California

J.H. Snyder Receives $68M in Bridge Financing for North Hollywood Office Building

by Nellie Day December 20, 2017

NORTH HOLLYWOOD, CALIF. — J.H. Snyder Company has obtained $68 million in bridge financing for a Class A office building in North Hollywood in the NoHo Arts District. The 179,000-square-foot property is located at 5250 Lankershim Plaza. The asset has been fully occupied for nearly 10 years, though the majority of the tenants are expected to roll over in the next several years. The transaction includes an adjacent six-story, 723-space parking garage. J.H. Snyder developed the property in 2009. Seth Grossman, Steve Edelstein and Jackie Tran of Meridian Capital Group executed the transaction.

December 20, 2017

California Hospitality Western

KASHL Corp. Buys Radisson Hotel San Diego-Rancho Bernardo

by Nellie Day December 20, 2017

SAN DIEGO — KASHL Corp. has purchased the 178-unit Radisson Hotel San Diego-Rancho Bernardo in the San Diego submarket of Rancho Bernardo for an undisclosed sum. The hotel is located at 11520 W. Bernardo Court. The Radisson opened in 1989. It features about 4,000 square feet of meeting space, an outdoor pool in an interior courtyard, and C3 Restaurant and Bar. RAR Hospitality will manage the hotel. KASHL represented itself in the transaction, while CBRE Hotels represented the seller, an affiliate of Pinnacle Hotels USA Inc.

December 20, 2017

California Multifamily Seniors Housing Western

JCH Negotiates Sale of 51-Unit Assisted Living Facility in Escondido for $18.5M

by Nellie Day December 18, 2017

ESCONDIDO, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of a 51-unit assisted living community in Escondido, located between San Diego and Los Angeles. A regional for-profit operator acquired the property from a single-asset nonprofit operator for $18.5 million, or $365,000 per unit. The seven-building property was built in phases between 1980 and 2002.

December 18, 2017

California Retail Western

HFF Arranges Sale of 150,148 SF Shopping Center in Inland Empire

by Nellie Day December 15, 2017

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.

December 15, 2017

California Office Western

Mindspace to Open First U.S. Location of Co-Working Space in San Francisco

by Nellie Day December 15, 2017

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.

December 15, 2017

California Multifamily Seniors Housing Western

Front Porch, Brookmore to Rehabilitate Affordable Community in Los Angeles

by Nellie Day December 14, 2017

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.

December 14, 2017

California Retail Western

Ralphs Debuts New Store Design at Portola Plaza in Mission Viejo

by Nellie Day December 14, 2017

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.

December 14, 2017

California Office Western

Brookfield Buys 411,544 SF Office Property in San Jose

by Nellie Day December 13, 2017

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.

December 13, 2017

California Loans Office Western

Brickman Obtains $35M Acquisition Loan for 115,186 SF Office Building in Oakland

by Nellie Day December 13, 2017

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.

December 13, 2017

California Loans Retail Western

Barry Slatt Mortgage Arranges $27M Refinancing for Retail Center in San Jose

by Nellie Day December 13, 2017

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.

December 13, 2017

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