LOS ANGELES — Rexford Industrial Realty has acquired a four-property industrial portfolio in Southern California for $62.7 million. The portfolio contains a total of 416,843 square feet. The assets are fully leased with below-market, in-place leases rolling over in the next 20 months. The transaction includes 302 S. Rockefeller Ave. and 4355 E. Brickell St. in Ontario, along with 12622-32 Monarch St. in Garden Grove and Hanan Way in the Pico Rivera submarket of Central Los Angeles. Rexford also sold 77-700 Enfield Lane in Palm Desert for $2.4 million.
LOS ANGELES — Gaw Capital Partners has purchased the 107,875-square-foot studio campus in the Los Angeles submarket of Atwater Village formerly occupied by Playboy. The space is located at 3030 Studios. The price was not disclosed. The studio features studio, production and creative office space located on nearly four acres of land. The private studio campus offers a full-service production and broadcast facility with three soundstages. JLL’s Nicole Mihalka, Carl Muhlstein and Hayley Blockley represented the seller, World Class Capital Group, in this transaction.
IRVINE, CALIF. — Taco Bell Corp. has expanded its executive team and leadership capabilities with three new positions as the brand inches toward its goal of being a $15 billion company with 9,000 restaurants globally by 2022. Taco Bell is bringing on Julie Felss Masino as brand president, where she will be responsible for ensuring the brand continues to deliver same-store sales growth by driving innovation, new store development and customer experience. She will also continue the brand’s partnership with its franchisees. This addition will allow CEO Brian Niccol the opportunity to focus on the company’s growth as a global brand while continuing to oversee the U.S. business. Masino comes to Taco Bell from Mattel Inc., where she led the Fisher Price division. Prior to that, she had extensive experience in the restaurant industry. Masino spent 12 years at Starbucks in leadership positions across numerous functions including in marketing, operations and strategic growth — both domestically and globally. She also has experience building newer brands, having served as CEO of Sprinkles Cupcakes Inc., where she grew store count and diversified retail product offerings, successfully launching its newest concept of cupcakes and ice cream. As part of the company’s structuring for …
ORANGE, CALIF. — Chapman University has received approval for the adaptive reuse of a historic packing house. The university will develop a 402-bed student housing community adjacent to its campus in Orange. The historic Villa Park Orchards Association Packing House will be converted into a museum, student services center and classrooms or offices for the university. The new student housing development will target upperclassmen, and is being designed to reflect the character of the packing house and the surrounding community. The project’s designers are Togawa Smith Martin Inc. and AC Martin. KTGY Architecture + Planning is the university’s design advisor and project representative, and has helped to ensure project consistency, coordinate with various design firms, provide design recommendations and shepherd the project through the approval process. Additional details and a planned completion date have yet to be announced.
GARDEN GROVE, CALIF. — Khanna Enterprises has purchased the 376-room Wyndham Anaheim Garden Grove hotel in Orange County for an undisclosed sum. The hotel is located at 12021 Harbor Blvd. The property includes more than 30,000 square feet of meeting space, three food and beverage outlets, a fitness center and an outdoor pool. Pacific Hospitality Group developed the Wyndham Anaheim as the Crowne Plaza Anaheim Resort in 1999. The hotel was rebranded under the Wyndham flag in May 2014 and, since then, PHG has invested more than $5 million in capital improvements to the hotel. Renovations included including a transformation of the lobby and food and beverage outlets. Following the sale, the purchaser plans to renovate, reposition and reflag the hotel as a Delta by Marriott.
OCEANSIDE, CALIF. — Quarry Creek Investors has completed the disposition of Quarry Creek Plaza, a retail center located at 3460 and 3480 Marron Road in Oceanside. Completed in 2003, the 15,690-square-foot property is 92.6 percent leased to a variety of tenants, including Jamba Juice, Subway, Los Tacos, Poki Poki, Supercuts, American Dry Clean, Happiness Nails and Smashburger. Gleb Lvovich of HFF, along with Mike Moser of Retail Insite, represented the seller. Terms of the transaction and the name of the buyer were not released.
OCEANSIDE, CALIF. — Kellermeyer Bergensons Services LLC (KBS), a provider of property services to multi-site and multi-region customers in North America, has completed the acquisition of Empire Services, an independently owned commercial facility maintenance company headquartered in New Orleans. Empire provides commercial janitorial, pressure washing, porter services, truck-mounted regenerative air sweeper truck operations, general contracting, painting, sheetrock, demolition services, electrical services, construction cleanup, special event services, emergency services, water extraction and dehumidification, landscape maintenance, trash removal, engineering services, HVAC, mechanical and facility maintenance services. Based in Oceanside, Calif., KBS is majority owned by GI Partners.
IRVINE, CALIF — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has completed the previously announced sale of 20 skilled nursing facilities leased to Genesis Healthcare Inc. in Kentucky, Ohio and Indiana for $103.3 million. The 20 facilities are part of the original 35 facilities marketed for sale under the previously announced memoranda of understanding with Genesis. Under the terms of the deal, Genesis’s annual rent obligations to Irvine-based Sabra will be reduced by $9.3 million as a result of the sale of these facilities. Sabra expects to use the proceeds from the sale to repay borrowings under its revolving credit facility. The dispositions are part of the REIT’s “Sabra 3.0” plan to have more scale and diversification within the company’s portfolio as far as continuum of care, operator and geography. Sabra plans to sell its entire portfolio of Genesis-operated skilled nursing facilities for aggregate sales proceeds of $425 million to $475 million.
MISSION VIEJO, CALIF. — The Ensign Group Inc. (NASDAQ: ENSG), the parent company of the Ensign group of skilled nursing, rehabilitative care services, home health care, hospice care and assisted living companies, has completed a $112 million portfolio financing. The fixed-rate loans have an amortization schedule between 30 and 35 years, and are secured by mortgages on 17 of the 63 properties owned by Ensign subsidiaries. Jason Dopoulos of Lancaster Pollard Mortgage Company LLC arranged the loans, which are insured by the Department of Housing and Urban Development (HUD). Loan proceeds will be primarily deployed to pay down previously drawn amounts on Mission Viejo-based Ensign’s revolving line of credit. In addition to refinancing existing borrowings, the proceeds of the HUD-insured debt will be used to fund acquisitions; renovate and upgrade existing and future facilities; cover working capital needs; and for other business purposes.
BEVERLY HILLS, CALIF. — CIM Commercial Trust Corp. (NASDAQ: CMCT), a REIT that owns and manages Class A office assets, has signed a definitive agreement to purchase a nine-story office building located at 9460 Wilshire Blvd. in the Golden Triangle area of Beverly Hills. The sales price was undisclosed, but multiple media outlets are reporting the Dallas-based REIT bought the Class A office building from Beverly Union Co. for approximately $130 million. The acquisition is expected to close this quarter. “9460 Wilshire is in a highly desirable and high-barrier-to-entry office market. It is a strong addition to CIM Commercial Trust’s portfolio,” says Charles Garner, CEO of CIM Commercial Trust. “The property has not changed ownership in almost 40 years, and is positioned for growth by tapping CIM’s operational expertise and long-term experience in the Los Angeles market.” The 97,000-square-foot office building was built in 1959 and last renovated in 2008. The building is located at the corner of Wilshire Boulevard and Beverly Drive, adjacent to the Four Seasons Beverly Wilshire Hotel and one block from the future Metro Purple Line Wilshire/Rodeo Station. Beverly Hills is situated within the Los Angeles West office submarket, which had a vacancy rate of 12.7 …