SAN FRANCISCO — Mindspace has announced plans to open its first U.S.-based co-working outpost in San Francisco. The European co-working provider has leased 36,000 square feet at the Market Center Building at 575 Market St. The new office will open in the second quarter of 2018. It will be able to hold around 600 members. Market Center is owned by Equity Office. JLL advised Mindspace in this lease transaction.
LOS ANGELES — Front Porch and Brookmore Apartment Corp. have acquired Vista Tower Apartments, a 230-unit affordable seniors housing community in Los Angeles, with plans to rehabilitate the property. Front Porch subsidiary CARING Housing Ministries (CHM) manages the property. Brookmore acquired the property in July from Baptist Services Corp. Capital partners on the acquisition and renovations include Citi Community Capital, Alden Capital Partners and the California Public Finance Authority. Low Income Housing Tax Credits have ensured that the property will serve low-income seniors for at least the next 55 years. Front Porch, its partners (including California Lutheran Homes and Community Services), and Brookmore contributed a total of $1.5 million dollars to preserve Vista Tower as an affordable housing community.
MISSION VIEJO, CALIF. — Ralphs Grocery Co. is re-opening its remodeled Portola Plaza supermarket in North Mission Viejo following more than three months of ceiling-to-floor renovations. The 41,500-square-foot Ralphs features Ralphs Fresh Fare décor with new departments, services and a layout that improves customers’ shopping experience while helping to conserve energy and reduce waste. The Portola Plaza supermarket will be Ralphs’ 61st Fresh Fare store. The remodeled Ralphs store utilizes green technology to improve energy efficiency in daily store operations. Overall, this store will consume about 15 percent less energy than a comparatively sized store and about 25 percent less energy than a store built in 2000. In addition, store associates have been trained to follow a waste reduction and recycling program for all paper and plastic packing the store receives. The store also encourages customers to reduce waste by offering affordable reusable shopping bags. Ralphs aims to eliminate waste across the company by 2025. Los Angeles County-based Ralphs Grocery Co. has 191 supermarkets across Southern California. Ralphs is a subsidiary of The Kroger Co., one of the world’s largest retailers, based in Cincinnati.
SAN JOSE, CALIF. — Brookfield has acquired Towers @ 2nd, a 411,544-square-foot office property in San Jose, for an undisclosed sum. The property is located at 75 E. Santa Clara St. and 4 N. Second St. Towers @ 2nd includes a 13-story office tower and 14-story office tower situated adjacent to a Valley Transportation Authority (VTA) light rail stop. The towers feature 14,500- and 17,500-square-foot floor plates, respectively. The sellers, a joint venture between Harvest Properties and Invesco Real Estate, have completed 150,000 square feet of new and renewal leases since 2015. This includes a 73,000-square-foot, 15-year lease with WeWork, which marked the co-working company’s first Silicon Valley location. The JV also carried out an $11.1 million asset repositioning and renovation prior to the sale. The improvements include a fitness center and locker room with private showers, bike lab, arcade lounge, training and conference center, and a VIP lounge connected to an exclusive outdoor plaza with built-in seating and lighting. CBRE’s Russell Ingrum, Joe Moriarty, Scott Prosser and Tyler Meyerdirk represented the seller in this transaction.
OAKLAND, CALIF. — Brickman has obtained a $35 million loan to acquire Plaza 360, a 115,186-square-foot creative office building in Oakland. The asset is located at 360 22nd St. in the Uptown District. The five-year, non-recourse, floating-rate loan includes a portion of the undisbursed funds for common-area upgrades and tenant improvements. CIT Group and HFF secured the loan through CIT.
SAN JOSE, CALIF. — Barry Slatt Mortgage Co. has arranged a $27 million loan to refinance Sunrise Plaza, a 112,805-square-foot shopping center in San Jose. Behzad Boroumand arranged the 10-year, fixed-rate CMBS loan with full-term, interest-only payments on behalf of the undisclosed borrower. Dick’s Sporting Goods anchors the center.
RANCHO SANTA MARGARITA, CALIF. — Marcus & Millichap (NYSE: MMI) has arranged the sale of Buena Vida at Town Center, a 115-unit age-restricted community in the Orange County city of Rancho Santa Margarita. A private investor sold the property to an undisclosed buyer for $34.8 million, or $302,000 per unit. Built in 2006 on more than three acres, the three-story property is located directly across the street from Central Park in Rancho Santa Margarita, near the Santa Margarita Parkway, and approximately half a mile from California State Route 241. Tyler Leeson and Alex Mobin of Marcus & Millichap represented the seller. Leeson, Mobin and David Yeh procured the buyer. Alexander Garcia Jr. and Christopher Zorbas of Marcus & Millichap’s Institutional Property Advisors (IPA) division also provided representation, along with Tyler Martin and Mathew Kipp.
PERRIS, CALIF. — HFF has arranged the sale of Perris Plaza, a 150,148-square-foot, grocery-anchored retail center in the Inland Empire community of Perris. Gleb Lvovich and Bryan Ley of HFF arranged the transaction on behalf of the seller, Condures Family LP. Nuevo Perris LLC, a joint venture between Wood Investments, Joel Farkas and SandTree Holdings, acquired the asset for an undisclosed price. At the time of sale, Perris Plaza was 97.6 percent leased to tenants including Food 4 Less, Regency Theatres, Burger King, IHOP, Del Taco and Starbucks Coffee. The sale also included two entitled land pads that would allow the development of additional retail space. The new owners plan to expand the shopping center to approximately 300,000 square feet with the addition of new retailers and restaurants.
FREMONT, CALIF. — Cushman & Wakefield Senior Housing Capital Markets Group has arranged the sale of Fremont Hills, a 97-unit assisted living and memory care community in the Silicon Valley city of Fremont. The price was not disclosed. A joint venture between Kayne Anderson Real Estate Advisors and Watermark Communities acquired the property from Capitol Seniors Housing. Watermark will operate the community following the sale. Originally built in 2004, Fremont Hills features 76 assisted living units and 21 memory care units in a three-story building. The 63,000-square-foot community has been fully occupied since 2015. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Aaron Rosenzweig and Alex Petrosian.
ALISO VIEJO, CALIF. — A joint venture between Stillwater Investment Group and CrossHarbor Capital Partners has obtained a $34 million loan to renovate and lease Element, a 165,028-square-foot office campus in the Orange County submarket of Aliso Viejo. The Class A campus is located at 26600, 26650 and 26700 Aliso Viejo Parkway. The property formerly served as the headquarters for QLogic. Element is situated near the 73 Freeway, close to the Aliso Viejo Town Center, Renaissance Clubsport and John Wayne Airport. HFF secured the loan through Amherst Capital Management.