COSTA MESA, CALIF. — Evans Senior Investments has arranged the sale of Villa Rose Memory Care, a 98-bed memory care community in the Los Angeles suburb of Costa Mesa, for $6.5 million. Pacifica Senior Living acquired the property from Sorenson Capital. The purchase price equates to $130,000 per unit. The 31,900-square-foot community underwent a $1.7 million renovation in 2011.
DUBLIN, CALIF. — Ross Stores has opened 25 Ross Dress for Less and nine dd’s DISCOUNTS stores across 16 different states in September and October. These new locations round out the company’s 2016 expansion plans to add approximately 90 locations during the year. Ross Stores, Inc. is headquartered in Dublin, Calif., with 1,342 stores in 36 states, the District of Columbia and Guam. The company also currently operates 193 dd’s DISCOUNTS in 15 states.
RIVERSIDE, CALIF. — Meridian Capital Group has arranged $12.5 million in CMBS financing for the refinance of Tyler Gateway Shopping Center in Riverside. The borrower was The Festival Companies, a Los Angeles-based developer and operator of retail and mixed-use properties. The 10-year loan, provided by a CMBS lender, features five years of interest-only payments and a fixed interest rate. Seth Grossman and Andy Strauss of Meridian negotiated the financing. Tyler Gateway Shopping Center consists of two retail buildings located at 3502 Tyler St. in Riverside. Totaling 25,000 square feet, the buildings are occupied by Ulta Beauty, AT&T, Habit Grill, Panera Bread, Chipotle Mexican Grill and Yogurtland.
SANTA ANA, CALIF. — Avison Young has arranged four 15-year leases for 24 Hour Fitness in Southern California. Keith Kropfl and Michael Ganz of Avison Young represented 24 Hour Fitness in the transactions. The fitness company is leasing 40,000 square feet at 1350 W. Edinger Ave. in Santa Ana from Plaza Edinger LLC, represented by Kropfl and Ganz; 33,500 square feet at 9051 Atlanta Ave. in Huntington Beach from Huntington South Center LLC, represented by CBRE; 46,000 square feet at 130 E. Imperial Highway in Fullerton from Fiesta Distribution represented by CBRE; and 38,000 square feet at 3490 Madison St. in Riverside from HFC/PRP Madison LLC. The locations in Santa Ana and Huntington Beach are slated to open in the first quarter of 2017; the Fullerton location is scheduled to open in the second quarter of 2017; and the Riverside location is expected to open around year-end 2017.
SANTA ANA, CALIF. — NAI Capital has arranged the sale of a new Chipotle Mexican Grill located at 629 S. Harbor Blvd. in Santa Ana. 99 Motel LLC acquired the property from Santa Ana HM Property for $3.7 million. The 2,336-square-foot restaurant sits on a 22,615-square-foot pad and is leased to Chipotle Mexican Grill Inc. on a 20-year ground lease. Barry Blake and Steve Liu of NAI Capital represented the buyer and seller in the transaction
SANTA BARBARA, CALIF. — Lee & Associates Santa Barbara has brokered the sale of a retail property located at 34 E. Montecito St. in Santa Barbara. Avis Rent A Car sold the property in a sale/leaseback transaction to 34 East Montecito 2016 LLC for $2.5 million, or $1,866.67 per square foot. Situated in the Funk Zone area of Santa Barbara, the property features 1,350 square feet of retail space. Christi Vior of Lee & Associates Santa Barbara represented the buyer, while Rob Adams and Steve Leider, also of Lee & Associates, represented the seller in the deal.
EL MONTE, CALIF. — The Magellan Group has completed the Magellan Gateway, a 501,270-square-foot industrial project in the San Gabriel Valley submarket of El Monte. The Class A project is located at 4181 Temple City Blvd. Gill Corp., Jans Investment and Management and Dream Home Temple City Boulevard LLC have already purchased three of the property’s five buildings. Cushman &a Wakefield’s Erik Larson, Robin Dodson, John Minervini and Chris Tolles represented The Magellan Group in all three transactions. Millie & Severson built Magellan Gateway, which HPA Architecture designed. Principal Real Estate Investors provided joint venture equity for the development; U.S. Bank provided construction financing.
SAN JOSE, CALIF. — A joint venture between Lowe Enterprises Investors (LEI) and Vista Investment Group has acquired a 92,864-square-foot office/research and development building in San Jose for an undisclosed sum. The building is located at 2581 Junction Ave. Concurrent with the closing, Thinfilm Electronics entered into a long-term lease to occupy the building. The lease includes a 22,000-square-foot clean room that the company will use to produce electronics products. The new facility will support the company’s expansion as it increases production. Renovations to the space will commence immediately, with occupancy scheduled for the first quarter of 2017. LEI’s affiliate, Lowe Enterprises Real Estate Group, provided local acquisition and leasing services and will operate the property. ATREG represented the seller.
SAN DIEGO — An affiliate of Alexandria Real Estate Equities Inc. (NYSE: ARE), an urban office REIT based in Pasadena, Calif., has purchased Torrey Ridge Science Center in San Diego’s Torrey Pines submarket. Walton Street Capital and SteelWave sold the campus to Alexandria for $182.5 million. Torrey Ridge Science Center is a Class A life science campus leased to companies such as Regulus Therapeutics, Pacira Pharmaceuticals, Nitto BioPharma, Interpreta and BP Technology Ventures. The three-building, 291,799-square-foot campus was 87 percent leased at the time of sale. “This was a highly strategic acquisition for Alexandria in Torrey Pines, one of our core San Diego submarkets,” says Daniel Ryan, executive vice president and regional market director of San Diego for Alexandria Real Estate Equities. Located at 10578, 10614 and 10628 Science Center Drive, Torrey Ridge Science Center was built in 2004 and since 2012 the sellers invested $55 million in base building and tenant improvements. The renovations included upgrading common areas, signage and landscaping, as well as creating a new dedicated central plant and adding chilled water systems for each building. The campus also features newly built tenant amenities including a fitness center, conference center and Wich Addiction café. “The Torrey Ridge …
PALM DESERT, CALIF. — Ashford Hospitality Trust has sold a two-hotel portfolio in Palm Desert for $36 million. The transaction includes the 151-room Courtyard Palm Desert and the 130-room Residence Inn Palm Desert. The portfolio achieved RevPAR (revenue per available room) of $92 with an occupancy rate of 74 percent and ADR (average daily rate) of $123. The portfolio also had an existing debt balance of about $24 million that was assumed by the buyer.
