California

Swift Realty Partners Buys The Academy Tower in North Hollywood for $61.5M

by Nellie Day November 2, 2016

LOS ANGELES — Swift Realty Partners has purchased The Academy Tower, a 175,175-square-foot office campus within the Arts District of North Hollywood (NoHo), for $61.5 million. The two-building, Class A property is located at 5200 Lankershim Blvd. It was built in 1991. The Academy Tower is 80 percent leased by 17 tenants. Most tenants are within the film, tech and television industries. Swift represented itself in this transaction, while the seller was represented by NGKF’s Sean Fulp, Kevin Shannon, Brad Burton and Rob Hannan. David Milestone and Scott Selke of NGKF Capital Markets will arrange the debt on behalf of the buyer. CBRE’s Matthew Heyn and Troy Pollet provided leasing support.

November 2, 2016

California Multifamily Seniors Housing Western

HCP Sells 64 Brookdale Communities for $1.1B

by Nellie Day November 2, 2016

IRVINE, CALIF. — HCP has sold a portfolio of 64 properties leased to Brookdale Senior Living Inc. for $1.1 billion. Affiliates of Blackstone Real Estate Partners VIII L.P. bought the 5,967-unit portfolio, which equates to a $189,000-per-unit sale price. Occupancy for the portfolio was 85.2 percent at the time of sale. Proceeds from the sale will be used to pay down debt and general corporate purposes. In addition to selling the Brookdale properties, HCP plans to terminate leases on 25 Brookdale properties totaling 2,031 units over the next year. The moves are part of a strategy by HCP to reduce the saturation of Brookdale-operated properties within its portfolio. HCP also plans to transfer eight expiring Brookdale triple-net leases to a RIDEA structure, through a joint venture where Brookdale acquires 10 percent interest in the properties.

November 2, 2016

California Loans Multifamily Seniors Housing Western

RED Provides $29M Fannie Mae Refinancing for Luxury Seniors Housing Community in Sierra Madre

by Nellie Day November 1, 2016

SIERRA MADRE, CALIF. — RED Capital Group has arranged a $29 million Fannie Mae loan for Kensington SM GP LLC, which will use the capital to refinance The Kensington Sierra Madre, a luxury assisted living and memory care community in the Los Angeles suburb of Sierra Madre. The Kensington Sierra Madre features 41 assisted living suites and 34 memory care suites. Kensington Senior Living LLC owns and operates the community. The financing replaces the community’s original construction loan, which RED also provided. Kensington Senior Living owns and operates five assisted living communities in California, Maryland, Virginia and New York, with four more currently in development.

November 1, 2016

California Loans Multifamily Seniors Housing Western

Capital Funding Group Provides $2.5M Seniors Housing Loan in Los Angeles

by Nellie Day November 1, 2016

LOS ANGELES — Capital Funding Group has provided three separate loans totaling $25 million for seniors housing communities in California, North Carolina and Texas. This includes a $2.5 million working capital line of credit for The Rehabilitation Center on La Brea in Los Angeles. The firm’s Chip Woelper originated the loan.

November 1, 2016

California Industrial Western

Stirling Capital Investments Completes Industrial Facility in Victorville

by Nellie Day October 31, 2016

VICTORVILLE, CALIF. — Stirling Capital Investments has completed construction on a 447,740-square-foot industrial facility within Southern California Logistics Centre in Victorville. The facility, known as Building 13B, was built in 19.3 acres within the 2,500-acre commercial and industrial complex. Arden Cos. has pre-leased 211,000 square feet at Building 13B, and Newell Brands leased the remaining space. Southern California Logistics Centre is entitled for 60 million square feet of development.

October 31, 2016

California Multifamily Western

MBK Rental Living Buys Buena Vista Apartments in California for $5.8M

by Nellie Day October 31, 2016

PASO ROBLES, CALIF. — MBK Rental Living has purchased the 144-unit Buena Vista Apartments in Paso Robles for $5.8 million. The community is located at 708-1002 Experimental Station Road. MBK plans to upgrade the property. The company represented itself in this transaction, while Marty Indvik of Lee & Associates and Jim Fisher and Michael Smith of Berkadia, represented the seller, Arjun Buena Vista Properties LLC.

October 31, 2016

California Retail Western

Wet Seal to Open 13 Pop-Up Stores for the Holiday Season

by Nellie Day October 31, 2016

IRVINE, CALIF. — Wet Seal will open 13 pop-up locations during the 2016 holiday season at GGP regional shopping centers throughout the United States, including Arizona and Washington. The temporary locations are slated to open simultaneously on Nov. 3. The stores will range from 3,000 to 5,000 square feet. The Tucson Mall in Tucson, Ariz., will receive a pop-up shop, as will Northtown Mall in Spokane, Wash. The Wet Seal LLC is an Irvine, Calif.-based specialty retailer of young contemporary women’s apparel and accessories with over 160 stores in the United States. Chicago-based General Growth Properties, Inc. (GGP) is an S&P 500 company focused on owning, managing, leasing and redeveloping high-quality retail properties throughout the United States.

October 31, 2016

California Retail Western

Faris Lee Arranges $56.6M Sale of Shopping Center in Rancho Santa Margarita

by Nellie Day October 28, 2016

RANCHO SANTA MARGARITA, CALIF. — Faris Lee Investments has arranged the sale of Plaza El Paseo at Rancho Santa Margarita Town Center, located at the corner of El Paseo and Alma Aldea in Rancho Santa Margarita. K&G El Paseo 1 & 2 LLC sold the property to Plaza El Paseo Center LLC for $56.6 million. Built in 2002, the 107,000-square-foot property is anchored by Bed, Bath & Beyond, BevMo and Wood Ranch BBQ. Rick Chichester, Nicholas Coo and Chris DePierro of Faris Lee represented the seller and buyer in the deal.

October 28, 2016

California Loans Retail Western

Calmwater Capital Originates $19.8M Loan for 98,000 SF Retail Center in Monrovia

by Nellie Day October 28, 2016

MONROVIA, CALIF. — Calmwater Capital has provided $19.8 million in financing to 723 EHD LLC for the acquisition and lease-up of Shamrock Center, a retail center located at 723-727 E. Huntington Drive in Monrovia. The financing consists of a $9 million senior term loan for the acquisition of the property and $10.8 million in additional potential funding for future leasing and tenant improvements. At the time of sale, the 98,000-square-foot property was 90 percent vacant due, in part, to the loss of its anchor tenant, a 70,000-square-foot Albertson’s that closed as a result of a consolidation strategy.

October 28, 2016

California Office Western

Marcus & Millichap Brokers $16.7M Sale of Retail/Medical Office Property in Santa Ana

by Nellie Day October 28, 2016

SANTA ANA, CALIF. — Marcus & Millichap has arranged the sale of Hacienda Plaza, a retail and medical office property located at the corner of West 17th Street and College Avenue in Santa Ana. A private 1031 exchange investor acquired the 77,610-square-foot asset for $16.7 million, or $215 per square foot. The two-building property comprises a 28,800-square-foot retail/medical building on 17th Street and a 29,310-square-foot medical/warehouse building on 19th Street. Built in 1976, the properties are occupied by Northgate Market, Don Roberto Jewelers and Hacienda Restaurant. Michael Lawrence and Michael Woolbright of Marcus & Millichap represented the seller, while Rob Duong, also of Marcus & Millichap, represented the buyer in the transaction.

October 28, 2016

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