California

Hanley Investment Group Arranges $28.6M Sale of Grocery-Anchored Center in Corona

by Nellie Day July 19, 2017

CORONA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $28.6 million sale of Sierra Del Oro Towne Centre, a 110,004-square-foot shopping center located in Corona, roughly 48 miles outside Los Angeles. Ralphs anchors the center, which is home to tenants including Dollar Tree, Anytime Fitness, Bank of America, Jack in the Box, Domino’s Pizza, Children’s Montessori Center, Kumon Math and Reading Center, Mercury Insurance and Postal Annex. Pat Kent, Ed Hanley and Corey Olson of Hanley Investment Group represented the seller, Cornerstone Development Partners. Phillips Edison & Co. purchased the property, and was self-represented in the transaction.

July 19, 2017

California Loans Office Western

Easterly Government Properties Obtains $127.5M Loan to Acquire Medical Office Building in Yorba Linda

by Nellie Day July 18, 2017

YORBA LINDA, CALIF. — Easterly Government Properties has obtained $127.5 million in acquisition financing for a 327,641-square-foot medical office building in the Orange County submarket of Yorba Linda. The Class A building is located at 26001 Redlands Blvd. Construction was recently completed on the space. It is fully leased to the Department of Veterans Affairs (VA) for 20 years. Goldman Sachs provided the 10-year, fixed-rate, interest-only loan at a 60 percent loan-to-value ratio. CBRE’s Tom Traynor, James Millon, James Scott and Bernard Van der Lande secured the loan.

July 18, 2017

California Net Lease Retail Western

Faris Lee Arranges $2.5M Sale of Building Net Leased to Starbucks in Lake Forest

by Nellie Day July 18, 2017

LAKE FOREST, CALIF. — Faris Lee Investments has arranged the $2.5 million sale of a 1,800-square-foot, single-tenant property occupied by Starbucks Coffee in Lake Forest. The triple-net-leased building features a drive-thru, and is located at 20451 Alton Parkway. Patrick Toomey, Thomas Chichester, Matt Brooks and Joseph Chichester with Faris Lee Investments represented the seller, Irvine-based Shea Homes. Feirstein Law Firm represented the buyer, a private investor from Vietnam.

July 18, 2017

California Multifamily Seniors Housing Western

Cadence Senior Living Acquires Assisted Living Community in Orange

by Nellie Day July 18, 2017

ORANGE, CALIF. — Cadence Senior Living has acquired Kirkwood Orange, an assisted living and memory care community in Orange, just southeast of Los Angeles. The seller was HumanGood, the recently merged and rebranded combination of Califonia nonprofits ABHOW and be.group. The sale price was not disclosed. Cadence is an owner, operator and developer of senior living communities based in Scottsdale, Ariz. Kirkwood Orange is the company’s first California community, joining its portfolio of two Phoenix-area properties.

July 18, 2017

California Oregon Restaurant Retail Washington Western

Subway Rolls Out New Restaurant Design in 12 Pilot Locations

by Nellie Day July 18, 2017

VANCOUVER, WASH. — Subway is rolling out its new Subway Fresh Forward design. Currently, 12 pilot locations are now open, including two in the Pacific Northwest and one in California. FRCH Design Worldwide designed the space using a new color palette inspired by fresh vegetables. Highlights include: • Self-order kiosks in select locations, digital menu boards and Apple and Samsung Pay options. • Fresh vegetable display with whole tomatoes, green peppers, onions and cucumbers that are sliced daily, plus new bread and cookie displays on the front of the line. The new restaurants also include exclusive menu items, starting with pico de gallo, new sauces, house-made pickles and made-without-gluten bread. • Bright décor, curated music and comfortable seating with USB charging ports and complimentary Wi-Fi. The pilot locations include Hillsboro, Ore.; Vancouver, Wash.; and Chula Vista, Calif., among others. Subway Restaurants has more than 44,800 franchised locations.

July 18, 2017

California Mixed-Use Office Top Stories Western

Lincoln Property Co., Alcion Ventures Break Ground on $141.6M Phase I of Creative Office Campus in California

by Katie Sloan July 18, 2017

ORANGE COUNTY, CALIF. — Lincoln Property Co. and Alcion Ventures have broken ground on Phase I of FLIGHT at Tustin Legacy, a 38-acre creative office campus located within the master-planned community of Tustin Legacy in Orange County. ACORE Capital and iStar Inc. recently provided the joint venture with $141.6 million in construction financing for the initial phase of the development. Mark Wintner and Doug Bond of HFF secured the three-year loan on behalf of the borrowers. The mixed-use campus, at completion, will include 18 low-rise office buildings, retail and open space for gathering. The first phase of the development will offer 470,000 square feet of office space including a collection of four custom-built, incubator-style buildings dubbed Platform Campus, a 12,000-square-foot food hall and a 7,000-square-foot conference center. Campus amenities will include outdoor meeting spaces and flexible break-out rooms; indoor and outdoor fitness areas; a bike share program; dog walk and walking trails; and electric vehicle charging stations. The 12-vendor food hall, known as Mess Hall Market, will serve breakfast, lunch and dinner and offer a full-service bar. Anchor tenants for the space will be announced this fall, with the completion of Phase I slated for late 2018. The project is …

July 18, 2017

California Market Reports Multifamily Western Western Market Reports

L.A. County Apartment Sector is Feeling the Pressure From Buyers, Renters

by Camren Skelton July 18, 2017

Los Angeles County is facing a significant lack of housing product — an issue that can’t be resolved any time soon. With the fight to limit new development, it is a very uphill and challenging battle that is unfortunate for the economy, business and, most of all, residents. An influx of about 160,000 new residents moved to the county from 2010 through 2015, but we have only seen upwards of 25,000 new housing units built during that same time frame. The demand drivers are extremely significant for new housing, but supply constraints like zoning and regulations are preventing an adequate supply. Additionally, with an unemployment rate currently at a historical low of about 4 percent, projections for housing demand over the next decade all point to a severe shortage in this growing region. Despite all the news about companies moving out of state to enjoy less expensive business costs as well as more affordable housing for their employees, this region, along with California as a whole, continues to see a population increase. Even with all this being said, the multifamily sector has and will continue to be the darling of the commercial real estate industry as it’s fueled by a …

July 18, 2017

California Healthcare Western

JV Completes Construction of Adventist Health Medical Center Tehachapi Valley Hospital

by Nellie Day July 17, 2017

TEHACHAPI, CALIF. — A joint venture between Bernards and Colombo Construction has completed construction of the new $90 million Adventist Health Medical Center Tehachapi Valley hospital, the only critical-access remote facility within a 50-mile radius to the rural Tehachapi and Mojave communities. The acute care facility replaces an outdated hospital that no longer met California safety standards. The hospital includes medical/surgical beds, intensive care beds and an obstetrical unit (labor and delivery/post and ante partum), as well as a complete emergency services department, anesthesia services, a radiology/imaging center, a clinical laboratory, diabetic services space, a pharmacy and nearly 16,000 square feet for administrative offices. Public spaces include indoor/outdoor seating that flows into a healing and wellness garden. SWA Architects designed the project.

July 17, 2017

California Office Western

Cohesity Leases 40,000 SF of Office Space at Riverpark Tower II in San Jose

by Nellie Day July 17, 2017

SAN JOSE, CALIF. — Cohesity has leased about 40,000 square feet of office space at Riverpark Tower II in downtown San Jose. The tower is located at 300 Park Ave. The hyperconverged secondary storage provider is nearly tripling its square footage. It previously leased 14,000 square feet at 471 El Camino Real in Santa Clara. Cohesity is expected to occupy its new space in the fourth quarter of this year after a custom build-out is complete. Joe Brady and Mike Mordaunt of Savills Studley represented the company. Anne Ralston and Phil Mahoney of Newmark Cornish & Carey represented the landlord, Steelwave, in this transaction.

July 17, 2017

California Retail Western

Partnership Sells Dual Grocery-Anchored Shopping Center in Chula Vista for $42M

by Nellie Day July 14, 2017

CHULA VISTA, CALIF. — A partnership between Brixton Capital and ALTO Real Estate Funds has completed the disposition of Gateway Marketplace, a grocery-anchored shopping center located at 40 N. Fourth Ave. in Chula Vista. An affiliate of American Assets Trust purchased the 127,861-square-foot property free and clear of existing debt for $42 million. Smart & Final and Aldi anchor the property, which was constructed in 1997 and redeveloped in 2016. Additional tenants at the 98.7 percent-leased center include Party City, Hobby Lobby, Mattress Firm, Little Caesars and AT&T. Gleb Lvovich and Bryan Ley of HFF represented the seller, while Mike Moser of Retail Insite assisted as a local market contact in the transaction.

July 14, 2017

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