California

Sentre Purchases Sommerset Suites Hotel in San Diego for Multifamily Conversion

by Nellie Day January 11, 2017

SAN DIEGO — Sentre has purchased the 80-room Sommerset Suites Hotel in San Diego for an undisclosed sum. The asset is located at 606 Washington St. in the Hillcrest submarket. The property was originally designed in the late 1980s as a boutique apartment community. The sellers converted the property into a hotel in the mid-90s, leaving most of the apartment amenities intact. This included a heated pool and spa, barbeque area, dining room and business center. Sentre is repositioning the property into the Whiston, an 80-unit boutique apartment community. Sentre received a five-year, fixed-rate loan that was placed with a life insurance company. Financing will be used to purchase the hotel and fund the repositioning. HFF’s Hunter Combs and Scott Hall executed the transaction. Aldon Cole led HFF’s debt placement team.

January 11, 2017

California Office Retail Top Stories Western

Kilroy Realty Corp. Buys The Sunset Mixed-Use Project in West Hollywood for $210M

by Nellie Day January 11, 2017

LOS ANGELES — Kilroy Realty Corp. has purchased The Sunset, a 179,000-square-foot mixed-use development in the West Hollywood submarket of Los Angeles, for $210 million. The property is located at 8560-8590 Sunset Blvd. on the famous Sunset Strip. The seller, Broadreach Capital Partners, acquired the asset from Apollo Real Estate in 2006 for $105 million. The Sunset occupies 2.2 acres along Sunset Boulevard. It features a 72,000-square-foot office tower and a three-building retail plaza atop a 107,000-square-foot subterranean parking structure. The transaction also includes three billboards atop the retail buildings that were fully leased in December 2016. The complex is 88 percent leased with a large fashion and health/fitness presence, including Equinox, SoulCycle, H&M and Oliver Peoples. The site previously held the headquarters for Playboy Entertainment. The Sunset is adjacent to CIM’s $365 million Sunset La Cienega mixed-use project, which will include residential units, a hotel and ground-floor retail space. HFF’s Ryan Gallagher, Michael Leggett, Bryan Ley, Andrew Harper and Tim Geiman represented Broadreach in the transaction. — Nellie Day

January 11, 2017

California Industrial Loans Western

Yellow Iron Investments Receives $69M Loan to Build Arcadia Logistics Center

by Nellie Day January 10, 2017

ARCADIA, CALIF. — Yellow Iron Investments has received a $69 million construction loan for the Arcadia Logistics Center industrial facility in Arcadia. The Class A facility will be situated on 40 acres directly adjacent to the San Gabriel (605) Freeway. Arcadia Logistics Center will feature three buildings totaling 698,000 square feet. An additional 42 acres at the site are ground leased to a national build-to-suit developer. Fullmer Construction will build the center. The loan has a three-year initial term with two one-year extension options. It features interest-only payments during both the initial and extension terms. Keystone Mortgage Corp. provided the financing.

January 10, 2017

California Multifamily Seniors Housing Western

Cushman & Wakefield Brokers $25M Sale of Two-Property Assisted Living Portfolio in San Francisco

by Nellie Day January 10, 2017

SAN FRANCISCO — Cushman & Wakefield Senior Housing Capital Markets Group has arranged the $25 million sale of Hayes Valley Senior Living, a 52-unit, two-property assisted living portfolio in San Francisco. The two properties are located across the street from each other at 601 and 624 Laguna Street. 601 Laguna Street was built in the 1880s as a hotel and converted to assisted living in 1997. 624 Laguna Street was purpose-built as an assisted living facility in 2005. The buyer was a San Diego-based private owner-operator and the seller was a local nonprofit owner-operator. Richard Swartz, Jay Wagner and Aaron Rosenzweig led the Cushman & Wakefield team on the transaction.

January 10, 2017

California Loans Office Western

Ready Capital Closes $10M Loan for Acquisition, Renovation of Newport Beach Office Building

by Nellie Day January 10, 2017

NEWPORT BEACH, CALIF. — Ready Capital Structured Finance has closed a $10 million loan that will be used to acquire, renovate and stabilize a Class B office building in Newport Beach. The 44,434-square-foot building is located at 4440 Von Karman Ave., within the master-planned Koll Center in the John Wayne Airport submarket. The non-recourse, interest-only loan features a 36-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, interest and reserves.

January 10, 2017

California Retail Western

CBRE Facilitates $11M Sale of Scripps Mesa Retail Center in San Diego

by Nellie Day January 9, 2017

SAN DIEGO — CBRE has arranged the sale of Scripps Mesa Retail Center, located at 9801-9841 Mira Mesa Blvd. in the Scripps Ranch submarket of San Diego. Shah Family Trust acquired the 25,721-square-foot property from Hendricks Commercial Properties for $11 million. The property recently underwent a $1.7 million renovation. At the time of sale, 18 tenants fully occupied the retail center. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the seller and buyer in the deal.

January 9, 2017

California Retail Western

Trion Properties Repositions, Sells Retail Property in Valencia for $9.8M

by Nellie Day January 9, 2017

VALENCIA, CALIF. — Trion Properties has repositioned and sold Valencia Town Center Plaza, a retail strip center located at 24510 Town Center Drive in Valencia. A private real estate investor acquired the property for $9.8 million. Trion Properties originally acquired the 26,168-square-foot property in 2013. Joshua Levy and Matthew Dobson of Arbor Realty Capital Advisors represented the seller and buyer in the deal.

January 9, 2017

California Retail Western

Brixton Capital Acquires 55,000 SF Retail Property in San Diego

by Nellie Day January 9, 2017

SAN DIEGO — Brixton Capital has purchased a retail property, located at 14340 Penasquitos Drive in San Diego. Florida-based HH Property Holdings sold the 55,000-square-foot property for an undisclosed price. The buyer plans to renovate and reposition the former Albertson’s grocery store building, which was most recently occupied by Haggen. Brixton has already entered into a $12 million long-term lease with Floor & Décor for the entire property. Mike Moser of Retail Insite represented the buyer, while HFF represented the seller in the transaction.

January 9, 2017

California Retail Western

NewMark Merrill Cos. Completes First Phase of $15M Retail Redevelopment in Inglewood

by Nellie Day January 6, 2017

INGLEWOOD, CALIF. — NewMark Merrill Cos. has completed the first phase of the $15 million redevelopment of Crenshaw Imperial Plaza in Inglewood. The 304,755-square-foot shopping center is located on the southwest corner of Crenshaw Boulevard and Imperial Highway. The first phase includes the remodel of the dd’s Discount and 99¢ Only Stores; converting the ground floor of the office building into retail space; and infrastructure improvements. The second phase will include the remodel of the remainder of the retail center and office building, which will be home to the 15,000-square-foot Mission View Charter School. The second phase is slated for completion by February. The firm has also started on the final phase of redevelopment, which includes the demolition of an obsolete two-story building and the construction of a Planet Fitness and a 14,215-square-foot building that is 100 percent pre-leased. Additionally, NewMark Merrill has secured a $34.4 million senior loan for the recapitalization of the project. PCCP provided the loan, which David Pascale of George Smith Partners arranged.

January 6, 2017

California Multifamily Seniors Housing Western

Elder Care Alliance Acquires 135-Unit Independent Living Community in Bay Area

by Nellie Day January 6, 2017

SAN MATEO, CALIF. — Elder Care Alliance has acquired The Villa at San Mateo, a 135-unit independent living community in San Mateo, located between San Francisco and San Jose, for an undisclosed price. The community is located on a 4.5-acre campus. Elder Care partnered with Rockwood Pacific, CBRE and HJ Sims to complete the deal. The transaction marks the first acquisition by Elder Care Alliance, a Bay Area nonprofit operator. The company now serves nearly 700 seniors in five communities throughout California.

January 6, 2017

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