California

Parallel Capital Partners Receives $48.5M to Refinance Office Complex in Seal Beach

by Nellie Day September 27, 2016

SEAL BEACH, CALIF. — Parallel Capital Partners has received $48.5 million to refinance The Ranch at Seal Beach, a 297,410-square-foot office complex. The complex is located at 3001-3005, 3010, 3020 and 3030 Old Ranch Parkway in Seal Beach. The Ranch at Seal Beach is 93 percent leased to tenants like Leidos, Olson Urban Housing and Merrill Lynch. KPMG, UBS and Keller Williams recently signed new leases at the complex, while Wells Fargo renewed its lease and Finance of America Mortgage expanded its space. Parallel purchased the property in 2013 for $85 million. The complex, formerly known as Bixby Office Park, underwent a rebranding and $1.5 million repositioning. Pacific Western Bank secured the refinancing. JLL’s George Thomson and James Estrada represented Parallel in the lease transactions.

September 27, 2016

California Multifamily Student Housing Western

EdR Completes $45M Restoration of Bowles Hall at University of California, Berkeley

by Nellie Day September 26, 2016

BERKELEY, CALIF. — EdR has completed the $45 million renovation and modernization of Bowles Hall at the University of California, Berkeley. The residence hall features renovated residential suites, each with an attached bathroom; in-house dining facilities; library; individual and dedicated study and seminar rooms; main lounge; game room; and in-residence faculty and graduate student advisors.

September 26, 2016

California Retail Western

Lee & Associates Arranges $4.7M Sale of Grovemont Square in Santa Ana

by Nellie Day September 26, 2016

SANTA ANA, CALIF. — Lee & Associates has arranged the $4.7 million sale of Grovemont Square, a 29,030-square-foot shopping center located in Santa Ana. Jon Selznick and Brant Dorman of Lee & Associates represented the seller, an undisclosed private investor based out of Encino. Selznick and Dorman also represented the buyer, an undisclosed private investor out of Commerce. The property was 85 percent occupied at the time of sale.

September 26, 2016

California Multifamily Seniors Housing Western

Kisco Starts $4M Renovation of Seniors Housing Community Near San Francisco

by Nellie Day September 26, 2016

LOS ALTOS, CALIF. — Kisco Senior Living has started the $4 million renovation of BridgePoint at Los Altos, a seniors housing community in the San Francisco suburb of Los Altos. Renovations include a new covered entry, large gathering space, new bistro café and courtyard, along with a refreshed lobby, living room and library. Kisco will also improve the interior corridors and exterior landscaping and parking areas. Kisco acquired BridgePoint in 2001. The California-based owner-operator has eight locations in California, plus 14 other locations in seven states.

September 26, 2016

California Retail Top Stories Western

European Investor Buys Iconic Tiffany Building in San Francisco for $135M

by Nellie Day September 26, 2016

SAN FRANCISCO — A European investor has purchased the iconic Tiffany & Co. building in San Francisco. The 11-story property is located at 360 Post St. on Union Square. The San Francisco Business Times reported the purchase price at approximately $135 million, or $1,400 per square foot. The 96,882-square-foot building features luxury retail and office space, including 75 feet of prime retail frontage on Post Street. The sellers, Greenstone Realty Advisors LLC and 360 Post LP, acquired the building in 1995 for $22 million. The property has served as one of Tiffany’s flagship locations for nearly 20 years, as well as the U.S. headquarters for Chinese airline Cathay Pacific. The space is situated near the Powell Street BART/MUNI station. The Powell Street cable car and Central Subway line, scheduled for completion in 2019, are also within walking distance. Kazuko Morgan and Seth Siegel of Cushman & Wakefield represented the sellers in the deal. — Nellie Day

September 26, 2016

California Loans Multifamily Western

Vista Investment Group Receives $30.8M to Acquire Woodlake Manor Apartment Complex in Baldwin Hills

by Nellie Day September 23, 2016

BALDWIN HILLS, CALIF. — Vista Investment Group has received $30.8 million to finance the acquisition of the 276-unit Woodlake Manor apartment building. The community is located at 4555 W. Martin Luther King, Jr. Blvd. in Baldwin Hills. It was built in 1964. The transaction also included a land parcel currently occupied by two radio towers. A commercial bank provided the capital for the seven-year, fixed-rate loan. HFF’s Marc Schillinger arranged the loan.

September 23, 2016

California Office Western

Lowe Enterprises Acquires Office Building in Walnut Creek

by Nellie Day September 23, 2016

WALNUT CREEK, CALIF. — Lowe Enterprises Investors (LEI) has purchased a 105,495-square-foot office building in Walnut Creek for an undisclosed sum. The Class A building is located at 500 Ygnacio Valley Road. It is situated two blocks east of the downtown Walnut Creek BART station and less than a half mile from the Interstate 680/Highway 24 interchange regional transportation corridor. Manatt and Eisner Jaffe represented LEI. The seller was Pacific Eagle (US) Real Estate Fund.

September 23, 2016

California Industrial Western

Ardmore Home Design Leases Industrial Space in the City of Industry

by Nellie Day September 23, 2016

CITY OF INDUSTRY, CALIF. — Ardmore Home Design has leased a 128,810-square-foot industrial facility in the City of Industry. The Class A facility is located at 768 Turnbull Canyon Road. The property provides immediate access to California State Route 60 and is minutes from Interstate 605. The space will serve as the corporate headquarters for Ardmore’s home décor business lines Made Goods and Pigeon & Poodle. Ty Newland of Cushman & Wakefield represented Ardmore in the deal.

September 23, 2016

California Retail Western

Colliers Arranges $70M Sale of 220 Post Street in San Francisco

by Nellie Day September 22, 2016

SAN FRANCISCO — Colliers International has arranged the sale of 220 Post Street, a 37,500-square-foot retail building located in the Union Square neighborhood of San Francisco, for over $70 million. Saks Fifth Avenue currently occupies the property, but will vacate the location in October. An undisclosed Taiwanese investor sold the property to Los Angeles-based Angelo, Gordon & Co. Julie Taylor, Tony Crossley, Tim Maas, Darren Kuiper and Frank Wheeler of Colliers International represented the seller in the transaction. The Colliers team worked alongside China capital expert Yang Chen to negotiate the sale.

September 22, 2016

California Loans Multifamily Seniors Housing Western

Dekel Provides $16.1M for Development of 130-Unit Assisted Living Community in Thousand Oaks

by Nellie Day September 22, 2016

THOUSAND OAKS, CALIF. — Dekel Strategic Investors, the equity fund of Dekel Capital, has provided $16.1 million for the development of Sage Mountain Senior Living, a 130-unit assisted living and memory care community in the Los Angeles suburb of Thousand Oaks. The four-story, 58,154-square-foot facility will feature 98 assisted living units and 32 memory care units. Construction started earlier this month for scheduled completion in early 2018. Los Angeles-based bank Dekel Capital launched Dekel Strategic Investors in January 2014, and has invested more than $100 million through the platform so far.

September 22, 2016

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