California

Dermody Properties Acquires 265,500 SF Logistics Building in Inland Empire

by Amy Works January 22, 2019

FONTANA, CALIF. — Dermody Properties has purchased a logistics building, located at 14605 Miller Ave. in Fontana, for an undisclosed price. Situated two miles east of Interstate 15, the 265,500-square-foot property is located 10 minutes from Southern California’s Ontario International Airport. Dermody Properties plans to implement an improvement program at the property in the first quarter of 2019. Renovations will include upgrading the fire system to ESFR, making aesthetic changes and dividing the building into two spaces, although the property will be available to either a one- or two-tenant scenario. Ryan Athens and Hunter McDonald of CBRE represented the undisclosed seller in deal. Frank Geraci, Juan Gutierrez and Adam Geiger of Voit Real Estate Services will market the space for Dermody Properties.

January 22, 2019

Acquisitions California Multifamily Seniors Housing Washington Western

HFF Arranges Sale of Three Aegis Seniors Housing Communities on West Coast

by Amy Works January 22, 2019

BELLEVUE AND KIRKLAND, WASH., AND APTOS, CALIF. — HFF has arranged both the sale of and acquisition financing for three Class A seniors housing communities totaling 253 units on the West Coast. The sale structure essentially added a joint-venture partner, with Áegis Living as the seller and a venture between Blue Moon Capital Partners and Áegis affiliates as the buyer. The price was not disclosed. The portfolio offers a blend of assisted living and memory care units and has a combined average occupancy of nearly 95 percent. The two Seattle-area properties in the portfolio are Áegis of Bellevue in Bellevue, which consists of 68 assisted living and 18 memory care units, and Áegis Lodge of Kirkland in Kirkland, which consists of 70 assisted living and 17 memory care units. The Northern California property, Áegis of Aptos, is located in Aptos, an oceanside community approximately eight miles east of Santa Cruz and less than 40 miles south San Jose. The HFF investment advisory team representing the seller included David Fasano, Ryan Maconachy, Chad Lavender, Ross Sanders, Mark Wintner and Christopher Ross. HFF’s debt placement team representing the borrower was led by director Sarah Anderson.

January 22, 2019

Acquisitions California Multifamily Western

Levin Johnston Brokers $17.3M Sale of Lakewood Court Apartments in San Jose

by Amy Works January 22, 2019

SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of Lakewood Court Apartments, a multifamily property located at 1953 Via Reggio Court in downtown San Jose. Sridhar Equities acquired the property from a private family for $17.3 million. Built in 1988 and situated on 1.6 acres, Lakewood Court Apartments features 48 units in a mix of one- and two-bedroom layouts. The pet-friendly asset features garage parking and a community pool and spa. Adam Levin, Robert Johnston and Eymon Binesh of Levin Johnston of Marcus & Millichap represented the seller and buyer in the deal.

January 22, 2019

Acquisitions Affordable Housing California Development Multifamily Western

Affirmed Housing Group to Develop 78-Unit Affordable Housing Development in San Diego

by Amy Works January 22, 2019

SAN DIEGO — Affirmed Housing Group has acquired a 10,000-square-foot land parcel located in downtown San Diego. Central Auto Parks LLC sold the property for $3.7 million. Affirmed Housing Group plans to develop a 78-unit affordable housing property on the currently vacant parcel at the southeast corner of Front and Beech streets. Victor Krebs of Colliers International San Diego Region represented the seller, while Affirmed Housing Group was self-represented in the transaction.

January 22, 2019

Acquisitions California Industrial Western

Colliers Negotiates $10.8M Sale of Distribution Center in Bakersfield, California

by Amy Works January 21, 2019

BAKERSFIELD, CALIF. — Colliers International has directed the sale of an industrial distribution center, located at 5801 District Blvd. within the Stockdale Industrial Park in Bakersfield. OLP Bakersfield Ca LLC, a private investor, acquired the property from ICI Property LLC for $10.8 million. Built in 1980 and situated on 15.4 acres, the 220,180-square-foot property features 24-foot to 28-foot clearance, expandable loading, sufficient power, secured outside yard areas and proximity to rail service. Men’s Wearhouse occupies the single-tenant property on an NNN lease basis. Patrick Barnes, Stephen Haupt, Christopher Maling and David Maling of Colliers represented the buyer and seller in the transaction.

January 21, 2019

Acquisitions California Hospitality Western

Kennedy Wilson Sells Ritz-Carlton Lake Tahoe for $120M

by Amy Works January 18, 2019

TRUCKEE, CALIF. — Kennedy Wilson has completed the sale of The Ritz-Carlton Lake Tahoe, located at 13031 Ritz Carlton Highlands Court in Truckee, to Ashford Inc. (NYSE: AINC) for $120 million. Kennedy Wilson, a global real estate investment company, and its partner acquired the hotel’s 170 guest rooms, 23 condominiums and a 3.4-acre development parcel in 2012 for $74 million. The hotel features a 17,000-square-foot spa and fitness center, more than 15,000 square feet of indoor and outdoor function space, ski-in/ski-out location on Northstar California, a 17,000-square-foot slope-side spa, Slopeside Backyard Bar and BBQ, and a children’s program. The company also completed the sellout of all 23 condominium units at the The Ritz-Carlton Residences in 2016 for a total gross sales price of approximately $50 million. Additionally, in December, Kennedy Wilson sold a portfolio of hotels located across the United Kingdom for $54 million. A cash profit of $73 million to Kennedy Wilson was generated over the lifetimes of the two investments.

January 18, 2019

Acquisitions California Restaurant Retail Western

SRS Real Estate Partners Directs $3M Sale of Del Taco-Occupied Property in the Inland Empire

by Amy Works January 18, 2019

LAKE ELSINORE, CALIF. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a single-tenant retail property located at 16810 Lakeshore Drive in Lake Elsinore. A partnership specializing in the ownership of net-lease properties sold the asset to an undisclosed Southern California buyer for $3 million, or $1,957 per square foot. Del Taco occupies the 1,558-square-foot building with 12.5 years remaining on its corporate-guaranteed, 15-year, absolute triple-net lease. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller, while Chris Itule of Itule Real Estate Group represented the buyer in the all-cash transaction.

January 18, 2019

Acquisitions California Retail Western

Colliers, JLL Arrange $43M Acquisition of Encinitas Marketplace in California

by Amy Works January 17, 2019

ENCINITAS, CALIF. — Colliers International San Diego Region and JLL have negotiated the purchase of Encinitas Marketplace, a neighborhood retail center in Encinitas. An undisclosed seller sold the property to Encinitas Marketplace LLC for $43 million. Richard Lebert and Matt Zimsky of Colliers, along with Chris Ross of JLL, represented the buyer, while REZA Investment Group represented the seller in the deal. Located at 110-194 N. El Camino Real, Encinitas Marketplace features 124,411 square feet of retail space. Tenants include The Vitamin Shoppe, Five Guys, Firehouse Subs, Chick-fil-A, O’Reilly Auto Parts, Phenix Salon Suites, My Sister’s Closet, Sylvan Learning Center, The Joint Chiropractic, Allstate and Pacific Dental.

January 17, 2019

California Development Multifamily Western

JPI to Develop $190M Jefferson Vista Canyon Apartments Within Mixed-Use Project in Santa Clarita, California

by Amy Works January 16, 2019

SANTA CLARITA, CALIF. — JPI has closed on construction financing for Jefferson Vista Canyon, a luxury apartment community located in Santa Clarita. Dallas-based Comerica Bank and Los Angeles-based Colony Credit Real Estate will provide construction financing for the development. The $190 million project will feature 480 apartments; two resort-style pools with spas and cabanas with large-screen televisions; two fitness centers with multi-use studios for yoga and spin classes, with one center geared to functional training, including suspension training equipment; a clubhouse skylights, fireplace and entertainment kitchen; a speakeasy lounge; rooftop deck with barbecue area and fire pit; and a dog park and dog-washing station. Designed by Orange, Calif.-based Architects Orange, Jefferson Vista Canyon is slated for completion by spring 2020. Vista Canyon is JSB Development’s 185-acre, mixed-use, walkable community, including retail, office, hospitality, apartments, townhomes and single-family residences, along with a new intermodal transit station and Metrolink commuter rail.

January 16, 2019

California Loans Multifamily ORIX Seniors Housing Western

Lancaster Pollard Arranges $22.5M Construction Financing for Skilled Nursing Facility in Walnut Creek, California

by Amy Works January 16, 2019

WALNUT CREEK, CALIF. — Lancaster Pollard Mortgage Co. has arranged $22.5 million in financing for the construction of a skilled nursing facility in the Bay Area city of Walnut Creek. The borrower is Plum Healthcare Group LLC. Founded in 1999 and headquartered in San Marcos, Plum currently operates 55 skilled nursing facilities in California and Nevada. Grant Goodman led the transaction for Lancaster Pollard, along with Joe Munhall who leads the firm’s debt syndications group. A local bank provided the funds.

January 16, 2019

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