) has purchased a 10-building industrial portfolio totaling nearly 3.5 million square feet, plus two additional land parcels, for $515 million. The assets are situated in Southern California, Northern New Jersey and South Florida. The two parcels will eventually contain two buildings totaling 852,745 square feet. Construction on these projects will commence later this year. The total value of the portfolio will be approximately $700 million once …

Essex Apartment Homes Acquires 24-Story Mixed-Use Property in San Jose

SAN JOSE, CALIF. — An affiliate of Essex Apartment Homes (NYSE: ESS) has purchased 360 Residences, a 24-story, mixed-use residential and retail tower in downtown San Jose. The purchase price was $133.5 million, according to Silicon Valley Business Journal. The mixed-use asset is located at 360 Market St., situated one mile from Google’s proposed office campus as well as the future downtown San Jose and Diridon BART stations. The transit-oriented property also provides access to …

Apartment Values Continue to Climb in Orange County

Orange County’s well-diversified and growing economy, coupled with its high quality of life, attract residents nationally and internationally to the region. Prohibitive home pricing also intensifies the high barrier to home ownership, further supporting overall apartment fundamentals in the Orange County market. Developers are targeting urban centers where they can transform the areas with Class A rentals. Anaheim’s Platinum Triangle, the Disney Resort, Convention Center Complex and …

Sudberry Properties, Ayres Hotels Break Ground on Retail Center, Hotel Near San Diego

CHULA VISTA, CALIF. — Sudberry Properties and Ayres Hotels have broken ground on Millenia Commons, a 131,800-square-foot “lifestyle destination center” and a 135-room Ayres Hotel in the San Diego suburb of Chula Vista. The center and hotel will be part of the 210-acre, multi-billion-dollar Millenia master-planned community, which is currently being developed in South San Diego County. Millenia Commons will include tenants like HomeGoods, Cost Plus World Market, Ross Dress for Less, …

OC Spec Office Development Signals Post Recession Recovery

Orange County’s innovative office economy continues to be supported by healthy underlying demand drivers. Tech, financial and business services companies continue to provide a strong employment base that was not readily present during the last cycle. Major colleges and universities such as Chapman and UC Irvine provide a steady pool of job-seeking professionals. The climate, lifestyle and general quality of life also continues to attract top employment talent from across the …

L.A. County Apartment Sector is Feeling the Pressure From Buyers, Renters

Los Angeles County is facing a significant lack of housing product — an issue that can’t be resolved any time soon. With the fight to limit new development, it is a very uphill and challenging battle that is unfortunate for the economy, business and, most of all, residents. An influx of about 160,000 new residents moved to the county from 2010 through 2015, but we have only seen upwards of 25,000 new housing units built during that same time frame. The demand drivers are extremely …

L.A. Industrial Boasts High Demand and Creative Solutions

With limited inventory and historically high values and rental rates, it’s safe to say the Los Angeles industrial market is enjoying an all-time high. [caption id="attachment_181863" align="alignright" width="100"] David Freitag, DAUM Commercial Real Estate Services[/caption] There are several factors contributing to ongoing strength in the market, including a healthy appetite for acquisitions, strong tenant activity and creative solutions to adapt to supply constraints and maximize …