California

LOS ANGELES — Westfield Corp., a mixed-use developer based in Sydney, Australia, is opening its $1 billion redevelopment of Westfield Century City mall in the Century City district of Los Angeles on Tuesday, Oct. 3. Westfield expects the open-air development to have the majority of its more than 200 shops and restaurants open for the event, including a new three-level Nordstrom. The 1.3 million-square-foot development will also feature a remodeled, three-level Bloomingdale’s, a new two-level Macy’s and an Equinox fitness club and spa. The center’s new and existing dining options include Bibigo, California Pizza Kitchen, Chick-fil-A, Chipotle, Everytable, Lifehouse Tonics + Elixirs, Panda Express, Randy’s Donuts, See’s Candies, Shake Shack, Wexler’s Deli and the West Coast’s first Eataly, an Italian market concept that will open later in the month. Eataly will feature multiple restaurants, food and beverage counters, retail items and cooking classes. In addition to the department store anchors and existing AMC movie theater, new and existing retailers include Apple Store, Banana Republic, Disney Store, J. Crew, Kate Spade New York, Madewell, Microsoft, SUITSUPPLY, Tory Burch and Warby Parker. Westfield’s in-house design studio worked with Los Angeles-based designer Kelly Wearstler to redesign the project’s outdoor plazas, landscaped terraces and …

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IRVINE, CALIF. — Sabra Health Care REIT (NASDAQ: SBRA) has acquired 21 skilled nursing facilities in a sale-leaseback transaction with an undisclosed West Coast operator for $378 million. The Irvine-based, publicly traded REIT plans to buy the operator’s three remaining facilities before the end of the year for $52 million, for an expected total purchase price of $430 million. The acquisitions are one of several mega-deals for Sabra this year. In August, the company completed its acquisition of skilled nursing owner and former Ventas spinoff Care Capital Properties. Just last week, Sabra also announced it had agreed to buy minority interest in a 183-property portfolio of Enlivant-operated seniors housing communities for $371 million. Sabra plans to eventually acquire 100 percent interest in the portfolio. Sabra was the 21st largest owner of seniors housing in the U.S. with 74 communities and 7,624 units as of June 1, according to the American Seniors Housing Association’s 2017 tally. However, that ranking was before any of these three major acquisitions. Concurrent with the new sale-leaseback transaction, Sabra also announced that it has begun the process of marketing for sale the remaining 43 facilities that the company leases to Genesis Healthcare Inc. Sabra predicts the sales …

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ALISO VIEJO, CALIF. — CBRE has arranged an undisclosed amount of construction financing for Belmont Village Aliso Viejo, a 157-unit assisted living and memory care community in Aliso Viejo, a master-planned community in the San Joaquin Hills between Los Angeles and San Diego. A joint venture between Houston-based operator Belmont Village Senior Living and Boston-based private equity firm Blue Moon Capital Partners is developing the Class A project. Belmont will operate the community once construction is completed. A development timeline was not released. Aron Will of CBRE National Senior Housing arranged the non-recourse, four-year, floating-rate loan through a regional bank.

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PERRIS, CALIF. — National Distribution Centers has leased an 864,000-square-foot industrial facility within the Perris Distribution Center. The cross-dock distribution facility is situated on 43.2 acres within the Perris Valley Commerce Center in Perris. The center is bordered by Nance and Markham streets, as well as by Webster and Indian avenues. It is slated for completion in early October. Perris Distribution Center will feature energy-efficient LED lighting, solar panels and electric vehicle charging stations. Cushman & Wakefield represented National Distribution Centers, while NKF’s Mark Kegans and Ron and Dean Washle represented the owner and developer, Industrial Property Trust, in this transaction.

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SAN JOSE, CALIF. — An affiliate of Essex Apartment Homes (NYSE: ESS) has purchased 360 Residences, a 24-story, mixed-use residential and retail tower in downtown San Jose. The purchase price was $133.5 million, according to Silicon Valley Business Journal. The mixed-use asset is located at 360 Market St., situated one mile from Google’s proposed office campus as well as the future downtown San Jose and Diridon BART stations. The transit-oriented property also provides access to Interstates 280, 680 and 880, U.S. Highway 101 and State Highway 87. 360 Residences was built in 2010. It features 213 ultra-luxury condominium units with high-end finishes and floor plans that average 1,320 square feet. Community amenities include a resort-style pool, fitness center, community lounge with chef’s kitchen, and executive business center with conference room and concierge services. The asset also contains 10,167 square feet of ground-floor retail that is fully leased. The seller, Capri Capital Partners LLC, purchased 360 Residences from Kennedy Wilson for $118 million in April 2012. HFF’s Scott Bales, Peter Yorck and Miles Kersten represented Capri in this transaction. San Mateo, Calif.-based Essex Apartment Homes is a self-administered and self-managed REIT that owns, operates, manages, acquires, develops and redevelops apartment communities …

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SANTA MONICA, CALIF. — Clarion Partners and Lincoln Property Co. have opened The Pen Factory, a 200,000-square-foot creative office project. The building is located at 2701 Olympic Blvd. in Santa Monica. The property was originally built in 1957 as the Paper Mate plant. The adaptive-reuse project is now a creative office community that encourages a casual, open and flexible work environment for growing companies. The new design separates space into two buildings with mezzanine levels. It features energy-efficient roofing and skylights along with industrially scaled curtain walls. Morley Builders built the project, which Skidmore Owings & Merrill designed.

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HAPPY VALLEY, ORE. — Kennedy Wilson has purchased the 210-unit Latitude Apartments in Happy Valley for $58 million. The community is located at 11282 S.E. Causey Circle. Latitude Apartments was built in two phases between 2008 and 2014. It is situated near Clackamas Town Center. Amenities include a dog run and grooming station, electronic parcel lockers, bike repair station, fitness facility, pool, basketball court and direct-entry garages. HFO represented both the buyer and the seller, the Reliant Group, in this transaction.

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VISALIA, CALIF. — Living Care Lifestyles has broken ground on Quail Park at Shannon Ranch, a 120-unit independent living and memory care community in Visalia, located in the San Joaquin Valley midway between Los Angeles and San Francisco. Navigator Development Group is developing the property. Living Care Lifestyles, Kaweah Delta Health Care District, Shannon Senior Care LLC and BTV Senior will be co-owners once the project is completed. Teter A+E and Fresno/Visalia are providing architectural and design services. The project is scheduled for completion in early 2019. Living Care Lifestyles was founded in 1999 and has senior living communities in California, Washington, Texas and Oregon.

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MONTEBELLO, CALIF. — Omnia Pacific Construction has completed renovations on a 21,000-square-foot industrial property in Montebello. The project included a series of tenant improvements. Omnia Pacific will now commence work on an 8,000-square-foot tenant improvement project at a Los Alamitos office building.

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LOS ANGELES — InvenTrust Properties Corp. has purchased River Oaks, a grocery-anchored retail center located in the San Fernando Valley submarket of Los Angeles. An undisclosed seller sold the property for $115 million. Target, Sprouts, buybuyBaby, ULTA, Total Women Gym & Spa, Pier 1 Imports and Big 5 Sporting Goods occupy the 275,000-square-foot retail center.

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