California

Kairos Ventures Sells Lake Tahoe Resort for $42M

by Nellie Day March 9, 2018

SOUTH LAKE TAHOE, CALIF. — DiamondRock Hospitality Company has purchased the 77-room Landing Tahoe Resort & Spa in South Lake Tahoe for $42 million. The hotel is located at 4101 Lakeshore Blvd. just steps from the lake. The luxury hotel underwent a multi-million-dollar redevelopment and rebranding by the seller and reopened as The Landing Resort & Spa in December 2013. The hotel features 10,300 square feet of indoor and outdoor function space; Jimmy’s Restaurant; a wine cellar and lounge; full-service spa; heated outdoor pool and hot tub; lakeview patio with fire pits; rooftop deck with fireplace; and fitness center with sauna. HFF’s represented the seller, an affiliate of Kairos Ventures, in this transaction.

March 9, 2018

California Office Western

MBRE Healthcare Purchases Medical Office Building in San Diego for $37.1M

by Nellie Day March 9, 2018

SAN DIEGO — MBRE Healthcare has acquired Excel Centre, an 83,213-square-foot medical office building in San Diego, for $37.1 million. The building is located at 17140 Bernardo Center. Kaiser Permanente anchors the property. MBRE plans to convert the remaining third-floor balance of the building, which is currently vacant, to medical office use. Excel Centre is part of the larger Park Terrace, a walkable mixed-use development featuring offices, hotels, restaurants and fitness, in addition to Interstate 15 access. Rick Reeder, Brad Tecca and Travis Ives of Cushman & Wakefield represented the seller, an institutional investor, in this transaction.

March 9, 2018

California Industrial Western

BKM Buys 160,943 SF Industrial Asset in San Diego for $28.1M

by Nellie Day March 9, 2018

SAN DIEGO — BKM Capital Partners has purchased Activity Business Center, a 160,943-square-foot light industrial asset in the Miramar submarket of San Diego for $28.1 million. The five-building property is located at 9235-9265 Activity Road and 9520-9530 Padgett St. Activity Business Center is currently 92.6 percent occupied by 38 different tenants. Average unit sizes are about 3,743 square feet. BKM Capital Partners plans to rebrand the complex and implement a series of renovations including upgrades to the parking lot, exterior paint, landscaping, monument signage, lobby and the addition of a new outdoor common area. Cushman and Wakefield represented the seller, Lincoln Property Co., in this transaction. BKM represented itself.

March 9, 2018

California Office Western

Chesnut Properties to Develop 1.4 MSF Millenia Office Campus in Chula Vista

by Nellie Day March 8, 2018

CHULA VISTA, CALIF. — Chesnut Properties plans to build Millenia Office, a 1.4-million-square-foot, three-property office campus in the San Diego submarket of Chula Vista. The three campuses include Think Campus, which includes two buildings encompassing 324,000 square feet; Discover Campus, which includes one building encompassing 400,000 square feet; and Invent campus, a four-building, 700,000-square foot project. Each property will be expandable to accommodate a Google-style, mega-scale campus. Millenia Office has the potential to grow up to 3 million square feet to accommodate one or several large-scale office, tech, medical and/or educational tenants. The Think Campus will feature large 37,000-square-foot floorplates, prominent Highway 125 access, an above-standard parking ratio of 4.3/1,000, outdoor connectivity from every floor and tenant space, an amenity patio space connecting the two buildings, a 6,000-square-foot amenity building with a restaurant and fitness center and a large outdoor lawn area for employees. Millenia Office will be the only available mega-scale campus in San Diego, residing just 20 minutes south of the city’s downtown region. The campus is situated within the Millenia Master Plan in Eastern Chula Vista, which has major construction in multiple districts underway. The Millenia Master Plan includes up to 3,000 multifamily residences; 1.5 million square …

March 8, 2018

California Retail Western

Pacific Coast Commercial Arranges 2,459 SF Fitness Center Lease in San Diego

by Nellie Day March 8, 2018

SAN DIEGO — Pacific Coast Commercial has arranged a 2,459-square-foot lease for retail space located at 2155 Kettner Blvd. in San Diego. F45 Training plans to open a Kloiber Fit, a high-end fitness center, at the space, which is located at AV8, a 129-unit apartment complex. Erik Anderson of Pacific Coast Commercial represented the tenant, while Alex Drecksel and Pasquale Loele of Flocke & Avoyer represented the landlord, CVCM Kettner 106 LLC, in the transaction. The lease is valued at $1.3 million.

March 8, 2018

California Retail Western

Retail California Brokers Sale of 8,320 SF Retail Building Near Bakersfield

by Nellie Day March 8, 2018

PIXLEY, CALIF. — Retail California has negotiated the sale of a retail building located at 339 N. Park Drive in Pixley. FD Partners sold the property to Dr. Donald Studt for an undisclosed price. The property features 8,320 square feet of retail space. Lewis Smith and John Lee of Retail California and Calvin Short of Matthews Retail Advisors arranged the transaction.

March 8, 2018

California Retail Western

Soft Surroundings to Enter California Market with Four New Retail Stores

by Nellie Day March 8, 2018

WALNUT CREEK, CALIF. — Soft Surroundings, a lifestyle brand committed to providing clothing, accessories, beauty and home goods to women, has plans to open 16 locations in 2018, including entering the California market. The St. Louis-based company is opening locations in Santa Rosa, Mission Viejo, Rancho Cucamonga and Walnut Creek, Calif., as well as Marlton, N.J., Columbia, Md., Orlando and Harrisburg, Pa. Additional markets will be announced in the near future. The new locations will feature the merchandise found in Soft Surroundings’ catalogs and website, in addition to some store-exclusive items.

March 8, 2018

California Multifamily Western

HCP to Transition Operations of 24 Seniors Communities from Brookdale to Atria

by Nellie Day March 7, 2018

IRVINE, CALIF. — Irvine-based REIT HCP (NYSE: HCP) and Louisville-based operator Atria Senior Living have agreed to transfer operations of 24 HCP-owned seniors housing properties to Atria. Brookdale Senior Living currently operates the properties. The transitions will begin this month and are expected to be completed by September, as the required regulatory approvals are obtained.

March 7, 2018

California Multifamily Student Housing Western

Campus Advantage Awarded Management of Two Student Housing Communities in California

by Nellie Day March 7, 2018

DAVIS AND FULLERTON, CALIF. — Campus Advantage has been awarded management of two student housing communities in California.bThe properties include College Square, a 448-bed community located within walking distance of the University of California, Davis; and University Village, a 305-bed community located near California State University, Fullerton. Both properties are garden-style. College Square offers shared amenities including three swimming pools, a fitness center, grilling and picnic area, 24-hour laundry facilities, study lounge and business center. Shared amenities at University Village include onsite food service, a swimming pool, fitness center, laundry facilities, bicycle storage, package lockers, Wi-Fi hotspots throughout common areas and a recreational room with billiards, foosball, a big screen TV and lounge areas. Renovations are planned for common areas and units, and Catalyst is set to perform full rebrands at both properties.

March 7, 2018

California Industrial Loans Western

Bellwether Enterprise Closes $15.5M Refinancing for Two Industrial Buildings in Metro Los Angeles

by Nellie Day March 7, 2018

REDONDO BEACH AND HAWTHORNE, CALIF. — Bellwether Enterprise has closed $15.5 million in refinance loans for two industrial properties in metro Los Angeles. The refinancing included a 10-year, $10.3 million loan for the Northrop Grumman industrial building in Redondo Beach and an 11-year, $5.2 million loan for the Van Ness Commerce Center in Hawthorne. Shelley Magoffin and Max Sauerman of Bellwether Enterprise arranged the loans, which both featured fixed interest rates in the upper 3 percent range and life insurance company lenders. The 112,000 square-foot Northrop Grumman industrial building is occupied by a single tenant that has more than five years remaining on its lease. Van Ness Commerce Center features 63,000 square feet of warehouse space with a 24-foot minimum clear height. The building was 100 percent leased to two tenants when the financing was arranged, and both tenants had near-term rollover risk.

March 7, 2018

Newer Posts

Older Posts