TEMECULA, CALIF. — CBRE has arranged the all-cash sale of a freestanding restaurant property located at 29540 Rancho California Road in Temecula. New World LP acquired the property from a private Arizona-based limited liability company for $3.7 million. Claim Jumper occupies the 11,200-square-foot property. Reg Kobzi and Jeff Pion of CBRE represented the seller and buyer in the deal.
CORCORAN, CALIF. — Retail California has arranged the sale of a retail building located at 1100 Whitley Ave. in Corcoran. HD Corcoran LLC purchased the 4,800-square-foot property from Reedley Community Hospital for an undisclosed price. John Lee of Retail California brokered the transaction.
BEVERLY HILLS, CALIF. — Douglas Emmett Inc. (NYSE: DEI) has acquired the Beverly Hills Financial Center, a 146,300-square-foot, Class A office property located at 9401 Wilshire Blvd. in Beverly Hills. Located at the corner of Wilshire and Canon Drive in Beverly Hills’ Golden Triangle, the property was initially constructed in 1972 and renovated in 1999. The building is home to tenants including Ervin Cohen & Jessup LLP, Citibank, Bank of the West, Momentum Talent Agency and Mozaic LLC. As part of the transaction, Douglas Emmett received an acquisition loan with a principal balance of approximately $32.3 million and a 4.55 percent interest rate, which matures on June 1, 2038. The provider was undisclosed. To fund the remainder of the purchase price, Douglas Emmett used cash and issued approximately 2.6 million units in its operating partnership to the undisclosed seller at an equivalent price of $40.60 per common share. Paul Hastings LLP represented the seller, a partnership between Cando Partners and Wilshire-Canon Properties LLC, in the transaction. The company’s portfolio now consists of 71 office properties totaling approximately 18.4 million square feet, along with 10 apartment communities. The company is also developing residential buildings in Los Angeles and Honolulu. Douglas Emmett’s stock price closed on Wednesday, …
NORTH HOLLYWOOD, CALIF. — J.H. Snyder Company has obtained $68 million in bridge financing for a Class A office building in North Hollywood in the NoHo Arts District. The 179,000-square-foot property is located at 5250 Lankershim Plaza. The asset has been fully occupied for nearly 10 years, though the majority of the tenants are expected to roll over in the next several years. The transaction includes an adjacent six-story, 723-space parking garage. J.H. Snyder developed the property in 2009. Seth Grossman, Steve Edelstein and Jackie Tran of Meridian Capital Group executed the transaction.
SAN DIEGO — KASHL Corp. has purchased the 178-unit Radisson Hotel San Diego-Rancho Bernardo in the San Diego submarket of Rancho Bernardo for an undisclosed sum. The hotel is located at 11520 W. Bernardo Court. The Radisson opened in 1989. It features about 4,000 square feet of meeting space, an outdoor pool in an interior courtyard, and C3 Restaurant and Bar. RAR Hospitality will manage the hotel. KASHL represented itself in the transaction, while CBRE Hotels represented the seller, an affiliate of Pinnacle Hotels USA Inc.
ESCONDIDO, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of a 51-unit assisted living community in Escondido, located between San Diego and Los Angeles. A regional for-profit operator acquired the property from a single-asset nonprofit operator for $18.5 million, or $365,000 per unit. The seven-building property was built in phases between 1980 and 2002.
PERRIS, CALIF. — HFF has arranged the sale of Perris Plaza, a 150,148-square-foot, grocery-anchored retail center in the Inland Empire community of Perris. Gleb Lvovich and Bryan Ley of HFF arranged the transaction on behalf of the seller, Condures Family LP. Nuevo Perris LLC, a joint venture between Wood Investments, Joel Farkas and SandTree Holdings, acquired the asset for an undisclosed price. At the time of sale, Perris Plaza was 97.6 percent leased to tenants including Food 4 Less, Regency Theatres, Burger King, IHOP, Del Taco and Starbucks Coffee. The sale also included two entitled land pads that would allow the development of additional retail space. The new owners plan to expand the shopping center to approximately 300,000 square feet with the addition of new retailers and restaurants.
SAN FRANCISCO — Mindspace has announced plans to open its first U.S.-based co-working outpost in San Francisco. The European co-working provider has leased 36,000 square feet at the Market Center Building at 575 Market St. The new office will open in the second quarter of 2018. It will be able to hold around 600 members. Market Center is owned by Equity Office. JLL advised Mindspace in this lease transaction.
LOS ANGELES — Front Porch and Brookmore Apartment Corp. have acquired Vista Tower Apartments, a 230-unit affordable seniors housing community in Los Angeles, with plans to rehabilitate the property. Front Porch subsidiary CARING Housing Ministries (CHM) manages the property. Brookmore acquired the property in July from Baptist Services Corp. Capital partners on the acquisition and renovations include Citi Community Capital, Alden Capital Partners and the California Public Finance Authority. Low Income Housing Tax Credits have ensured that the property will serve low-income seniors for at least the next 55 years. Front Porch, its partners (including California Lutheran Homes and Community Services), and Brookmore contributed a total of $1.5 million dollars to preserve Vista Tower as an affordable housing community.
MISSION VIEJO, CALIF. — Ralphs Grocery Co. is re-opening its remodeled Portola Plaza supermarket in North Mission Viejo following more than three months of ceiling-to-floor renovations. The 41,500-square-foot Ralphs features Ralphs Fresh Fare décor with new departments, services and a layout that improves customers’ shopping experience while helping to conserve energy and reduce waste. The Portola Plaza supermarket will be Ralphs’ 61st Fresh Fare store. The remodeled Ralphs store utilizes green technology to improve energy efficiency in daily store operations. Overall, this store will consume about 15 percent less energy than a comparatively sized store and about 25 percent less energy than a store built in 2000. In addition, store associates have been trained to follow a waste reduction and recycling program for all paper and plastic packing the store receives. The store also encourages customers to reduce waste by offering affordable reusable shopping bags. Ralphs aims to eliminate waste across the company by 2025. Los Angeles County-based Ralphs Grocery Co. has 191 supermarkets across Southern California. Ralphs is a subsidiary of The Kroger Co., one of the world’s largest retailers, based in Cincinnati.
