California

Gymboree to Close About 350 Stores

by Nellie Day July 13, 2017

SAN FRANCISCO — The Gymboree Corporation, following an evaluation of its retail footprint, plans to close approximately 350 stores, mainly across the Gymboree and Crazy 8 brands. The San Francisco-based company hopes to focus its resources on locations with the greatest potential and improve profitability. The company has partnered with Great American Group and Tiger Group to help manage the closing sales in its Gymboree, Gymboree Outlet and Crazy 8 stores. The closing sales at affected stores are scheduled to begin on July 18, 2017. Kirkland & Ellis LLP is serving as the company’s legal counsel, AlixPartners LLP is serving as its financial advisor and Lazard is serving as its investment bank. As of April 29, 2017, the company operated 1,281 retail stores: 582 Gymboree stores, 172 Gymboree Outlet stores, 149 Janie and Jack shops and 378 Crazy 8 stores.

July 13, 2017

California Retail Western

Donahue Schriber Acquires Grocery-Anchored Shopping Center in San Luis Obispo for $43.6M

by Nellie Day July 12, 2017

SAN LUIS OBISPO, CALIF. — Donahue Schriber has acquired Marigold Center, a 174,428-square-foot shopping center located in San Luis Obispo, for $43.6 million. The 89-percent leased center is anchored by Vons and home to tenants including Michaels, CVS/pharmacy, Starbucks Coffee, Carl’s Jr., Wild Birds Unlimited, T-Mobile, Fantastic Sams, Tuesday Morning and Dollar Tree. Gleb Lvovich, Bryan Ley and Eric Kathrein of HFF marketed the property on behalf of the seller, Kimco Realty Corp. Donahue Schriber purchased the asset free and clear of existing debt.

July 12, 2017

California Multifamily Western

WNC Closes $144 Million Institutional LIHTC Fund

by Nellie Day July 12, 2017

IRVINE, CALIF. — WNC, an Irvine-based real estate investor, has closed WNC Institutional Tax Credit Fund 43 LP, a $144 million institutional low-income housing tax credit (LIHTC) fund. The fund includes 23 properties comprised of 1,771 affordable housing units for families and seniors scheduled for new construction and rehabilitation. The properties are located in 13 states: Arkansas, California, Iowa, Kentucky, Louisiana, Maine, Minnesota, Oregon, Rhode Island, Texas, Virginia, Washington and Wisconsin.

July 12, 2017

California Loans Office Western

Alcion Ventures Receives $60M Refinancing for Blackwelder Creative Office Campus in LA

by Nellie Day July 11, 2017

LOS ANGELES — Alcion Ventures has received $60 million to refinance debt on Blackwelder, a 157,560-square-foot creative office campus in Los Angeles. The campus is situated at the intersection of Fairfax Avenue and La Cienega Boulevard, adjacent to Culver City. Blackwelder was renovated in phases, which commenced in 2007. It contains 19 low-rise buildings on more than six acres. HFF”s Mark Wintner and Doug Bond arranged the financing. Heitman LLC provided the three-year, floating-rate loan.

July 11, 2017

California Loans Multifamily Seniors Housing Western

iBorrow Provides $9.3M Bridge Loan for Assisted Living Renovations in Long Beach

by Nellie Day July 11, 2017

LONG BEACH, CALIF. — iBorrow, a private commercial real estate lender, has provided a $9.3 million bridge loan for an assisted living community’s renovations in the Los Angeles suburb of Long Beach. The 64,090-square-foot property was originally built in 1929. When renovations are completed, it will feature 56 units of assisted living, as well as a rooftop garden, ocean views and some retail. It is located a half mile from the 415-bed St. Mary’s Medical Center. The borrower and name of facility were not disclosed. Will McCabe of iBorrow originated the loan.

July 11, 2017

California Retail Western

Faris Lee Brokers $7M Sale of Strip Center in Stockton

by Nellie Day July 11, 2017

STOCKTON, CALIF. — Faris Lee Investments has arranged the $7 million sale of The Shops at Hammer & West, a 15,314-square-foot strip center located in Stockton. Jeff Conover of Faris Lee represented the Newport Beach-based seller, West Hammer Properties, in the transaction. Vista Pacific Realty represented the buyer, Tian He Jian Real Estate USA Inc. The center is fully occupied by seven tenants including Jollibee.

July 11, 2017

California Multifamily Seniors Housing Western

Griffin-American Healthcare REIT IV to Acquire Eight-Facility Seniors Housing Portfolio in Northern California

by Nellie Day July 10, 2017

SAN FRANCISCO — American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have announced the fund will acquire a 327-unit, eight-property portfolio of seniors housing communities in Northern California. The portfolio will be purchased in tranches, with the first group including properties in Belmont, Fairfield, Menlo Park and Sacramento. The second round will include properties in Napa and Sonoma. The first tranche has already closed, while the second is expected to be completed before the end of the year. The first acquisition totals 134,000 square feet of assisted living, memory care and skilled nursing. The communities are 100 percent occupied and operated by Colonial Oaks under a 15-year net lease. Several entities associated with Nazareth Healthcare sold the first tranche of properties. Grant Goodman and Chad Elliott of Lancaster Pollard & Co. LLC represented the sellers. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America NA and KeyBank National Association.

July 10, 2017

California Restaurant Retail Western

CalBay Development Buys Two-Restaurant Portfolio in Pleasanton, Newark for $3.6M

by Nellie Day July 10, 2017

PLEASANTON AND NEWARK, CALIF. — CalBay Development has acquired a portfolio of two restaurants located in Pleasanton and Newark for $3.6 million. The sellers were the original developers and current franchisee owner-operators of the sites, which are occupied by drive-thru Arby’s restaurants. CalBay plans to remodel the sites and re-open the properties under a new national tenant brand. Redevelopment is scheduled to begin in fourth quarter 2017, with grand re-openings by the second quarter of 2018. Aron Cline and Jonathan Prater of Matthews Retail Group brokered the off-market transaction.

July 10, 2017

California Retail Western

Hanley Investment Group Arranges Sale of Single-Tenant LA Fitness in Montebello

by Nellie Day July 10, 2017

MONTEBELLO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant building occupied by LA Fitness. The 42,946-square-foot property is located in Montebello, roughly eight miles outside Los Angeles. Bill Asher and Ed Hanley of Hanley Investment Group represented the seller, a private partnership based in Orange County, California. The buyer, a publicly traded REIT, was self-represented in the transaction. Terms of the sale were undisclosed.

July 10, 2017

California Loans Mixed-Use Multifamily Western

George Smith Partners Secures $26.5M Loan for Mixed-Use Community in Hollywood

by Nellie Day July 7, 2017

HOLLYWOOD, CALIF. — George Smith Partners has arranged $26.5 million in refinancing for Gershwin Apartments, a mixed-use property located on Hollywood Boulevard in Hollywood. The borrowers, which acquired the property in 2015, are Massie Capital and Glenn & Shannon Dellimore. The property features 163 apartments and 10,500 square feet of ground-floor retail space. Shahin Yazdi of George Smith Partners secured the financing for the borrowers.

July 7, 2017

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