California

Voit Brokers $8M Sale of Two Retail Properties in San Diego

by Kristin Harlow September 2, 2020

SAN DIEGO — Voit Real Estate Services has brokered the $8 million sale of two retail properties in San Diego’s Pacific Beach. The transaction includes a 3,234-square-foot property occupied by McDonald’s and a 2,329-square-foot gas station occupied by Union 76. The two parcels total 50,754 square feet of land and are located at the northeast corner of Mission Bay Drive and Garnet Avenue. Brandon Keith, Kipp Gstettenbauer and Ryan King of Voit represented the buyer, Mission Day LLC, as well as the seller, JR&C Harris.

September 2, 2020

California Company News Retail Western

Year-Over-Year Online Sales for Gap Surge 95 Percent in Second Quarter

by Kristin Harlow August 31, 2020

SAN FRANCISCO — Driven by a 95 percent surge in online sales, San Francisco-based Gap Inc. (NYSE: GPS) reported a 13 percent increase in its comparable sales for the fiscal second quarter, which ended Aug. 1. Gap’s decision to make face masks early on in the COVID-19 pandemic paid off, bringing in $130 million in sales, according to the company. Gap has produced face masks for individuals as well as the city of New York, the state of California and Kaiser Permanente. Net sales were down 18 percent year over year, reflecting a 48 percent decline in store sales, which was driven by partial closures due to the pandemic, according to Gap. Approximately 90 percent of Gap’s stores were open as of Aug. 1. Gap sells clothing and accessories under the brands Old Navy, Gap, Banana Republic, Athleta, Intermix, Janie and Jack, and Hill City. The company’s stock price closed at $17.54 per share Friday, Aug. 28, up from $15.59 per share one year ago.

August 31, 2020

California Loans Multifamily Seniors Housing Western

Paragon Mortgage Provides $16.3M Refinancing for Skilled Nursing Facility in Los Angeles

by Kristin Harlow August 31, 2020

LOS ANGELES — Paragon Mortgage has funded a $16.3 million loan to refinance All Saints Healthcare, a 128-bed skilled nursing facility located in the North Hollywood neighborhood of Los Angeles. The permanent financing utilized the HUD LEAN 232/223(a)(7) refinance program, which resulted in a 35-year, fully amortized mortgage and a reduction in monthly debt service.

August 31, 2020

Acquisitions California Retail Western

Coldwell Banker Commercial Brokers $6.3M Sale of Walgreens-Occupied Property in Sacramento

by Kristin Harlow August 31, 2020

SACRAMENTO, CALIF. — Coldwell Banker Commercial has brokered the sale of a 14,820-square-foot retail property leased to Walgreens in Sacramento for $6.3 million. The freestanding building, constructed in 2007, anchors the Westlake Village shopping center. Dan McGue of Coldwell Banker represented the buyer, a family trust completing a 1031exchange. The seller was undisclosed.

August 31, 2020

Acquisitions California Data Centers Industrial Office Western

CBRE Brokers $41.5M Sale of Two Industrial Ground Leases in San Diego’s Sorrento Mesa

by Amy Works August 28, 2020

SAN DIEGO — CBRE has arranged the sale of two ground leases covering three land parcels totaling 12.5 acres in San Diego’s Sorrento Mesa neighborhood. A private investor acquired the assets from San Francisco-based Stockbridge Capital Group for $41.5 million. Louay Alsadek, Hunter Rowe and Madison Mawby of CBRE represented the seller, while Bob Safai of Madison Properties represented the buyer in the transaction. Totaling 76,000-square-feet, the first parcel is under South Rim Business Park, a three-building flex office campus located at 5744, 5754 and 5764 Pacific Center Blvd. The second parcel is under two data center buildings totaling 115,000 square feet located at 5732 and 5738 Pacific Center Blvd., while the third parcel is a 0.85-acre open space adjacent to the two other properties.

August 28, 2020

California Loans Multifamily Western

NorthMarq Secures $51.5M Loan for Vanoni Ranch Multifamily Property in Ventura, California

by Amy Works August 28, 2020

VENTURA, CALIF. — NorthMarq has arranged $51.5 million in permanent debt to refinance Vanoni Ranch Apartments in Ventura. Dennis Williams, Tom Wright, Jackie Goldsmith and Soraya Rios of NorthMarq secured the financing for the sponsor, San Mateo, Calif.-based JB Matteson. The firm arranged the non-recourse financing through a correspondent life insurance company. The 10-year term is structured with interest-only debt service payments for the full term. Vanoni Ranch Apartments features 316 units with nine-foot ceilings, in-unit washers/dryers, smart thermostats, Roman bathtubs and walk-in closets. Community amenities include a fitness center, yoga room, barbecue and picnic area, pool, spa, business center and lounge.

August 28, 2020

Acquisitions California Healthcare Top Stories Western

Verity Health System Completes Sale of Six Hospitals as Part of Bankruptcy Process

by Katie Sloan August 28, 2020

REDWOOD CITY, CALIF. — Verity Health System has completed the sale of its six-property hospital portfolio as part of the company’s Chapter 11 bankruptcy procedures. The Redwood City-based nonprofit healthcare company filed for bankruptcy protection in summer 2018 and subsequently worked to sell off its portfolio of assets, which included six medical centers offering 1,650 inpatient beds, six active emergency rooms, a trauma center and a host of spaces centered on medical specialties including tertiary and quaternary care. Most recently, Verity Health completed the sale of St. Francis Medical Center, a 384-bed hospital in the Los Angeles County suburb of Lynwood, for $350 million to Prime Healthcare. The provider also sold Seton Medical Center, a 357-bed hospital located in the San Francisco suburb of Daly City, and Seton Coastside, a 116-bed hospital located in Moss Beach, Calif., for $40 million to AHMC Healthcare. The agreement to sell St. Francis Medical Center was announced in April of this year. Also in April, Verity agreed to sell St. Vincent Medical Center, a 381-bed hospital located in Los Angeles, for $135 million to surgeon and medical researcher Dr. Patrick Soon-Shiong. Santa Clara County was the buyer in Verity’s first two asset sales — O’Connor Hospital and St. …

August 28, 2020

Acquisitions California Multifamily Western

Matthews Negotiates $26.4M Purchase of Mountain View Manor Apartments in Los Angeles

by Amy Works August 27, 2020

LOS ANGELES — Matthews Real Estate Investment Services has brokered the acquisition of Mountain View Manor Apartments, located at 21700-34 Septo St. in the Chatsworth neighborhood of Los Angeles. Sussex Capital Group purchased the property from a private family for $26.4 million. Built in 1977, Mountain View Apartments features 97 units in a mix of one- and two-bedroom layouts. The gated community features four swimming pools, a hot tub, barbecue area, laundry facilities and assigned parking. John Boyett and Daniel Withers of Matthews Real Estate Investment Services represented the buyer, while Keller Williams represented the seller in the transaction.

August 27, 2020

California Civic Development Mixed-Use Restaurant Retail Western

Plenitude Holdings Plans 87-Acre Sports Entertainment Project Near Los Angeles

by Amy Works August 26, 2020

CARSON, CALIF. — Plenitude Holdings, a real estate investment partnership between Blanchard Entities and Shopoff Realty Investments affiliated entities, is developing The Creek at Dominguez Hills in Carson. Located off the 405 Freeway and north of East Del Amo Boulevard, the 87-acre development will offer more than 500,000-square-feet of retail, recreation and sports wellness space. In addition to retail, the project will feature a 199,000-square-foot, multi-use indoor sports complex designed to accommodate basketball and volleyball practice and team competitions, along with indoor turf training areas and a mezzanine level for viewing the courts below. The facility will be accessible to local sports groups, and open for daily community use and fitness programming. Additionally, The Creek at Dominguez Hill will offer more than eight acres of open space, including a three-kilometer jogging path, a 6.6-acre community park, a zipline and ropes course, and a clubhouse featuring a rooftop deck suitable for community and special events. Plenitude Holdings is finalizing the development plans and expects to break ground in mid-2021. The company has retained Sports Facilities Management to manage the property and partnered with FlyingTee, an active entertainment, golf and dining company, for their first location in California. FlyingTee will offer private …

August 26, 2020

California Company News Retail Western

Nordstrom’s Net Sales Fall 53 Percent in Second Quarter, Operating Cash Flow Positive Despite Temporary Store Closures

by Amy Works August 26, 2020

SEATTLE — Seattle-based Nordstrom (NYSE: JWN) has reported a 53 percent decrease in net sales from last year for the second quarter ended Aug. 1, reflecting temporary store closures due to COVID-19. The company experienced a second-quarter net loss of $255 million, which included after-tax COVID-19-related charges of $14 million, a decrease from net earnings of $141 million during the same period in fiscal 2019. While the reductions were in line with the company’s expectations, Nordstrom still managed to generate positive operating cash flow of more than $185 million, with total liquidity of $1.3 billion, through improved merchandise margins and significant overhead cost reductions. The company’s exceeded cash flow enabled it to pay down $300 million on its revolving line of credit. “At the onset of the pandemic, we focused on protecting and enhancing liquidity, and we successfully executed on these plans,” says Erik Nordstrom, chief executive office of Nordstrom. During the first quarter, Nordstrom reduced its inventory by more than 25 percent to mitigate markdowns and seasonal inventory and bring in newness for customers, resulting in second-quarter merchandise margin trends improving and exceeding expectations. In preparation for its yearly anniversary sale, which began August, the company increased inventory to …

August 26, 2020

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