California

Colliers Negotiates $3.2M Acquisition of Retail, Industrial Property in Temecula

by Nellie Day July 21, 2017

TEMECULA, CALIF. — Colliers International has arranged the acquisition of a multi-tenant retail and industrial property located at 41735 Winchester Road in Temecula. Anderson Family Trust acquired the property from Winchester Group JV for $3.2 million. Redline Athletics, The Springs Community Church and All Star Promotions, among others, occupy the 27,924-square-foot building, which was fully occupied at the time of sale. Joe Brady of Colliers represented the buyer, while John Pfaffl of Jonan Property Services represented the seller in the deal.

July 21, 2017

California Office Western

Cypress Equity Investments Acquires Commercial Property in Santa Monica

by Nellie Day July 21, 2017

SANTA MONICA, CALIF. — Cypress Equity Investments has purchased a commercial property located at 3223 Wilshire Blvd. in Santa Monica. Satnam Investments sold the property for an undisclosed price. The property is comprised of two parcels, including a two-story, 11,730-square-foot building. The parcels are zoned mixed-use, allowing for a range of redevelopment opportunities. Mitchell Stokes of Madison Partners represented the seller and buyer in the deal.

July 21, 2017

California Industrial Western

Rexford Industrial Buys Six-Building Complex in Los Angeles for $210.5M

by Nellie Day July 20, 2017

LOS ANGELES — Rexford Industrial Realty has purchased a six-building industrial park in the Los Angeles submarket of South Bay for $210.5 million. The Class A park is known as Rancho Pacifica Industrial Park. The acquisition contains a total of about 1.2 million square feet on 56 acres. The park is leased to 23 tenants. It sits adjacent to the Alameda Intermodal Corridor, six miles from the Ports of Long Beach and Los Angeles.

July 20, 2017

California Loans Multifamily Seniors Housing Western

Lancaster Pollard Arranges $6.5M Refinancing for 95-Unit Independent Living Community in Riverside

by Nellie Day July 20, 2017

RIVERSIDE, CALIF. — Lancaster Pollard has arranged a $6.5 million refinancing for Magnolia Grand, a 95-unit independent living community in Riverside, located in the Inland Empire region of California. The borrower is BPM Senior Living Co., which owns and operates a portfolio of seniors housing communities in the Western United States. The Fannie Mae loan is non-recourse and restructures a permanent loan that was nearing maturity. In addition to refinancing existing debt, the loan will provide capital for upgrades and improvements to the property. Matt Lindsay led the transaction for Lancaster Pollard.

July 20, 2017

California Office Western

Equity Office Breaks Ground on Von Karman Creative Campus in Irvine

by Nellie Day July 19, 2017

IRVINE, CALIF. — Equity Office has broken ground on Von Karman Creative Campus (VKCC), a nine-building creative office campus in Irvine. The campus will be situated at the corner of Von Karman Avenue and Alton Parkway, on the site of the former Von Karman Corporate Center. VKCC will feature amenities like complimentary on-site concierge to assist with personal tasks, an indoor/outdoor fitness center, free group fitness classes, onsite cafe, dedicated dog parks, regular food trucks and farmer’s markets, iShuttle service to Metrolink and John Wayne Airport, exterior event spaces, bike lockers, entertainment opportunities, and other regularly scheduled community events. The campus is scheduled for completion in the first quarter of 2018.

July 19, 2017

California Loans Office Western

Concord Airport Plaza in Concord Receives $43.3M in Financing

by Nellie Day July 19, 2017

CONCORD, CALIF. — Concord Airport Plaza, a 350,256-square-foot office property in Concord, has received $43.3 million in financing. The two-building property is located at 1200 and 1220 Concord Ave. The five-year, floating-rate loan will be used to reposition the property. HFF’s Chris Gandy and Christie Donnelly placed the loan with ACORE Capital.

July 19, 2017

California Retail Western

Hanley Investment Group Arranges $28.6M Sale of Grocery-Anchored Center in Corona

by Nellie Day July 19, 2017

CORONA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $28.6 million sale of Sierra Del Oro Towne Centre, a 110,004-square-foot shopping center located in Corona, roughly 48 miles outside Los Angeles. Ralphs anchors the center, which is home to tenants including Dollar Tree, Anytime Fitness, Bank of America, Jack in the Box, Domino’s Pizza, Children’s Montessori Center, Kumon Math and Reading Center, Mercury Insurance and Postal Annex. Pat Kent, Ed Hanley and Corey Olson of Hanley Investment Group represented the seller, Cornerstone Development Partners. Phillips Edison & Co. purchased the property, and was self-represented in the transaction.

July 19, 2017

California Loans Office Western

Easterly Government Properties Obtains $127.5M Loan to Acquire Medical Office Building in Yorba Linda

by Nellie Day July 18, 2017

YORBA LINDA, CALIF. — Easterly Government Properties has obtained $127.5 million in acquisition financing for a 327,641-square-foot medical office building in the Orange County submarket of Yorba Linda. The Class A building is located at 26001 Redlands Blvd. Construction was recently completed on the space. It is fully leased to the Department of Veterans Affairs (VA) for 20 years. Goldman Sachs provided the 10-year, fixed-rate, interest-only loan at a 60 percent loan-to-value ratio. CBRE’s Tom Traynor, James Millon, James Scott and Bernard Van der Lande secured the loan.

July 18, 2017

California Net Lease Retail Western

Faris Lee Arranges $2.5M Sale of Building Net Leased to Starbucks in Lake Forest

by Nellie Day July 18, 2017

LAKE FOREST, CALIF. — Faris Lee Investments has arranged the $2.5 million sale of a 1,800-square-foot, single-tenant property occupied by Starbucks Coffee in Lake Forest. The triple-net-leased building features a drive-thru, and is located at 20451 Alton Parkway. Patrick Toomey, Thomas Chichester, Matt Brooks and Joseph Chichester with Faris Lee Investments represented the seller, Irvine-based Shea Homes. Feirstein Law Firm represented the buyer, a private investor from Vietnam.

July 18, 2017

California Multifamily Seniors Housing Western

Cadence Senior Living Acquires Assisted Living Community in Orange

by Nellie Day July 18, 2017

ORANGE, CALIF. — Cadence Senior Living has acquired Kirkwood Orange, an assisted living and memory care community in Orange, just southeast of Los Angeles. The seller was HumanGood, the recently merged and rebranded combination of Califonia nonprofits ABHOW and be.group. The sale price was not disclosed. Cadence is an owner, operator and developer of senior living communities based in Scottsdale, Ariz. Kirkwood Orange is the company’s first California community, joining its portfolio of two Phoenix-area properties.

July 18, 2017

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