SACRAMENTO — San Mateo-based Nazareth Enterprises has purchased EcoThrift Mall and a 0.77-acre adjoining developable parcel in Sacramento for $5.4 million. EcoThrift is the main tenant of the 38,600-square-foot building. EcoThrift is California’s highest for-profit thrift store with six locations, according to Nazareth. Chris Talia of The Mansour Group of Marcus & Millichap represented the undisclosed sellers in the deal. Ryan Park of Bank Leumi USA arranged financing for the acquisition.
SOLANA BEACH, CALIF. — Lument has provided a $28 million Fannie Mae refinancing for La Vida Del Mar, a 105-unit assisted and independent living community in Solana Beach, approximately 20 miles north of San Diego. The borrower is Senior Resource Group and its equity partner, Collins Development Co. Doug Harper of Lument’s Western region seniors housing and healthcare production team led the transaction. The loan features a 10-year term, five years of interest-only payments and 30-year amortization. In addition to refinancing existing debt, the closing provided cash-out proceeds.
PALMDALE, CALIF. — SRS Real Estate Partners’ Investment Properties Group West has brokered the sale of a 56,309-square-foot portion of Towne Square West, a retail property located at 2220 E. Palmdale Blvd. in Palmdale. A Los Angeles-based private investor acquired the property from another Los Angeles-based private investor for $9 million. Chris Tramontano and John Redfield of SRS Real Estate Partners represented the seller, while Joelle Kim of Westside Luxury Real Estate represented the buyer in the deal. Built in 1989 on eight acres, the value-add property was 83 percent occupied at the close of escrow. Current tenants include Goodwill, LA Care, Aaron’s, Tokyo Steakhouse and La Palma Restaurants. Other tenants at the center, but not included in the sale, are Superior Goods, 99 Cents Only and Crunch Fitness.
REDONDO BEACH, CALIF. — Hawkwood Ventures has purchased Linq, a two-building creative office campus located at 2400 Marine Ave. in the Los Angeles suburb of Redondo Beach. EverWest Real Estate Investors sold the property for $24 million. Developed in 1964 and renovated in 2018, Linq features a total of 50,000 square feet of office space with private tenant entrances, glass roll-up doors, skylights and a wrap-around boardwalk, as well as new power, landscaping, lobby, restrooms and signage. At the time of sale, the property was fully leased to multiple tenants. Steve Solomon, Kristen Bowman and Andrew Harper of JLL represented the seller, while the buyer was self-represented in the transaction.
CARLSBAD AND RANCHO MIRAGE, CALIF. — Bayshire Senior Communities, a boutique senior living owner and operator, has acquired Brookdale Carlsbad and Brookdale Rancho Mirage, renaming the two communities as Bayshire Carlsbad and Bayshire Rancho Mirage. Both properties are continuing care retirement communities, each featuring 90 independent and assisted living units, 24 memory care units and 45 skilled nursing units. Carlsbad is located north of San Diego, and Rancho Mirage is part of the Inland Empire. Bayshire is an owner-operator headquartered in Escondido, a suburb of San Diego.
SAN DIEGO — CIM Group has closed a $121.3 million bridge loan to refinance and provide future leasing capital to an affiliate of Westbrook Partners and The Casey Brown Co. The funds will be used toward AMP&RSAND, a 342,742-square-foot office complex in San Diego. Situated on 13 acres in the Mission Valley submarket, AMP&RSAND comprises two Class A creative office buildings with average floor plates of 37,852 square feet, 14-foot ceilings and floor-to-ceiling windows. The property, which is the former San Diego Union Tribune headquarters, features an on-site café, fitness studio and 1,371 parking spaces. The recently renovated complex is currently leased to two full-floor tenants that use the space as regional and corporate headquarters. Rob Rubano of Cushman & Wakefield arranged the financing for the borrower.
TRACY, CALIF. — Seefried Industrial Properties, in a joint venture with Clarion Partners, has broken ground on Tracy Logistics Park, a more than 1 million-square-foot speculative office and warehouse project in East Tracy. Seefried and Clarion originally purchased the 76-acre site in January for an undisclosed amount. Located at the northeast corner of Grant Line and Chrisman roads, Tracy Logistics Park will feature a 210,000-square-foot building, a 507,800-square-foot building and a 309,000-square-foot building. Tenants will have the opportunity to occupy space ranging from 20,000 square feet to 500,000 square feet. The buildings will feature tilt-up construction, clear heights ranging from 32 feet to 36 feet, 180-foot- to 185-foot-deep truck courts, a combined 236 trailer spaces, ESFR sprinkler systems and ample parking. Completion is slated for fourth quarter of this year. HPA is serving as architect, K&W as civil engineer and Alston Construction as general contractor. Mike Goldstein and John Steinbuch of Colliers International will handle marketing and leasing efforts for the project.
BURLINGAME, CALIF. — A joint venture between Sares Regis Group of Northern California (SRGNC) and Dostart Development Group has received approval from the Burlingame City Council for the redevelopment of the long-vacant, 1.3-acre Burlingame Post Office property in Burlingame. Groundbreaking for the project, located at 220 Park Road, is slated for third-quarter 2021, with the 185,000-square-foot office and retail property delivered by 2023. The new design will preserve the former Post Office lobby, converting it into ground-floor retail space that opens to the adjacent Burlingame Town Square, which will be constructed in coordination with the project. Situated in downtown Burlingame, the new project will include 275 parking stalls that will be available for public parking on the weekends and weekday evenings. In total, the redevelopment property will offer 170,000 square feet of office space and 15,000 square feet of retail space. Mike Moran, Ben Paul and Marc Pope of Cushman & Wakefield’s Burlingame office are marketing the office component for lease, while Steve Cutter and Chris Homs of Lockehouse Retail Group are marketing the retail portion. As part of the project, $2 million will be donated toward the future Town Square and $3.5 million will be contributed to affordable housing …
RIALTO, CALIF. — Farmer Bros. Co., a national coffee roaster, wholesaler and distributor of coffee, tea and culinary products, has opened its West Coast distribution center in Rialto. The 156,000-square-foot facility features 18 docking doors and 26 trailer storage spaces enabling Farmer Bros. to improve its delivery capabilities within its company network, as well leverage air, rail and ocean transportation modes. The company plans to utilize the facility to distribute products to its branch locations and service equipment throughout Farmer Bros.’ specialized coffee brewing equipment technicians in seven U.S. states. With 40 percent of Farmer Bros. customers located on the West Coast, the company expects the new distribution center to enable quicker product fulfillment, improved delivery time and better customer service. The Rialto facility is the company’s last major supply chain optimization initiative as part of its broader turnaround strategy. The optimization plan also includes the closing of the Houston manufacturing facility and capacity enhancements to its Dallas/Fort Worth facility.
LOS ANGELES — CIM Group, a Los Angeles-based real estate and infrastructure owner, operator, lender and developer, has announced that its open-end core real estate fund has been added to the National Council of Real Estate Investment Fiduciaries’ (NCREIF) Open-End Diversified Core Equity Index (NFI-ODCE). The fund’s inclusion started during fourth-quarter 2020. Launched on Dec. 31, 1977, the NFI-ODCE is a capitalization-weighted, gross of fee, time-weighted return index. As of Dec. 31, 2020, the index consisted of 26 funds, totaling $209 billion of net real estate assets. According to NCREIF, the term diversified core equity style typically reflects lower risk investment strategies utilizing low leverage and generally represented by equity ownership position in stable U.S. operating properties diversified across regions and property types.
