California

Blueprint Negotiates Sale of 145-Bed Seniors Housing Community in Lodi, California

by Amy Works February 25, 2019

LODI, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Ashley Place, a 145-bed assisted living community in Lodi, located south of Sacramento and east of San Francisco. A single-asset owner-operator seeking to exit seniors housing sold the property for an undisclosed price. The buyer was a joint venture between a Northern California-based operator and Atlantis Senior Living. The property does not currently offer memory care, so was marketed as a value-add opportunity for prospective buyers. Blueprint’s Jacob Gehl and Scott Frazier led the transaction.

February 25, 2019

Acquisitions California Restaurant Retail Western

SRS Brokers $3M Sale of Del Taco-Occupied Restaurant in Chatsworth, California

by Amy Works February 25, 2019

CHATSWORTH, CALIF. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of a single-tenant restaurant asset, located at 21920 Lassen St. in Chatsworth. A private investor acquired the property for $3 million, or $1,540 per square foot. Del Taco occupies the approximately 1,961-square-foot property, which features a 24-hour drive-thru, on a long-term absolute triple-net, corporate-guaranteed lease with more than 12 years remaining. Built in 1989, the property is situated on 0.4 acres. Matthew Mousavi and Patrick Luther of SRS, in cooperation with Brandon Trevellyan of Capital Real Estate Ventures, represented the seller, a privately held partnership, while Warren Berzack of Lee & Associates represented the buyer in the deal.

February 25, 2019

California Industrial Loans Office Western

Talonvest Capital Secures $22.4M Acquisition Loan for Business Park in Northern California

by Amy Works February 22, 2019

FREMONT, CALIF. — Talonvest Capital has arranged a $22.4 million bridge loan for CIP Real Estate for the purchase of Fremont Business Center, a flex business park located in Fremont. The four-year non-recourse bank loan will finance up to 68 percent of total project costs, including future funding for capital improvements and leasing costs. Fremont Business Center consists of five research-and-development buildings totaling 148,926 square feet of space. The property features suites ranging in size from 5,736 square feet to 28,391 square feet. Erich Pryor, Tom Sherlock and Eric Snyder of Talonvest Capital secured the financing.

February 22, 2019

Acquisitions California Industrial Western

Alere Property Group Buys Industrial Business Park in Orange County for $21.9M

by Amy Works February 22, 2019

ORANGE, CALIF. — Alere Property Group has acquired North Orange Industrial Park, an industrial business park located in Orange from an undisclosed seller for $21.9 million in an off-market transaction. Mike Cargile and Loren Cargile of Voit Real Estate Services represented the buyer in the deal. The three-building asset features 138,970 square feet of industrial space in a variety of ground-level unit sizes and multi-tenant dock-high spaces. At the time of sale, the property was 100 percent occupied by a tenant mix of light industrial and distribution users.

February 22, 2019

Acquisitions California Mixed-Use Restaurant Retail Top Stories Western

CBRE Brokers $80M Sale of 430,000 SF Anaheim GardenWalk Near Disneyland

by Amy Works February 22, 2019

ANAHEIM, CALIF. — CBRE’s National Retail Partners-West has brokered the sale of Anaheim GardenWalk, a mixed-use entertainment center located at 400 Disney Way in Anaheim. A partnership between New York City-based Arcturus and two private equity investors sold the property to Whittier, Calif.-based STC Management, on behalf of a partnership between local and Taiwanese investors, for $80 million. Situated within walking distance of Anaheim’s Disneyland Resort and the Anaheim Convention Center, the three-story, open-air project features 430,000 square feet of leasable space. Current tenants include House of Blues Anaheim, Bowlmor Bowling Center, AMC Theatres, 24 Hour Fitness, The Cheesecake Factory, P.F. Chang’s China Bistro and California Pizza Kitchen. The asset was designed by Callison Architects, in collaboration with Lyons Warren Engineers + Architects, in 2007. It currently features an under-construction, 466-key J.W. Marriott (not part of the sale) abutting GardenWalk. The property is also designed to accommodate 399 timeshare units atop its 2,900-stall parking garage and another 400-key hotel, which is planned to be built at the northwest corner of Katella Avenue and Clementine Street. Jimmy Slusher, Kirk Brummer, Sean Heitzler and Philip Voorhees of CBRE represented the seller in the transaction. “Landmark properties such as GardenWalk only exist around …

February 22, 2019

California Loans Mixed-Use Office Retail Western

HFF Secures $17.6M Acquisition Loan for Mixed-Use Building in Santa Monica, California

by Amy Works February 21, 2019

SANTA MONICA, CALIF. — HFF has secured a $17.6 million acquisition loan for a mixed-use building, located at 1404-1408 Third St. in Santa Monica. The borrower is Blatteis & Schnur. Marc Schillinger and Paul Brindley of HFF arranged the floating-rate loan with a debt fund as the lender. Upon expiration of existing leasing and attainment of entitlements Blatteis & Schnur has plans to develop a new building on the site. The mixed-use building totals 14,584 square feet of two-story creative office space and ground-floor retail space, which is occupied by Lush and Chilli Beans.

February 21, 2019

Acquisitions California Multifamily Western

IPA Brokers $19.5M Sale of 98-Unit Villa Capri Apartment Asset in Escondido, California

by Amy Works February 21, 2019

ESCONDIDO, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Villa Capri, a multifamily property in Escondido. VCA Co. sold the property to 902 Washington for $19.2 million. Completed in 1971, Villa Capri features 11 one- and two-story buildings offering a total of 98 apartment units. Christopher Zorbas and Austin Huffman of The Zorbas Group of Marcus & Millichap’s San Diego office represented the seller and procured the buyer in the transaction.

February 21, 2019

California Development Retail Western

Pacific Retail Capital, J.P. Morgan Plan $20M Renovation to Paseo Nuevo in Santa Barbara

by Amy Works February 20, 2019

SANTA BARBARA, CALIF. — Pacific Retail Capital Partners and J.P. Morgan Asset Management have announced a $20 million renovation program for Paseo Nuevo, a 458,000-square-foot outdoor shopping destination in Santa Barbara. Slated to begin in early 2019, the first phase of redevelopment will include revamping existing portions of the center, creating districts within the property’s footprint and working closing with the Santa Barbara County Office of Arts & Culture to implement an art program. Upon completion, the community will include upgraded shopping and entertainment areas, as well as interactive community spaces featuring group games, charging stations and gathering spots. The second phase involves the repurposing of the newly appointed Ortega Building — previously home to Macy’s. The adaptive reuse project will convert the former department store into a vibrant complex supporting community and commerce.

February 20, 2019

Acquisitions California Multifamily Western

Mogharebi Group Negotiates $19M Sale of Canyon Springs Apartments in Fresno

by Amy Works February 19, 2019

FRESNO, CALIF. — The Mogharebi Group (TMG) arranged the sale of Canyon Springs Apartments, a multifamily property located on North Figarden Drive in Fresno. A San Diego-based private investment group acquired the asset for $19 million, or $137,681 per unit. Built in 2004, Canyon Springs Apartments comprises 14 residential buildings offering a total of 138 apartments in a mix of one-, two- and three-bedroom floor plans, averaging 1,058 square feet. Units feature wood laminate or vinyl flooring in the kitchen and bath areas, plush carpeting in the bedrooms and living areas, in-unit washers/dryers, and balconies or covered patios. Situated on 14.7 acres, the property features a swimming pool and spa, clubhouse, tot lot, business center, fitness center, basketball court, volleyball court and covered parking. Alex Mogharebi, Otto Ozen, Robin Kane and Brendan Kane of TMG represented the seller, a Clovis, Calif.-based private investment group, in the deal.

February 19, 2019

Acquisitions California Restaurant Retail Western

Faris Lee Investments Arranges Sale of Two Quick-Serve Restaurants in California for $5.3M

by Amy Works February 19, 2019

LAKE ELSINORE AND VISTA, CALIF. — Faris Lee Investments has brokered the $5.3 million sale of two quick-serve restaurants in California via two separate transactions. In the first transaction, Loan Oak Ranch acquired a newly constructed restaurant property, located in front of the recently completed Central Plaza in Lake Elsinore. The seller was HFC/PRP Elsinore LLC. The property was pre-sold, as it was still under construction at the time of sale, for $3.8 million. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller, while Schuil & Associates represented the buyer. In the second deal, Northern California-based Maddvio California purchased a newly constructed quick-serve restaurant property in downtown Vista from 227 Broadway LLC for $1.5 million. DogHaus Restaurant & Brewery, a “craft-casual” gourmet hot dog chain, occupies the 3,593-square-foot property. Conover, Scott DeYoung and Hunter Steffien of Faris Lee Investments represented the seller, while Faris Lee represented the buyer in the transaction.

February 19, 2019

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