California

The Bascom Group Buys Casanova Grove Apartments in Monterey for $16.7M

by Nellie Day September 21, 2017

MONTEREY, CALIF. — The Bascom Group has purchased the 76-unit Casanova Grove Apartments in Monterey for $16.7 million. The community is located at 930 Casanova Ave. Casanova Grove is less than two miles from the Pacific Ocean with the Pacific Coast Highway just a mile away. The group plans to implement a renovation plan, which will include amenity upgrades, exterior redesigns and interior renovations. Anthony Lugo represented Bascom, while Erich Pryor and Thomas Sherlock of Talonvest Capital arranged the acquisition loan from NXT Capital.

September 21, 2017

California Multifamily Western

Universe Holdings Acquires 52-Unit Apartment Complex in Los Angeles for $12.6M

by Nellie Day September 21, 2017

LOS ANGELES — Universe Holdings has acquired the 52-unit Nob Hill Towers apartment complex in Los Angeles for $12.6 million. The community is located at 2430 Ocean View Ave. Nob Hill was built in 1929. Universe Holdings will upgrade the interiors with new flooring, appliances, counters, cabinets and other improvements. Exterior renovations will include new lighting, paint and enhanced common areas and landscaping. The basement will be converted to a business center and fitness area. Kitty Wallace and her team represented both the buyer and seller, Dobson Meadows Partnership, in this transaction.

September 21, 2017

California Industrial Western

Bergen Logistics Subleases 179,518 SF of Industrial Space in Cerritos

by Nellie Day September 21, 2017

CERRITOS, CALIF. — Bergen Logistics has subleased 179,518 square feet of industrial space in Cerritos. The firm plans to use the space for ecommerce fulfillment. The new facility is located at 16016–16030 Arthur St. JLL’s Zac Sakowski and Jordan Quinn represented Bergen in the transaction.

September 21, 2017

California Multifamily Seniors Housing Western

Sabra to Acquire Minority Interest in 183-Property Enlivant Portfolio for $371M

by Nellie Day September 20, 2017

IRVINE, CALIF. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has agreed to acquire a 49 percent equity interest in entities that collectively own 183 seniors housing communities, all of which are operated by Enlivant. The transaction values the portfolio at $1.62 billion and Sabra’s investment at $371 million. Enlivant is owned by funds managed by private equity firm TPG, which will remain the 51 percent majority owner. Sabra noted, however, that it plans to eventually move toward full ownership of the portfolio over the next three years. The portfolio’s 8,280 units are spread across 20 states and are nearly all private pay. The properties are currently 82 percent occupied. This is an increase from 60 percent in 2013, when TPG acquired troubled operator Assisted Living Concepts and installed Enlivant as the new operator of the portfolio. Sabra, a publicly traded REIT based in Irvine, noted that the acquisition will help diversify its tenant portfolio. Following the transaction, the amount of private-pay seniors housing in Sabra’s portfolio will rise from 16.8 percent to 24.3 percent, while its skilled nursing exposure will fall from 71.1 percent to 64.7 percent. Enlivant is the 10th largest operator of seniors housing in the United …

September 20, 2017

California Industrial Western

Wonderful Real Estate Starts Construction of 1 MSF Industrial Park Near Bakersfield

by Nellie Day September 20, 2017

BAKERSFIELD, CALIF. — Wonderful Real Estate has commenced construction on Wonderful Industrial Park, a 1 million-square-foot industrial building northwest of Bakersfield. The 1.6-acre spec asset is located at 4100 Express Ave. in Shafter. The building will feature 300-foot truck courts, 700 trailer parking stalls, 183 dock-high doors, eight-inch slab designed to meet multi-level e-commerce uses, and a high-speed fiber optics network. Notable tenants in the area include Target, Ross Stores, American Tire Distributors, DMSI, MRC Global and FedEx. JLL’s Mike McCrary, Peter McWilliams and Mac Hewett are leading the leasing efforts at Wonderful Industrial Park.

September 20, 2017

California Office Western

Irvine Co. Purchases 127,000 SF Office Project in Del Mar Heights

by Nellie Day September 20, 2017

SAN DIEGO — The Irvine Company has purchased Township 14, a 127,000-square-foot office project in the San Diego submarket of Del Mar Heights, for an undisclosed sum. The two-building asset is situated near Del Mar Highlands Town Center, Highway 56 and Interstates 5 and 805. Township 14 opened on six acres in the 1980s as Del Mar Corporate Plaza. It underwent significant redevelopment in 2014. It was renamed after the plot of land first established in the 1880s that later became known as Del Mar. Amenities include a fitness center, café, regular food trucks and floor-to-ceiling glass for maximum daylight and energy efficiencies that lower costs. Eastdil Secured represented both the buyer and the seller, TH Real Estate, in this transaction.

September 20, 2017

California Office Western

The Luzzatto Co. Breaks Ground on Creative Office Development in West LA

by Nellie Day September 20, 2017

LOS ANGELES — The Luzzatto Company has broken ground on Expo Station, an 80,000-square-foot creative office development in West Los Angeles. The transit-oriented development is located at 12414 Exposition Blvd. near the Metro Expo line’s Expo/Bundy station in Silicon Beach. Expo Station will have three levels of creative office space above a two-level parking structure. The building’s contemporary design will feature a concrete, wood and glass façade, angled roof line and more than 16,000 square feet of outdoor patio areas with seating, bar, barbecue grills and unobstructed ocean and city views. The interior space will offer 16- to 25-foot ceiling heights, operable windows, polished concrete floors and exposed wood trusses. Construction on Expo Station is scheduled for completion in the first quarter of 2019. The project was designed by HLW International. The general contractor is Essey Construction Co. Rick Buckley of LA Realty Partners will lead leasing efforts.

September 20, 2017

California Industrial Western

Joint Venture Acquires Centerpointe La Palma Business Park Near Cerritos for $106.1M

by Nellie Day September 19, 2017

CERRITOS, CALIF. — A joint venture between Greenlaw Partners and Westbrook Partners has acquired Centerpointe La Palma, a 525,560-square-foot business park in the Cerritos submarket of La Palma for $106.1 million. The 10-building business park is located on Centerpointe Drive. Centerpointe La Palma is situated near the 91, 5 and 605 freeways in north Orange County. It was 89 percent leased at the time of sale. Notable tenants include the State of California, Tesoro, Honeywell, United Healthcare, University of Phoenix and St. Joseph Health. The JV represented itself in the transaction. NKF’s Kevin Shannon, Paul Jones and Blake Bokosky represented the seller, an East Coast-based pension fund advisor.

September 19, 2017

California Industrial Western

Rockefeller Group Starts Construction of 2 MSF of Inland Empire Industrial Developments

by Nellie Day September 19, 2017

SAN BERNARDINO AND PERRIS, CALIF. — Rockefeller Group has commenced construction on two industrial projects totaling 2 million square feet in the Inland Empire. The projects include Tri-City Industrial Complex, a 19-acre site at 1333 S. Tippecanoe Ave. in San Bernardino, and Optimus Logistics Center, a 68-acre site along the I-215 corridor in Perris. Tri-City will include two speculative industrial distribution buildings totaling 425,535 square feet, while Optimus will feature two speculative buildings totaling approximately 1.4 million square feet. The projects are slated for completion in the third and fourth quarters of 2018. HPA Architects is designing both developments. JLL’s Mike McCrary and Peter McWilliams are the exclusive leasing agents for Optimus. Fullmer Construction is building the project. Chuck Belden, Kyle Kehner, Milo Lipson, Tim Pimentel and Ryan Velasquez of Cushman & Wakefield are the exclusive leasing agents for Tri-City. Millie & Severson is building the project.

September 19, 2017

California Multifamily Student Housing Western

UC Davis Opens Three Residence Halls, Community Building

by Nellie Day September 19, 2017

DAVIS, CALIF. — The University of California, Davis has opened Tercero 4, an on-campus development consisting of three residence halls and a community building. The residence halls — Cottonwood Hall, Redwood Hall and Madrone Hall — will be home to about 200 students each and offer single-, double- and triple-occupancy rooms. Cottonwood Hall features a music room with sound attenuation and a piano for practicing music; a wellness and meditation room; and a large recreation room with a television, game tables and three video-gaming stations for use by all Tercero residents. Olive Hall, the new community building, includes a large main lounge with a community demonstration kitchen. The $59.1 million project is part of a long-term development plan that aims to increase student beds on campus from about 9,400 in 2015 to 15,600. In the next two years, the university plans to open a new 500-seat dining hall and a 400-bed residence hall, replacing the existing Webster Hall.

September 19, 2017

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