LAKE ELSINORE, CALIF. — Faris Lee Investments has brokered $11.5 million in sales of three different properties to three different buyers within the Central Plaza Shopping Center in Lake Elsinore. The sales include a Marshalls, Panera Bread and a two-tenant sale of Pieology and Ono Hawaiian BBQ. HFC/PRP Elsinore LLC sold the properties to undisclosed buyers. Situated on 7.3 acres, the 66,000-square-foot property was completed earlier this year and was 100 percent pre-leased to national tenants upon commencement of construction. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller in the transaction.
HIGHLAND, CALIF. — Developer Evergreen Devco has completed the sale of its newly developed retail project, a Jack in the Box restaurant, located at 27734 Base Line St. in Highland. An unnamed buyer acquired the 2,756-square-foot property for an undisclosed price with a signed a lease to a Jack in the Box franchisee. Jimmy Slusher of CBRE represented the developer and seller, Evergreen Devco, in the deal.
CALIFORNIA, WASHINGTON AND MICHIGAN — Madison Marquette and GFH Financial Group have acquired a portfolio of six private-pay senior living communities in California, Washington and Michigan. Although a specific purchase price was not provided, GFH described the deal as “exceeding $180 million in value.” The properties include: Chateau at River’s Edge and Chateau on Capitol Ave in Sacramento, Calif.; Callaway Gardens in Kennewick, Wash.; Summer Wood in Moses Lake, Wash.; Pine Ridge in Spokane, Wash.; and Independence Village in Brighton, Mich. The communities total 509 units and feature a mix of independent living, assisted living and memory care. The occupancy as of the first quarter was 92 percent, and GFH notes that most of the assets were recently renovated and able to attain above-market rents. Senior Resource Group, JEA Senior Living and Senior Village Management operate the properties. GFH, an investment firm from the tiny Middle Eastern island country of Bahrain, will serve as the investment manager while Madison Marquette will serve as the day-to-day manager of the portfolio. GFH will be 91 percent owner, while Madison Marquette will own 6 percent. The communities’ operators will own the remaining 3 percent stake. “Through our recent platform activities in the space, …
IRVINE, CALIF. — Rockefeller Group has completed the sale of a newly constructed cross-dock industrial building located at 1445 S. Tippecanoe Ave. within the Tri-City Industrial Complex in Irvine. Nuveen Real Estate acquired the 344,249-square-foot facility for an undisclosed price. At the time of sale, the property was fully leased to Home Chef, a division of Kroger, and Protempo, a global third-party logistics provider. Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Chuck Belden, Kyle Kehner, Milo Lipson and Tim Pimentel of Cushman & Wakefield represented the seller in the deal.
SAN FRANCISCO — The San Francisco Planning Commission has unanimously approved plans to redevelop the historic Flower Mart in the city’s South of Market (SoMa) district as a 2.3 million-square-foot mixed-use property. Kilroy Realty Corp. (NYSE: KRC) is leading the development, which will preserve and update the 115,000-square-foot Flower Mart, while also adding 2.1 million square feet of creative office space, a 100,000-square-foot retail market hall and one acre of public open space. The project still requires approval from the San Francisco Board of Supervisors and the city’s mayor, which Kilroy hopes to receive by October. The project is the product of more than five years of negotiations and partnership between Kilroy Realty, the wholesale flower vendor community and the city. Kilroy expects to break ground in mid-2020 and deliver all phases by 2024. The Flower Mart vendors will be moved to an interim location during construction. “The Flower Mart Project represents the future of Central SoMa and San Francisco,” says John Kilroy, the developer’s chairman and CEO. “The project’s vibrant mix of uses, abundant neighborhood-serving retail and innovative work environments will make it the transformational hub that the city and the neighborhood need.” “This is one of the best …
LOS ALAMITOS, CALIF. — Alere, a pension fund advisor, has purchased Los Alamitos Corporate Center, an industrial complex located in Los Alamitos. Northwestern Mutual sold the asset for $128.5 million. Situated on 36.9 acres, the 17-building complex is located at 4332-4478 Cerritos Ave., 10541-10681 Calle Lee and 4392-4465 Corporate Center Drive. At the time of sale, the 685,588-square-foot asset was 98 percent leased to 82 tenants. The buildings range in size from 11,788 square feet to 134,186 square feet. Darla Longo, Barbara Perrier, Brett Hartzell, Rebecca Perlmutter Finkel, Eric Cox and Laird Perkins of CBRE represented the seller in the transaction.
EL SEGUNDO, CALIF. — New York-based Vella Group has purchased a two-building office campus, located at 650 and 700 Pacific Coast Highway in El Segundo. A private family tenant-in-common sold the asset for $50.8 million. The eight-story property at 650 Pacific Coast Highway, built in 1962, features 121,484 square feet. The two-story building at 700 Pacific Coast Highway features 78,736 square feet. The site also includes 422 surface parking spaces. Boeing will occupy the entire 200,220-square-foot office campus through the end of 2020. Kevin Shannon, Ken White and Michael Moore of Newmark Knight Frank, along with Bill Bloodgood of CBRE, represented the seller, while Antony Arkle of Rodeo Realty represented the buyer in the transaction.
OXNARD, CALIF. — NorthMarq has arranged $7.6 million in financing for Seawind Seniors Apartments, an age-restricted community in Oxnard, approximately 65 miles west of Los Angeles. The property features 101 units restricted to residents over age 55. The apartments are marketed as affordable. Marty Meagher and Gardiner Champlin of NorthMarq’s San Diego office arranged the fixed-rate, Fannie Mae loan with a 10-year, interest-only term. The financing pays off existing bonds.
LOS ALAMITOS, CALIF. — NAI Capital has arranged the sale a medical office building, located at 10921 Cherry St. in Los Alamitos. Nautica LLC sold the property to ABG Property 1 LLC for $5.5 million, or $759 per square foot. The three-story property features 7,250 square feet of medical office space. At the time of sale, Los Alamitos Medical Surgery Center and Ocean Pacific Surgery Center fully occupied the building. Steve Body and Grant Bullen of NAI Capital’s Investment Services Group represented the seller in the deal.
HUNTINGTON BEACH, CALIF. — Hanley Investment Group Real Estate Advisors has facilitated the sale of a multi-tenant retail building, located at 6946-6968 Warner Ave. in Huntington Beach. A San Diego-based private investor acquired the property from a Newport Beach, Calif.-based private investor for $4.1 million. Eric Wohl of Hanley Investment Group represented the seller, while Randy Rivera of Capital Real Estate Ventures represented the buyer in the deal. At the time of sale, the four-tenant, 8,600-square-foot retail property was fully occupied by Trading Post Fan Co., Advanced Dental Huntington Beach, Surf City Nails and Alternative Mind Concepts. Built in 1973, the property is shadow-anchored by Sprouts Farmers Market.