COSTA MESA, Calif. — Blueprint has arranged the $25 million sale of an undisclosed 148-unit independent living community in the Orange County submarket of Costa Mesa. The community was built in 1990. The seller was a local family that acquired the community in 1995 and has operated it since. The buyer is an East Coast-based private equity firm. The community was 68 percent occupied at the time of sale. The purchase price equates to $169,000 per unit. Jacob Gehl and Gideon Orion of Blueprint were lead advisors on the transaction.
TORRANCE, CALIF. — CBRE has arranged the sale of the Artesia & Prairie Center, a triple-net-leased retail property located at 3931 and 3971 Artesia Blvd. in Torrance. A local private investor acquired the property from Makena Great American Prairie for $7.9 million. At the time of sale, the center was 100 percent leased to 12 tenants. Alex Kozakov and Patrick Wade of CBRE represented the seller, while Lee & Associates represented the buyer in the deal.
LYNDEN, WASH. — Capital Pacific has arranged the $19.3 million sale of The Marketplace at Lynden, a 70,442-square-foot shopping center located in Lynden. Safeway anchors the fully occupied property, located at the corner of Guide Meridian and Birch Bay-Lynden Road. Capital Pacific secured a West Coast-based private buyer to complete the acquisition. The seller was undisclosed.
GRASS VALLEY, CALIF. — CBRE has arranged the refinancing of Hilltop Commons, an 84-unit independent living community in the Sacramento suburb of Grass Valley. The total value of the loan was not disclosed. Sacramento-based Ray Stone Inc. operates the community and is the borrower. The fixed-rate loan was secured through Fannie Mae. Aron Will of CBRE National Senior Housing and Kevin Randles of CBRE’s Debt and Structured Finance office in Sacramento arranged the financing.
PLAINSBORO, N.J. — Hana Asset Management Co., a Korean investor, has purchased a 762,000-square-foot office campus in New Jersey for $305 million. The Class A campus is located in Plainsboro, approximately midway between Philadelphia and New York City and nearby to Princeton University. The 58-acre property was originally built for Merrill Lynch in 1985. Novo Nordisk currently occupies 563,000 square feet of the campus, with expansion rights through April 2031, no termination rights and a 10-year renewal option. The pharmaceutical company has occupied the campus since 2013, when the property underwent a full redevelopment. The acquisition marks the largest single-asset sale in New Jersey so far in 2016, according to Cushman & Wakefield’s Metropolitan Area Capital Markets Group, which represented the seller. The firm’s Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer executed the transaction on behalf of a partnership between Ivy Equities, LCOR Inc. and Intercontinental Real Estate Corp. Ken Lorman of Lee & Associates represented the buyer. John Alascio, Alexander Hernandez and Alex Lapidus of Cushman & Wakefield Equity, Debt & Structured Finance’s team arranged acquisition financing and future funding for Novo Nordisk’s planned expansion at the campus. The campus is situated in the Princeton Forrestal Center …
Chances are you have read the stories in the news lately about the challenges facing Michigan, the City of Detroit, or more recently the state’s seventh largest city, Flint. Between the chronicles of a once ailing automotive industry, the Chapter 9 bankruptcy filing by the City of Detroit in 2013 — the largest municipal bankruptcy in history — and most recently lead-tainted city water in Flint, there have been dozens of national headlines, sharp sound bites, and a litany of negative press coverage over the past few years. In short, over the past decade we have witnessed a roller coaster of economic events that have created a rather palpable investor stigma for Detroit and the State of Michigan as a whole. Despite the negative tone surrounding investment opportunities in Michigan, the state’s strong commercial real estate market is creating value for investors acquiring retail assets. Historically, Michigan shopping centers have traded at cap rates 50 to 100 basis below their national peers. Is this discount still warranted? Tide turns in Great Lakes As a brokerage firm dedicated to the sale of investment properties and retail tenant representation, Landmark Investment Sales and its parent company, Landmark Commercial Real Estate Services Inc., …
SEATTLE — Ziegler, a specialty investment bank, has closed $57.5 million in bonds for Bayview Manor Homes, the nonprofit operator of Bayview, a continuing care retirement community in Seattle’s Queen Anne neighborhood. The CCRC was built in 1961 and is just blocks from Key Arena, McCaw Hall and the Space Needle. It features 124 independent living apartments, 45 assisted living apartments and 50 skilled nursing beds, as well as an intergenerational childcare center. The unrated, fixed-rate bonds will be used for adding new independent living units, as well as a new, two-story assisted living and memory care building, among other capital improvements.
YORBA LINDA, CALIF. — A Beverly Hills-based investment group has acquired Home Ranch Center, a 54,169-square-foot shopping center located in the Orange County community of Yorba Linda. The property — located roughly 35 miles outside of Los Angeles — comprises three buildings that are home to tenants including Blue Agave, Edible Arrangements, Crepe Maker, State Farm and Papa John’s. CJ Osbrink and Gleb Lvovich of HFF marketed the property on behalf of the seller, YL Friends Church.
SANTA MONICA, CALIF. — Kennedy Wilson has arranged the $16 million sale of a 23,500-square-foot retail and multifamily property located at the corner of 11th Street and Wilshire Boulevard in Santa Monica. The multifamily component of the property consists of five units. All of the property’s buildings were fully leased at the time of sale. Ed Sachse, Fred Cordova and Christine Deschaine of Kennedy Wilson represented both the buyer, 11th and Wilshire LLC, and the seller, Paragon Properties, in the transaction.
LAS VEGAS — DZ Net Lease Realty LLC has arranged the $3.7 million sale of a 12,000-square-foot CVS/pharmacy located in Las Vegas. The ground lease has 11 years remaining on its term, with rental increases every five years. David Zacharia of DZ Net Lease marketed the property on behalf of the seller, an undisclosed Las Vegas-based family. The buyer was an undisclosed individual based in California.