CAMPBELL, CALIF. — Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson (NYSE: KW), has purchased 267,000 square feet of office and R&D space within Vasona Technology Park in Campbell. An undisclosed seller sold the assets for $147.2 million. The transaction includes 220 E. Hacienda Ave., occupied by Kaiser Permanente for medical offices; 240 East Hacienda Ave., occupied by ChargePoint Inc. as its corporate headquarters; and 1359 Dell Ave., occupied by Imperative Care as its corporate headquarters. Stephen Etheredge, Max Shapiro, Keith Pollock, Marc Young and Max Rawn of Allen Matkins represented Kennedy Wilson Fund VI in the acquisition.
SAN BERNARDINO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Bernardine Senior Independent Living in San Bernardino, approximately 57 miles east of downtown Los Angeles. A Los Angeles-based private investment group sold the community for $7.2 million, which equates to $102,000 per unit and $206 per square foot. The buyer was a private investment group based in the San Gabriel Valley. Bryan LaBar and Otto Ozen of TMG represented the seller. “Due to the low price per unit and high-quality construction, the buyer pool was large,” says LaBar. “To maximize the value of this community, we aggressively marketed it to our robust pool of 1031 exchange buyers as well as an expansive network of private and high-net-worth investors, we were able to drive the value.” Built in 1984, Bernardine Senior Independent Living is a four story, 71-unit apartment community. The property comprises 36,200 square feet of rentable space on a one-acre site.
CAMARILLO, CALIF. — Westcore has purchased a warehouse building located at 201 Flynn Road in Camarillo. Southern California-based Decker-Goetsch Properties sold the asset for $20 million. The 117,342-square-foot facility is currently fully leased for more than eight years. Darla Long, Barbara Perrier and Eric Cox of CBRE National Partners represented the seller, while Westcore represented itself in the transaction.
LIVERMORE, CALIF. — KeyBank Real Estate Capital secured a $10.2 million fixed-rate loan to refinance debt on Livermore Healthcare, a skilled nursing facility in Livermore, located east of San Francisco Bay. KeyBank provided the funds through the Federal Housing Authority (FHA) 232/223(f) mortgage insurance program for Eagle Arc Partners, a healthcare real estate investment firm. The loan is structured with a fully amortizing, 35-year term. FHA loan proceeds were used to pay down an interim bridge loan. A KeyBank-led bank syndicate provided the original acquisition financing for a portfolio of 35 skilled nursing properties, which included the Livermore Healthcare facility. Livermore Healthcare features 30 units and 83 beds. The property was originally built in 1966 and underwent minor renovations in 2019, including the installation of new vinyl flooring in several common area rooms and hallways. John Randolph of KeyBank Real Estate Capital’s Commercial Mortgage Group and Grant Saunders of KeyBank’s Healthcare Group structured the financing.
LOS ANGELES — Ready Capital has closed $23.5 million in refinancing for the renovation and lease-up of a nine-property retail and office portfolio located in the Frogtown, Echo Park and Glassell Park neighborhoods of Los Angeles. The undisclosed sponsor plans to complete capital improvements on each of the nine properties, increasing the rentable square footage and leasing up each asset. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and facilities to provide funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.
BURLINGAME, CALIF. — Colliers International has arranged the sale of a single-tenant industrial property located in the Burlingame submarket of the San Francisco Peninsula. The asset traded hands for $55 million. The names of the seller and buyer were not released. Located at 1649 Adrian Road, the single-story facility features 129,759 square feet of industrial space on 6.6 acres. At the time of sale, the building was 100 percent leased to Lahlouh Inc., an end-to-end communications management services company that has been a tenant since 1996. The building was built in 1957. Tim Maas, Mike Davis, Tony Crossley and Darren Kuiper of Colliers represented the seller in the deal.
JLL Arranges $23M Loan for Crossroads Plaza Shopping Center Redevelopment in Pico Rivera, California
PICO RIVERA, CALIF. — JLL has secured a $23 million construction loan for Crossroads Plaza Shopping Center, a 140,198-square-foot retail center in Pico Rivera. Located at 9050-9200 Whittier Blvd., the center sits on a 10.4-acre site that is positioned 13 miles southeast of downtown Los Angeles. John Marshall of JLL worked on behalf of the borrower, an entity doing business as Crossroads Plaza LP, and its developer, TRF Pacific LLC, to secure the loan through a regional bank. Loan proceeds will be used to redevelop and renovate portions of the center and develop an additional 12,000 square feet of proposed shop space. Originally built in 1988, Crossroads Shopping Center is undergoing redevelopment to replace a 100,000-square-foot Home Depot that terminated its lease in 2019 after 30 years. The building has been leased to three unnamed national soft goods retailers. The center is shadow anchored by Superior Grocery, an independent grocery store chain based in Southern California.
LOS ANGELES — MWest Holdings has completed the sale of Hollywood Tower, a landmark multifamily asset located in Los Angeles’ Hollywood neighborhood. A family partnership acquired the property for $20.1 million, or $386,538 per unit. Built in 1929 and extensively renovated in 2010, the eight-story Hollywood Tower features 51 apartment units in a mix of studio, one- and two-bedroom layouts with vintage French Norman architectural details and modern fixtures and finishes. Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.
MOUNTAIN VIEW, CALIF. — TMG Partners and the real estate business within Goldman Sachs Asset Management have purchased an office campus located at 350-380 Ellis St. in Mountain View. NortonLifeLock sold the asset for an undisclosed price and is leasing back one of the property buildings. Totaling 445,967 square feet, the Class A property consists of four four-story office buildings interconnected in a U-shape surrounding a main campus area and a single-story amenity building. Campus amenities include open work environments, meeting/conference rooms, kitchen/break areas, collaborative spaces, a full-service Union 82 Restaurant & Gastropub, multi-story parking structure, a bocce ball court, tennis court, sand volleyball court and outdoor patios. The recently completed headquarter lobby renovation and Client Experience Center offers hospitality suites, briefing/boardrooms, technology demonstration rooms, pre-function space, integrated technology and a multi-functional outdoor patio. The estimated $22 million project was completed in late 2018. Jon Mackey, Mike Saign and Phil Mahoney of Newmark are the leasing agents for the property.
CALIMESA, CALIF. — Birtcher Development has broken ground on Birtcher Oak Valley Commerce Center, a 125-acre, ground-up industrial development at Singleton and Roberts roads in Calimesa. Birtcher is developing the project with QuadReal Property Group. Totaling 2.2 million square feet, the development will consist of four Class A industrial buildings offering 40-foot clear heights, flat floor and a minimum of 185-foot truck courts. Completion of the 1.2-million-square-foot first phase is scheduled for second-quarter 2023, with the 1-million-square-foot second phase slated for completion in third-quarter 2023. The project team includes HPA, Proactive Engineering Consultants West, Albert A. Webb Associates, Alta California Geotechnical and Southern California Geotechnical. The site’s previous owner, Oak Valley Development Co., owned the property since 1997 and obtained entitlements for the project in first-quarter 2021. Oak Valley Development Co. will deliver the offsite and road infrastructure for the project in addition to the building pads for Birtcher’s vertical development. Oak Valley Development Co. plans to develop an 80-acre retail center immediately adjacent to Birtcher Oak Valley Commerce Center. Herb Grabell and David Burback of Kidder Mathews and Mike McCrary, Peter McWilliams, Patrick Wood and Scott Coyle of JLL handled the sales transaction.