California

CBRE Arranges $16.7M Refinancing for 207-Unit Seniors Housing Community in Riverside

by Nellie Day December 22, 2016

RIVERSIDE, CALIF. — CBRE has arranged a $16.7 million loan for Capitol Seniors Housing, which will use the capital to refinance debt on Welbrook Arlington, a seniors housing community in the Los Angeles suburb of Riverside. MBK Senior Living operates the community, which features 207 units of independent living, assisted living and memory care. Aron Will, vice chairman of CBRE National Senior Housing, arranged the non-recourse, 10-year, floating-rate loan with full-term interest-only payments through the company’s Fannie Mae DUS Multifamily loan origination program.

December 22, 2016

California Industrial Western

Berkeley Partners Purchases Yorba Linda Business Park for $17M

by Nellie Day December 21, 2016

YORBA LINDA, CALIF. — Berkeley Partners has purchased Yorba Linda Business Park, a 117,760-square-foot industrial facility, for $17 million. The four-building property is located at 22343, 22345, 22347 and 22349 La Palma Ave. Notable tenants at the park include the Well, Canyon Crossfit, Global Powersport Resource, CaliRovers LLC and Central Enterprises. Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez and Nico Napolitano of Cushman & Wakefield’s National Industrial Advisory Group represented both the buyer and seller in this transaction, with Rick Ellison providing local market advisory.

December 21, 2016

California Office Western

Harbor Associates, Bascom Group Acquire 159,186 SF Flex Portfolio in Thousand Oaks

by Nellie Day December 21, 2016

LOS ANGELES — A joint venture between Harbor Associates and the Bascom Group has purchased Conejo Spectrum, a 159,186-square-foot office and flex portfolio in the Los Angeles submarket of Thousand Oaks, for an undisclosed sum. The two-building property is located at 1525 and 1535 Rancho Conejo Blvd. The buyers plan to reposition and lease up the asset through a rebranding and renovation program that includes spec suites, a fresh paint scheme, modern lobbies, drought-tolerant landscaping and signage. Sean Fulp of NGKF represented the seller in the transaction.

December 21, 2016

California Office Western

Ccare Leases Space at Nordahl Medical Centre in San Marcos

by Nellie Day December 21, 2016

SAN MARCOS, CALIF. — Ccare has leased 20,230 square feet of medical office space at Nordahl Medical Centre in the San Diego submarket of San Marcos. The Class A building is located at 838 Nordahl Road. The space will serve as a clinic for Ccare’s oncology and hematology practice. Nordahl Medical Centre was developed by Newport National Corp. JLL’s Paul Braun, Chris Ross and Kelly Moriarty represented the landlord. CBRE’s Lars Eisenhaur and Dan Yeilding represented Ccare.

December 21, 2016

California Office Western

Joint Venture Acquires 510,105 SF Office Property in Los Angeles for $147M

by Nellie Day December 20, 2016

LOS ANGELES — A joint venture between Angelo, Gordon & Co. and Lincoln Property Co. has purchased LNR Warner Center IV, a 510,105-square-foot office property in the Los Angeles submarket of Woodland Hills, for $147 million. The property includes two Class A office buildings, as well as a 0.88-acre land parcel that can accommodate a 7,500-square-foot retail building. LNR Warner Center IV is located at 21255 and 21215 Burbank Blvd. It is the newest phase in LNR Warner Center’s four-phase, master-planned office campus, which includes 1.3 million square feet in seven office buildings. Notable tenants include Activision, New York Life Insurance, Wells Fargo, United Online and Kaiser Permanente. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of NGKF Capital Markets, along with JLL’s Dan Sanchez, represented both the buyer and seller in this transaction. David Milestone and Scott Selke of NGKF Capital Markets arranged acquisition financing on behalf of the buyers.

December 20, 2016

Affordable Housing California Loans Multifamily Western

Greystone Provides $220M Credit Facility for Affordable Housing Project in Palo Alto

by Nellie Day December 20, 2016

PALO ALTO, CALIF. — Greystone has provided a $220 million Freddie Mac credit facility for a 1,808-unit affordable housing project in East Palo Alto. The Woodland Park project will feature 118 individual land parcels, including a mix of small properties (one to 50 units), as well as conventional multifamily and commercial properties. The borrower was Woodland Park Property Owner LLC, an affiliate of Sand Hill Property Co. John Nelson and Erik Franks of CBRE Capital Markets’ Debt & Structured Finance team represented the borrower. Rob Russell, head of CMBS production in Greystone’s New York office, originated the financing.

December 20, 2016

California Office Western

Kennedy Wilson, Takenaka Corp. Buy San Francisco Office Tower for $135M

by Nellie Day December 20, 2016

SAN FRANCISCO — A joint venture between Kennedy Wilson and the Takenaka Corp. has purchased a 247,000-square-foot office tower in San Francisco for $135 million The Class A building is located at 400 and 430 California St. The sale includes a 27,000-square-foot bank branch. MUFG Union Bank is both the seller and the sole occupant of the property. The company will lease the property and vacate the tower over the next two years on a staggered basis. It will vacate the bank branch after four years. The tower will also undergo a complete interior renovation. James Andrew International represented Takenaka in this transaction.

December 20, 2016

Affordable Housing California Multifamily Seniors Housing Western

Community Preservation Partners Buys 280-Unit Affordable Housing Development in California

by Nellie Day December 20, 2016

CATHEDRAL CITY, CALIF. — Community Preservation Partners (CPP) has acquired Mountain View Apartments, a 280-unit affordable seniors housing community in Cathedral City, approximately 100 miles east of Los Angeles. A private trust sold the property for an undisclosed price. In conjunction with the sale, CPP has unveiled plans for $11.3 million in renovations to the community, which includes 70 buildings of four one-bedroom units each on a 20-acre plot. The community was built in 1984, and renovations are slated for completion by late 2017. Planned renovations include replacing all windows and doors, new paint, water efficiency upgrades, new exterior lighting and landscaping, cable television and wireless internet installation, new appliances, and fully remodeled bathrooms. The cost of the upgrades equates to approximately $40,000 per unit. Irvine-based CPP is an affordable housing rehabilitation company that owns more than 4,500 units across the United States.

December 20, 2016

California Market Reports Multifamily Western Western Market Reports

Demand Drives Multifamily Development

by Camren Skelton December 20, 2016

The Orange County apartment market is currently enjoying strong fundamentals that comes from several sources. These include robust renter demand, strong local economy and historic low interest rates, all of which make for a perfect storm. As more renters enter the market due to strong employment numbers, it gives way to new household formation. While home prices in the region escalate, more would-be homebuyers are being priced out of the market and forced to remain in the rental pool, further driving competition for suitable housing and pushing rents to new levels. Orange County developers are responding to a growing demand for new multifamily housing developments, many of which are Class A projects targeting high-end tenant bases and price points. Many older properties, such as Class C or C+ buildings, are enjoying the blow back from these new developments when tenants seek out lower rents when compared to top-tier projects, resulting in robust rent increases. Investors looking to place capital in today’s multifamily market are taking advantage of strong fundamentals and cheap debt. Transaction volume has increased more than 10 percent in the past 12 months, with notable sales volume in the northern end of Orange County. Confident that upward rent …

December 20, 2016

California Loans Retail Western

George Smith Secures $34M Refinancing of Crenshaw Imperial Plaza Near Los Angeles

by Nellie Day December 19, 2016

INGLEWOOD, CALIF. — George Smith Partners has secured the $34 million refinancing of Crenshaw Imperial Plaza, a 305,000-square-foot mixed-use center located roughly 12 miles outside Los Angeles in Inglewood. The property consists of 238,000 square feet of retail and a 67,000-square-foot office building. The financing will be used to fund renovations at the center and pay off an existing loan. Renovations will include the demolition of obsolete space, new signage and the conversion of ground-floor office space into retail. The converted ground-floor space will be home to tenants including Chipotle Mexican Grill, Five Guys and Ono Hawaiian BBQ. Steve Bram, David Pascale and Ali Akbar of George Smith Partners secured the three-year, interest-only financing on behalf of the borrower, NewMark Merrill Cos. The lender was undisclosed.

December 19, 2016

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