California

JB Matteson Acquires 130-Unit Tralee Village Apartments in Dublin, California

by Nellie Day October 26, 2017

DUBLIN, CALIF. — JB Matteson has purchased the 130-unit Tralee Village Apartments in Dublin for an undisclosed sum. The community is located at 6599 Dublin Blvd. in the 680 Corridor. Tralee Village was built in 2011 in the East Bay submarket. It offers a range of units including studios, three-bedrooms, lofts and townhomes. Each residence features nine-foot ceilings, granite kitchen countertops, stainless-steel appliances, full-sized washers and dryers, dual-pane windows and patios with balconies. Shared community amenities include a fitness center, large pool, business center, secured underground parking with elevator access and open green space. Tralee Village Apartments is less than a mile from the Pleasanton and Dublin BART stations, as well as interstates 580 and 680.

October 26, 2017

California Multifamily Western

Century West Partners Completes 398-Unit Apartment Complex in Los Angeles

by Nellie Day October 25, 2017

LOS ANGELES — Century West Partners has completed the 398-unit Next on Sixth apartment complex in Los Angeles’ Koreatown neighborhood. The community is located at 600 S. Virgil Ave. Next on Sixth features studio to two-bedroom units on a 1.8-acre lot. Amenities include a 70-foot swimming pool, four roof decks with sky lounges, a yoga room, massage room, spa and a two-story gym. KFA designed the community.

October 25, 2017

California Multifamily Seniors Housing Western

JCH Arranges Sale of 97-Unit Assisted Living Facility in Southern California

by Nellie Day October 25, 2017

SOUTHERN CALIFORNIA — JCH Senior Housing Investment Brokerage has arranged the sale of an assisted living facility in Southern California for $9.6 million. The name of the 97-unit property was not disclosed. Both the buyer and seller are local, single-asset operators. Jim Hazzard and Nick Stahler were the lead agents on the transaction.

October 25, 2017

California Retail Top Stories Washington Western

ROIC Acquires Two West Coast Shopping Centers for $96.5M

by Nellie Day October 25, 2017

FULLERTON, CALIF., AND VANCOUVER, WASH. — Retail Opportunity Investment Corp. (ROIC) has acquired two shopping centers on the West Coast for a total of $96.5 million. The purchase includes Fullerton Crossroads, a 221,636-square-foot, grocery-anchored community center in Fullerton, and Riverstone Marketplace, a 108,323-square-foot, grocery-anchored shopping center in Vancouver. Fullerton Crossroads was built in 1971 at 3200–3362 E. Yorba Linda Blvd. It was renovated in 1996 and 2005. The center is 98 percent leased to tenants like Ralphs, Kohl’s, JoAnn Fabric & Craft and Daiso Japan. Riverstone Marketplace is located at 19215 and 19221 S.E. 34th St. and 3415, 3425 and 3505 S.E. 192nd Ave. in the Fisher’s Landing area of Vancouver. The center is 99 percent leased, with Quality Food Center as the anchor. ROIC represented itself in this stock transaction, while JLL’s Geoff Tranchina represented the seller, the Uhlmann Family Trust. “The seller was looking to divest itself of the day-to-day operations of these properties while maintaining its relationship and exposure to high-quality, West Coast retail real estate,” says Tranchina. “These unique tax-deferred structures, while complex to execute, provide long-term holders of real estate the potential to diversify their risk, eliminate management responsibilities and provide liquidity flexibility in the …

October 25, 2017

California Hospitality Loans Western

George Smith Partners Provides $85M in Financing for Pendry Hotel in San Diego

by Nellie Day October 24, 2017

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.

October 24, 2017

California Healthcare Loans Western

Irvine-Based Healthcare REIT HCP Closes $2B Credit Facility

by Nellie Day October 24, 2017

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.

October 24, 2017

California Retail Western

Bob’s Discount Furniture Plans First Store Openings on the West Coast

by Nellie Day October 24, 2017

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.

October 24, 2017

California Retail Western

NKF Brokers $38.1M Sale of Grocery-Anchored Center Near Los Angeles

by Nellie Day October 23, 2017

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.

October 23, 2017

California Retail Western

Faris Lee Arranges $3.5M Sale of Two-Tenant Retail Building in Moreno Valley

by Nellie Day October 23, 2017

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.

October 23, 2017

California Mixed-Use Western

World Oil, Trammell Crow Plan 260-Acre Mixed-Use Development in Bakersfield

by Nellie Day October 20, 2017

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.

October 20, 2017

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