SAN DIEGO — Pacific Coast Commercial has arranged the sale of a retail and office property located at 2790 Lytton St. in San Diego. Greentree Enterprises sold the property to Global Disposal for $2.1 million. The property features 13,428 square feet of retail and office space. David Dilday and Erik Anderson of Pacific Coast represented the buyer and seller in the deal.
LA JOLLA, CALIF. — NKF Capital Markets has brokered the sale of The Campus on Villa La Jolla, a five-building mixed-use campus located at 8910 and 8980 Villa La Jolla Drive in La Jolla. GPI Cos. acquired the campus from La Jolla Village Professional Center Associates for $97.1 million. Kevin Shannon, Brunson Howard, Ken White, Paul Jones and Rick Stumm of NKF Capital Markets represented the seller in the deal. The buyer was self-represented. Situated on 6.8 acres, the 198,453-square-foot campus features a three-building professional center with office and medical tenants; a stand-alone medical office building; and a restaurant building fully occupied by Rock Bottom Brewery & Restaurant. At the time of sale, the property was 83 percent occupied. More than half of the campus is leased to the Regents of the University of California. The University of California, San Diego’s main campus is physically connected to the property via a walking bridge that passes over La Jolla Village Drive.
SAN JOSE, CALIF. — CBRE Capital Markets’ Debt & Structured Finance has secured $71.5 million in refinancing for The Junction at Montague, a four-building office and R&D campus in North San Jose. The borrower is a joint venture between Rockwood Capital and Four Corners Properties. Brad Zampa, Mike Water and Megan Woodring of CBRE’s San Francisco office arranged the five-year, floating-rate bridge financing at a spread over the 30-day LIBOR on behalf of the borrower. A national mortgage REIT focused on investing in larger, West Coast value-add debt opportunities provided the capital. Located at 2520, 2560 and 2580 Junction Ave. and 541 E. Trimble Road, the 16-acre campus features a total of 262,110 square feet of space. Current tenants include Infineon Technologies AG, a semiconductor design/manufacturing firm, and Avnet, a distributor of electronic components and subsystems.
CULVER CITY, CALIF. — Regency Centers has selected Urbanspace to operate its Culver Public Market, a market hall located at the intersection of Washington Boulevard and Centinela Avenue in Culver City. The 26,000-square-foot hall will feature a variety of vendors, including artisans, entrepreneurs and chefs. Urbanspace connects small business owners and chefs with customers by reaching out to new communities and spaces. This is Urbanspace’s first entry into California. The company also operates Grand Central Holiday Fair and Union Square Holiday Market in New York City. Construction is slated to begin this fall with delivery in early 2020.
IRVINE, CALIF. — American Campus Communities and the University of California, Irvine, have broken ground on a 1,441-bed, on-campus residential building and a bike storage facility. This marks the beginning of Phase IV of the partnership’s on-campus development plan. The past three phases of development have brought a total of 5,162 units to the campus. Benchmark Contractors, a subsidiary of Morley Builders, was the general contractor for the past three phases on UCI’s campus, and is moving forward with a design-assist approach for the new large development. KTGY is the architect for the project. The development is set to open at the end of summer 2019.
COSTA MESA, CALIF. — Pacific Industrial, along with a private equity fund advised by Crow Holdings Capital, has acquired a two-building industrial asset in Costa Mesa for $33 million. Located at 3030 and 3080 Airway Ave. and adjacent to John Wayne Airport, the 157,204-square-foot asset comprises one building occupied by the U.S. headquarters of RipCurl, and a second building that was recently vacated by Karma. The buyer plans to make interior and exterior upgrades to the vacant building. Trent Walker and Carl Johnson of Voit Real Estate Services represented the buyer in the off-market transaction.
LAGUNA NIGUEL, CALIF. — Steadfast Senior Living has started pre-leasing at Crestavilla, a 201-unit, $95.5 million independent living, assisted living and memory care community in the Los Angeles suburb of Laguna Niguel. Atria Senior Living has been brought on to manage the 215,000-square-foot, three-story community. A luxury community located on 11.5 acres, rents will range from $6,600 to $15,000 per month. Santa Ana-based William Hezmalhalch Architects designed the community, which Bernards is building. Steadfast is pursuing LEED certification for Crestavilla, which would make it Atria’s 11th LEED-certified community.
LOS ANGELES — Commercial Asset Group has brokered the sale of a retail building located at 5520 San Vicente Blvd. in Los Angeles. A Burbank-based family partnership acquired the property from Wilshire Vista of Hollywood for $4.2 million. Built in the 1930s, the 4,200-square-foot, single-tenant property was renovated in 2014. Yummy.com Neighborhood Market, a chain of grocery stores with a large online/delivery presence, occupies the freestanding building. David Aschkensay of Commercial Asset Group represented the buyer and seller in the transaction.
SAN DIEGO — Marcus Buckingham has a rather simple yet effective piece of advice for seniors housing operators: stop focusing on the negative. “We have strengths and we have weaknesses. What should you spend more time on?” he asked. “Most people are way more focused on the weaknesses and identifying flaws and fixing them. It has a lot to do with fear. We should be honoring strengths.” Buckingham, a leadership and management expert, delivered the comments to more than 2,500 seniors housing executives on May 15 at the 2018 Argentum Senior Living Executive Conference & Expo held at the San Diego Convention Center. There are currently 93,300 people working in seniors housing in the U.S., according to Argentum, an inadequate number Buckingham said. Experts note there should be a one-to-one ratio of employees to residents. Compounding matters is that more exciting industries like technology and creative professions draw the younger generations away from traditional career roles, resulting in a jobs crisis. While seniors housing may not be as sexy as the tech sector, Buckingham believes a change in attitude can do wonders for employee retention. “There is a lot of turnover in the first 90 days, but people don’t measure …
LOS ALTOS, CALIF. — George Smith Partners has secured a $41 million bridge loan for the acquisition of an office property located at 5150 El Camino Real in Los Altos within Silicon Valley. The borrower was Vahe Tashkian of Dutchints Development. The borrower plans to acquire the 71,000-square-foot office property from an institutional seller for an undisclosed price. Malcolm Davies, Evan Kinne, Zachary Streit, Alexander Rossinsky and Rachael Lewis of George Smith Partners arranged the non-recourse loan, which features interest-only payments for the 24-month term and an 85 percent loan-to-cost ratio.
