California

Douglas Emmett Buys Trophy Office Asset in Santa Monica

by Nellie Day October 5, 2016

SANTA MONICA, CALIF. — Douglas Emmett has purchased a 128,935-square-foot office building in downtown Santa Monica. The sales price was $139.5 million according to the seller, Blackstone Group. The asset is located at 233 Wilshire Blvd. The building is 91 percent leased to tenants like Luther Burbank Savings, Tunnel, Hirschfeld Kraemer LLP, GoodRX and Enenstein & Ribakoff. It sits adjacent to the Third Street Promenade, which features retailers like Nike, Nordstrom, Bloomingdale’s, Apple, Tesla and Lululemon. HFF’s Ryan Gallagher, Michael Leggett, Andrew Harper, Tim Geiman and Michael Matchett represented both the buyer and seller in this transaction.

October 5, 2016

California Industrial Western

Westcore Properties Buys Industrial Portfolio in San Diego for $75M

by Nellie Day October 4, 2016

SAN DIEGO — Westcore Properties has purchased a four-property industrial portfolio in San Diego for $75 million. The portfolio contains a total of 514,169 square feet spread over 22 buildings. The portfolio includes 16990 Goldentop Road in Rancho Bernardo; 500-938 S. Andreasen Drive in Escondido; and 133-155 Mata Way and 540-550 Pacific St. in San Marcos. Westcore will perform cosmetic improvements at each property, which will include landscaping and painting, as well as maintenance and upgrades for HVAC systems, asphalt and roofs. Rick Reeder and Brad Tecca of Cushman & Wakefield were the brokers of record for this transaction. The seller was TA Realty.

October 4, 2016

California Loans Multifamily Seniors Housing Western

HFF Arranges $41.5M in Financing for Three-Property Seniors Housing Portfolio in Sacramento

by Nellie Day October 4, 2016

SACRAMENTO, CALIF. — Holliday Fenoglio Fowler (HFF) has arranged $41.5 million in financing for a three-property seniors housing portfolio in Sacramento. HFF represented Harbert Seniors Housing Fund I LP, an affiliate of Harbert Management Corp., to secure the seven-year, floating-rate acquisition loan through Freddie Mac. The properties in the portfolio are: Chateau on Capitol Avenue, Chateau at River’s Edge and River’s Edge. Chateau on Capitol Avenue is located at 2701 Capitol Ave. less than two miles east of downtown Sacramento. The property has 56 assisted living units totaling 60,268 rentable square feet. Chateau at River’s Edge and River’s Edge are adjacent properties located at 601 and 641 Feature Drive, approximately 3.9 miles east of Chateau on Capitol Avenue. Chateau at River’s Edge has 97 assisted living and 10 memory care units while River’s Edge features 94 independent living units totaling 55,576 rentable square feet. The properties are 95 percent leased overall. HFF’s Ryan Maconachy, Chad Lavender and Sarah Anderson arranged the financing.

October 4, 2016

California Multifamily Seniors Housing Western

Northern California Presbyterian Homes to Build 200-Unit Seniors Housing Community Near San Francisco

by Nellie Day October 3, 2016

WALNUT CREEK, CALIF. — Northern California Presbyterian Homes and Services is developing Viamonte, a 200-unit seniors housing community in the San Francisco Bay Area city of Walnut Creek. Northern California Presbyterian Homes and Services plans to break ground on the community in 2017. Northern California Presbyterian Homes and Services develops and operates affordable seniors housing communities on the West Coast.

October 3, 2016

California Office Western

SunCal to Develop 14.5-Acre Mixed-Use Development in Downtown Los Angeles

by Nellie Day October 3, 2016

LOS ANGELES — SunCal is set to develop 6AM, a 14.5-acre mixed-use development located in the downtown Los Angeles Arts District. The project will feature public and private outdoor space; art creation space and exhibition space; creative offices; space allocated for use by a school; fitness centers; two 58-story residential towers offering live/work residences; outdoor pools and spas; hotel; grocer; food hall; retail space; and parking. Architectural firm Herzog & De Meuron is designing the project. A timeline for the development — located at the intersection of 6th and Alameda streets — has yet to be announced.

October 3, 2016

California Retail Western

Vestar Plans Renovations for Pacific Commons Shopping Center in Fremont

by Nellie Day October 3, 2016

FREMONT, CALIF. — Vestar has announced plans to renovate Pacific Commons, a 1.2-million-square-foot regional power center located in Fremont. The refresh — set to begin this month — will include the addition of indoor-outdoor dining areas with exterior tables and umbrellas; new seating areas; gathering space with fire pits; new landscaping and trellis elements; stone and wood seating walls; cobble and concrete pavers; a fountain; lighting; steel awnings; and upgraded signage. The property is home to tenants including Target, Lowe’s, Costco, Dick’s Sporting Goods, Kohl’s, Toys R Us, Nordstrom Rack, DSW, Old Navy, T.J. Maxx, Ulta Beauty, Tilly’s, Total Wine, Men’s Wearhouse and Century Theatres.

October 3, 2016

California Western

City of Burbank, Visit Burbank Receive 2016 Excellence in Economic Development Awards

by Nellie Day October 3, 2016

BURBANK, CALIF. — The International Economic Development Council (IEDC) has awarded the City of Burbank and Visit Burbank with Excellence in Economic Development Awards for projects in 2016. The City of Burbank received a Silver Award for General Purpose Print Promotion, while Visit Burbank received a Bronze Award for Special Purpose Website. The accolades were presented at an awards ceremony on Sept. 27, during the IEDC Annual Conference, which was held in Cleveland.

October 3, 2016

California Retail Western

CBRE Facilitates $15.6M Sale of Tesla-Leased Retail Property in Santa Monica

by Nellie Day September 30, 2016

SANTA MONICA, CALIF. — CBRE has arranged the sale of a retail property located at 1227 3rd St. Promenade in Santa Monica. A joint venture between KLM Equities and Harlington Realty acquired the 3,000-square-foot property for $15.6 million. The property is currently occupied by Tesla Motors. Constructed in 1938, the building underwent a complete revamp in 2012 to become a state-of-the-art showroom for Tesla. Timothy Bower, Ken McLeod and Tim Kuruzar of CBRE represented the undisclosed seller and the buyer in the deal.

September 30, 2016

California Retail Western

NAI Capital Brokers $7.5M Sale of a Retail Building West Hollywood

by Nellie Day September 30, 2016

WEST HOLLYWOOD, CALIF. — NAI Capital has arranged the sale of a retail property located at 8126 Beverly Blvd. in West Hollywood. Los Angeles-based investor Arash Denialifar acquired the property from Hamilton Properties for $7.5 million, or $852 per square foot. Previously occupied by Environment Furniture, the 8,800-square-foot property features a private parking lot. Ian Strano of NAI Capital’s Westwide office represented the seller and buyer in the transaction.

September 30, 2016

California Retail Western

Marcus & Millichap Negotiates $2.8M Sale of Carl’s Jr. Ground Lease in Oxnard

by Nellie Day September 30, 2016

OXNARD, CALIF. — Marcus & Millichap has brokered the sale of ground lease for 480 N. Rose Ave. in Oxnard. A limited liability company sold the property to a private investor for $2.82 million. The 3,000-square-foot property is net-leased to Carl’s Jr. Lior Regenstreif of Marcus & Millichap represented the seller and buyer in the transaction.

September 30, 2016

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