California

SRS Arranges $3.4M Sale of Red Robin-Occupied Restaurant Property Near Disneyland

by Amy Works February 1, 2019

GARDEN GROVE, CALIF. — SRS Real Estate Partners has brokered the sale of the ground lease for a single-tenant restaurant property in Garden Grove. A Los Angeles-based private non-1031 investor acquired the property from a Los Angeles-based partnership for $3.4 million. Red Robin Gourmet Burgers and Brews occupies the 7,346-square-foot property, which is located at 12007 Harbor Blvd., on a corporate-guaranteed triple-net lease with Red Robin Gourmet Burgers Inc. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Michael Walseth, also of SRS, represented the all-cash buyer in the deal.

February 1, 2019

Acquisitions California Industrial Western

KKR Buys Newly Constructed Industrial Building in California for $43.5M

by Amy Works January 31, 2019

PERRIS, CALIF. — Rockefeller Group has completed the sale of an industrial distribution building located within Optimus Logistics Center in Perris. KKR, through its Real Estate Partners Americas II Fund, acquired the newly constructed asset for $43.5 million. The 406,650-square-foot building is the second building to be completed and sold at Optimus Logistics Center, a 1.45 million-square-foot industrial complex. Rockefeller Group, in a joint venture with MBK Real Estate, completed the construction of Optimus Logistics Center in September 2018. Mike McCrary, Peter McWilliams, Sharon Wortmann and Scott Coyle of JLL represented both Rockefeller Group and KKR in the transaction.

January 31, 2019

California Development Loans Multifamily Seniors Housing Western

Dekel Capital Structures $59.4M in Construction Financing for Assisted Living Community in Glendale, California

by Amy Works January 31, 2019

GLENDALE, CALIF. — Dekel Capital has assembled $59.4 million in debt and equity financing for the development of Sage Glendale Senior Living, a 113-bed assisted living and memory care facility in Glendale. Developed by Willis Development, Sage Glendale Senior Living will feature 81 assisted living units, 24 private memory care units, and four semi-private memory care units. Community amenities will include a community garden, library, theater, classrooms, exercise area, commercial kitchen and beauty salon. Slated for completion in first-quarter 2020, the seniors housing community will be located at 509-525 W. Elk Ave., approximately nine miles north of downtown Los Angeles. The financing consists of a $38.7 million construction loan originated by East West Bank and arranged through Dekel Capital’s advisory practice. The four-year financing, with interest-only monthly payments for the first 36 months of the term, was underwritten at 65 percent loan-to-cost ratio. Dekel also provided $20.7 million in joint venture equity through the firm’s proprietary equity fund Dekel Strategic Investors.

January 31, 2019

Acquisitions California Loans Multifamily Seniors Housing Western

CBRE Arranges $35.2M Acquisition Financing for Seniors Housing Community in Oakland

by Amy Works January 31, 2019

OAKLAND, CALIF. — CBRE has arranged $35.2 million in financing for the acquisition of The Point at Rockridge, a Class A, 148-unit assisted living and memory care community in Oakland. The borrower is a joint venture between Angelo Gordon & Co. and Auctus Capital Partners. The property is located near the University of California Berkeley in the affluent submarket of Rockridge. Home values in a one-mile radius average over $1 million and the average household income is nearly $130,000 per year. The property has undergone two multimillion-dollar renovations in recent years. The first renovation was in 2013, converting 30 assisted living units into a dedicated memory care wing. The second renovation occurred in 2016, providing updates to interior and exterior common areas, community amenities, units and landscaping. The buyers plan to make further improvements to the community. Integral Senior Living, which has operated the property since 2013, will continue to manage The Point at Rockridge following the acquisition. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the seven-year, fixed-rate Freddie Mac loan with 48 months of interest-only payments.

January 31, 2019

Acquisitions California Industrial Western

Shaw Development, Penwood Real Estate Divest Industrial Property in the Inland Empire

by Amy Works January 31, 2019

SAN BERNARDINO, CALIF. — A joint venture between Shaw Development and Penwood Real Estate Investment Management has completed the disposition of a single-tenant industrial asset located at 5080 Hallmark Parkway in the San Bernardino submarket of the Inland Empire. Terms of the transaction were not disclosed. Situated on 7.6 acres, the 197,100-square-foot property is triple-net leased on a long-term basis to Tree Island Steel, a wire products producer. The facility features 25-foot to 30-foot clear heights, 16 dock-high loading doors, two grade-level doors, one door with ramp-to-grade level and low office finish. Andrew Briner and Michael Roberts of HFF, along with Frank Geraci and Juan Gutierrez of Voit Real Estate Services, represented the seller in the deal.

January 31, 2019

Acquisitions California Restaurant Retail Western

Paragon Commercial Sells In-N-Out Burger Ground Lease in San Jose for $6.9M

by Amy Works January 31, 2019

SAN JOSE, CALIF. — Paragon Commercial Group has completed the sale of a ground lease for an In-N-Out Burger located at the corner of Great Oaks Parkway and Cottle Road in San Jose. A private Bay Area buyer acquired the property for $6.9 million. In 2014, Paragon began work to acquire a former parking lot site and concurrently entered into a ground lease with In-N-Out Burger for a single-tenant restaurant. The property is currently under construction and is expected to open in first-quarter 2019. Christopher Sheldon of Cushman & Wakefield represented Paragon, while Andy Chana of Sands Investment Group represented the buyer in the deal.

January 31, 2019

California Development Healthcare Western

Dignity Health Breaks Ground on $215M Campus Expansion, Patient Care Tower in Los Angeles

by Amy Works January 30, 2019

LOS ANGELES — Dignity Health California Hospital Medical Center has broken ground on a $215 million campus expansion and modernization project in downtown Los Angeles. The centerpiece of the project is a 150,000-square-foot patient care tower that will add space, privacy and advanced medical technology, as well as increasing capacity and accessibility for emergency, trauma and maternity services. The first floor of the new tower will house larger, private and state-of-the-art emergency and trauma bays resulting in a 51 percent increase in the number of patient care areas. Additionally, the new tower will feature an enhanced neonatal intensive care unit with private rooms and labor and delivery suites, including midwifery services, antepartum and postpartum services. The expansion will also include a new pediatrics unit on the sixth floor of the existing Tibbitts Tower, an emergency mental health observation center adjacent to the new emergency department and a new multi-level parking structure with meeting and retail space on the ground floor. Completion is slated for 2020, with occupancy in 2021. The campus expansion is being funded through a loan of $165 million from Dignity Health and a capital campaign seeking local philanthropic investment of $50 million.

January 30, 2019

Acquisitions California Restaurant Retail Western

Valore Ventures Acquires Fee Simple Interest in Four Disneyland-Area Restaurants for $13.1M

by Amy Works January 30, 2019

GARDEN GROVE, CALIF. — Beverly Hills, Calif.-based Valore Ventures has closed on fee simple interest in four brand-name restaurants in Garden Grove for $13.1 million. The restaurants include Oggi’s Pizza & Brewery, Outback Steakhouse, Red Robin Gourmet Burgers and Brews, and Joe’s Crab Shack. The assets are all subject to ground leases and were built between 2001 and 2008 in conjunction with surrounding development that includes three high-rise hotels in Garden Grove. The properties also feature a 2.8-acre parking lot, which is owned by the nearby Sheraton, Marriott and Delta hotels, but is exclusively for restaurant use. Valore Ventures purchased the site as one large parcel, which the company plans to spilt into four individual parcels for sale. Tom Fazekas of Fazekas Retail Group in San Francisco represented the seller in the transaction.

January 30, 2019

2510-2530-West-Coast-Hwy-Newport-Beach-CA

Acquisitions California Retail Western

CBRE Brokers $6.4M Sale of Two-Building Retail Asset in Newport Beach

by Amy Works January 30, 2019

NEWPORT BEACH, CALIF. — CBRE has arranged the sale of a retail and showroom property, located at 2510-2530 West Coast Highway in Newport Beach. A high-net-worth investor acquired the asset from Shafer Family Trust for $6.4 million. Anthony DeLorenzo, Gary Stache, Doug Mack and Ross Bourne of CBRE represented the seller and buyer in the transaction. Bayport Yachts occupies the two single-story buildings, which total 4,452 square feet. The property currently serves as the retail building and showroom for a yacht dealership, a tenant since 2001.

January 30, 2019

Acquisitions California Hospitality Western

J Street Hospitality Acquires 174-Room Hotel Karlan San Diego

by Amy Works January 29, 2019

SAN DIEGO — J Street Hospitality, a San Diego-based hotel developer and owner, has purchased Hotel Karlan San Diego – a Doubletree by Hilton, for an undisclosed price. Azul Hospitality Group has been retained to manage the hotel. Located at 14455 Penasquitos Drive in San Diego, the 174-room hotel features a fitness room, swimming pool, tennis court, 24-hour pavilion pantry market and room service. Mark Armstrong of HREC Investment Advisors represented the undisclosed seller in the transaction.

January 29, 2019

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