LOS ANGELES — Los Angeles-based Westwood Financial Corp. has restructured ownership of 77 of its 120 retail center holdings and its management company to form a single, $1.2 billion retail real estate company. The new company, Westwood Financial, is now positioned to more easily access capital and appeal to investors with larger appetites, and has streamlined its operations. The company recently rebranded in conjunction with the restructuring, launching a new logo, signage and a new tagline: “Retail. Evolved.” A new website is currently underway, and will launch soon. Westwood will own and operate more than $1.2 billion in retail assets and will provide third-party asset management and related services for $200 million worth of properties owned by the co-founders of the firm.
MONTCLAIR, CALIF. — CBRE Group Inc. has arranged the $15.5 million sale of Montclair Shoppes, an 18,889-square-foot shopping center located in Montclair, roughly 30 miles outside of downtown Los Angeles. Ken McLeod and Tim Kuruzar of CBRE represented the seller, BOSC Realty Advisors, in the sale of the property to an undisclosed buyer based in West Los Angeles. The center is home to tenants including Sleep Number, AT&T and Tommy’s Hamburgers.
CUPERTINO, CALIF. — Marcus & Millichap has arranged the $16.5 million sale of Saich Way Station, a 15,525-square-foot shopping center located less than one mile from Apple Inc.’s headquarters in Cupertino. Kirk Trammell, Vincent Schwab, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller, Borelli Investment Co. Tenny Tsai of Cushman & Wakefield represented the buyer, a family exchanging out of a redevelopment site in San Francisco. Tenants at the center include Vitamin Shoppe, T-Mobile, The Melt, H&R Block, Blast 825 Pizza, Site for Sore Eyes and the Coder School Cupertino.
ONTARIO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $6 million sale of a 6,786-square-foot retail pad site shadow-anchored by a new Walmart Supercenter in Ontario, roughly 35 miles outside of downtown Los Angeles. Eric Wohl of Hanley represented the seller, Pacific Development Group, in the transaction. James Kwon with Coldwell Banker Best Realty represented the buyer, an undisclosed private investor based in Irvine. The building was fully occupied at the time of sale by tenants including T-Mobile, Yogurtland, Waba Grill and Wells Fargo.
ORANGE, CALIF. — Coldwell Banker Commercial (CBC) Advisors has arranged the $4 million sale of a two-story, single-tenant retail building located in the historic Orange Circle in Orange. An undisclosed local private investor acquired the 7,350-square-foot property, located adjacent to Wells Fargo. Scott Hook of CBC represented both the undisclosed seller and the buyer in the transaction.
SANTEE, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $24.9 million loan for The Grant Companies to refinance The Pointe at Lantern Crest, a seniors housing community in the San Diego suburb of Santee. CBRE’s Bill Chiles, Scott Peterson and Brian Cruz secured a 10-year loan through Freddie Mac. The loan will refinance the existing construction loan. The Pointe at Latern Crest opened in 2012 offering assisted living and memory care units. The second phase, which was completed in 2015, added independent and assisted living. The Grant Companies was formed in 1989 as a joint venture between three California corporations. The company has developed or constructed more than $500 million in medical office buildings, apartment complexes, industrial buildings, shopping centers, motels, restaurants and mixed-use developments.
LOS ANGELES — Overton Moore Properties (OMP) has broken ground on the Point @ Simi Valley Business Center, a 141,000-square-foot industrial development in Los Angeles. The four-building project will be situated two blocks south of Interstate 118 and about 10 minutes from the San Fernando Valley. The site is one of the last remaining parcels within the 87-acre master-planned project. OMP acquired the site from Coca Cola in October 2015. The Class A development is scheduled for completion in April 2017. The project is available for sale immediately. It will accommodate users between 30,000 square feet and 42,000 square feet. Millie & Severson is building the project, which HPA designed.
FORT WORTH, TEXAS AND SAN FRANCISCO — Enlivant, an owner and operator of senior living communities, and global investment firm TPG have purchased 48 seniors housing communities in 14 states from several unrelated organizations. The sales price was not disclosed. The acquisition totals 3,084 independent living, assisted living and memory care apartment units, which represents a nearly 40 percent expansion for Enlivant. Sixteen of the transactions recently closed, and the remaining 32 are expected to close over the next several months. “These transactions mark a period of significant business momentum for Enlivant as it continues to scale its national operating platform while maintaining its founding commitment of providing each of its residents with the highest level of attentive, individualized and personalized care in a home-like setting,” said Avi Banyasz, partner and co-head of TPG Real Estate, TPG’s real estate division. The acquired communities are located in Arizona, Delaware, Florida, Georgia, Kansas, Illinois, Indiana, North Carolina, Ohio, Oklahoma, Pennsylvania, Tennessee, Virginia and West Virginia. Following these acquisitions, Enlivant will operate approximately 230 senior living communities spanning 11,000 apartment units across 27 states. Many of these new communities have larger total unit counts and more services than Enlivant’s typical community. TPG acquired Enlivant …
LOS ANGELES — Gramercy Property Trust and TPG Real Estate have formed Strategic Office Partners, a platform that will acquire single-tenant office assets in high-growth U.S. metro regions. The platform’s inaugural purchase was a six-property office portfolio valued at $187.5 million. The portfolio contains a total of 1 million square feet of single-tenant, net lease office assets in metro Los Angeles, San Francisco Bay and San Diego. It also includes assets in Nashville and Minneapolis. The buildings have an average tenant tenure of more than 11 years. Half of the assets have been occupied by the original tenant since the buildings were constructed. The weighted average remaining lease term was 3.6 years at closing. Gramercy and TPG committed $400 million to the new venture and secured a $200 million non-recourse credit facility from Morgan Stanley. Strategic Office Partners plans to buy up to $1 billion in assets over a three-year period.
IRVINE, CALIF. — HFF has provided $62.5 million in refinancing for Irvine Crossings, a 395,673-square-foot data center and industrial asset. The property is located at 17871 Von Karman Ave. and 17836 Gillette Ave. in Irvine. The fully leased building was renovated in 2000. It was partially converted to a powered-shell data center in 2013. A data center operator and an internet technology company occupy the property. The asset is situated one block north of the intersection of Von Karman Avenue and Main Street in the Airport Area. There are six other data centers in the area. The five-year, full-term, interest-only loan features a fixed rate. HFF’s Kevin MacKenzie and Jamie Kline arranged the loan on behalf of Menlo Equities. Deutsche Bank provided the capital.