California

LOS ANGELES — Greystar has received $100 million in financing for the development of Arts District AMP Lofts, a mixed-use residential and retail property located Los Angeles’ Arts District. HFF placed the 48-month construction loan with CIT’s Real Estate Finance business. The 320-unit property will offer amenities including 20,000 square feet of retail space; a community garden and park; dog run; outdoor creative workspace; clubhouse with bar and indoor/outdoor lounge space; fitness center; and outdoor pool. The development is scheduled for completion in 2019.

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MODESTO, CALIF. — HFF has arranged the $170 million refinancing of a portfolio of 33 triple-net-leased grocery properties totaling 1.73 million square feet in Northern California. The portfolio is fully occupied under a master lease with The Save Mart Companies, operating under the Save Mart, Lucky, Lucky California and FoodMaxx brands. The portfolio consists of freestanding and anchor stores located in the San Francisco Bay Area, Sacramento and the Central Valley. Peter Smyslowski, Chris Gandy and Rob Bova of HFF worked on behalf of the borrower, Modesto-based RMP Properties LLC, to place the 10-year, fixed-rate loan with a UBS-led consortium of CMBS lenders.

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WALNUT CREEK, CALIF. — A joint venture between PGIM Real Estate and Kisco Senior Living has acquired Byron Park, a 187-unit independent living and assisted living community in Walnut Creek. Although the purchase price was not disclosed, BMO Harris Bank arranged and was lead lender on $61.8 million in financing in connection with the transaction. The loans were structured as $50.1 million in term loan financing and $11.7 million in construction financing, which will fund the addition of a 40-unit assisted living and memory care building on the campus. Byron Park is PGIM Real Estate’s third joint venture partnership with Kisco Senior Living, which will continue to operate the community. Kisco has owned and operated Byron Park since 2012 as part of a joint venture with an investment partner that sold its stake as part of the transaction.

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BEVERLY HILLS, CALIF. — Quantum Capital Partners has secured a $13 million CMBS loan for four fully leased retail buildings in Beverly Hills. The borrower is a Beverly Hills-based private investor operating as MC Ventures LLC. The loan will refinance existing debt on the portfolio, which is located on La Cienega Boulevard. Tenants include restaurants Matsuhisa, Fogo de Chao and Gyu-kaku, along with beauty salon YUMILashes.

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LOS ANGELES — Quantum Capital Partners has arranged a $37 million interest-only loan to refinance The Shops at South Bay, a 200,000-square-foot shopping center in Los Angeles’ South Bay submarket. Built in 2005, the Walmart-anchored center is located at 19503 Normandie Ave. and W. 190th St. The Shops at South Bay is 96 percent leased to tenants including Lumber Liquidators, Dollar Tree, Quiznos, BJ’s Grill and Pho Kobe. Quantum’s Max Mellman and Jonathan Hakakha arranged the 10-year loan.

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LOMPOC, CALIF. — Cushman & Wakefield has brokered the $19 million sale of Central Towne Square, a grocery-anchored shopping center in Lompoc, to a high-net-worth individual. Cushman & Wakefield’s Dixie Walker and Charley Simpson represented the seller, Los Angeles-based Jade Enterprises, in the transaction. Foods Co., a subsidiary of The Kroger Co., anchors the property. The center is 97 percent occupied by 15 tenants including O’Reilly Auto Parts, Wells Fargo, Payless ShoeSource, Sally Beauty, Applebee’s Bar & Grill, GameStop, and MetroPCS. Located at 511 through 633 W. Central Ave., Central Towne Square is located just west of Highway 1.

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COSTA MESA, CALIF. — Philip Voorhees of CBRE has arranged the $13.8 million sale of Newport 17th Plaza, a 28,450-square-foot retail center anchored by Chase Bank, Growers Direct and The Butchery in Costa Mesa. The property is located at 101, 103 and 105 E. 17th St. Voorhees represented the seller, WOHL/CM LLC, while Chase Associates LLC represented the buyer, Newport 17 LLC.

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OCEANSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $7.4 million sale of a single-tenant Walgreens property located roughly 38 miles outside San Diego in Oceanside. The 14,380-square-foot, freestanding building is occupied under an absolute net lease. Kevin Fryman and Ed Hanley of Hanley Investment Group represented the seller, a Beverly Hills-based private investor. Jason Flashman/Flashman Investment Group of Peak Commercial represented the buyer, a private investor from Northridge.

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LOS ANGELES — Shapell Liberty Investment Properties has broken ground on The Vineyards at Porter Ranch, a $150 million mixed-use project in Los Angeles’ Porter Ranch neighborhood. In addition to restaurants and shops, the 345,000-square-foot development will include a movie theater, Whole Foods Market, Kaiser-Permanente medical office building, hotel and 266-unit luxury apartment complex. The project is a joint venture between Shapell Properties Inc. and Liberty Building Co. The Vineyards is being developed on the north and south sides of Rinaldi Street at the western intersection of Porter Ranch Drive. The design includes a main street and central green area that will host community events. Other features include a 4,000-square-foot community meeting room, solar panels on rooftops to help supply power to the complex, a rainwater capture and irrigation recycling system, and electric car charging stations. “The Vineyards will be a sophisticated, pedestrian-oriented retail experience that not only will serve as a central gathering spot for Porter Ranch residents, but also as the prime choice for higher-end shops and restaurants serving this entire region,” says John Love, vice president of Shapell Properties. Completion of the main shopping center is expected in late 2018. Additional phases, including the hotel and apartment community, are …

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