SAN DIEGO — A joint venture between subsidiaries of Sunstone and Park Hotels & Resorts has obtained a $220 million refinancing for the 1,190-room Hilton San Diego Bayfront in downtown San Diego. The hotel is located at 1 Park Blvd. The loan has a three-year initial term and three one-year extension options. The loan is interest-only and provides for a floating interest rate of LIBOR plus 1.05 percent with a 25 basis-point increase during the final one-year extension period, if extended. The loan is expected to reduce the company’s consolidated annual cash interest expense by about $2.6 million. The financing replaces the existing loan that was scheduled to mature in August 2019 and had a floating interest rate of LIBOR plus 2.25 percent. The refinancing was completed by Sunstone Hotel Investors.
PLEASANTON, CALIF. — Sunrise Senior Living has opened the doors on Sunrise of Pleasanton, an 83-unit assisted living and memory care community in the Bay Area city of Pleasanton. The two-story, 63,800-square-foot community can serve up to 103 residents. It features easy access to ValleyCare Medical Center. Sunrise recently opened another seniors housing community near San Diego, and plans to open 10 communities over the next two years. Based in McLean, Va., Sunrise Senior Living operates 322 communities in the United States, Canada and the United Kingdom totaling 28,700 units.
LOS ANGELES — The Finish Line Inc. has opened its revamped Los Angeles flagship store in the Del Amo Fashion Center. The updated retail space features a new design concept and digital display integrations. The Del Amo store — the third Finish Line location to receive these updates alongside Woodfield Mall in Chicago and Roosevelt Field in New York — puts technology at the center of the store’s total experience. The Finish Line, Inc. is a retailer that carries shoes, apparel and accessories. Headquartered in Indianapolis, Finish Line runs approximately 950 branded locations in U.S. malls and shops inside Macy’s department stores.
ANAHEIM, CALIF. — New York-based finance and investment firm Square Mile Capital Management LLC has provided a $136 million loan for Jefferson Platinum Triangle, a 400-unit multifamily community in Anaheim. Proceeds from the loan, which was provided for Irving, Texas-based development firm JPI, will be used to repay existing construction debt and to bridge through stabilization of the property. Jefferson Platinum Triangle is located at 1781 S. Campton Ave. within the 840-acre Platinum Triangle district situated near Angel Stadium, Disneyland and the Anaheim Convention Center. The property offers a mix of studio, one-, two- and three-bedroom units ranging in size from 578 to 1,398 square feet. Amenities include 730 parking spaces, two resort-style pools, two clubrooms, a fitness center with yoga studio, media room, rooftop lounge and adjacent community park. “This transaction was a compelling opportunity to finance a trophy-quality multifamily asset in one of the fastest growing areas of the Los Angeles metropolitan area and Orange County,” says Square Mile Principal Michael Mestel. “The Jefferson Platinum Triangle has been outperforming the surrounding market in terms of rents and leasing velocity since initial move-ins began earlier this year.” According to the property website, rents for available one-bedroom units run as …
UPLAND, CALIF. — Brixmor Property Group has acquired Upland Town Square, a 100,350-square-foot shopping center in the Inland Empire community of Upland, for $31.7 million. Dixie Walker and Charley Simpson of Cushman & Wakefield arranged the transaction on behalf of the seller, IRA Capital. Sprouts Farmers Market anchors Upland Town Square, which was 88 percent occupied at the time of sale by 19 retail and restaurant tenants.
LODI, CALIF. — The Wolff Company has broken ground on Revel Lodi, a 142-unit independent living community in Lodi, located south of Sacramento and east of San Francisco. The project is located within the Reynolds Ranch master-planned community in California’s wine country. The property is scheduled for completion in mid-2018. Once completed, the two four-story buildings will offer 134 apartments and eight single-story cottages in a variety of studio, one- and two-bedroom floor plans. Revel Lodi will be the fourth senior living community Wolff has developed since 2016. The Scottsdale, Ariz.-based private equity firm intends to invest between $300 million and $400 million annually in the development of independent and assisted living communities, in addition to purchasing existing communities.
VISTA, CALIF. — Retail Insite has inked deals with two tenants at Vista Terrace Marketplace, a retail redevelopment project in Vista, 40 miles north of San Diego. Brian Pyke and Don Moser of Retail Insite signed a 15-year lease with Sprouts Farmers Market, which will anchor the development, and a 20-year lease with Dunkin’ Donuts. Black Lion Investment Group, the project developer, acquired the existing 48,000-square-foot retail center and an adjacent 2.5-acre parcel of land in 2016 with plans to reposition the property. The redevelopment will reface inline and end-cap shop space, create restaurant-ready suites with patios and build the Sprouts anchor building on the 2.5-acre land parcel. The first phase of Vista Terrace Marketplace is slated for completion in early 2018, and Sprouts is expected to open in the fourth quarter of 2018.
FRESNO, CALIF. — JRK Property Holdings has purchased a 614-unit apartment portfolio in Fresno for $98.7 million. The portfolio includes the 218-unit Crown Point and the 200-unit Cascades. Both properties are situated within the Dominion neighborhood. Each property features a mix of one- and two-bedroom floor plans with wood-burning fireplaces, and units come with either garages or covered parking. Mark Leary and Nate Oleson of ARA Newmark represented the seller, Demmon Partners, in this transaction.
NEWPORT BEACH, CALIF. — C.W. Driver has broken ground on Newport Harbor Medical Plaza, a 26,500-square-foot medical facility in Newport Beach. The Class A facility will be located at 330 Old Newport Blvd. It is situated near Hoag Memorial Presbyterian Hospital Newport Beach. The facility is scheduled for completion in fall 2018. Office spaces will range from 2,000 square feet to 16,500 square feet. The property will offer second-floor patio deck amenities, two levels of below-grade parking and gurney-accessible elevators. Shaoulian Properties is developing Newport Harbor Medical Plaza, which Bundy-Finkel Architects is designing.
CORONA, CALIF. — ShopOne Centers REIT Inc. has purchased McKinley Crossroads, a three-building retail center located at 275 Teller St. in Corona, for an undisclosed price. Situated on 13.9 acres, the 202,134-square-foot retail center was built in 1989 and renovated in 2000. Simple Fresh Market and 24-Hour Fitness anchor the property. The acquisition marks ShopOne’s entry into the California market.