SAN DIEGO — George Smith Partners has provided an $85 million bridge loan for the 317-room Pendry Hotel in downtown San Diego. The new luxury hotel is located at 550 J St. The Pendry opened in February. It features a rooftop pool, spa, six restaurants and bars, and 35,000 square feet of high-end meeting and event space. Robert Green Co. and Dan Kloiber own the hotel, which is part of Montage Hotels & Resorts. The loan was provided by Malcolm Davies, Evan Kinne and Alex Rossinsky.
IRVINE, CALIF. — HCP (NYSE: HCP), an Irvine-based healthcare REIT, has closed on a new $2 billion unsecured revolving credit facility. The new facility reduces the company’s funded interest cost for committed loans by five basis points and has a maturity date of Oct. 19, 2021. Based on the company’s current senior unsecured long-term debt ratings, the facility bears interest annually at LIBOR plus 100 basis points and has a facility fee of 20 basis points. The facility also includes two six-month extension options and the ability to increase the commitments by an aggregate amount up to $750 million.
LOS ANGELES — Bob’s Discount Furniture plans to open six new stores in the Los Angeles market simultaneously on Feb. 15, 2018. New locations will open in Baldwin Park, Huntington Beach, Midtown, Long Beach, West Hills and Valencia. These six stores will be the first on the West Coast for the furniture retailer. Bob’s currently has 89 stores in 15 states across the East Coast, Mid-Atlantic and Midwest regions, after adding more than a dozen new stores in the past year. In addition to the six new stores in Los Angeles, the furniture retailer has three others set to open on the same day in Pennsylvania and Virginia. The nine store openings will bring the company to 98 stores nationwide.
DUARTE, CALIF. — Newmark Knight Frank (NKF) has arranged the $38.1 million sale of Buena Vista Marketplace, a 92,346-square-foot retail center in Duarte, 21 miles northeast of Los Angeles. Pete Bethea, Rob Ippolito and Glenn Rudy represented the seller, Weingarten Realty, in the transaction. The buyer, Gerrity Group, represented itself. Smart & Final anchors Buena Vista Marketplace, which was 98.5 percent leased at the time of sale to tenants including Dollar Tree, Wells Fargo, AT&T, UPS, Subway, Flame Broiler and Jamba Juice.
MORENO VALLEY, CALIF. — Faris Lee Investments has arranged the $3.5 million sale of a 6,440-square-foot retail building in Moreno Valley. The property was triple-net-leased to TitleMax and Coast Dental at the time of sale. Patrick Toomey and Matt Brooks of Faris Lee Investments represented the seller, TC Enterprise LLC, in the transaction. Realty ONE Group represented the buyer, Perrishemlock LLC. The property was renovated in 2015 and is located within a larger center that is home to CVS/pharmacy and Dollar Tree.
BAKERSFIELD, CALIF. — World Oil Corp. and Trammell Crow Co. have unveiled plans for Bakersfield Commons, a pedestrian-orientated, master-planned mixed-use community located in Bakersfield. The 260-acre project will feature office, retail, residential, recreational and industrial space. Construction is slated to begin in 2018, with the first development pads delivered in late 2018. The fully approved entitlements for the commons include 400,000 square feet of office, 300,000 square feet of retail, 280,000 square feet of light industrial, more than 1,000 residential units and a 200-bed hospital. Slated for delivery in 2019, Phase I will feature 220,000 square feet of retail, 120,000 square feet of Class A office space, 325 resort-style residential units, a 130-key national branded hotel and 2.2 miles of walking paths.
MONROVIA, CALIF. — Warner Pacific Properties is repositioning Monrovia Landing, a retail center within Shamrock Center located at 729 E. Huntington Drive in Monrovia. After acquiring the 100,000-square-foot property in 2016, the company began a re-tenanting and repositioning program for the center. At the time of acquisition, the center consisted of a vacant Albertsons grocery store and a 6,700-square-foot O’Reilly Auto Parts. Originally built in 1973 as a Super K-Mart, Lucky Grocery Stores acquired the property in 1997. It was later sold to Albertsons. A combination T.J. Maxx and HomeGoods store (slated to open Oct. 22), ALDI (opening Dec. 7) and ULTA Beauty (scheduled to open second quarter of 2018) will anchor the redeveloped property. Several smaller shops and retailers, including My Pet Garden, will also occupy the center. Warner Pacific Properties specializes in the acquisition and repositioning of commercial buildings and developing vacant ground.
ESCONDIDO, CALIF. — Location Matters has brokered the sale of a retail property located at 237 and 243 E. Valley Parkway in downtown Escondido. David Baker of H Street Plaza LLC sold the property to Evan Weinberg of Steven Beverages Inc. for $1.3 million. The 9,300-square-foot property features two retail units: a 7,000-square-foot CrossFit Iconic and a 2,300-square-foot vacant space. The buyer plans to repurpose the vacant space into a brewery and coffee concept by Cismontane Brewing, a microbrewery. Marc Karren of Location Matters represented the seller in the transaction.
SAN DIEGO — Pacific Coast Commercial has arranged the sale of a retail building located at 1040 Garnet Ave. in San Diego. John & Mahin Family Trust acquired the property from John Watts for $1.2 million. The 2,600-square-foot retail property was occupied by The Ink Spot for more than 20 years. Martin Alfaro and Vince Provenzano of Pacific Coast Commercial represented the seller, while John Noble of JN Financial represented the buyer. The buyer plans to lease the property to a new tenant.
LOS ANGELES — Marcus & Millichap has brokered the sale of a retail property located at 4745 W. Washington Blvd. in Los Angeles. A private investor sold the property for $1 million. Floyd Shaheen of Marcus & Millichap represented the seller in the deal. The name of the buyer was not released.
