IRVINE, CALIF. — Quality Care Properties, the spinoff of HCP’s ManorCare skilled nursing portfolio, has begun trading on the New York Stock Exchange under the symbol QCP WI. QCP is now a completely separate company from HCP (NYSE: HCP), one of the largest seniors housing REITs in the United States. QCP is also classified as a REIT following the spinoff. HCP common stockholders received one share of QCP common stock for every five shares of HCP common stock they held on October 24. Stockholders will receive cash in lieu of fractional shares of QCP. Barclays and Morgan Stanley were financial advisors to HCP, and Skadden, Arps, Slate, Meagher & Flom LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel.
SAN DIEGO — Mitek has leased 29,000 square feet of office space in downtown San Diego. The mobile capture and identity verification software solutions provider relocated from its current headquarters in Kearny Mesa. The new space is located at 600 B St. Mitek completed the relocation in October. Ron Miller of Colliers International represented Mitek in the lease deal.
LOS ANGELES — Swift Realty Partners has purchased The Academy Tower, a 175,175-square-foot office campus within the Arts District of North Hollywood (NoHo), for $61.5 million. The two-building, Class A property is located at 5200 Lankershim Blvd. It was built in 1991. The Academy Tower is 80 percent leased by 17 tenants. Most tenants are within the film, tech and television industries. Swift represented itself in this transaction, while the seller was represented by NGKF’s Sean Fulp, Kevin Shannon, Brad Burton and Rob Hannan. David Milestone and Scott Selke of NGKF Capital Markets will arrange the debt on behalf of the buyer. CBRE’s Matthew Heyn and Troy Pollet provided leasing support.
IRVINE, CALIF. — HCP has sold a portfolio of 64 properties leased to Brookdale Senior Living Inc. for $1.1 billion. Affiliates of Blackstone Real Estate Partners VIII L.P. bought the 5,967-unit portfolio, which equates to a $189,000-per-unit sale price. Occupancy for the portfolio was 85.2 percent at the time of sale. Proceeds from the sale will be used to pay down debt and general corporate purposes. In addition to selling the Brookdale properties, HCP plans to terminate leases on 25 Brookdale properties totaling 2,031 units over the next year. The moves are part of a strategy by HCP to reduce the saturation of Brookdale-operated properties within its portfolio. HCP also plans to transfer eight expiring Brookdale triple-net leases to a RIDEA structure, through a joint venture where Brookdale acquires 10 percent interest in the properties.
SIERRA MADRE, CALIF. — RED Capital Group has arranged a $29 million Fannie Mae loan for Kensington SM GP LLC, which will use the capital to refinance The Kensington Sierra Madre, a luxury assisted living and memory care community in the Los Angeles suburb of Sierra Madre. The Kensington Sierra Madre features 41 assisted living suites and 34 memory care suites. Kensington Senior Living LLC owns and operates the community. The financing replaces the community’s original construction loan, which RED also provided. Kensington Senior Living owns and operates five assisted living communities in California, Maryland, Virginia and New York, with four more currently in development.
LOS ANGELES — Capital Funding Group has provided three separate loans totaling $25 million for seniors housing communities in California, North Carolina and Texas. This includes a $2.5 million working capital line of credit for The Rehabilitation Center on La Brea in Los Angeles. The firm’s Chip Woelper originated the loan.
VICTORVILLE, CALIF. — Stirling Capital Investments has completed construction on a 447,740-square-foot industrial facility within Southern California Logistics Centre in Victorville. The facility, known as Building 13B, was built in 19.3 acres within the 2,500-acre commercial and industrial complex. Arden Cos. has pre-leased 211,000 square feet at Building 13B, and Newell Brands leased the remaining space. Southern California Logistics Centre is entitled for 60 million square feet of development.
PASO ROBLES, CALIF. — MBK Rental Living has purchased the 144-unit Buena Vista Apartments in Paso Robles for $5.8 million. The community is located at 708-1002 Experimental Station Road. MBK plans to upgrade the property. The company represented itself in this transaction, while Marty Indvik of Lee & Associates and Jim Fisher and Michael Smith of Berkadia, represented the seller, Arjun Buena Vista Properties LLC.
IRVINE, CALIF. — Wet Seal will open 13 pop-up locations during the 2016 holiday season at GGP regional shopping centers throughout the United States, including Arizona and Washington. The temporary locations are slated to open simultaneously on Nov. 3. The stores will range from 3,000 to 5,000 square feet. The Tucson Mall in Tucson, Ariz., will receive a pop-up shop, as will Northtown Mall in Spokane, Wash. The Wet Seal LLC is an Irvine, Calif.-based specialty retailer of young contemporary women’s apparel and accessories with over 160 stores in the United States. Chicago-based General Growth Properties, Inc. (GGP) is an S&P 500 company focused on owning, managing, leasing and redeveloping high-quality retail properties throughout the United States.
RANCHO SANTA MARGARITA, CALIF. — Faris Lee Investments has arranged the sale of Plaza El Paseo at Rancho Santa Margarita Town Center, located at the corner of El Paseo and Alma Aldea in Rancho Santa Margarita. K&G El Paseo 1 & 2 LLC sold the property to Plaza El Paseo Center LLC for $56.6 million. Built in 2002, the 107,000-square-foot property is anchored by Bed, Bath & Beyond, BevMo and Wood Ranch BBQ. Rick Chichester, Nicholas Coo and Chris DePierro of Faris Lee represented the seller and buyer in the deal.