California

SLIB Negotiates $22.8M Sale of Memory Care Community in Southern California

by Amy Works April 5, 2019

VISTA, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Vista Gardens, a 71-unit memory care community in Vista, located between San Diego and Los Angeles. A private equity firm based in Colorado acquired the community for $22.8 million as part of a growth strategy in seniors housing. The seller was a local, single-asset owner seeking to exit the industry. Vista Gardens totals 44,000 square feet and is located on a 4.5-acre plot. The price equates to $321,000 per unit. Alec Blanc of Monarch Advisors (an affiliate of SLIB) sourced the senior debt for the transaction. It consisted of an $18.1 million loan, including $1.9 million for planned capital expenditures, from a regional commercial bank. The loan is structured with a five-year term, interest-only payments for the first two years and partial recourse from the buyer with a burn-off provision. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.

April 5, 2019

Acquisitions California Retail Western

Marcus & Millichap Brokers Sale of Two Multi-Tenant Retail Pads in Rialto, California

by Amy Works April 5, 2019

RIALTO, CALIF. — Marcus & Millichap has negotiated the sale of two multi-tenant retail pads at Rialto Marketplace, located at the southwest corner of Riverside and San Bernardino avenues in Rialto, two blocks north of Interstate 10. Scott Hook of Marcus & Millichap arranged the sale. Terms of the transaction were not released. Recently developed by Newmark Merrill Cos., the assets total 25,567 square feet. Tenants include Starbucks Coffee, GNC, Wingstop, Pieology Pizzeria and T-Mobile. Walmart Supercenter is the anchor tenant for Rialto Marketplace.

April 5, 2019

California Development Multifamily Western

MBK Rental Living, Snyder Langston Break Ground on 300-Unit Apartment Community in Southern California

by Amy Works April 4, 2019

CARSON, CALIF. — Developer MBK Rental Living and general contractor Snyder Langston have broken ground on Evolve South Bay, a multifamily complex at 20330 S. Main St. in Carson. Situated on 11.8 acres, the 300-unit Evolve South Bay will feature three-story stacked flats with top-floor lofts in a mix of one-, two- and three-bedroom layouts with private garages. The units will feature modern cabinetry, quartz countertops, stainless steel appliances and wood-style flooring. Community amenities will include a fitness center, resort-style pool and spa, barbecue area, outdoor fireplaces, outdoor fitness equipment, dog park, walking path, co-working space, business center, social lounge and California Room, an open-air transition space. Snyder Langston has completed more than 50 percent of the vertical and horizontal utility improvements and land stabilization work for Evolve South Bay. The property is slated to begin pre-leasing in early 2020.

April 4, 2019

Acquisitions California Office Western

Clarion Partners, LPC West Buy 215 Fremont Office Building in San Francisco

by Amy Works April 4, 2019

SAN FRANCISO — Clarion Partners and LPC West have acquired 215 Fremont, an office building in San Francisco’s financial district for an undisclosed price. Constructed in 1927 and renovated in 2001, the eight-story office building features 360,000 square feet of office space with 45,000-square-foot floor plates and multiple roof decks. Additional building amenities include terraces, bicycle parking, shower facilities, on-site parking and 19,000 square feet of ground-floor retail space. JLL and Eastdil Secured assisted in the transaction.

April 4, 2019

Acquisitions California Office Western

Brookwood Financial Acquires Four Points Business Park in San Diego for $28.2M

by Amy Works April 4, 2019

SAN DIEGO — Brookwood Financial Partners has purchased Four Points Business Park in San Diego’s Kearny Mesa district. San Diego-based Fenway Capital Advisors and Water Asset Management sold the property for $28.2 million. Louay Alsadek and Hunter Rowe of CBRE represented the seller, while Fenway Capital Advisors and Waterfall Asset Management were self-represented. Located at 5575, 5625 and 5675 Ruffin Road, the 124,463-square-foot office campus was 92 percent leased at the time of sale. The asset consists of three freestanding buildings and 590 on-site parking spaces. The sellers acquired the property in 2013.

April 4, 2019

California Loans Multifamily Seniors Housing Western

Cushman & Wakefield Arranges $26.4M Refinancing for Assisted Living Community in California

by Amy Works April 4, 2019

FAIRFIELD, CALIF. — Cushman & Wakefield Senior Housing Capital Markets has arranged a $26.4 million first mortgage loan to refinance Rockville Terrace, an assisted living community in the Bay Area city of Fairfield. The borrower was a joint venture between Blue Mountain Enterprises Inc. and Calson Management. PNC is the lender. The two-story Rockville Terrace offers 112 units of assisted living and 36 units of memory care. Blue Mountain, a local developer, and Calson, a regional operator, built the community as the second ground-up development for the partnership. The Cushman & Wakefield team involved in the transaction included Aaron Rosenzweig, Jay Wagner and Sam Dylag.

April 4, 2019

California Leasing Activity Office Top Stories Western

Culver City to Become New Home for HBO’s West Coast Headquarters

by Alex Tostado April 4, 2019

CULVER CITY, CALIF. — HBO has signed a long-term lease to move its West Coast corporate headquarters from Santa Monica, Calif. to Ivy Station in Culver City in 2021. HBO will fully occupy the five-story, 240,000-square-foot office building at Ivy Station. HBO’s current lease at Colorado Center in Santa Monica, where it has been based since 2004, expires at the end of this year. The Los Angeles Times reports that the new lease is for 15 years. A joint venture between Lowe, AECOM-Canyon Partners and Rockwood Capital broke ground on the $350 million, 5.2-acre mixed-use project in September 2017. Completion is scheduled for mid-2020. Ivy Station is situated adjacent to the Culver City station stop along the Los Angeles Metro Expo Line. The transit-oriented development will include 200 apartment units, a 148-room hotel, 50,000 square feet of retail and restaurant space, two acres of outdoor space and 1,500 parking spaces, 300 of which will be designated for metro transit riders. “HBO is an ideal business anchor for Ivy Station, bringing to the property creative professionals that will enjoy access to public transit, host out of town guests at the hotel, and frequent the shops and restaurants that will populate the …

April 4, 2019

Acquisitions California Multifamily Student Housing Western

FourPoint Investment Arranges Sale of 60-Bed Student Housing Portfolio Near USC

by Amy Works April 3, 2019

LOS ANGELES — FourPoint Investment Sales Partners has arranged the sale of Chateau Sera and Tropicana, two student housing communities totaling 60 beds near the University of Southern California in Los Angeles. Both buildings were recently renovated and feature exterior and interior upgrades throughout. Chris Epp, Chris Bancroft, Craig Miller and Meredith Wolff of FourPoint arranged the transaction on behalf of the seller, NB Private Capital. A California-based regional operator acquired the portfolio. Terms of the sale were undisclosed.

April 3, 2019

Acquisitions California Retail Western

Hanley Investment Group Arranges $5.6M Sale of Two Retail Pads in Ontario, California

by Amy Works April 2, 2019

ONTARIO, CALIF. — Hanley Investment Group Real Estate has brokered the sale of two retail pad buildings, totaling 21,591 square feet in Ontario, in two separate transactions totaling $5.6 million. The properties are part of a Walgreens-anchored neighborhood center, which was built in 2007. Kevin Fryman of Hanley Investment Group represented the seller, an Ontario, Calif.-based private developer, in both transactions. In the first deal, a Southern California-based private investor acquired a two-tenant, 13,381-square-foot building, situated on 1.3 acres at 2645 E. Riverside Drive, for $3.2 million. A 7,200-square-foot O’Reilly Auto Parts and a corporate office fully occupy the property. Jeff Lin of Marcus & Millichap’s Ontario, Calif., office represented the buyer. In the second transaction, a Temple City, Calif.-based private investor purchased an 8,210-square-foot retail pad, located on 1.1 acres at 2665 E. Riverside Drive in Ontario, for $2.4 million. The property is fully occupied by seven tenants, including Subway, Wonderful Massage, Empire Barbers, IE Vapes, First Rate Staffing, Les Tax and a management company. Watson Yeh of Temple City-based EZ Max Realty represented the buyer in the deal.

April 2, 2019

California Healthcare Leasing Activity Western

Voit Real Estate Arranges $148M Lease to Bring VA Outpatient Clinic to San Diego

by Amy Works April 1, 2019

SAN DIEGO — Voit Real Estate Services has arranged a 20-year, $148 million lease of an existing, 100,000-square-foot facility located at 8875 Aero Drive in San Diego. The United States Department of Veterans Affairs (VA) leased the property from Protea Properties, which acquired the asset in August 2017. Brandon Keith and Kipp Gstettenbauer of Voit’s San Diego office, along with Voit’s Private Client Group, directed the lease. The facility, which is situated on 7.7 acres, will be transformed into a state-of-the-art VA outpatient clinic — the only one of its kind in Southern California. Once completed, the new clinic will total 140,000 square feet and feature significant interior and exterior upgrades, as well as a new multi-level parking structure.

April 1, 2019

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