California

Sunroad Enterprises Obtains $165M Refinancing for Two San Diego Luxury Apartment Properties

by Nellie Day January 9, 2018

SAN DIEGO — Sunroad Enterprises has obtained $165 million in short-term, first-mortgage loans to refinance two new luxury apartment complexes in San Diego. Financing was secured for the 253-unit Ariva and the 302-unit Vive on the Park. The properties are recent apartment developments in the 40-acre, master-planned community of Sunroad Centrum in the Kearny Mesa submarket. Sunroad Centrum will include 1,622 multifamily units and 856,000 square feet of commercial office space once completed. Sunroad Centrum is part of the San Diego Spectrum Center, on the site of the former 232-acre General Dynamics aerospace facility. HFF’s Tim Wright and Aldon Cole arranged the financing. The five-year, non-recourse loan was structured in two pieces, with Mesa West holding $145 million and Clarion Partners holding $20 million.

January 9, 2018

California Multifamily Western

Interstate Equities Corp. Purchases Surf at 39 Apartments in Huntington Beach for $134M

by Nellie Day January 9, 2018

HUNTINGTON BEACH, CALIF. — Interstate Equities Corp. (IEC) has purchased the 400-unit Surf at 39 apartment complex in Huntington Beach for $134 million. The community is located at 16761 Viewpoint Lane. Surf at 39 was built in 1972. It features two swimming pools with spas, a business center, fitness facility, clubhouse, dog park and barbecue area. IEC notes that Surf at 39 will remain a workforce housing community. About 80 percent of the units are in their original condition, but are set to undergo a renovation. HFF’s Sean Deasy and Ryan Fitzpatrick represented both the buyer and seller in this transaction. The firm also arranged the acquisition financing.

January 9, 2018

California Office Western

Barker Pacific Group, WHI Real Estate Partners Buy 213,982 SF Office Center Near Sacramento

by Nellie Day January 9, 2018

ROSEVILLE, CALIF. — A joint venture between Barker Pacific Group and WHI Real Estate Partners has purchased Douglas Corporate Center, a 213,982-square-foot office center in Roseville, for an undisclosed sum. The Class A center is located at 2901 Douglas Blvd. in the Douglas Corridor, just north of Sacramento. The joint venture purchased the property through auction. BBVA Compass Bank provided debt financing for the transaction. Chris Lemmon and Zac Collie of Newmark Cornish & Carey will handle the property’s leasing.

January 9, 2018

California Industrial Western

Rexford Industrial Purchases 416,843 SF Industrial Portfolio in Southern California for $62.7M

by Nellie Day January 8, 2018

LOS ANGELES — Rexford Industrial Realty has acquired a four-property industrial portfolio in Southern California for $62.7 million. The portfolio contains a total of 416,843 square feet. The assets are fully leased with below-market, in-place leases rolling over in the next 20 months. The transaction includes 302 S. Rockefeller Ave. and 4355 E. Brickell St. in Ontario, along with 12622-32 Monarch St. in Garden Grove and Hanan Way in the Pico Rivera submarket of Central Los Angeles. Rexford also sold 77-700 Enfield Lane in Palm Desert for $2.4 million.

January 8, 2018

California Office Western

Gaw Capital Partners Buys Former Playboy Studio Campus in Los Angeles

by Nellie Day January 8, 2018

LOS ANGELES — Gaw Capital Partners has purchased the 107,875-square-foot studio campus in the Los Angeles submarket of Atwater Village formerly occupied by Playboy. The space is located at 3030 Studios. The price was not disclosed. The studio features studio, production and creative office space located on nearly four acres of land. The private studio campus offers a full-service production and broadcast facility with three soundstages. JLL’s Nicole Mihalka, Carl Muhlstein and Hayley Blockley represented the seller, World Class Capital Group, in this transaction.

January 8, 2018

California Office Restaurant Retail Western

Taco Bell Expands Office Presence in Irvine, California

by Nellie Day January 8, 2018

IRVINE, CALIF. — Taco Bell Corp. has expanded its executive team and leadership capabilities with three new positions as the brand inches toward its goal of being a $15 billion company with 9,000 restaurants globally by 2022. Taco Bell is bringing on Julie Felss Masino as brand president, where she will be responsible for ensuring the brand continues to deliver same-store sales growth by driving innovation, new store development and customer experience. She will also continue the brand’s partnership with its franchisees. This addition will allow CEO Brian Niccol the opportunity to focus on the company’s growth as a global brand while continuing to oversee the U.S. business. Masino comes to Taco Bell from Mattel Inc., where she led the Fisher Price division. Prior to that, she had extensive experience in the restaurant industry. Masino spent 12 years at Starbucks in leadership positions across numerous functions including in marketing, operations and strategic growth — both domestically and globally. She also has experience building newer brands, having served as CEO of Sprinkles Cupcakes Inc., where she grew store count and diversified retail product offerings, successfully launching its newest concept of cupcakes and ice cream. As part of the company’s structuring for …

January 8, 2018

California Multifamily Student Housing Western

Chapman University To Build 402-Bed Student Housing Development in Orange, California

by Nellie Day January 5, 2018

ORANGE, CALIF. — Chapman University has received approval for the adaptive reuse of a historic packing house. The university will develop a 402-bed student housing community adjacent to its campus in Orange. The historic Villa Park Orchards Association Packing House will be converted into a museum, student services center and classrooms or offices for the university. The new student housing development will target upperclassmen, and is being designed to reflect the character of the packing house and the surrounding community. The project’s designers are Togawa Smith Martin Inc. and AC Martin. KTGY Architecture + Planning is the university’s design advisor and project representative, and has helped to ensure project consistency, coordinate with various design firms, provide design recommendations and shepherd the project through the approval process. Additional details and a planned completion date have yet to be announced.

January 5, 2018

California Hospitality Western

Khanna Enterprises Buys 376-Room Wyndham Hotel in Garden Grove, California

by Nellie Day January 5, 2018

GARDEN GROVE, CALIF. — Khanna Enterprises has purchased the 376-room Wyndham Anaheim Garden Grove hotel in Orange County for an undisclosed sum. The hotel is located at 12021 Harbor Blvd. The property includes more than 30,000 square feet of meeting space, three food and beverage outlets, a fitness center and an outdoor pool. Pacific Hospitality Group developed the Wyndham Anaheim as the Crowne Plaza Anaheim Resort in 1999. The hotel was rebranded under the Wyndham flag in May 2014 and, since then, PHG has invested more than $5 million in capital improvements to the hotel. Renovations included including a transformation of the lobby and food and beverage outlets. Following the sale, the purchaser plans to renovate, reposition and reflag the hotel as a Delta by Marriott.

January 5, 2018

California Retail Western

Quarry Creek Investors Sells 15,690 SF Retail Center in Oceanside

by Nellie Day January 5, 2018

OCEANSIDE, CALIF. — Quarry Creek Investors has completed the disposition of Quarry Creek Plaza, a retail center located at 3460 and 3480 Marron Road in Oceanside. Completed in 2003, the 15,690-square-foot property is 92.6 percent leased to a variety of tenants, including Jamba Juice, Subway, Los Tacos, Poki Poki, Supercuts, American Dry Clean, Happiness Nails and Smashburger. Gleb Lvovich of HFF, along with Mike Moser of Retail Insite, represented the seller. Terms of the transaction and the name of the buyer were not released.

January 5, 2018

California Western

KBS Completes Acquisition of Empire Services

by Nellie Day January 5, 2018

OCEANSIDE, CALIF. — Kellermeyer Bergensons Services LLC (KBS), a provider of property services to multi-site and multi-region customers in North America, has completed the acquisition of Empire Services, an independently owned commercial facility maintenance company headquartered in New Orleans. Empire provides commercial janitorial, pressure washing, porter services, truck-mounted regenerative air sweeper truck operations, general contracting, painting, sheetrock, demolition services, electrical services, construction cleanup, special event services, emergency services, water extraction and dehumidification, landscape maintenance, trash removal, engineering services, HVAC, mechanical and facility maintenance services. Based in Oceanside, Calif., KBS is majority owned by GI Partners.

January 5, 2018

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