CULVER CITY, CALIF. — PSRS has closed $6 million in refinancing for Robertson Plaza, a multi-tenant strip retail property located in Culver City. Mike Davis of PSRS arranged the non-recourse, 10-year loan, which features a 30-year amortization schedule, with a life insurance company. The borrower was a private real estate investor. Eighteen tenants occupy the property, which was built in 1984. Over the last 10 years, the property has maintained more than 95 percent occupancy.
SANTA ANA, CALIF. — MCA Realty has completed the disposition of the Brookhollow Freeway Showroom Center with the sale of the property’s fourth building. WTW Properties LLC purchased the building, located at 154 E. Warner Ave., for $3.3 million. Wine Exchange currently occupies the 13,072-square-foot building. Joe Winkelmann, Nick Velasquez and Michael Hartel of Colliers International represented the seller, while Ryan Swanson and Chris Conway of Lee & Associates represented the buyer in the transaction.
MURRIETA, CALIF. — Coldwell Banker Commercial has arranged a 10-year lease for 9,506 square feet of retail space at Murrieta Crossings, located at 39745 Avenida Acacias, Suites A and B, in Murrieta. Metroflex Gym triple-net leased the space from M.C. Retail. Cyndi Light of Coldwell Banker represented the landlord, while Jay Brun and Steve Castellanos, also of Coldwell Banker, represented the tenant in the deal.
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.
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.
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.
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.
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.
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.
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.