California

Verity Health System Completes Sale of Six Hospitals as Part of Bankruptcy Process

by Katie Sloan August 28, 2020

REDWOOD CITY, CALIF. — Verity Health System has completed the sale of its six-property hospital portfolio as part of the company’s Chapter 11 bankruptcy procedures. The Redwood City-based nonprofit healthcare company filed for bankruptcy protection in summer 2018 and subsequently worked to sell off its portfolio of assets, which included six medical centers offering 1,650 inpatient beds, six active emergency rooms, a trauma center and a host of spaces centered on medical specialties including tertiary and quaternary care. Most recently, Verity Health completed the sale of St. Francis Medical Center, a 384-bed hospital in the Los Angeles County suburb of Lynwood, for $350 million to Prime Healthcare. The provider also sold Seton Medical Center, a 357-bed hospital located in the San Francisco suburb of Daly City, and Seton Coastside, a 116-bed hospital located in Moss Beach, Calif., for $40 million to AHMC Healthcare. The agreement to sell St. Francis Medical Center was announced in April of this year. Also in April, Verity agreed to sell St. Vincent Medical Center, a 381-bed hospital located in Los Angeles, for $135 million to surgeon and medical researcher Dr. Patrick Soon-Shiong. Santa Clara County was the buyer in Verity’s first two asset sales — O’Connor Hospital and St. …

August 28, 2020

Acquisitions California Multifamily Western

Matthews Negotiates $26.4M Purchase of Mountain View Manor Apartments in Los Angeles

by Amy Works August 27, 2020

LOS ANGELES — Matthews Real Estate Investment Services has brokered the acquisition of Mountain View Manor Apartments, located at 21700-34 Septo St. in the Chatsworth neighborhood of Los Angeles. Sussex Capital Group purchased the property from a private family for $26.4 million. Built in 1977, Mountain View Apartments features 97 units in a mix of one- and two-bedroom layouts. The gated community features four swimming pools, a hot tub, barbecue area, laundry facilities and assigned parking. John Boyett and Daniel Withers of Matthews Real Estate Investment Services represented the buyer, while Keller Williams represented the seller in the transaction.

August 27, 2020

California Civic Development Mixed-Use Restaurant Retail Western

Plenitude Holdings Plans 87-Acre Sports Entertainment Project Near Los Angeles

by Amy Works August 26, 2020

CARSON, CALIF. — Plenitude Holdings, a real estate investment partnership between Blanchard Entities and Shopoff Realty Investments affiliated entities, is developing The Creek at Dominguez Hills in Carson. Located off the 405 Freeway and north of East Del Amo Boulevard, the 87-acre development will offer more than 500,000-square-feet of retail, recreation and sports wellness space. In addition to retail, the project will feature a 199,000-square-foot, multi-use indoor sports complex designed to accommodate basketball and volleyball practice and team competitions, along with indoor turf training areas and a mezzanine level for viewing the courts below. The facility will be accessible to local sports groups, and open for daily community use and fitness programming. Additionally, The Creek at Dominguez Hill will offer more than eight acres of open space, including a three-kilometer jogging path, a 6.6-acre community park, a zipline and ropes course, and a clubhouse featuring a rooftop deck suitable for community and special events. Plenitude Holdings is finalizing the development plans and expects to break ground in mid-2021. The company has retained Sports Facilities Management to manage the property and partnered with FlyingTee, an active entertainment, golf and dining company, for their first location in California. FlyingTee will offer private …

August 26, 2020

California Company News Retail Western

Nordstrom’s Net Sales Fall 53 Percent in Second Quarter, Operating Cash Flow Positive Despite Temporary Store Closures

by Amy Works August 26, 2020

SEATTLE — Seattle-based Nordstrom (NYSE: JWN) has reported a 53 percent decrease in net sales from last year for the second quarter ended Aug. 1, reflecting temporary store closures due to COVID-19. The company experienced a second-quarter net loss of $255 million, which included after-tax COVID-19-related charges of $14 million, a decrease from net earnings of $141 million during the same period in fiscal 2019. While the reductions were in line with the company’s expectations, Nordstrom still managed to generate positive operating cash flow of more than $185 million, with total liquidity of $1.3 billion, through improved merchandise margins and significant overhead cost reductions. The company’s exceeded cash flow enabled it to pay down $300 million on its revolving line of credit. “At the onset of the pandemic, we focused on protecting and enhancing liquidity, and we successfully executed on these plans,” says Erik Nordstrom, chief executive office of Nordstrom. During the first quarter, Nordstrom reduced its inventory by more than 25 percent to mitigate markdowns and seasonal inventory and bring in newness for customers, resulting in second-quarter merchandise margin trends improving and exceeding expectations. In preparation for its yearly anniversary sale, which began August, the company increased inventory to …

August 26, 2020

Acquisitions California Hospitality Western

Hodges Ward Elliott Arranges Acquisition of The Georgian Hotel in Santa Monica

by Amy Works August 26, 2020

SANTA MONICA, CALIF. — Hodges Ward Elliott has brokered the purchase of The Georgian, a boutique hotel located in Santa Monica. BLVD Hospitality, Global Mutual and ESI acquired the asset for an undisclosed price. Built in 1933, The Georgian features 84 guest rooms and suites, ocean-view dining at the on-site Veranda Restaurant, event space and a 24-hour business center and fitness center. Tony Malk, Brett Katz, Diana Simpson and Jordan Kirkbride of Hodges Ward Elliott advised the buyer on the purchase and capitalization of the hotel. The undisclosed seller owned the property since 1991.

August 26, 2020

Acquisitions California Retail Western

Faris Lee Brokers $4.3M Sale of Starbucks Ground Lease in Riverside, California

by Amy Works August 26, 2020

RIVERSIDE, CALIF. — Faris Lee Investments has arranged the sale of the ground lease for a retail property located at 1303 University Ave. in Riverside. An Idaho-based private developer sold the asset to a California-based family office for $4.3 million. Starbucks occupies the property, which is located near University of California Riverside, under a new 20-year lease term with three 10-year options to extend, including 10 percent rental increases. Don MacLellan, Rich Chichester and Phil Ramming of Faris Lee, along with Cypress Retail Group, represented the seller in the deal.

August 26, 2020

2300-Pellissier-Place-City-of-Industry-CA

Acquisitions California Industrial Western

Los Angeles Regional Food Bank Buys Industrial Building for $52.1M

by Amy Works August 25, 2020

CITY OF INDUSTRY, CALIF. — Los Angeles Regional Food Bank has purchased an industrial facility located at 2300 Pellissier Place in City of Industry, a suburb of Los Angeles. Haralambos Leasing Co. sold the asset for $52.1 million. The 255,878-square-foot property features a large fenced yard, ample parking, freeway frontage and a 24,836-square-foot office mezzanine. Situated in the heart of Los Angeles County, the building is located a half mile south of the intersection of the 60 and 605 freeways. John McMillan, Jeff Sanita, Danny Williams and Greg Stumm of Newmark Knight Frank represented the buyer, while an outside firm represented the seller in the transaction.

August 25, 2020

Acquisitions California Multifamily Western

CBRE Negotiates $5.3M Acquisition of Multifamily Community in Los Angeles

by Amy Works August 24, 2020

LOS ANGELES — CBRE has arranged the purchase of an apartment property located at 3906-3910 Inglewood Blvd. in Los Angeles’ Mar Vista neighborhood. An Orange County, Calif.-based private client investment partnership acquired the asset for $5.3 million. The community consists of two two-story buildings offering a total of 20 apartment units. Amenities include enclosed garages, private balconies or patios and a landscaped courtyard. Sean Riley of CBRE represented the buyer, while an outside broker represented the seller, a private family dissolving its partnership.

August 24, 2020

California Content Partner Features Lument Multifamily RED Capital Group Western Western Feature Archive

Rumors of the Death of Silicon Valley’s Apartment Market are Greatly Exaggerated

by Sarah Daniels August 24, 2020

Some stories are just too good not to be true. This may explain in part the outpouring of reports regarding population outflows from the San Francisco Bay Area. Multiple mid-August articles in national newspapers took up the ongoing Silicon Valley exodus. These articles make a convincing case that the COVID-19 pandemic and increased opportunities to work remotely — particularly in the high-tech industry — are prompting many Bay Area residents to consider relocating to more affordable areas, even if remote work causes their incomes to decline. The evidence supporting the theory is by no means entirely anecdotal. The number of owners listing homes for sale has increased significantly, the pace of home price appreciation has decelerated materially (less than 5 percent in May) and apartment rents and occupancy have eroded since winter. It is hard to deny that Peak Northern California is fading in the rearview mirror. This should be no surprise. The Bay Area is not only the most expensive real estate market in the country, it also is one of the most congested. Its many virtues come with a steep price tag, not only in terms of cost of living but also in aspects lumped in the quality …

August 24, 2020

Acquisitions California Multifamily Western

Fuller Theological Seminary Sells Multifamily Community in Pasadena for $19.3M

by Amy Works August 21, 2020

PASADENA, CALIF. — Fuller Theological Seminary, a Pasadena-based, multi-denominational evangelical Christian seminary, has completed the disposition of a multifamily property located at 700 Locust St. in Pasadena. A local private buyer acquired the asset for $19.3 million. Laurie Lustig-Bower, Kamran Paydar, Chavlis Evans and Kyle Barratt of CBRE represented the seller, while the buyer was self-represented in the deal. Originally built in 1987, the two-story property features 69 apartments in a mix of studio, one-, and two-bedroom layouts. Common amenities include a fitness room, library, internet lounge, courtyards, large conference room and reception room. The seller recently completed various upgrades, including elevator and stairwell improvements and a full renovation of the conference room. Interior unit upgrades include laminate hardwood-style floors, stone countertops, new kitchen cabinets, tile backsplashes, recessed lighting, bathroom enhancements and the installation of in-unit washers and dryers. Additionally, the community is adjacent to Interstate 210 and within one mile of the Lark Avenue and Memorial Park Metro Gold Line transit stations.

August 21, 2020

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