California

Marcus & Millichap Brokers $34.8M Sale of Age-Restricted Complex in Orange County

by Nellie Day December 12, 2017

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.

December 12, 2017

California Retail Western

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

by Nellie Day December 12, 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 12, 2017

California Multifamily Seniors Housing Western

Cushman & Wakefield Brokers Sale of 97-Unit Assisted Living Community in Silicon Valley

by Nellie Day December 12, 2017

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.

December 12, 2017

California Loans Office Western

Stillwater Investment Group, CrossHarbor Capital Partners Obtain $34M Loan for QLogic Office Campus in California

by Nellie Day December 11, 2017

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.

December 11, 2017

California Retail Western

Panda Express Opens 2,000th Restaurant

by Nellie Day December 11, 2017

ROSEMEAD, CALIF. — Panda Express, which first opened on the West Coast in 1983, has opened its 2,000th location, with the newest location in New York City. Located in Manhattan, where Panda Express marked its East Coast expansion in 2015, the new restaurant is at the corner of Broadway and 111th Street. The 1,500-square-foot restaurant will provide seating for up to 38 guests. Since launching its first traditional New York City location two years ago, Panda Express has opened five additional New York City restaurants, with an upcoming opening in Brooklyn before the end of the year.

December 11, 2017

California Retail Western

Robert Redford’s Sundance Debuts New Apparel Store in San Diego

by Nellie Day December 11, 2017

SAN DIEGO — Sundance, a retailer of women’s and men’s apparel, footwear, jewelry, accessories, art and home décor, has opened its newest store in Westfield University Town Center in San Diego. Since August 2015, Sundance has opened stores in Edina, Minn.; Dallas; Southlake, Texas; Scottsdale, Ariz.; Tigard, Ore.; Atlanta; and Leawood, Kan., adding to its existing legacy stores in Park Meadows, Colo., and Corte Madera, Calif. Robert Redford, the famed actor, director and visionary of independent filmmaking, founded Sundance Catalog in 1989 to promote the works of artists and craftspeople from across the country and around the world. Sundance headquarters are located in Salt Lake City.

December 11, 2017

California Multifamily Top Stories Western

MG Acquires 456-Unit Apartment Community in Vista, Calif. for $117.5M

by Taylor Williams December 11, 2017

VISTA, CALIF. — San Diego-based multifamily investment firm MG Properties Group has acquired Waterleaf Apartments, a 456-unit multifamily community located at 333 Emerald Drive in Vista, about 40 miles north of San Diego, for $117.5 million. Built in 1986, the garden-style property offers convenient access to I-15 and I-5, as well as U.S. Highways 76 and 78. Amenities include two clubhouses, two pools, two fitness centers, two sports courts, a playground and a business center. MG Properties Group will continue the interior renovation plan currently in place, which will focus on upgrading the property’s common areas. “We are pleased to grow our existing San Diego portfolio, particularly in the North County region,” says Mark Gleiberman, CEO of privately owned MG Properties Group. “Waterleaf is well-positioned to capitalize on strong regional employment prospects and will allow us to further scale our operations in the region.” Ed Rosen and John Chu of Berkadia represented the undisclosed sellers in the transaction. In addition, Brian Eisendrath of CBRE arranged $76.4 million in Fannie Mae financing for the acquisition. Over the past 12 months, MG Properties Group has acquired 11 properties totaling more than 4,000 units and $817 million in capital investment. — Taylor Williams

December 11, 2017

California Hospitality Western

Brighton Management Acquires 50-Room Hyatt Place in Vista, California

by Nellie Day December 8, 2017

VISTA, CALIF. — Brighton Management has purchased the 50-room Hyatt Place hotel in the San Diego submarket of Vista for an undisclosed sum. The hotel is located at 2645 S. Melrose Drive. The four-story hotel opened in 2012. It offers 1,200 square feet of meeting space, a 24/7 guest kitchen, gallery market and bakery café. CBRE Hotels represented the seller, an affiliate of Irvine-based CoreCapital that purchased the hotel in 2014. Brighton Management represented itself in the transaction. The company will also manage the hotel.

December 8, 2017

California Retail Western

NCC Brokers $32.5M Sale of 120,893 SF Retail Center in Sacramento

by Nellie Day December 7, 2017

SACRAMENTO, CALIF. — Newmark Cornish & Carey (NCC) has arranged the $32.5 million sale of Laguna Village, a 120,893-square-foot retail center in Sacramento. Mike Zylstra and Forrest Gherlone of NCC arranged the transaction on behalf of the seller, Hall Equities Group. NCC’s Tom Fehr, Anthony Pappageorge and Zachary LeBeouf represented the buyer, Laguna Village Investors LLC, a private investor from the Sacramento area. At the time of sale, Laguna Village was 98 percent leased to tenants including Regal Cinemas, 24 Hour Fitness, Subway, Papa Murphy’s and My Gym.

December 7, 2017

California Loans Multifamily Seniors Housing Western

CBRE Negotiates $29.8M Loan for 144-Unit Seniors Housing Community Near San Diego

by Nellie Day December 7, 2017

ESCONDIDO, CALIF. — CBRE has arranged $29.8 million in financing for Westmont Town Court, a 144-unit independent living, assisted living and memory care community in the San Diego suburb of Escondido. The borrower is Westmont Living, which purchased the property in 2012. Following the acquisition, Westmont implemented a three-year capital improvement plan that renovated the property and added the 22-unit memory care wing. The property is 92 percent occupied. Aron Will of CBRE National Senior Housing and Andrew Behrens of CBRE Multifamily Institutional Group arranged the 10-year, fixed-rate loan with 60 months of interest-only payments through Freddie Mac. The use of the funds was not disclosed. Westmont currently owns and/or operates 11 seniors housing communities located throughout California and Oregon.

December 7, 2017

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