California

JCR Capital Acquires Brea Corporate Plaza and Brea Park Centre for $55.6M

by Nellie Day December 13, 2016

BREA, CALIF. — JCR Capital has acquired Brea Corporate Plaza and Brea Park Centre, a four-building office portfolio in Brea, for $55.6 million. The properties contain a total of 290,657 square feet. The portfolio is located at 500 S. Kraemer Blvd., 2601 Saturn St., 2650 Imperial Highway and 3230 E. Imperial Highway. HFF arranged $39 million in acquisition financing. The loan features a three-year term and floating rate through Prime Finance. The financing has two 12-month extensions. HFF also marketed the property on behalf of the sellers, The PRES Companies and Mariner Real Estate Management.

December 13, 2016

California Western

CBRE Group Acquires Real Estate Services Company Skye Group

by Nellie Day December 13, 2016

LOS ANGELES — CBRE Group Inc. has acquired Skye Group, a provider of retail project management, shopping center development and tenant coordination services in the United States and Canada. Bradley Sanders founded Cleveland-based Syke in 2000. Its client list consists of prominent retail real estate investors including Simon, Howard Hughes, Westfield, LaSalle Investment Management, Vornado Realty Trust, New England Development, Ivanhoe Cambridge and Steiner & Associates, as well as brands such as Barneys New York. Sanders will lead CBRE’s retail project management business, operating as CBRE I Skye.

December 13, 2016

California Office Top Stories Western

Hudson Pacific Acquires Leasehold Interest in Five-Property Office Campus in Silicon Valley for $150M

by Katie Sloan December 13, 2016

PALO ALTO, CALIF. — Hudson Pacific Properties Inc. (NYSE: HPP) has acquired the leasehold interest in Page Mill Hill, a five-building office campus totaling 182,676 square feet in Stanford Research Park in Palo Alto, for $150 million. HPP acquired the leasehold interest from a joint venture owned by Lionstone Investments and CalSTRS. The campus is currently fully occupied by legal and accounting firms including Gibson, Dunn & Crutcher; Frank, Rimerman + Co.; Manatt, Phelps & Phillips; and Perkins Coie. Stanford Research Park is affiliated with Stanford University, and was founded in partnership with the city of Palo Alto in 1951. The 160-building park focuses on innovation, housing predominantly startups and research and development companies. Office tenants include Google, Tesla, Ford, Skype, Nest, Hewlett-Packard, Toyota Research Institute and Lockheed Martin. Hudson Pacific is the largest office landlord in the park. The company owned the leasehold interest in six buildings totaling more than 1 million square feet prior to the recent acquisition of Page Mill Hill. Hudson Pacific also claims to be the largest institutional leasehold owner of office space in Silicon Valley, with 22 assets totaling over 7 million square feet. Among its properties in the region are Palo Alto Square; Foothill …

December 13, 2016

California Market Reports Office Western Western Market Reports

The Office Sector Continues to Perform

by Camren Skelton December 13, 2016

The Orange County office sector continues to see falling vacancy rates, positive net absorption and rising asking rates. Orange County has beaten the U.S. national average for office vacancy since the fourth quarter of 2014. Office vacancy fell to 8.9 percent in the third quarter, down from 9.4 percent in the second quarter and 9.9 percent in the first quarter of 2016. We continue to see positive net absorption to the tune of 626,900 square feet, but that number is down from 730,844 square feet in the second quarter, a difference of 15,044 square feet. Asking rates continue to trend upward from $27.61 per square foot to $27.73 per square foot annually. Class A buildings lead the way, with asking rates averaging $32.89 per square foot. Class B and C buildings come in at $26.28 per square foot and $21.57 per square foot, respectively. These are all good signs for the new development coming to market in 2017. One of the more notable projects to soon come to fruition is 400 Spectrum Center Drive in Irvine. This 466,696-square-foot, Class A office tower is expected to be complete in the third quarter of 2017. This will be the sister tower to …

December 13, 2016

California Loans Retail Western

ValCenters Receives $37M in Financing for 174,280 SF Retail Center in Vista

by Nellie Day December 12, 2016

VISTA, CALIF. — ValCenters has received $37 million in financing for North County Square, a grocery-anchored shopping center located at 1711-1861 University Drive in Vista. Greg Brown and AJ Manas of HFF arranged the 10-year, fixed-rate financing through JP Morgan Asset. ALDI, Ross Dress for Less, Old Navy, Planet Fitness, Starbucks Coffee, Michaels, T-Mobile, Firestone and Supercuts occupy the 174,280-square-foot property, which is 97 percent leased. Mark Strauss of Cohen Financial was an advisor to ValCenters.

December 12, 2016

California Retail Western

Los Alamitos Approves Retail Center to Include 365 By Whole Foods Market

by Nellie Day December 12, 2016

LOS ALAMITOS, CALIF. — The City of Los Alamitos Planning Commission has approved Village 605, a shopping center development located at the northwest corner of Interstate 605 and Katella Avenue in Los Alamitos. Lincoln Property Co., in partnership with Long Wharf Real Estate Partners, will develop the 113,880-square-foot, open-air center, which will feature seven one-story buildings. 365 by Whole Foods Market will anchor the center. Construction is slated to begin in early 2017 with completion scheduled for early 2018. KTGY Group is serving as architect and Strategic Retail Advisors of Newport Beach, Calif., is handling project leasing.

December 12, 2016

California Loans Multifamily Seniors Housing Western

Harborview Closes a $30M Bridge-to-HUD Refinancing for Skilled Nursing Facility in LA

by Nellie Day December 12, 2016

LOS ANGELES — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $30 million bridge-to-HUD refinancing for a 133-bed skilled nursing facility in the Los Angeles submarket of Van Nuys. The loan features a floating rate above LIBOR with 24 months of interest-only payments. Following that 24-month period, the loan will have a 25-year amortization and two-year term with one-year extension options. The refinancing provides the undisclosed borrower with $12 million in cash-out proceeds. Harborview’s Eli Kutner, senior originator, Ephraim Kutner and Jonathan Kutner, principals, arranged the financing.

December 12, 2016

California Retail Western

Paragon Commercial Acquires Rusty Leaf Plaza in Orange

by Nellie Day December 12, 2016

ORANGE, CALIF. — Paragon Commercial Group LLC has acquired Rusty Leaf Plaza, a 60,294-square-foot shopping center located roughly 30 miles outside Los Angeles in Orange. Formerly anchored by Ralphs supermarket, Rusty Leaf Plaza will be repositioned in the coming months to feature a Target as the new anchor. The 41,700-square-foot store is expected to open in October 2017. CJ Osbrink of HFF sold the property on behalf of the seller, Rusty Leaf Plaza LLC.

December 12, 2016

California Hospitality Western

Crowne Plaza Hanalei in San Diego Trades Hands

by Nellie Day December 9, 2016

SAN DIEGO — A private client of Brighton Management has acquired the 419-room Crowne Plaza Hanalei in the San Diego submarket of Mission Valley for an undisclosed sum. The hotel is located at 2270 Hotel Circle N. The hotel will continue to operate under the Crowne Plaza flag. The new owner plans to make significant renovations and upgrades to the property. Brighton will manage the hotel. CBRE’s Bob Kaplan and Rod Apodaca represented the seller, Hanalei Associates LLC (with Multi-Ventures acting as a managing member), in this transaction.

December 9, 2016

California Retail Western

Joint Venture Acquires 120,000 SF Retail Center in Oakland

by Nellie Day December 9, 2016

OAKLAND, CALIF. — A joint venture between Western Avenue Capital and Northstar Enterprise Opportunity Fund I has acquired Foothill Square Shopping Center in Oakland for an undisclosed sum. At the time of sale, the 120,000-square-foot property was 95 percent leased to national and regional tenants, including FoodsCo, Ross Dress for Less, Wells Fargo, Davita, Rainbow and a school. The name of the seller was not released.

December 9, 2016

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