California

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

California Multifamily Seniors Housing Western

Sabra Health Care REIT Completes $103.3M Sale of 20 Skilled Nursing Facilities Leased to Genesis

by Nellie Day January 4, 2018

IRVINE, CALIF — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has completed the previously announced sale of 20 skilled nursing facilities leased to Genesis Healthcare Inc. in Kentucky, Ohio and Indiana for $103.3 million. The 20 facilities are part of the original 35 facilities marketed for sale under the previously announced memoranda of understanding with Genesis. Under the terms of the deal, Genesis’s annual rent obligations to Irvine-based Sabra will be reduced by $9.3 million as a result of the sale of these facilities. Sabra expects to use the proceeds from the sale to repay borrowings under its revolving credit facility. The dispositions are part of the REIT’s “Sabra 3.0” plan to have more scale and diversification within the company’s portfolio as far as continuum of care, operator and geography. Sabra plans to sell its entire portfolio of Genesis-operated skilled nursing facilities for aggregate sales proceeds of $425 million to $475 million.

January 4, 2018

California Loans Multifamily Seniors Housing Western

The Ensign Group Receives $112M HUD Refinancing for 17-Property Seniors Housing Portfolio

by Nellie Day January 4, 2018

MISSION VIEJO, CALIF. — The Ensign Group Inc. (NASDAQ: ENSG), the parent company of the Ensign group of skilled nursing, rehabilitative care services, home health care, hospice care and assisted living companies, has completed a $112 million portfolio financing. The fixed-rate loans have an amortization schedule between 30 and 35 years, and are secured by mortgages on 17 of the 63 properties owned by Ensign subsidiaries. Jason Dopoulos of Lancaster Pollard Mortgage Company LLC arranged the loans, which are insured by the Department of Housing and Urban Development (HUD). Loan proceeds will be primarily deployed to pay down previously drawn amounts on Mission Viejo-based Ensign’s revolving line of credit. In addition to refinancing existing borrowings, the proceeds of the HUD-insured debt will be used to fund acquisitions; renovate and upgrade existing and future facilities; cover working capital needs; and for other business purposes.

January 4, 2018

California Office Top Stories Western

CIM Commercial Trust Agrees to Purchase Nine-Story Office Building in Beverly Hills for $130M

by John Nelson January 4, 2018

BEVERLY HILLS, CALIF. — CIM Commercial Trust Corp. (NASDAQ: CMCT), a REIT that owns and manages Class A office assets, has signed a definitive agreement to purchase a nine-story office building located at 9460 Wilshire Blvd. in the Golden Triangle area of Beverly Hills. The sales price was undisclosed, but multiple media outlets are reporting the Dallas-based REIT bought the Class A office building from Beverly Union Co. for approximately $130 million. The acquisition is expected to close this quarter. “9460 Wilshire is in a highly desirable and high-barrier-to-entry office market. It is a strong addition to CIM Commercial Trust’s portfolio,” says Charles Garner, CEO of CIM Commercial Trust. “The property has not changed ownership in almost 40 years, and is positioned for growth by tapping CIM’s operational expertise and long-term experience in the Los Angeles market.” The 97,000-square-foot office building was built in 1959 and last renovated in 2008. The building is located at the corner of Wilshire Boulevard and Beverly Drive, adjacent to the Four Seasons Beverly Wilshire Hotel and one block from the future Metro Purple Line Wilshire/Rodeo Station. Beverly Hills is situated within the Los Angeles West office submarket, which had a vacancy rate of 12.7 …

January 4, 2018

California Office Western

Olive Hill Purchases 112,987 SF Office Building in Santa Monica for $117M

by Nellie Day January 3, 2018

SANTA MONICA, CALIF. — Olive Hill has purchased a 112,987-square-foot office building in downtown Santa Monica for $117 million. The Class A building is located at 520 Broadway. The asset was built in 1981. It underwent a $13.2 million renovation in 2013. The space is now 82 percent occupied. Eastdil Secured represented Olive Hill in this transaction, while Steven Edwards and Grace Winters of Manatt, Phelps & Phillips served as its legal guidance. The seller was not named.

January 3, 2018

California Industrial Western

Heitman LLC Buys 475,235 SF Industrial Warehouse in Perris, California

by Nellie Day January 3, 2018

PERRIS, CALIF. — An affiliate of Heitman LLC has purchased a 475,235-square-foot warehouse in the Inland Empire submarket of Perris for an undisclosed sum. The warehouse is located at 290 Markham St. The asset was developed in 2017. It is fully leased to e-commerce fashion company TechStyle. The building features 112 dock doors, 153 trailer stalls, 36-foot clear heights and a low office finish at 1.26 percent of the square footage. HFF’s Andrew Briner, Anthony Brent and Ryan Martin represented the seller, Circle Industrial, in this transaction.

January 3, 2018

California Multifamily Western

Cusumano Real Estate Group Sells 146-Unit Apartment Community in Burbank for $59M

by Nellie Day January 3, 2018

LOS ANGELES — Essex Property Trust has acquired The Village at Toluca Lake, a 146-unit apartment complex in the Los Angeles submarket of Burbank, for $59 million. The community is located at 211 and 235 N. Valley St. Michael Koshet of KW Commercial represented both Essex and the seller, Cusumano Real Estate Group. Koshet notes Cusumano felt it had a great run with the asset and invested a large amount of capital during the time of ownership, but was willing to sell if it could hit the requested price quota.

January 3, 2018

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