GARDEN GROVE, CALIF. — Sterling Organization has acquired Pavilion Plaza West, a 75,890-square-foot vacant retail building located at 9852 Chapman Ave. in Garden Grove, for $11 million. The property was once a Vons Supermarket. The sellers were a group of five individuals in a tenant-in-common ownership agreement via Sterling Organization’s institutional fund, Sterling Value Add Partners II LP. Sterling Organization has acquired a total of five properties in California in just over a year, including assets in the Los Angeles, San Diego and San Francisco markets.
CHINO HILLS, CALIF. — Marcus & Millichap has arranged the $4.8 million sale of KinderCare, a 9,640-square-foot, net-leased property located in Chino Hills. Kevin Boeve, Joshua Rey, Pablo Rodriguez and Joshua Alvarez of Marcus & Millichap’s Ontario office marketed the property on behalf of the seller, a private investor. The listing team collaborated with the buyer, a southern California-based purchaser utilizing a 1031 tax-deferred exchange. KinderCare is located at 13815 Peyton Drive.
SAN DIEGO — CBRE has brokered the $1.9 million sale of a 9,840-square-foot strip center in San Diego. The seven-tenant property, located at 3280 Main St., is 83 percent leased. Joel Wilson, Reg Kobzi and Michael Peterson of CBRE represented the seller, 1987 Butler Living Trust, in the transaction. Curtis Gabhart of KW Commercial represented the buyer, Jehan Enterprises.
SOUTHERN CALIFORNIA — Meridian Capital Group has arranged $39 million in bridge loans to refinance of a two-property, 355-bed skilled nursing portfolio in Southern California. The specific names and locations of the properties were not disclosed. A national balance sheet lender is providing the capital for the three-year loans. The financing features interest-only payments for two years and an 85 percent loan-to-value ratio. The borrower has owned both properties for more than 10 years. Ari Adlerstein, Ari Dobkin and Josh Simpson, all based in Meridian’s New York City headquarters, negotiated the transaction.
MENLO PARK, CALIF. — Pacific Biosciences of California has leased space at the 180,000-square-foot Menlo Park Labs life science building. The space is located at 1305 O’Brien Drive. The structure was formerly an Office Max distribution facility. Other tenants at the lab include Refuge Biotechnologies and AccuraGen. The space will serve as Pacific Biosciences’ corporate headquarters. The firm leased the space through 2027. The landlord is Tarlton Properties.
SAN FRANCISCO — Vancouver-based QuadReal Property Group has invested $600 million into a joint venture with San Francisco-based private equity firm GI Partners and Chicago-based CA Student Living to invest in U.S. student housing. The JV is starting with a 10-property portfolio managed by CA Student Living, including several properties set to deliver this fall. The JV will also acquire and develop in additional properties that are in CA’s development pipeline. Though QuadReal is an established investor in commercial real estate, the investment marks the company’s entry into the U.S. student housing market. Western-based assets under the JV include Rise on Apache at Tempe near Arizona State University, Uncommon at Fort Collins near Colorado State University and Identity at Reno near the University of Nevada-Reno, all of which will open this fall.
REDONDO BEACH, CALIF. — The 184-unit Homewood Suites by Hilton has opened in Redondo Beach. The hotel is located at 2430 Marine Ave. The new property offers studio, one- and two-bedroom accommodations with fully equipped kitchens and separate living and sleeping areas. The hotel also provides complimentary breakfast, an evening social Monday through Thursday, Wi-Fi and grocery shopping service. Common-area amenities include an outdoor pool, whirlpool, sports court, fire pit, grill area and fitness center. The property also offers 1,157 square feet of flexible space for meetings and social events. Mogul Capital developed the property, which Evolution Hospitality manages.
SANTA CLARA, CALIF. — Buchanan Street Partners has purchased the Bayland Building, a 116,000-square-foot office building in Santa Clara, for $32 million. The property is located at 2953 Bunker Hill Lane, near Levi’s Stadium. The Bayland Building is fully leased to four tenants, including Inphi Corp. Buchanan plans to modernize the building systems, update common areas and increase on-site amenities to attract and retain Silicon Valley’s innovative workforce. The firm represented itself, while Eastdil Secured represented the seller, Sleepy Hollow Investment Co., in the transaction.
SPRING VALLEY, CALIF. — Covenant Retirement Communities has opened Peterson Life Center, a $19.1 million expansion at Mount Miguel Covenant Village in the San Diego suburb of Spring Valley. The Peterson Life Center will serve as a hub for Mount Miguel’s 400-plus residents. The property features an enclosed courtyard, three dining venues, an art studio and gallery, library, wellness center and fitness studio, outdoor pool with two lap lanes, a hot tub, and locker rooms. For entertainment and social gatherings, there’s a 24-seat movie theater, game and billiards room, kids’ corner for visiting children and more. Construction for the 33,082 square-foot, two-story, Spanish-style building started in 2014. Residents at Mount Miguel span the continuum of care. Peterson Life Center is named after Paul Peterson, retired Covenant president and former Mount Miguel administrator. Covenant is the sixth largest nonprofit seniors housing provider, featuring 15 communities in 10 states. It is a ministry of the Evangelical Covenant Church.
LOS ANGELES — Ready Capital Structured Finance has closed a $3.6 million non-recourse loan for an 8,500-square-foot office asset in Los Angeles. The property is located at 2818 La Cienega Ave. in Culver City. The borrower plans to renovate the property, which features open floor plans and an outdoor courtyard on the second floor. The interest-only loan features a 24-month term with one extension option and flexible pre-payment options. It includes a facility to provide for capital expenditures, tenant improvements, leasing commissions, and interest and carry reserves.