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.
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
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.
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.
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.
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.
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.
SAN DIEGO — CBRE has arranged the $14 million sale of Taco Bell and Shops, an 18,175-square-foot retail strip center in San Diego. Tenants at the center include Taco Bell, El Pollo Loco, Pick Up Stix, AT&T and T-Mobile. Philip Voorhees, Jimmy Slusher, Megan Wood, Matt Burson, Kirk Brummer, Preston Fetrow, John Read and Reg Kobzi of CBRE represented the seller, Los Angeles-based MVR LLC. David Lachoff of Newmark Grubb Knight Frank represented the buyer, an undisclosed, California-based private investor.
PORT HUENEME, CALIF. — HFF has arranged $5.5 million in joint venture equity for the acquisition of Oliveira Plaza, a 116,000-square-foot shopping center located in the Southern California community of Port Hueneme. The center consists of six single-story buildings that are 92 percent leased to tenants including Big Lots, Bank of America, Rite Aid, Citibank, West Marine, Dollar Tree, Panda Express and Carl’s Jr. Greg Brown and Jamie Kline of HFF worked on behalf of Progression REI to arrange the joint venture equity with an institutional equity investor.
CHATSWORTH, CALIF. — Marcus & Millichap has brokered the $72.5 million sale of Waterstone Apartment Homes, a 348-unit multifamily community located in Chatsworth, roughly 30 miles outside Los Angeles. The property was built in 1971 at 9901 Lurline Ave. The community is located one block south of the 615,400-square-foot Westfield Topanga shopping mall and approximately one mile away from the Chatsworth Metrolink station. Waterstone offers studio, one- and two-bedroom units with community amenities including lighted tennis courts; barbecue and picnic area with fire pit; clubhouse with billiards; a fitness center; pool and hot tub; and laundry facilities. Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec and Paul Darrow of Marcus & Millichap’s IPA division represented the seller and procured the buyer in the transaction. Both parties were undisclosed. “The acquisition gives the new ownership the ability to complete a strategic renovation in a market where there is a significant affordability gap to home ownership, and strong demand for high-end rental housing,” says Green. — Katie Sloan