California

Brighton Management Acquires 50-Room Hyatt Place in Vista, California

by Nellie Day December 8, 2017

VISTA, CALIF. — Brighton Management has purchased the 50-room Hyatt Place hotel in the San Diego submarket of Vista for an undisclosed sum. The hotel is located at 2645 S. Melrose Drive. The four-story hotel opened in 2012. It offers 1,200 square feet of meeting space, a 24/7 guest kitchen, gallery market and bakery café. CBRE Hotels represented the seller, an affiliate of Irvine-based CoreCapital that purchased the hotel in 2014. Brighton Management represented itself in the transaction. The company will also manage the hotel.

December 8, 2017

California Retail Western

NCC Brokers $32.5M Sale of 120,893 SF Retail Center in Sacramento

by Nellie Day December 7, 2017

SACRAMENTO, CALIF. — Newmark Cornish & Carey (NCC) has arranged the $32.5 million sale of Laguna Village, a 120,893-square-foot retail center in Sacramento. Mike Zylstra and Forrest Gherlone of NCC arranged the transaction on behalf of the seller, Hall Equities Group. NCC’s Tom Fehr, Anthony Pappageorge and Zachary LeBeouf represented the buyer, Laguna Village Investors LLC, a private investor from the Sacramento area. At the time of sale, Laguna Village was 98 percent leased to tenants including Regal Cinemas, 24 Hour Fitness, Subway, Papa Murphy’s and My Gym.

December 7, 2017

California Loans Multifamily Seniors Housing Western

CBRE Negotiates $29.8M Loan for 144-Unit Seniors Housing Community Near San Diego

by Nellie Day December 7, 2017

ESCONDIDO, CALIF. — CBRE has arranged $29.8 million in financing for Westmont Town Court, a 144-unit independent living, assisted living and memory care community in the San Diego suburb of Escondido. The borrower is Westmont Living, which purchased the property in 2012. Following the acquisition, Westmont implemented a three-year capital improvement plan that renovated the property and added the 22-unit memory care wing. The property is 92 percent occupied. Aron Will of CBRE National Senior Housing and Andrew Behrens of CBRE Multifamily Institutional Group arranged the 10-year, fixed-rate loan with 60 months of interest-only payments through Freddie Mac. The use of the funds was not disclosed. Westmont currently owns and/or operates 11 seniors housing communities located throughout California and Oregon.

December 7, 2017

California Loans Retail Western

HFF Arranges $15M Financing for Renovation of Retail Property in San Mateo

by Nellie Day December 7, 2017

SAN MATEO, CALIF. — HFF has secured a $15 million loan for the renovation of The Baywood, a 26,157-square-foot retail and office building in San Mateo. Chris Gandy of HFF arranged the three-year, floating-rate loan through a national bridge lender on behalf of the borrower and developer, B St Development. Proceeds of the loan will be used to remodel the façade and will add a third floor totaling approximately 5,000 square feet of rentable space.

December 7, 2017

California Retail Western

CBRE Secures $10.1M Sale of CVS-Anchored Center in San Diego

by Nellie Day December 7, 2017

SAN DIEGO — CBRE has arranged the $10.1 million sale of Riverdale Shopping Center, a 66,416-square-foot retail center in San Diego. Philip Vorhees, Reg Kobzi, Jimmy Slusher, Kirk Brummer, Megan Wood and Sean Heitzler of CBRE arranged the transaction on behalf of the seller, a partnership advised by SENTRE that includes Peckham Properties Inc., Commercial Sites Limited and Wells Fargo Bank. Kobzi also represented the buyer, Becker Properties LLC. CVS/pharmacy anchors Riverdale Shopping Center, which was fully leased at the time of sale to food and service tenants including Black Angus and Armstrong Nursery.

December 7, 2017

California Loans Retail Western

Meridian Arranges $8.5M Permanent Loan for Shopping Center in Cypress, California

by Nellie Day December 6, 2017

CYPRESS, CALIF. — Meridian Capital Group has arranged $8.5 million in permanent financing for The Boardwalk, a shopping center in the Southern California town of Cypress. Seth Grossman and Andy Strauss of Meridian arranged the 10-year, CMBS loan on behalf of the borrower, The Festival Cos. The 13,700-square-foot, single-story property is home to Noodles & Co., Uroko Café, Which Wich, Pita 360 and Fisherman’s Market Grill.

December 6, 2017

California Loans Office Top Stories Western

Lane Partners Obtains $200M Loan to Acquire 603,666 SF Office Property in San Jose

by Nellie Day December 6, 2017

SAN JOSE, CALIF. — Lane Partners has obtained a $200 million loan to acquire HQ@first, a 603,666-square-foot creative office property in the Silicon Valley city of San Jose. The asset is located at 110, 120 and 130 Holger Way. The Class A property features a campus environment with landscaped paths, natural light, views of the bay and hills, outdoor barbeque and patio areas, basketball court, fitness center and locker rooms, game room, executive business center, and 300-seat cafeteria. HQ@first was built in 2010. The LEED Gold-certified asset is situated on approximately 10 acres at the intersection of Highway 237 and North First Street. It is adjacent to multiple VTA Light Rail stations that connect to Caltrain, AMTRAK, ACE Train and BART. The property offers immediate access to a restaurant, retail and hotel options at the @first retail center across the street. Tenants at @first include Chipotle, Chick-fil-A, Five Guys, Panera Bread, Coffee Bean, CVS, Target, Chase, Courtyard by Marriott and Hyatt House. Ramsey Daya and Chris Moritz of NKF Capital Markets arranged the financing on behalf of Lane Partners and its capital partner. The loan was placed with Blackstone Mortgage Trust. “Given the strength of the sponsorship and quality of …

December 6, 2017

California Retail Western

SyWest Development Buys Retail Center Near Sacramento for $21.6M

by Nellie Day December 5, 2017

LINCOLN, CALIF. — SyWest Development has acquired Parkway Plaza, a 205,452-square-foot retail center in Lincoln, for $21.6 million. Bob and Jared Dong of TRI Commercial/CORFAC International arranged the transaction on behalf of the seller, Parkway-Sterling Investors, which developed the property in 2007 in a joint venture with Catlin Properties. At the time of sale, Parkway Plaza was fully leased to tenants including Lowe’s Home Improvement, Dollar Tree, Big 5 Sporting Goods, Red Robin, Paradise Laundry and Verizon Wireless.

December 5, 2017

California Loans Multifamily Seniors Housing Western

iBorrow Provides $16.5M Loan for Two Assisted Living Facilities in California

by Nellie Day December 5, 2017

TARZANA AND ORANGE COUNTY, CALIF. — iBorrow, a private direct lender for commercial real estate, has provided a $16.5 million loan for assisted living facilities in the Los Angeles suburbs of Tarzana and Orange County. The first property is an 88-unit, 50,054-square-foot facility and the second property is an 81-unit, 40,207-square-foot facility. Both properties are private pay, were built in 1974 and were renovated in 2016. Their names were not disclosed. The borrower is a local businessman whose experience is in the healthcare sector. He has had a successful career in developing structured finance products for high net worth individuals, closely held businesses and hedge funds. The use of the funds was not disclosed.

December 5, 2017

California Multifamily Western

JRK Property Holdings Buys 242-Unit Apartment Community in Bay Area for $52.8M

by Nellie Day December 4, 2017

PITTSBURG, Calif. — JRK Property has purchased the 242-unit Diamond Hillside apartment community in the San Francisco East Bay community of Pittsburg for $52.8 million. The community is located at 2205 E. Leland Road. Diamond Hillside was built in 1985 and has undergone physical improvements since that time. These include updated vinyl wood floors, new cabinetry, appliance packages, contemporary lighting, new hardware, plumbing fixtures and paint. Additional improvements were made to the pool and spa area, clubhouse and fitness center. A new dog park, children’s playground and barbecue area were also added. Mark Leary, Nate Oleson and Rob LeDoux in the San Francisco office of ARA/Newmark represented both parties in the transaction.

December 4, 2017

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