Property Type

Decron Properties Buys Eaves Carlsbad Apartments for $112M

by Nellie Day October 2, 2015

CARLSBAD, CALIF. — Decron Properties has purchased the 450-unit eaves Carlsbad apartment community for $112 million. The community is located at 2262 Avenida Magnifica in the San Diego submarket of Carlsbad. Decron plans to execute an $18.2 million capital improvement program at the property that will include significant interior upgrades, exterior enhancements and site improvements. The property will also be rebranded as the Reserve at Carlsbad. This is the real estate investment, development and management firm’s first acquisition in San Diego. Decron has acquired nearly $300 million worth of properties so far this year.

October 2, 2015

Multifamily Oregon Seniors Housing Washington Western

Sabra Acquires Nine Seniors Housing Facilities for $84.7M

by Nellie Day October 2, 2015

IRVINE, CALIF. — Sabra Health Care REIT Inc. has acquired two portfolios in Illinois, Oregon and Washington for a total cost of $84.7 million. The REIT acquired a five-community portfolio in Illinois for $19.7 million. The portfolio includes 149 units, mostly memory care. Concurrent with the purchase, Sabra entered into a triple-net master lease agreement with Life’s Journey Senior Living to operate the portfolio. The lease has an initial term of 10 years with two five-year renewal options and provides for an annual rent escalator equal to the greater of the Consumer Price Index or 3 percent. The second portfolio included four communities in Washington and Oregon totaling 196 assisted living units and 18 independent living units. The purchase price was $65 million. Sabra entered into a triple-net master lease agreement with Radiant Senior Living to operate the portfolio. The lease has an initial term of 10 years with two five-year renewal options and provides for an annual rent escalator of 3 percent, resulting in annual lease revenues, determined in accordance with GAAP, of $5 million and an initial yield on cash rent of 6.75%. Based in Irvine, Sabra is the 26th largest owner of seniors housing properties in the …

October 2, 2015

California Office Western

Trio Purchases Land in San Jose for Multi-Phase Development

by Nellie Day October 2, 2015

SAN JOSE, CALIF. — Multi-Employer Property Trust (MEPT), Bentall Kennedy and Trammell Crow Company have purchased an 8.2-acre land parcel in San Jose for $58.5 million. The land is located at 374-384 West Santa Clara St. The land sits adjacent to the Diridon Station master plan, which is zoned for two 10-story office buildings and a nine-story multifamily building. Diridon Station links Caltrain to San Francisco, the ACE train service to the Central Valley and the Amtrak Capital Corridor train to the north. It will also house the future extension of BART, and will serve as the first Northern California stop for the potential high-speed rail service that would connect Los Angeles to the Bay Area. Diridon Station’s master plan will eventually create a transit hub similar to San Francisco’s Transbay District, according to Bentall Kennedy. The new development may include up to 960,000 square feet of tech-oriented office space, more than 30,000 square feet of retail and 325 multifamily residential units.

October 2, 2015

California Industrial Western

Sares Regis Buys 150 Acres of Land in Ontario for Industrial Development

by Nellie Day October 2, 2015

ONTARIO, CALIF. — Sares Regis Group (SRG) has purchased 150 acres of land in Ontario for an undisclosed sum. The land is part of the undeveloped, 243-acre Meredith International Centre, which extends nearly a mile along the north side of Interstate 10, between Archibald and Vineyard avenues. SRG plans to develop a 3-million-square-foot industrial distribution campus on the site. Following the initial acquisition, the largest of the site’s seven planned buildings was recently pre-leased to QVC. It will act as the video and e-commerce retailer’s first West Coast distribution hub. QVC’s lease will include 1.5 million square feet. The building will be completed by next July. It will include 30,000 square feet of office and employee cafeteria space. Joe McKay of Lee & Associates represented SRG in the land acquisition and lease. CBRE’s Erik Wanland and Mike Barker represented QVC. Chuck Noble, John Hatzis and Dave Hunsaker of Lee & Associates represented the seller, the Meredith family.

October 2, 2015

Colorado Multifamily Western

Landings at Eagleridge Apartments in Pueblo Sells for $28M

by Nellie Day October 2, 2015

PUEBLO, COLO. — A private individual has purchased the 236-unit Landings at Eagleridge Apartments in Pueblo for $28 million. The community is located at 4749 Eagleridge Circle. Landings at Eagleridge was built in two phases. Phase I was completed in 2002, while Phase II was finished in 2008. Ron, Shane and Ryan Spraggins of Commonwealth represented both the buyer and seller, H.E. Whitlock.

October 2, 2015

California Retail Western

Dunhill Partners Acquires The Shoppes at Chino Hills for $147M

by Nellie Day October 1, 2015

CHINO HILLS, CALIF. — Dunhill Partners Inc. has acquired The Shoppes at Chino Hills, a 377,966-square-foot lifestyle center located in the Los Angeles suburb of Chino Hills, for $147 million. Ryan Gallagher and CJ Osbrink, with assistance from John Crump and Bryan Ley, of HFF represented the seller, MX3 Ventures, in the transaction. The open-air center was 96 percent occupied at the time of sale by tenants including anchors Forever 21, H&M, Trader Joe’s, Banana Republic, Victoria’s Secret and Barnes & Noble.

October 1, 2015

California Retail Western

Scripps Ranch Marketplace Phase II Sells for $20.4M

by Nellie Day October 1, 2015

SAN DIEGO — A private investor has purchased Scripps Ranch Marketplace Phase II, a 28,700-square-foot shopping center located in San Diego, for $20.45 million. Philip Voorhees, Todd Goodman, Preston Fetrow, Kirk Brummer, Megan Wood, Brad Rable, Matt Burson, Jimmy Slusher and John Read of CBRE and Mike Moser of Retail Insite represented the seller, a San Diego-based private asset management and investment company, in the transaction. A Santa Barbara-based private investor purchased the fully occupied property. The center is shadow anchored by Vons and CVS/pharmacy, and home to tenants including Chase, Verizon and Which Wich.

October 1, 2015

California Retail Western

Hanley Investment Group Arranges $15.2M Sale of Single-Tenant LA Fitness

by Nellie Day October 1, 2015

RIVERSIDE, CALIF. — Hanley Investment Group has arranged the $15.2 million sale of a newly built, 45,000-square-foot, single-tenant LA Fitness located in Riverside. Pat Kent and Bill Asher of Hanley Investment Group worked on behalf of the seller, GRAE La Sierra LLC, and George Ragheb of Entrance Homes Inc. represented the buyer, a Lakewood, Calif.-based private investor, in the transaction.

October 1, 2015

Colorado Multifamily Student Housing Western

Cardinal Group to Manage 9Seventy Near the University of Colorado at Boulder

by Nellie Day October 1, 2015

BOULDER, COLO. — Cardinal Group Management will manage 9Seventy in Boulder, located on the east side of the University of Colorado at Boulder. The property is comprised of 138 units across five four-story buildings. Beginning in November 2015, 9Seventy will offer studio, one-, two- and three-bedroom apartment homes. The community will have a resident clubroom with kitchen, outdoor grilling area, views overlooking Chautauqua Park and the Flatirons, swimming pool, fitness center, business center, billiards table and guest patio. Cardinal Group Management will now manage more than 11,000 units in 20 states.

October 1, 2015

California Retail Western

Dollar Tree to Open New Store in Claremont

by Nellie Day October 1, 2015

CLAREMONT, CALIF. — Dollar Tree will open a new 9,000-square-foot store at 342 S. Indian Hill Blvd. in Claremont later this year. The store will be located within the recently renovated Peppertree Square neighborhood center. Janine Peltier of Progressive Real Estate Partners represented the lessor in this transaction.

October 1, 2015

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