LYNWOOD, CALIF. — Charles Dunn Co. has arranged the sale of retail property located at 3645 E. Imperial Highway in Lynwood. A Los Angeles-based private investor sold the property to a private international investor for $5 million, or $538 per square foot. U.S. Bank anchors the 9,375-square-foot two-tenant retail property. Kyle Gulock and Matt Kramer of Charles Dunn Co. represented the seller, while Industry Partners represented the buyer in the deal.
RANCHO SAN DIEGO, CALIF. — Alpha Brothers has purchased a single-tenant retail property located at 3777 Willow Glen Drive in Rancho San Diego. Rancho San Diego 111 Partners sold the property for $4.8 million. BevMo occupies the 6,200-square-foot property. Don Mose of Retail insite and Marcus & Millichap represented the seller, while Sereno Group represented the buyer in the transaction.
POMONA, CALIF. — Capital Realty Solutions has arranged the sale of a restaurant property located at 2098 S. Garey Ave. in Pomona. 6814 Lankershim Associates sold the property to an undisclosed private investor for $3.5 million. Jack in the Box occupies the 2,612-square-foot property on a 15-year triple-net lease term, which includes four five-year extension options for the tenant. Ash Joshi of Capital Realty Solutions represented the seller in the deal.
LONG BEACH, CALIF. — Burnham-Ward Properties, together with Burnham USA and Rockwell Capital, has signed three new fitness concepts at Long Beach Exchange, a retail and dining destination center in Long Beach. GritCycle, Ra Yoga and Orangetheory Fitness are joining the 266,000-square-foot property. Slated to open in spring 2018 and situated on 26 acres, the center will feature stores, shops, restaurants and two acres of communal open space. GritCycle will open a 3,000-square-foot indoor cycling studio; Ra Yoga will feature 3,400 square feet of yoga space; and Orangetheory Fitness will feature 3,200 square feet of boutique fitness space.
SAN MATEO, CALIF. — Bridge Investment Group has received a $54.5 million loan to acquire an office property in San Mateo. The loan includes a future funding component for planned capital improvements and leasing costs. The new owner plans to modernize the property. The loan was funded under KeyBank’s non-recourse bridge lending program. The program offers high-leverage, non-recourse loans for cash flowing properties.
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 …
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 …
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.
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.
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 …
