California

Weidner Apartment Homes Buys Stonegate at Towngate for $98.5M

by Nellie Day September 9, 2016

MORENO VALLEY, CALIF. — Weidner Apartment Homes has acquired the 552-unit Stonegate at Towngate apartments in Moreno Valley for $98.5 million. The community is located at 12640 Memorial Way Drive, just southeast of the Highway 60 and Interstate 215 interchange. Stonegate at Towngate is the largest apartment community in Moreno Valley and the 12th largest asset in the Inland Empire. Berkadia’s Dean Zander and Spencer Scott represented the seller, Davlyn Investments Inc., in this transaction. Davlyn purchased the asset just after it was completed in 2007.

September 9, 2016

California Retail Western

Marcus & Millichap Arranges $13.5M Sale of Three-Property Retail Strip in San Carlos

by Nellie Day September 9, 2016

SAN CARLOS, CALIF. — Marcus & Millichap has arranged the sale of a three-property retail strip center located at 633, 727 and 1199 Laurel St. in San Carlos. A 1031 exchange investor acquired the approximately 13,860-square-foot property for $13.5 million, or $974 per square foot. Mark One Capital arranged $6.85 million in financing for the acquisition of the property. Fabio Sangiorgi of Marcus & Millichap represented the buyer, while David Campbell of Mark One Capital arranged the fixed-rate, interest-only financing for the undisclosed buyer.

September 9, 2016

California Retail Western

Harrison Coachella Sells 85,035 SF Retail Center in Coachella for $10.6M

by Nellie Day September 9, 2016

COACHELLA, CALIF. — NAI Capital has brokered the sale of Coachella Plaza, a retail center located at 50249 Harrison St. in Coachella. Harrison Coachella 26 LLC sold the property for $10.6 million, or $124.65 per square foot. Built in 1991, the 85,035-square-foot plaza was 78 percent occupied at the time of sale. Tenants include 99¢ Only, Planet Fitness and WSS Shoes. Fariba Kavian of NAI Capital represented the seller in the deal. The name of the buyer was not released.

September 9, 2016

California Multifamily Seniors Housing Western

MBK Acquires 109-Unit Seniors Housing Community in Antioch

by Nellie Day September 9, 2016

ANTIOCH, CALIF. — MBK Senior Living has purchased The Commons at Dallas Ranch, a 109-unit assisted living and memory care community in Antioch, for an undisclosed price. The acquisition comes despite the recent resignation of the company’s president, Terry Howard, in August. The seniors housing developer and operator has commenced its search for Howard’s replacement. In the last month, MBK also assumed operations of five Capitol Seniors Housing-owned communities. Those communities include Fairview Commons in Costa Mesa, Calif., and four in metro Seattle: The Creekside, Island House, Mountainlake Terrace Plaza and Northgate Plaza. MBK Senior Living’s portfolio of owned and managed communities now includes a total of 2,465 units within 22 independent living, assisted living and memory care communities in Arizona, California, Colorado, Utah and Washington.

September 9, 2016

California Retail Western

NAI Capital Completes $5.3M Acquisition of Retail Showroom in Rancho Mirage

by Nellie Day September 9, 2016

RANCHO MIRAGE, CALIF. — NAI Capital has arranged the acquisition of a retail showroom located at 71441 Highway 111 in Rancho Mirage. FM 111 LCC purchased the property from Thomas Realty Co. from $5.3 million, or $412.80 per square foot. At the time of sale, the 15,000-square-foot property was fully leased to Electric Car Distributors. Jeffrey Simonds of NAI Capital represented the buyer in the transaction.

September 9, 2016

California Multifamily Student Housing Western

CSU Monterey Bay Acquires Student Housing Community in California for $68.5M

by Nellie Day September 8, 2016

SEASIDE, CALIF. — The University Corp. at Monterey Bay — an auxiliary corporation of California State University, Monterey Bay — has acquired a 579-bed student housing community located adjacent to the university’s campus in Seaside for $68.5 million. AMCAL Equities LLC sold the project, called The Promontory. The university had a 20-year master lease on the community with an option to purchase after the first 12 months, which it chose to exercise. Community amenities at the property include an internet café, basketball half-court, community clubroom, 24-hour study areas, bicycle storage, fitness center and outdoor grills and seating areas.

September 8, 2016

California Retail Western

Wesco Properties Acquires Two-Building Retail Property in Orange County for $13.7M

by Nellie Day September 8, 2016

IRVINE, CALIF. — Wesco Properties Inc. has acquired a two-building retail site located in Irvine for $13.7 million. The buildings total 12,577 square feet, and are leased to Mimi’s Café and Islands Restaurant. Jeff Conover of Faris Lee represented the seller, VR Irvine Pad LLC, and Tony Dorn of Beitler Commercial Realty Services represented the buyer in the 1031 exchange transaction.

September 8, 2016

California Restaurant Retail Western

Burgerim Opens Second U.S. Location

by Nellie Day September 8, 2016

LOS ANGELES — Burgerim, a better-burger concept, has opened its second U.S. location in Montclair, Calif. Burgerim is set to open 33 franchised restaurants in the next year across the country, including in Memphis, Tenn.; Boca Raton, Fla.; and Houston, Texas. Burgerim currently operates in over 200 locations in 16 countries. Burgerim’s first U.S. location is at 5001 Melrose Ave., in Los Angeles.

September 8, 2016

California Office Western

Marcus & Millichap Brokers $7M Acquisition of Retail/Office Property in North Hollywood

by Nellie Day September 7, 2016

NORTH HOLLYWOOD, CALIF. — Marcus & Millichap has arranged the acquisition of a four-building retail/office property located at 11305-11335 Magnolia Blvd. and 5215 Bakman Ave. in North Hollywood. Elijah 27 LLC acquired the 20,139-square-foot property from a family trust for $7 million. Martin Agnew, Jessica Kelley and Ryan Rothstein-Serling of Marcus & Millichap represented the buyer, while Scott McCauley of Corporate Realty Services represented the seller in the 1031 exchange.

September 7, 2016

California Retail Western

CBC Advisors Arranges $3.5M Sale of Retail Strip Center in Long Beach

by Nellie Day September 7, 2016

LONG BEACH, CALIF. — CBC Advisors Orange County has arranged the $3.5 million sale of Orange Plaza, a 19,840-square-foot retail strip center located in Long Beach. Daniel Tyner and Scott Hook of CBC represented the undisclosed seller in the sale of the property to a private, all-cash buyer. Tenants at the center include Subway and Domino’s Pizza.

September 7, 2016

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