California

HCP to Spin Off HCR ManorCare Portfolio of Skilled Nursing, Assisted Living Assets Into Separate REIT

by Christina Cannon May 9, 2016

IRVINE, CALIF. — HCP (NYSE: HCP), one of the largest healthcare real estate investment trusts in the United States, will spin off its HCR ManorCare portfolio of skilled nursing and assisted living assets into an independent, publicly traded REIT. The company’s board of directors approved the plan today. The newly formed REIT, SpinCo, will be composed of more than 320 properties operated by HCR ManorCare. The portfolio has an expected in-place annual rent of approximately $485 million. “Post spin, HCP will own a stable, private-pay portfolio that has a track record of delivering consistent, attractive returns,” says Lauralee Martin, president and CEO of Irvine-based HCP. “HCP will be able to sharpen its focus on high-growth healthcare sectors.” This is the second major REIT to spin off its skilled nursing portfolio in the past year. In August, Ventas created Care Capital Properties as a way to spin off its skilled nursing assets. “We need to eliminate the overhang that exists from the current challenges facing HCR ManorCare so the rest of our business can flourish,” said Micheal McKee, executive chairman of the board, on the company’s first-quarter earnings call this morning. “As we reviewed our options, for many reasons it became clear …

May 9, 2016

California Loans Retail Western

GSP Arranges Acquisition Loan for $43M Purchase of Fred Segal in Los Angeles

by Nellie Day May 6, 2016

LOS ANGELES — George Smith Partners (GSP) has secured financing on behalf of Canadian retail investment firm CormackHill LP for the $43 million acquisition of the Fred Segal retail property at 8100 Melrose Ave. in Hollywood. George Smith Partners’ Principal David Rifkind and his team arranged the sub-3 percent, floating-rate loan with prepayment flexibility.

May 6, 2016

California Retail Western

Lee & Associates Brokers $3M Sale of Future Retail Development Site in Vista

by Nellie Day May 6, 2016

VISTA, CALIF. — Lee & Associates has arranged the sale of a 4.6-acre land parcel located on E. Vista Way and Monte Mar Road in Vista. J&T Business Management purchased the site for $3 million. The buyer has plans to build and operate a gas station and additional retail on the site. Matt Weaver, Al Alpuzzo and Patrick Miller of Lee & Associates – North San Diego County represented the sellers, Monte Mar Land LLC and ALB Land LLC, while Brian Bielatowicz of Lee & Associates – Temecula represented the buyer in the deal.

May 6, 2016

California Retail Western

Net-Leased Del Taco Property in Los Angeles Sells for $2.5M

by Nellie Day May 6, 2016

LOS ANGELES — A local family trust has acquired a single-tenant, net-leased Del Taco property located at 2060 S. La Cienega Blvd. in Los Angeles. An Orange County, Calif.-based private investor sold the 1,804-square-foot property for $2.5 million, or $1,386 per square foot. Built in 1965, the 24-hour Del Taco features a drive-thru lane and was remodeled in 2004. Jeremy McChesney of Hanley Investment Group represented the seller, while Shah Noorvash of Coldwell Banker Commercial represented the buyer in the all-cash transaction.

May 6, 2016

California Western

Garrett Colburn Elected to SRS Board of Members

by Nellie Day May 6, 2016

NEWPORT BEACH, CALIF. — SRS Real Estate Partners has elected Garrett Colburn, executive vice president and market leader in the Newport Beach office, to the Board of Members. In this role, Colburn will participate in the governance and strategy of the company by working with management to achieve SRS’ financial, operational and community-based goals and objectives. Colburn joined the company in 2011.

May 6, 2016

California Office Western

Olive Hill Group Buys Office Campus in Culver City for $65.5M

by Nellie Day May 5, 2016

CULVER CITY, CALIF. — Olive Hill Group has purchased a 206,538-square-foot office campus in the Los Angeles submarket of Culver City for $65.5 million. The Class A asset is located at 200 and 300 Corporate Pointe. The buildings were 88.6 percent occupied at the time of sale. Notable tenants at the campus include Paychex, Landmark Education, DataScience, Fonality, TransUnion and Shiseido Cosmetics. The assets were constructed in 1988 and renovated in 2004. They are part of a larger master-planned development called Corporate Pointe, which encompasses a total of eight buildings. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, Broadreach Capital Partners, in this transaction. The new ownership has retained the firm’s Joe King to continue leasing efforts at the properties.

May 5, 2016

California Industrial Western

Prologis Sells 12-Building Carson Industrial Center

by Nellie Day May 5, 2016

CARSON, CALIF. — Prologis has sold the 12-building Carson Industrial Center in the Los Angeles submarket of Carson to an institutional real estate manager for an undisclosed sum. The 450,000-square-foot center is situated on Del Amo Boulevard. Carson Industrial Center is fully leased to 19 tenants. Notable tenants include Sourcecorp BPS, Coast Wire & Plastic Technology and Illumination International. Jeffrey Cole, Jeffrey Chiate and Ed Hernandez of Cushman & Wakefield represented Prologis in this transaction.

May 5, 2016

California Multifamily Western

California Landmark Group Buys Lafayette Park Apartments in Los Angeles for $23.7M

by Nellie Day May 5, 2016

LOS ANGELES — California Landmark Group (CLG) has acquired the 120-unit Lafayette Park Apartments in the downtown Los Angeles submarket of Koreatown for $23.7 million. The community is located at 349 S. Lafayette Park Place. Lafayette Park was built in 1971. CLG will implement a $4 million capital improvement program over the next several years. The plan will include extensive renovations to the building’s exterior, pool area and clubhouse. Interior unit improvements will include new appliance packages, stone countertops, cabinetry, flooring, lighting and fixtures. The acquisition was financed with a $17.5 million first mortgage loan from Mesa West Capital. Stewart Weston of Marcus & Millichap represented CLG in this transaction. The seller was a private investor.

May 5, 2016

California Western

Jeramy Mahfet Joins PREMIER Design + Build Group in Irvine

by Nellie Day May 4, 2016

IRVINE, CALIF. — Jeramy Mahfet has joined PREMIER Design + Build Group’s Southwest office as project manager. He will help develop, design and build projects for the firm throughout California. Mahfet spent the past four years working with some of the biggest organizations in the public and private sectors throughout Southern California. He also specializes in large projects and design sustainability. One of Mahfet’s most notable projects includes a $200 million, 450,000-square-foot office building for a major global automaker that achieved LEED-Gold certification. He also managed the construction on a $30 million, mixed-use retail, restaurant and office center. Mahfet is a member of the American Society of Civil Engineers. He earned a degree in civil engineering at California State University, Fullerton.

May 4, 2016

California Loans Retail Western

CBRE Arranges $43M Refinancing for 116,403 SF Retail Center in Carlsbad

by Nellie Day May 3, 2016

CARLSBAD, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $43 million loan for Cornerstone Real Estate Advisers LLC to refinance Bressi Ranch Village Center, a retail center in Carlsbad. Michael Riccio and Mark McGovern of CBRE’s San Diego office secured the long-term, fixed-rate loan for the borrower. Delivered in 2010, the 116,403-square-foot center is 97 percent occupied by 30 tenants, including Stater Bros. and Trader Joe’s.

May 3, 2016

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