California

12800-Center-Court-Drive-South-Cerritos-CA

NKF Capital Markets Brokers Sale of 105,000 SF Office Building in Cerritos, California

by Amy Works August 3, 2018

CERRITOS, CALIF. — NKF Capital Markets has negotiated the sale of an office building located at 12800 Center Court Drive South in Cerritos. West Coast Capital Partners acquired the property from an affiliate of Transpacific Development Co. for an undisclosed price. Built in 2009, the five-story, 105,000-square-foot property is 91 percent occupied by five tenants. Kevin Shannon, Paul Jones, Ken White, Blake Bokosky and Brandon White of NKF Capital Markets represented the seller, while the buyer was self-represented in the 1031 exchange transaction.

August 3, 2018

California Loans Multifamily Western

Lion Real Estate Receives $35M in Financing for Newly Completed Apartment Building in Los Angeles

by Amy Works August 2, 2018

LOS ANGELES — Lion Real Estate Group has received $35 million in financing for EastView Apartments, a newly constructed Class A multifamily property located at 327 N. Boylston St. near downtown Los Angeles. Marc Schillinger and Peter Berges of HFF arranged the 12-year, fixed-rate loan with an insurance company for the borrower. The property features 121 units in a mix of studio, one- and two-bedroom layouts, ranging from 555 square feet to 1,267 square feet. On-site amenities include a fifth-floor sky deck with fire pit, grills and dining tables; co-working lounge with refreshment bar and large-screen television; swimming pool with hot tub and lounge; fitness center; secured parking; bike share program; and electric car charging stations.

August 2, 2018

California Loans Multifamily Seniors Housing Western

Lancaster Pollard Arranges $400M Refinancing for Plum Healthcare Skilled Nursing Portfolio in California

by Amy Works August 2, 2018

SAN MARCOS, CALIF. — Lancaster Pollard has arranged $400 million in financing for Plum Healthcare Group, a San Marcos-based skilled nursing operator. The bridge-to-HUD loan refinances Plum’s previous corporate term loan credit facility on a portfolio of 27 skilled nursing facilities throughout California. “Redesigning our capital structure for the emerging market is a key tenet of our strategic plan, which is focused on further enhancing our industry-leading clinical and patient outcomes, and aligning our business to capitalize on developing long-term growth opportunities in the healthcare space,” says Naveed Hakim, chief financial officer of Plum Healthcare Group. The Lancaster Pollard team of Grant Goodman, Jason Dopoulos, Joe Munhall and Elliot Kaple served as the syndication agent on the transaction. Credit Suisse served as the lender. “Completing this refinancing with Lancaster Pollard and Credit Suisse accomplishes a key step towards creating a unique, sustainable capital structure that will give us the flexibility and enhanced capital output to execute on our vision,” adds Hakim.

August 2, 2018

California Development Retail Western

Safeway to Anchor 100,000-Square-Foot Retail Center in San Jose

by Amy Works August 2, 2018

SAN JOSE, CALIF. — Safeway will anchor a 100,000-square-foot retail center in the North Village of Market Park San Jose, a mixed-use project under development in San Jose. The transit-oriented development is located adjacent to the soon-to-open Berryessa BART station. At full build-out, Market Park will include 4,000 residential units, 1.5 million square feet of office space, retail space, a park and walking/bicycle paths. In addition to the 65,000-square-foot Safeway, the North Village’s Market Place shopping center will house a drugstore, restaurants and service-oriented businesses. Borelli Investment Co. is handling the project management and leasing, and The Schoennauer Co. is handling permitting. The project team expects to break ground on the shopping center in the fall of 2019, with the Safeway store scheduled to open in 2020.

August 2, 2018

Acquisitions California Industrial Western

Totai America Acquires Industrial Building for $7.6M in Torrance, California

by Amy Works August 2, 2018

TORRANCE, CALIF. — Totai America has purchased an industrial building located at 19675 Mariner Ave. in Torrance. Kung Fu Dragon sold the property for $7.6 million. Totai America plans to relocate its headquarters to the 21,337-square-foot property. Founded in 1981, Totai America offers full-service rotogravure printing/converting services. Todd Taugner of The Klabin Company, in collaboration with Takashi Sugita of Relo Redac, represented the buyer in the deal.

August 2, 2018

Acquisitions California Company News Florida Healthcare South Carolina Southeast Top Stories Western

HCP Forms $605M Medical Office Joint Venture With Morgan Stanley

by Camren Skelton August 2, 2018

IRVINE, CALIF. — Irvine-based real estate investment trust HCP (NYSE: HCP) has entered into a definitive agreement to form a new $605 million joint venture with Morgan Stanley Real Estate Investment (MSREI) on a 2 million-square-foot medical office building portfolio. MSREI will provide cash to the joint venture for a 49 percent stake, while HCP will contribute nine wholly owned medical office buildings valued at approximately $320 million. These assets, located primarily in Texas and Florida, comprise 1.2 million square feet of leasable space and are 80 percent occupied. The joint venture will use the cash contributed by MSREI to fund the $285 million acquisition of a medical office portfolio in Greenville, S.C. Healthcare Trust of America Inc. (NYSE: HTA) has agreed to sell the Greenville portfolio, which includes 16 medical office buildings totaling approximately 856,000 square feet. HTA originally acquired the portfolio in 2009 for $163 million as part of a sale-leaseback transaction. HCP and MSREI will immediately market for sale three of the smaller assets within the Greenville portfolio, leaving the venture with a combined 832,000 square feet of leasable space. Greenville Health System, the largest health system in South Carolina, occupies 94 percent of the portfolio’s square …

August 2, 2018

Acquisitions California Office Western

Hudson Pacific Properties Sells Six-Building Office Campus in San Mateo for $210M

by Amy Works August 1, 2018

SAN MATEO, CALIF. — Hudson Pacific Properties has completed the sale of the remaining six buildings at Peninsula Office Park in San Mateo. The buildings sold for a total consideration of $210 million before credits, pro-rations and closing costs. Totaling 447,739 square feet, the assets included in the sale are Buildings 1-5 and 7. As of the end of the first quarter of 2018, the buildings were 83 percent occupied. Hudson Pacific sold the fully vacant, 63,050-square-foot Building 6 in January for $22.5 million. Net proceeds from the sale were used to repay amounts outstanding on the company’s revolving credit facility, with the remainder held for general corporate purposes. The name of the buyer was not released.

August 1, 2018

Acquisitions California Office Western

Lincoln Property Acquires Historic Office Building in San Francisco’s Financial District

by Amy Works August 1, 2018

SAN FRANCISCO — Lincoln Property Co. has partnered with affiliates of Rockwood Capital to purchase 332 Pine St., a historic office building located in San Francisco’s financial district. Built in 1912, the 45,000-square-foot property features open floor plans, side-core construction, high ceilings and exposed concrete and brick. Additionally, the nine-story office building includes a penthouse and rooftop terrace. At the time of sale, a variety of technology and media tenants occupied the property. Kyle Kovac and Mike Taquino of Newmark Knight Frank handled the transaction. Terms of the sale were not disclosed.

August 1, 2018

The-Center-Needham-Ranch-Santa-Clarita-CA

California Development Industrial Western

Trammell Crow, Clarion Partners Begin Construction of 54-Acre Business Park in Santa Clarita

by Amy Works August 1, 2018

SANTA CLARITA, CALIF. — Trammell Crow Co. and Clarion Partners have started vertical construction on the first phase of The Center at Needham Ranch. The 54-acre business park is the first phase of a larger, 132-acre, fully entitled site with approvals for up to 4.2 million square feet of industrial and commercial space. Phase I of The Center at Needham Ranch will comprise an 869,760-square-foot, seven-building industrial park, offering Class A buildings ranging in size from 34,270 square feet to 209,559 square feet. Scheduled for occupancy in the first quarter of 2019, the first buildings of Phase I will feature 30-foot to 36-foot interior clear heights with ESFR fire sprinklers, abundant dock-high loading with large truck courts and yard areas, and abundant vehicle parking with capacity for above standard parking counts. The project is located at the southern entrance of the city of Santa Clarita, along Sierra Highway and Highway 14, south of Newhall Avenue and one mile from the intersection of Interstate 5 and Highway 14. The project team includes Oltman’s Construction Co., HPA Inc. and Alliance Land Planning & Engineering. CBRE’s Craig Peters and Doug Sonderegger are leasing agents for the property.

August 1, 2018

Acquisitions California Mixed-Use Multifamily Office Retail Western

Asana Partners Purchases Mixed-Use Portfolio in Los Angeles for $23.2M

by Amy Works August 1, 2018

LOS ANGELES — Charlotte, N.C.-based Asana Partners has purchased The Fig Collection @ Highland Park, a three-property mixed-use portfolio in Los Angeles’ Highland Park submarket. Engine Real Estate, a Los Angeles-based private investor, sold the asset for $23.2 million. The portfolio includes: A two-building multifamily and retail property located at 5900 N. Figueroa St. and 111 S. Avenue 59. The property at 5900 N. Figueroa St. includes 12 studio and one-bedroom apartment units and 11,305 square feet of ground-floor retail space, which is 86 percent leased. Mr. Holmes Bakehouse occupies the 4,167-square-foot building located at 111 S. Avenue 59. A single-story, 2,250-square-foot building located at 5711 N. Figueroa St. The property is fully occupied by Sonomama, a high-end gift and apothecary shop; and Afters Ice Cream, an ice cream shop with outposts across Southern California. A two-story, 22,500-square-foot property, located at 5715-5717 N. Figueroa St. Recently renovated, the property features retail and commercial office space, which is fully occupied. Tenants include LemonTree, an audio production facility and recording studio; Blind Barber, a barber shop with a speakeasy bar; Chops Market, a deli; Otono Restaurant; Pacific Union, a luxury residential real estate brokerage firm; and Arrive Enterprises. Dana Brody of JLL …

August 1, 2018

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