OXNARD, CALIF. — Clearwater Living is preparing to open Clearwater at RiverPark, a 136-unit independent living community in Oxnard. Presales are currently underway, with a planned opening of January 2018. Residents who pre-select an apartment and move in within 30 days of the grand opening will pay less in “community fees” and also receive a discount on the first month’s rent. Apartments range in size from 610 to 1,040 square feet. The property is located near malls, art museums and beaches.
OXNARD, CALIF. — CBRE has arranged the sale of Oxnard Vineyards, an outdoor shopping center located at 2580-2698 E. Vineyard Ave. in Oxnard. An undisclosed private investor acquired the property from Loja Real Estate Group for $24.5 million. Vallarta Supermarkets anchors the 102,139-square-foot property, which is situated on 11.5 acres. The grocer occupies 64 percent of the center with more than 10 years of the initial term left on its lease. Orbell Ovaness, Brad Baskin and Artin Sepanian of CBRE represented the seller in the deal.
RIVERSIDE, CALIF. — Faris Lee Investments has brokered the sale of a retail property at 3739-3747 Central Ave. in Riverside. A Los Angeles-based private investor acquired the 5,231-square-foot property from Red Mountain Retail Group for $4 million. The 5,231-square-foot property is leased to three tenants: Jamba Juice, Jimmy John’s Gourmet Subs and Tokyo Joe’s. Donald MacLellan and Joseph Chichester of Faris Lee represented the seller, while NAI Capital represented the buyer in the deal.
LOS ANGELES — Fashion specialty retailer Nordstrom Inc. has launched Nordstrom Local, the company’s latest retail concept where customers can shop and access Nordstrom services in a central location. The new concept will launch in West Hollywood on Oct. 3, the same day as the company’s Westside Pavilion store relocation to Century City. Nordstrom Local will have a 3,000-square-foot footprint, much smaller than an average 140,000-square-foot Nordstrom store. This service-focused concept store has no dedicated inventory. Customers will have access to personal stylists who can transfer merchandise in for customers, as well as services like buying online but picking up in the store, alterations and tailoring, and manicure appointments. Customers will also be able to make returns at Nordstrom Local from Nordstrom stores, Nordstrom.com and Trunk Club. Nordstrom Local will have one styling suite and eight dressing rooms surrounding a central meeting space where customers can sit, enjoy a glass of wine or beer, and chat with personal stylists. Nordstrom operates 356 stores in 40 states. The company also owns Trunk Club, a personalized clothing service.
LOS ANGELES — The Crack Shack, an all-day chicken and egg restaurant, is opening its first Los Angeles location at Westfield Century City. Slated to open in spring 2018, the restaurant is owned by Michael Rosen, chef Richard Blais and chef Jon Sloan. Century City will be the restaurant’s fourth location and will feature outdoor patio dining, picnic-style seating, fire pits and communal-dining fire tables, a bocce ball court and open-air children’s play spaces. The Crack Shack is currently located in San Diego and Encinitas, Calif., with a third location opening in Costa Mesa later this year.
RIVERSIDE, CALIF. — Allianz Real Estate of America has provided $55 million to refinance a 507,000-square-foot cold storage facility in Riverside. The property is located at 1001 Columbia Ave. The asset was developed in 2011 on a 25.3-acre site within Hunter Park. It is fully leased to an investment-grade credit tenant. The 10-year, fixed-rate loan will refinance the property’s existing loan. HFF’s Kevin MacKenzie and AJ Manas represented the borrower in this transaction.
IRVINE, CALIF. — Irvine Co. has opened 400 Spectrum Center, a 21-story office tower within the Irvine Spectrum. The tower’s sister property, 200 Spectrum Center Drive, debuted a year ago. The newest addition is 40 percent pre-leased. Notable tenants include communications platform company SendGrid, cybersecurity artificial intelligence company Cylance, Kieckhafer Schiffer & Co. and CrossCountry Mortgage.
SAN DIEGO — A joint venture between Olympus Property and Artemis Real Estate Partners has purchased the 360-unit Broadstone Corsair in San Diego for an undisclosed sum. The community is located at 8583 Aero Drive in the Kearny Mesa neighborhood. The asset is being rebranded as Olympus Corsair. On-site amenities include a resort-style pool with poolside cabanas inset with outdoor TVs, an indoor golf simulator room, a fitness center, yoga/dance studio, a clubhouse with demonstration kitchen, library and wet bar, green living wall, and seven outdoor courtyard social spaces.
WHITTIER, CALIF. — HFF has arranged the $12.6 million sale of a 24,866-square-foot building triple-net-leased to Sprouts Farmers Market in Whittier, about 20 miles southeast of Los Angeles. Gleb Lvovich and Nicholas Foster of HFF marketed the property on behalf of the seller, CVK Street LLC. A private, 1031 exchange investor purchased the asset free and clear of existing debt. Additionally, Greg Brown of HFF secured a 10-year, fixed-rate, interest-only loan with a CMBS lender on behalf of the new owner.
SCOTTSDALE, ARIZ., AND NEWPORT BEACH, CALIF. — Cadence Senior Living, a Scottsdale-based owner, developer and operator, and Emerald Real Estate Partners LLC, an investment management firm based in Newport Beach, have formed a strategic partnership for investing in seniors housing. According to the companies, the partnership will allow Cadence to expand its portfolio of boutique senior living. Emerald will provide additional acquisition capital, working capital and expertise in increasing scale, due to the company’s experience in other real estate sectors. Emerald principal Josh Martin stated that Emerald “had been searching for a senior living operator with which to grow a platform in this sector.” The Cadence and Emerald partnership is seeking opportunities to acquire existing senior housing communities, develop new communities and leverage Cadence’s management team by operating senior living communities for third-party owners.
