TULARE AND HANFORD, CALIF. — Retail California has arranged leases for two retail spaces in Tulare and Hanford, both located between Los Angeles and the Bay Area. In the first deal, The Habit Burger Grill leased 16,837 square feet of restaurant space at 989 E. Prosperity Ave. in Tulare. Prosperity Equity Partners is the landlord. Nick Frechou of Retail California and Shane Anderson of Commercial Retail Associates brokered the transaction. In the second deal, Aldi Food Market signed a lease for 22,500 square feet of retail space at the southwest corner of 12th Avenue and Lacey Boulevard in Hanford. Eureka Development Co. is the landlord. Frechou and Michael Arfsten of Retail California, along with Chris Campbell of CB Commercial, arranged the transaction.
LONG BEACH, CALIF. — Greystar Real Estate Partners, on behalf of its real estate funds, has purchased Pacific Court Apartments, located at 250 Pacific Ave. in Long Beach, for an undisclosed price. The property features 211 apartment units, 35,000 square feet of retail space and a 400-space subterranean parking garage. On-site amenities include a fitness center, dog wash, business center, poker room and clubhouse. The name of the seller was not released.
HEALDSBURG, CALIF. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Healdsburg Senior Living Community, a 110-unit assisted living, memory care and skilled nursing campus in the Sonoma County city of Healdsburg. Sitting on approximately seven acres, the community features 40 assisted living units, 32 memory care beds and 38 skilled nursing beds. A global private real estate investment firm with a large national seniors housing portfolio acquired the property for $19 million, or $173,000 per bed. The seller was not disclosed, though the property is featured on Pacifica Senior Living’s website. Mario Wilson and Christopher Hyldahl of Blueprint led the transaction.
BEVERLY HILLS, CALIF. — Arriba Capital has arranged a $5.3 million loan for the acquisition of a multifamily property located in Beverly Hills. The borrower is a private equity real estate investment company, which plans to renovate the property. The 16-unit community was 38 percent vacant at the time of acquisition.
LOS ANGELES — A partnership between D & B Capital Partners, Arrowroot Family Office and ARB Investments has formed Arrowroot Real Estate, a new entity which will invest in modernizing and rebranding well located, Class B multifamily and student housing properties. Arrowroot Real Estate is led by Brennen Degner and Adam Barzilay, former executives of MJW Investments, as well as Devin Antin, co-founder of D & B Capital Partners. The team recently closed on its first multifamily acquisition, 11415 Venice Blvd in Los Angeles. Arrowroot targets total acquisitions in excess of $200 million over the next 18 to 24 months.
SAN FRANCISCO — HFF has arranged $384.8 million in refinancing for Genesis North and South Towers, two office and life science buildings in San Francisco that feature 717,883 square feet of lab and office space. HFF secured two loans on behalf of San Diego-based Phase 3 Real Estate Partners Inc. The financing package included a $199.8 million, three-year loan for Genesis North Tower and a $185 million, five-year loan for Genesis South Tower. An undisclosed life insurance company provided the funds for the first loan, while a national bank provided the funds for the second. Genesis North Tower, which was recently completed, stands at 21 stories and spans roughly 390,000 square feet. Genesis South Tower was completed in 2016, standing at 12 stories and encompassing approximately 328,000 square feet. The two-property campus, which serves as the hub for the city’s biotech industry, is located adjacent to U.S. Highway 101 on the city’s south side. The site includes a seven-story parking garage. Amenities include a performing arts center, a bakery and market, two fitness centers, meeting and conference center, and a shuttle service. Upon completion of Genesis North Tower, the fitness center at Genesis South Tower will be converted into amenity space …
MISSION HILLS, CALIF. — Commercial Asset Group has arranged the acquisition of a medical office building located at 11155-11166 Sepulveda Blvd. in Mission Hills. Porter Ranch, Calif.-based San Fernando Professional Building sold the property to a Burbank, Calif.-based family investment group for $13.7 million. Facey Medical Group, a division of Providence Hospitals, occupies the 33,438-square-foot building. David Aschkenasy of Commercial Asset Group represented the buyer, while Mark Oliver of Realty Executives Valencia represented the seller in the deal.
LOMPOC, CALIF. — Lee & Associates has arranged the purchase of a two-story industrial building located at 1641 W. Central Ave. in Lompoc. An undisclosed buyer acquired the property for $3.1 million. The 56,560-square-foot property features a 300-seat auditorium, large banquet hall, kitchen space and office space, as well as 30,000 square feet of manufacturing and distribution space with three loading docks, six roll-up doors and 100 spaces available for parking. Paul Davies of Lee & Associates represented the buyer in the deal.
BEVERLY HILLS, CALIF. — A subsidiary of Paris-based LVMH has purchased a 6,200-square-foot retail building at 456 N. Rodeo Drive in Beverly Hills for $110 million. Just one day earlier, Palm Beach, Fla.-based Sterling Organization purchased the same asset for $55 million from The Karl B. Schurz Trust. According to a news release, an intermediary had approached LVMH, parent company of Louis Vuitton, to lease space at the property, but the luxury goods conglomerate expressed interest in acquiring the space instead. The sale equates to roughly $17,750 per square foot and a net gain of approximately $55 million for Sterling and its institutional investor partners in its Sterling Value Add Partners II fund. The property is located in the Golden Triangle, between Santa Monica Boulevard and Brighton Way. Rodeo Drive is home to luxury retailers such as Louis Vuitton, Chanel, Celine, Hermes, Ralph Lauren, Hugo Boss, Vera Wang, Salvatore Ferragamo, Versace, Tiffany & Co., Gucci, Cartier, Fendi, Givenchy, Loro Piana, Rimowa, Prada and Burberry. “On the West Coast, it’s all about those three, high-value blocks of Rodeo Drive where the world’s premier luxury brands must have a presence by planting their flag,” says Brian Kosoy, president and CEO of Sterling. In contrast, he says luxury …
PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of six retail pads at Perris Marketplace, located at 1820-2000 N. Perris Blvd., in separate transactions. The combined sales price for the six pads was approximately $29.5 million. The plaza is located in the Los Angeles suburb of Perris. The 100-percent occupied properties, which total 39,000 square feet, consist of three multi-tenant pad buildings and three single-tenant fast-food pad restaurants. Walmart Supercenter anchors the 225,000-square-foot shopping center. Additional tenants include America’s Best Contacts and Eyeglasses, Chipotle, Dickey’s BBQ, Great Clips, Jamba Juice, Jimmy John’s Gourmet Sandwiches, Pacific Dental, Panda Express, Pieology, Popeye’s, Sally Beauty, Starbucks Coffee, T-Mobile, Verizon Wireless, Waba Grill, Wendy’s and Yogurtland. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, Evergreen and Trachman Indevco, in the deal. The names of the buyers were not disclosed.