California

Palm Gardens Apartment Homes in Tustin Sells for $27.5M

by Nellie Day May 15, 2017

TUSTIN, CALIF. — A private investor has acquired the Palm Gardens Apartment Homes in Tustin for $27.5 million. The community is located at 1132-1220 Bryan Ave. The asset is situated one mile from the 5 and 55 interchange and less than two miles from Tustin Legacy, a master-planned community consisting of 4,500 housing units and a major retail center. Palm Gardens was built in 1963. Tyler Leeson and Alex Mobin of Marcus & Millichap represented both the buyer and the seller, another private investor, in this transaction.

May 15, 2017

California Loans Retail Western

HFF Secures $28.7M Acquisition Financing for Macy’s in West Los Angeles

by Nellie Day May 15, 2017

LOS ANGELES — HFF has secured $28.7 million in financing for the acquisition of a six-acre parcel in Los Angeles. The property includes a 244,000-square-foot retail structure occupied by Macy’s and a 1,550 space parking garage at the Westside Pavilion Mall. HFF worked on behalf of the borrower, GPI Cos., to secure a two-year, fixed-rate loan through a life insurance company. Located at the intersection of Pico Boulevard and Overland Avenue, the property is situated near the 405 and 10 freeways. The HFF debt placement team representing the borrower included Kevin MacKenzie, Greg Brown,Jeff Sause and Jamie Kline.

May 15, 2017

California Retail Western

Wood Investments Buys Retail Center in Upland for $18.5M

by Nellie Day May 12, 2017

UPLAND, CALIF. — Laguna Beach-based Wood Investments Inc. has purchased Upland Village, a 153,000-square-foot shopping center in Upland. The company plans to revitalize the intersection of Euclid and Foothill in Upland with the $18.5 million acquisition of the center, which was only 10 percent occupied at the time of the sale. Upland Village, formerly occupied by a 65,000-square-foot Dick’s Sporting Goods, is currently leased to two tenants, 99 Cents Only and Laser Island. The sale also included five residential properties located along Euclid Avenue. Wood Investments Inc. and its partners plan to redevelop the property over time. The first phase will include the addition of Ross Dress for Less, Burlington Coat Factory and Raising Cane’s. Wood Investments Inc. is in the pre-leasing stage for phase two.

May 12, 2017

California Retail Western

Passco Cos. Acquires Value-Add Shopping Center in Corona for $17M

by Nellie Day May 12, 2017

CORONA, CALIF. — Passco Cos. has acquired Temescal Village, a 102,976-square-foot neighborhood shopping center in Corona, for $17 million. A retail brokerage team led by Dixie Walker and Charley Simpson of Cushman & Wakefield’s Irvine office represented the seller, a private investor, in the transaction. Located at 1181-1199 Magnolia Ave. and built in 1983, Passco plans to modernize the property through a series of renovations and capital improvements. Planned renovations include redesigning the landscaping and updating the façades throughout the center, as well as adding a social gathering, outdoor dining and seating areas. The center is 93.5 percent leased to 19 tenants including CVS Pharmacy, Citibank, Carl’s Jr., Wells Fargo, H&R Block, the UPS Store, County of Riverside and Metro PCS. Architecture Design Collaborative will design renovations for the center. Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco through Fannie Mae.

May 12, 2017

California Retail Western

Sterling Organization Acquires 75,890 SF Retail Building in Orange County for $11M

by Nellie Day May 12, 2017

GARDEN GROVE, CALIF. — Sterling Organization has acquired Pavilion Plaza West, a 75,890-square-foot vacant retail building located at 9852 Chapman Ave. in Garden Grove, for $11 million. The property was once a Vons Supermarket. The sellers were a group of five individuals in a tenant-in-common ownership agreement via Sterling Organization’s institutional fund, Sterling Value Add Partners II LP. Sterling Organization has acquired a total of five properties in California in just over a year, including assets in the Los Angeles, San Diego and San Francisco markets.

May 12, 2017

California Office Western

M&M Negotiates Sale of Net-Leased Property in Chino Hills for $4.8M

by Nellie Day May 12, 2017

CHINO HILLS, CALIF. — Marcus & Millichap has arranged the $4.8 million sale of KinderCare, a 9,640-square-foot, net-leased property located in Chino Hills. Kevin Boeve, Joshua Rey, Pablo Rodriguez and Joshua Alvarez of Marcus & Millichap’s Ontario office marketed the property on behalf of the seller, a private investor. The listing team collaborated with the buyer, a southern California-based purchaser utilizing a 1031 tax-deferred exchange. KinderCare is located at 13815 Peyton Drive.

May 12, 2017

California Retail Western

CBRE Brokers $1.9M Sale of Retail Center in San Diego

by Nellie Day May 12, 2017

SAN DIEGO — CBRE has brokered the $1.9 million sale of a 9,840-square-foot strip center in San Diego. The seven-tenant property, located at 3280 Main St., is 83 percent leased. Joel Wilson, Reg Kobzi and Michael Peterson of CBRE represented the seller, 1987 Butler Living Trust, in the transaction. Curtis Gabhart of KW Commercial represented the buyer, Jehan Enterprises.

May 12, 2017

California Loans Multifamily Seniors Housing Western

Meridian Arranges $39M Refinancing for Two Skilled Nursing Facilities in Southern California

by Nellie Day May 11, 2017

SOUTHERN CALIFORNIA — Meridian Capital Group has arranged $39 million in bridge loans to refinance of a two-property, 355-bed skilled nursing portfolio in Southern California. The specific names and locations of the properties were not disclosed. A national balance sheet lender is providing the capital for the three-year loans. The financing features interest-only payments for two years and an 85 percent loan-to-value ratio. The borrower has owned both properties for more than 10 years. Ari Adlerstein, Ari Dobkin and Josh Simpson, all based in Meridian’s New York City headquarters, negotiated the transaction.

May 11, 2017

California Life Sciences Office Western

Pacific Biosciences Leases Space at Menlo Park Labs

by Nellie Day May 11, 2017

MENLO PARK, CALIF. — Pacific Biosciences of California has leased space at the 180,000-square-foot Menlo Park Labs life science building. The space is located at 1305 O’Brien Drive. The structure was formerly an Office Max distribution facility. Other tenants at the lab include Refuge Biotechnologies and AccuraGen. The space will serve as Pacific Biosciences’ corporate headquarters. The firm leased the space through 2027. The landlord is Tarlton Properties.

May 11, 2017

California Multifamily Student Housing Western

QuadReal Invests $600M in Student Housing JV with CA Student Living, GI Partners

by Nellie Day May 10, 2017

SAN FRANCISCO — Vancouver-based QuadReal Property Group has invested $600 million into a joint venture with San Francisco-based private equity firm GI Partners and Chicago-based CA Student Living to invest in U.S. student housing. The JV is starting with a 10-property portfolio managed by CA Student Living, including several properties set to deliver this fall. The JV will also acquire and develop in additional properties that are in CA’s development pipeline. Though QuadReal is an established investor in commercial real estate, the investment marks the company’s entry into the U.S. student housing market. Western-based assets under the JV include Rise on Apache at Tempe near Arizona State University, Uncommon at Fort Collins near Colorado State University and Identity at Reno near the University of Nevada-Reno, all of which will open this fall.

May 10, 2017

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