PLEASANTON, CALIF. — Stoneridge Creek is preparing to open its 151-unit expansion at the seniors housing community in the Bay Area city of Pleasanton. The expansion includes 12 single-story homes, 56 garden homes and 83 apartments, as well as new amenities and common areas. Stoneridge Creek opened in 2013 on a 50-acre campus and currently houses more than 450 seniors. The CreekView health center is located adjacent to Stoneridge Creek, offering long-term care services.
COSTA MESA, CALIF. — A joint venture that includes SteelWave has acquired a 24-acre site that previously served as a Los Angeles Times printing plant in Costa Mesa for $65 million. The site is located at 1350 South Coast Drive. The 50-foot-tall steel frame building on the property was used by the Los Angeles Times and three of its community newspapers as a printing plant, distribution facility and office until it closed in 2010. The facility is known as The Press. Redevelopment plans include more than three acres of outdoor amenities, as well as a 20,000-square-foot raised patio. SteelWave plans to re-brand the space as the Hive. Rick Kaplan and Rob Lambert of Cushman Wakefield represented the sellers, Tribune Real Estate Holdings, a subsidiary of Tribune Media Co., and Kearny Real Estate. Kearny Real Estate has worked with the City of Costa Mesa to re-entitle and redevelop the property over the past two years.
MISSION VIEJO, CALIF. — JLL has brokered the sale of La Paz Plaza, a retail and medical office campus located in Mission Viejo in South Orange County. Combined Investments acquired the property from Newport Beach, Calif.-based Flinn West for $32.3 million. At the time of sale, the 51,766-square-foot property was 96 percent occupied. Matt Berres and G. Ryan Smith of JLL Capital Markets represented the seller.
SAN JACINTO, CALIF. — Coldwell Banker Commercial Advisors has arranged the $6.9 million sale of a 17,272-square-foot building leased to Rite Aid in San Jacinto. John Archibald and Guillermo Olaiz of CBC Advisors arranged the transaction on behalf of the seller, and Ernie Farhat of Sanjo Investments represented the buyer. Other terms of the transaction were not disclosed. The single-tenant, net-leased pad anchors Mountain View Plaza, which is home to 7-Eleven, Denny’s and Panda Express.
BAKERSFIELD, CALIF. — Bass Pro Shops has unveiled plans to open a 100,000-square-foot location at Bakersfield Gateway, a planned retail development in Bakersfield. Upon completion, the project, developed by Woodmont Co., will feature 800,000-square-feet of retail and will include a central gathering area for lifestyle events and programming. The new Bass Pro Shops will be the retailer’s fifth location in California. A construction timeline was not released.
SANTA CLARA, CALIF. — Preylock Real Estate Holdings has obtained $195 million in acquisition financing for a seven-property office portfolio in Silicon Valley. The 626,000-square-foot office and R&D campus is located at 2770-2800, 2880 and 2890 Scott Blvd.; 2220, 2300 and 2330 Central Parkway; and 2001 Walsh Ave. All seven buildings are triple-net leased to Nvidia and Huawei. Four of the buildings serve as the U.S. headquarters for Huawei, a multinational telecommunications equipment company that is currently the world’s third-largest smartphone producer. The remaining three buildings are leased to Nvidia, inventor of the graphic processing unit and PC gaming, computer graphics and artificial intelligence innovator. The seven-year, floating-rate loan features an initial five-year term followed by two one-year extension options and full-term, interest-only payments. Meridian Capital Group arranged the loan.
SANTA MONICA, Calif. — Welbrook Senior Living has completed construction of Welbrook Santa Monica, a 50-unit memory care facility in Santa Monica. The units are all single-occupancy studios. Welbrook partnered with Urban Green Investments, a San Francisco-based real estate investment and development company, on the project.
SAN JOSE, CALIF. — Bayview Development Group, a privately held commercial real estate development and investment firm based in Northern California, has received a $288.8 million construction loan to develop MIRO in downtown San Jose. The project will include a pair of 28-story luxury apartment towers housing more than 600 residences and 20,000 square feet of retail and commercial space. Situated in one of the top markets in the Silicon Valley, MIRO will feature one-, two- and three-bedroom layouts, including 16 penthouses. The project will also include more than 50,000 square feet of amenities, such as a rooftop pool, concierge services, fitness center, spa facilities, pet facilities, fire pits and rooftop lounges. Bayview Development expects to deliver MIRO in 2020 at 167 E. Santa Clara St., within walking distance of the future downtown San Jose BART station. In addition to Bayview, the design team includes architect Steinberg and general contractor Suffolk. Charles Halladay, Brandon Roth and Jason Carlos of HFF arranged the five-year, interest-only loan through Broad Street Real Estate Credit Partners III, a debt fund managed by the Goldman Sachs Merchant Banking Division. The fund provides senior and mezzanine lending and preferred equity, according to Forbes. “There was a …
COSTA MESA, CALIF. — CBRE has arranged the $55.7 million sale of The Triangle, a 204,523-square-foot restaurant and retail center in Costa Mesa. Philip Voorhees, Jimmy Slusher, Kirk Brummer, Megan Wood, Preston Fetrow, Matt Burson and John Read of CBRE arranged the transaction on behalf of the seller, a partnership led by Greenlaw Partners. A Los Angeles-based family office syndicate acquired the asset. At the time of sale, The Triangle was 94 percent leased to tenants including Yard House, 24 Hour Fitness, Tavern & Bowl, Triangle Cinemas and TIME Nightclub.
LANCASTER, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $5.6 million sale of Lancaster Triangle, a five-building, 35,569-square-foot retail center in Lancaster. Bill Asher and Jeff Lefko of Hanley Investment Group and Rosanne Morgiewicz of The Morgiewicz Co. arranged the transaction on behalf of the seller, Lancaster Triangle LLC, and the buyer, an undisclosed private investor. Lancaster Triangle was fully leased at the time of sale to tenants including Burger King, Fast Auto & Payday Loans, American Tire Depot, Sugary Donuts, Socorro’s Bridal and York Shore House Fish & Chips.
