NAPA, CALIF. — A private investor has purchased the 42-unit Marina Vista Apartments in Napa for $10.3 million. The community is situated approximately one mile from Highway 29 and nearby to the 150,000-square-foot River Park Shopping Center. It was built in 1978. Greg Cohn of Capital Realty Group and Ron Karp represented the buyer. Vincent Schwab of Marcus & Millichap represented the seller, a syndicator based in Southern California, in this transaction.
VISALIA, CALIF. — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the sale of Park Visalia Assisted Living, a 100-unit assisted living community in Central California. The community is located in Visalia in the San Joaquin Valley, approximately midway between Los Angeles and the Bay Area. The sellers, a Chicago-based private equity firm, acquired Park Visalia in 2014, investing in several capital improvement projects and bringing in a California-based third party management company to turnaround operations. However, after the first year occupancy remained constantly below market levels, the owner elected to transition the operations to a Midwest-based provider that stabilized key leadership staff positions and improved occupancy and cash flow. The buyer was a privately held real estate investment company based on the West Coast, with Park Visalia representing the company’s fourth California seniors housing acquisition in the past two years. The buyer plans to remodel the community, including the addition of a secured memory care wing. The purchase price was not disclosed. The new owner will transition management to a new operator that has several other communities in California. Jacob Gehl, Ben Firestone, and Michael Segal of Blueprint were the lead advisors on the transaction.
OLYMPIA, WASH. — Ventas has acquired six seniors housing communities from Koelsch Communities for $137 million and will immediately lease all the properties back to the Olympia-based operator. The communities acquired include Canterbury Park in Longview, Wash.; Cedarbrook in Fresno, Calif.; The Hampton & Ashley Inn and The Hampton at Salmon Creek both in Vancouver, Wash.; Madison House in Kirkland, Wash.; and Spring Creek Inn in Bozeman, Mont. The transaction increases the number of Ventas-owned, Koelsch-operated communities to 18. The properties span the continuum of care. Koelsch Communities operates 22 communities in seven states with eight more communities currently in development.
SAN DIEGO — Pacifica Host Hotels has sold its 118-room Best Western Plus Otay Valley in the San Diego submarket of Chula Vista to a California-based hotel ownership group. The price was not disclosed. The hotel will retain the Best Western branding. The new owner plans to renovate the hotel. Leigh-Anne Ashton, Bruce Holmes and Harry Hashim of HotelBrokerOne represented both parties. The transaction involved a 1031 exchange.
SACRAMENTO, CALIF. — A limited liability company has acquired the 60-unit Red Robin Apartments in Sacramento for $3.9 million. The community is located at 2080 Red Robin Lane. It features four studios, 26 one-bedroom units, 26 two-bedroom units and four two-bedroom townhomes. Steve Nelson and Dusty Haeling of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction.
PASADENA, CALIF. — Anda Realty Capital has purchased a 54,961-square-foot office building in Pasadena for an undisclosed sum. The seven-story building is located at 225 E. Colorado Blvd. It is situated across the street from the Paseo Colorado mixed-use development and less than two blocks from Old Town Pasadena. The property was originally built in 1912 for Citizens Savings Bank. The building’s original marble walls, wood paneling and brass finishes have been completely restored in recent years. JLL’s Tom Bohlinger and Jon Lange represented both the buyer and seller, Barker Pacific Group, in this transaction. The firm’s Brian Halpern and Alex Kane secured a bridge loan for the buyer.
SAN FRANCISCO — TH Real Estate has purchased a 59,868-square-foot creative office building in the South of Market (SoMa) neighborhood of San Francisco for an undisclosed price. The building is located at 539 Bryant St. The property was originally built in 1912 as a warehouse facility. It was converted to creative office space in 1983. The building is fully occupied by tenants like HoneyBook, Life360, Sauce Labs, HKS Architects and Gigwalk. TH Real Estate is an affiliate of Nuveen, the investment management arm of TIAA.
CHULA VISTA, CALIF. — SCA Architecture (formerly known as Smith Consulting Architects), a San Diego-based architectural firm, has completed the planning, design and construction of a repositioning at Gateway Marketplace, located at Fourth Avenue and C Street in Chula Vista. Brixton Capital is the developer of the $9.3 million remodeling project. Situated on an 8.8-acre lot, the project consisted of renovating an abandoned Target building in an existing neighborhood. The former Target store was divided into three tenant spaces. The front of the building was set back ten feet to allow for new, distinct tenant entries. Quick-serve grocery store and restaurant spaces were added to the center as well. Updated architecture and color schemes were used to update the center’s look. The existing site was enhanced with new landscaping, lighting, pedestrian walkways and a new gateway plaza. New tenants at the center include Party City, Smart & Final, Hobby Lobby and Aldi. AT&T, Little Caesar’s Pizza, Pho Hung Cali, iNails & Spa and other tenants are slated to open later this year. Scott Cairns served as principal-in-charge for SCA Architecture, with Norman Barrett as project designer and Dennis Seguban serving as project manager. Consultants included GSSI Structural Engineers as structural …
ONTARIO, CALIF. — Progressive Real Estate Partners has arranged a 15-year lease with Golden Corral for a 12,936-square-foot restaurant at 1640 E. 4th St. in Ontario. Construction is slated to begin in April and the restaurant is projected to open in late 2017. Located in the Kmart-anchored Vineyard Freeway Center, the project is located near I-10, with an average daily traffic count of 237,000 cars passing by the location. Progressive Real Estate Partners’ Paul Su marketed the property and represented both Golden Corral and the lessor in the transaction. In addition to Kmart, the 163,000-square-foot center is also home to tenants including RadioShack and Domino’s Pizza. Coupled with the new Golden Corral, the landlord is embarking upon a renovation of the 60,000 square feet of shop space that will include enhanced facades, a new color scheme and parking lot renovations.
SAN DIEGO — MetroGroup Realty Finance has secured $34.3 million in acquisition financing for a 132,695 square-foot office/flex campus in the Kearney Mesa submarket of San Diego. The complex is located at 9404 Chesapeake Drive and 5775, 5785 & 5788 Roscoe Court. The borrower was Klein Investment Family Limited Partnership, which was involved in a 1031 exchange. The financing included permanent financing for a seven-year term and 25-year amortization schedule and an interest-only bridge loan floating over LIBOR for a one-year term. The campus is fully leased to Cobham Advanced Electronic Solutions, a subsidiary of UK-based Cobham PLC, a technology company for the aerospace and defense industries.
