California

ROEM Development Opens $64M Evelyn Family Apartments in Mountain View

by Nellie Day October 26, 2016

MOUNTAIN VIEW, CALIF. — ROEM Development Corp. has opened the 116-unit Evelyn Family Apartments in Mountain View. The $64 million affordable housing community is located at the southwest intersection of East Evelyn and South Bernardo avenues. The property was built using 4 percent low-income housing tax credits. Citi Community Capital provided $32 million in tax-exempt construction financing. AEGON provided investment support, with the City of Mountain View providing an additional $22.3 million. The architect is Withee Malcolm Architects. The nonprofit partner is Pacific Housing. The general contractor is ROEM Builders.

October 26, 2016

California Retail Western

Paragon Commercial Acquires Airport Plaza in Burbank for $37M

by Nellie Day October 25, 2016

BURBANK, CALIF. — Paragon Commercial Group has acquired the leasehold and fee interests in Airport Plaza, a 135,039-square-foot shopping center located in Burbank, for $37 million. Tenants at the center include Hobby Lobby, Toys ‘R’ Us, O’Reilly Auto Parts and Burger King. Bill Bauman and Kyle Miller of Savills Studley represented the sellers, Airport Plaza Inc. and Alton Jennings Trust, in the transaction. Savills Studley also represented the buyer, which plans to redevelop and reposition the shopping center.

October 25, 2016

California Retail Western

SG Blocks Installs Shipping Container-Based Taco Bell in California

by Nellie Day October 25, 2016

LOS ANGELES — SG Blocks and Alvarado Restaurant Group will move a former popup Taco Bell location to its permanent location in the South Gate submarket of Los Angeles. The five-module, 1,080-square-foot restaurant was previously used at the 2016 South by Southwest (SXSW) Conference & Festivals in Austin, Texas. Alvarado Restaurant Group, part of Alvarado Cos., is the franchise owner for the Taco Bell in South Gate. SG Blocks partnered with Alvarado Construction Inc. to install the Taco Bell at its new, permanent location. The companies are currently completing all final utility work, paving and landscaping. Alvarado Cos. currently owns 110 other Taco Bells in Colorado, New Mexico, Texas, Wisconsin and California. The Taco Bell will be open at its permanent home in South Gate by the end of 2016.

October 25, 2016

California Loans Multifamily Oregon Seniors Housing Western

Lancaster Pollard Arranges $33.5M Refinancing for Two Seniors Housing Communities on West Coast

by Nellie Day October 24, 2016

WEST LINN, ORE. — Lancaster Pollard has arranged two refinancings totaling $33.5 million for seniors housing communities in the Portland suburb of West Linn and an undisclosed town in Northern California. In the first transaction, Lancaster Pollard arranged $19 million for Sterling Senior Communities to refinance Tanner Springs, a 115-bed assisted living and memory care community in West Linn. The transaction refinanced an existing HUD loan of $10.5 million and included a reimbursement of $8.2 million for previously incurred capital expenditures. Jason Dopoulos led the transaction for Lancaster Pollard. In the second transaction, Lancaster Pollard arranged $14.5 million for Cornerstone Assisted Living Communities. The loan will refinance an undisclosed, 110-bed assisted living community in Northern California. The transaction refinances $9.6 million of existing debt and reimburses $4 million for previously incurred capital expenditures. The remaining capital paid the transaction costs. Grant Goodman led the transaction for Lancaster Pollard. Both financings are through Lancaster Pollard’s Fannie Mae program. Doug Harper and Casey Moore of Lancaster Pollard assisted on both deals.

October 24, 2016

California Loans Retail Western

Meridian Capital Group Arranges $18.5M in Financing to Recapitalize Retail Property

by Nellie Day October 24, 2016

SHERMAN OAKS, CALIF. — Meridian Capital Group, on behalf of The Festival Companies, has arranged $18.5 million in financing to recapitalize a retail property located at 4550 Van Nuys Blvd. in Sherman Oaks. The two-year loan features two years of interest-only payments and a one-year extension option. A regional bank provided the capital. Ulta Beauty, Sprint, Luna Grill and Starbucks Coffee occupy the 33,273-square-foot retail property. Seth Grossman and Andy Strauss of Meridian Capital Group arranged the loan for the borrower.

October 24, 2016

California Multifamily Student Housing Western

Champion Real Estate to Develop 24-Unit Student Housing Community Near USC

by Nellie Day October 24, 2016

LOS ANGELES — Champion Real Estate Co. is set to begin construction on Victory on 30th, a 24-unit student housing community located near the University of Southern California campus in Los Angeles. The property will offer two-bedroom units with bed-to-bath parity. The community will feature roof and podium decks with entertainment facilities including an outdoor kitchen with a barbecue, tanning and lounging areas, and a television. Moss and Co. will manage the property, which is slated for completion in fall 2017.

October 24, 2016

California Retail Western

Retail California Brokers Three Retail Leases in Fresno

by Nellie Day October 24, 2016

FRESNO, CALIF. — Retail California has arranged three retail leases totaling 21,258 square feet in Fresno. In the first deal, Rita’s Italian Ice leased 1,133 square feet of retail space within Piazza del Fiore Shopping Center at 1102 E. Champlain Drive from NMSBPCLDHB LP for an undisclosed price. Lewis Smith, Michael Kennedy and Rachael Orlando of Retail California arranged the transaction. In the second deal, Nahal Investments leased 2,125 square feet of retail space at 585 W. Nees Ave. from Hydroelectric Penetrations LP. The lessee plans to open a Smallcakes Cupcakery and Creamery at the location. Michael Arfsten of Retail California represented the tenant in deal. In the third transaction, Total Wine & More leased 18,000 square feet of retail space within Villagio Shopping Center at 7925 N. Blackstone Ave. from Villagio Shopping Center LLC. Lewis Smith of Retail California, along with Scott Riddles of CBRE-Los Angeles, brokered the transaction.

October 24, 2016

California Loans Multifamily Seniors Housing Western

iBorrow Provides $13.5M Loan to 199-Bed Assisted Living Community in Anaheim

by Nellie Day October 21, 2016

ANAHEIM, CALIF. — iBorrow, a private direct lender for commercial real estate, has provided a $13.5 million loan to La Palma Royale, a 199-bed assisted living community in Anaheim. The 73,641-square-foot, two-story community was built in 1974, and has been remodeled twice since then. The borrower, Azure Leisure Living, plans to use the funds in addition to $8 million in equity to purchase the community. Azure started co-managing the property earlier this year and has improved the occupancy rate up to the national average, according to iBorrow.

October 21, 2016

California Multifamily Western

Ratkovich Properties Breaks Ground on Mixed-Use Project in Riverside

by Nellie Day October 21, 2016

RIVERSIDE, CALIF. — Ratkovich Properties has broken ground on Imperial Hardware Lofts, a mixed-use project located in downtown Riverside. The 70,000-square-foot property will feature 91 apartment units in a mix of studio, one- and two-bedroom units and 7,000 square feet of commercial space on the ground floor. On-site amenities will include ground-floor restaurants and a café, pool deck and rooftop lounge. Designed by DesignARC, the property is slated for completion in spring 2018. The Owl Companies, through its real estate arm Tecolote Resources, has partnered with Ratkovich Properties on the project.

October 21, 2016

California Retail Western

Marcus & Millichap Arranges Sale of 18,150 SF Retail Property in Sacramento

by Nellie Day October 21, 2016

SACRAMENTO, CALIF. — Marcus & Millichap has brokered the sale of a recently redeveloped multi-tenant retail property located 2654 Marconi Ave. in Sacramento. A partnership sold the 18,510-square-foot retail center for $5.4 million, or $292 per square foot. At the time of sale, the property was 83 percent occupied by Domino’s Pizza, Pacific Dental, Sacramento Auto Insurance, Fabric Garden and CheVeux Salon. The center is part of a larger redeveloped retail center known at Mueller Corner Shopping Center. Edward Nelson of Marcus & Millichap represented the seller in the deal. The name of the buyer was not disclosed.

October 21, 2016

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