California

Uber Capital Group Arranges $28.7M in Acquisition Financing for Sierra Vista Mall Near Fresno

by Amy Works October 7, 2019

CLOVIS, CALIF. — Great Neck, N.Y.-based Uber Capital Group has secured a $28.7 million acquisition loan for the purchase of Sierra Vista Mall, located at 1050 Shaw Ave. in Clovis, a suburb of Fresno. The borrower is a private national commercial real estate investment group based in New York. The lender was not disclosed. Joel J. Gorjian, president and founder of Uber Capital Group, sourced the 10-year, fixed-rate loan, which features 15-year full amortization and partial recourse. Totaling 690,487 square feet, Sierra Vista Mall is occupied by 75 tenants and features an outdoor lifestyle section with restaurants and a 16-screen movie theater, as well as a community park with concert facilities, fountains and landscaping. The asset also includes a 3,878-car parking area.

October 7, 2019

Acquisitions California Multifamily Western

IPA Brokers $88.6M Sale of Township Apartments in Redwood City, California

by Amy Works October 4, 2019

REDWOOD CITY, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Township Apartments, a multifamily asset located in Redwood City. Nuveen Real Estate sold the property for $88.6 million, or $671,591 per unit or $735 per square foot. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of IPA represented the seller in the deal. Built in 2014 on 2.3 acres, Township Apartments features 132 units averaging 914 square feet, with equipped luxury finishes including quartz countertops and stainless steel appliances. Community amenities include a resort-style setting with communal gathering spaces.

October 4, 2019

Acquisitions California Multifamily Seniors Housing Western

CareTrust REIT Buys Two Seniors Housing Assets in California’s Central Valley for $22.8M

by Amy Works October 4, 2019

MODESTO AND SACRAMENTO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired two healthcare facilities in California’s Central Valley in a pair of off-market transactions. The two properties include Central Valley Post Acute, a 70-bed skilled nursing facility in Modesto, and Saint Claire’s Nursing Center and Saint Francis Senior Residence, a 99-bed skilled nursing and 72-unit assisted living campus in Sacramento. CareTrust leased both assets to Kalesta Healthcare LLC, an existing CareTrust tenant. In addition to operational and other changes being made at the two facilities, Kalesta has rebranded the Modesto facility as Valley Skilled Nursing and the Sacramento campus as City Creek Post-Acute and Assisted Living. CareTrust’s total initial investment for the two assets was $22.8 million, inclusive of transaction costs. Scheduled cash rent for the first two years is approximately $3.9 million, with CPI-based escalators thereafter. CareTrust has also committed to provide a $1 million fund for capital expenditures to improve the City Creek facility. The Kalesta master lease has approximately 14 years remaining on the initial term, with two five-year renewal options. The acquisition was funded using a combination of cash on hand and CareTrust’s $600 million unsecured revolving credit facility.

October 4, 2019

California Development Multifamily Western

VTBS Architects Tapped for 436-Unit Multifamily Project in Downtown Sacramento

by Amy Works October 4, 2019

SACRAMENTO, CALIF. — Van Tilburg, Banvard & Soderbergh (VTBS Architects) is working with Weidner Apartments Homes and Deacon Construction to develop Sacramento Commons, a multifamily project in downtown Sacramento. The development team has broken ground on the two mid-rise buildings. Upon completion, the project will feature 436 apartments in a mix of studio, one- and two-bedroom layouts, with ground-floor retail space for restaurants, stores and neighborhood services. Sacramento Commons will be the center of the area’s mega block, a four-square-block residential area between Fifth and Seventh streets and N and P streets. Construction is expected to take approximately 32 months.

October 4, 2019

Acquisitions California Retail Western

Donahue Schriber Purchases Two Bay Area Shopping Centers for Nearly $132M

by Amy Works October 3, 2019

SAN FRANCISCO AND ANTOICH, CALIF. — Donahue Schriber has acquired two grocery-anchored retail centers for a total of nearly $132 million. The acquisitions expand the company’s presence in the San Francisco Bay area. In the first deal, Donahue Schriber purchased Lakeshore Plaza in San Francisco. Located at 1549 Sloat Blvd., the 172,364-square-foot center was built in 1993 and serves the Sunset District, West Portal and Saint Francis Wood. Lucky, Ross Dress for Less, Petco and Big 5 Sporting Goods anchor the retail property. This acquisition represents the company’s second purchase in San Francisco in the last two years. Additionally, Donahue Schriber acquired Antioch Crossings, a neighborhood retail center located at 3303-3421 Deer Valley Road in Antioch. Safeway anchors the 126,309-square-foot shopping center. Further terms of the transactions were not disclosed.

October 3, 2019

Acquisitions California Retail Western

Westside Retail Arranges $8.2M Sale of Freestanding Retail Building in Southern California

by Amy Works October 3, 2019

CULVER CITY, CALIF. — Westside Retail has arranged the sale of a freestanding retail building, located at 4411 Sepulveda Blvd. in Culver City. Tova Capital Inc. acquired the asset from Drucker Living Trust for $8.2 million, or approximately $680 per square foot. Samy’s Camera occupies the 12,054-square-foot building. Originally built in 1989 by the owner and operator of Allied Model Trains, the building’s architecture is a replica of the historic Los Angeles Union Train Station. Mark Einbund and Marc Pollock of Westside Retail represented the seller, while Daniel Pickard of Industry Partners represented the buyer in the deal.

October 3, 2019

Acquisitions California Industrial Office Western

Stos Partners Buys R&D/Office Property in California for $3.8M

by Amy Works October 3, 2019

CARLSBAD, CALIF. — San Diego-based Stos Partners has purchased a two-tenant R&D/office property located at 5816 Dryden Place in Carlsbad. A private entity sold the asset for $3.8 million. Stos Partners negotiated a sale-leaseback through which the seller will remain a long-term tenant, occupying 79 percent of the 22,156-square-foot building. The buyer plans to implement cosmetic improvements and building upgrades that include a new roof, exterior and interior paint, revived drought-tolerant landscaping, parking lot upgrades and speculative creative office interior improvements. This transaction brings Stos Partners’ year-to-date acquisition volume in 2019 to 402,500 square feet totaling more than $55.5 million throughout Southern California. Adam Foster of Foster Commercial Real Estate represented Stos in the acquisition.

October 3, 2019

Acquisitions California Multifamily Western

Pathfinder Partners Buys Rosemont Park Multifamily Complex in Metro Sacramento for $28.8M

by Amy Works October 2, 2019

SACRAMENTO — San Diego-based Pathfinder Partners has acquired Rosemont Park, an apartment complex near downtown Rosemont, a census-designated place in Sacramento County outside of Sacramento. An undisclosed seller sold the asset for $28.8 million. Located at 9190 Schmuckley Drive in Sacramento, Rosemont Park features 170 apartments in a mix of one-, two-, three- and four-bedroom units, as well as 21 townhomes ranging from 537 square feet to 1,400 square feet. The asset features a mix of original unit interiors and renovated units with upgraded vinyl-plank flooring, resurfaced countertops, stained cabinetry and dual-pane windows. Community amenities include reserved covered parking, a courtyard with a community garden, resident package lockers, 24-hour card-operated laundry facilities, shaded barbecue and picnic area, swimming pool, spa and an open area to host community events.

October 2, 2019

Acquisitions California Retail Western

Capstone Advisors Disposes of Sabre Springs Plaza Retail Center in San Diego for $6.8M

by Amy Works October 2, 2019

SAN DIEGO — An affiliate of Capstone Advisors has completed the sale of Sabre Springs Plaza, a retail center in San Diego’s Sabre Springs community. A Southern California-based private investor acquired the property for $6.8 million. Located at the intersection of Poway Road and Springbrook Drive, the asset features 15,038 square feet of retail space. Phil Voorhees of CBRE’s National Retail Partners – West represented the seller, while Gary Stache of CBRE represented the buyer in the deal. Capstone Advisors has owned and operated the retail center since it acquired the property in 2015.

October 2, 2019

California Retail Western

Forever 21 Files for Chapter 11 Bankruptcy, Plans to Shutter 350 Stores Worldwide

by Jeff Shaw October 1, 2019

LOS ANGELES — Forever 21 Inc. has filed for chapter 11 bankruptcy in the United States Bankruptcy Court in the District of Delaware. Forever 21 intends to use these proceedings to facilitate a global restructuring that will allow the company to focus on a profitable core part of its operations. As part of its restructuring strategy, the company plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America. The Wall Street Journal reports Forever 21 could close up to 350 stores worldwide, including up to 178 In the U.S. Forever 21 intends to operate in a business-as-usual manner, honoring all company policies, including gift cards, returns, exchanges, reimbursement and sale purchases. Forever 21 has obtained $275 million in financing from its existing lenders with JPMorgan Chase Bank N.A. as agent, as well as $75 million in new capital from TPG Sixth Street Partners.

October 1, 2019

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