SACRAMENTO, CALIF. — Colliers International has brokered the sale of Sutter Square Galleria, a two-building mixed-use property located at 2901 K St. in Midtown Sacramento. A Canadian-based private investor acquired the property for an undisclosed sum. Sutter Health, UC Davis Extension, Placer Title Co. and Safe Credit Union occupy the 62,763-square-foot property. Heath Charamuga and Scott Laeber of Colliers represented the seller, while Roop Purewal represented the buyer in the deal.
SUNNYVALLE, CALIF. — STC Ventures has purchased Sunnyvale Town Center, a 36-acre unfinished mixed-use project in Sunnyvale. STC is a joint venture between affiliates of Hunter Storm, Sares Regis Group of Northern California and institutional investors advised by J.P. Morgan Asset Management. Wells Fargo sold the property for an undisclosed price. The buyer plans to first complete the 186-unit residential component of the development and then focus on the retail portions of the project.
WEST COVINA, CALIF. — Progressive Real Estate Partners has brokered the sale of a two-story retail property located at 203 S. Azusa Ave. in West Covina. Options for Learning acquired the property from a San Diego-based private investor for $2.5 million. The buyer plans to open a preschool in the 14,700-square-foot building. Frank Vora of Progressive Real Estate Partners represented the seller in the deal.
WILDOMAR, CALIF. — R&V Management Corp. has purchased the 312-unit Oak Springs Ranch in Wildomar for $78.5 million. The community is located at 24055 Clinton Keith Road, just north of Temecula. Oak Springs Ranch was built in 2014. Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen of Berkadia executed the sale. The seller was Oak Springs Ranch LLC, which is composed of developer GLJ Partners and affiliates of Sarofim Realty Advisors.
LOS ANGELES — Hyatt Hotels Corporation has completed the transition of the Concourse Hotel at Los Angeles Airport to the Hyatt Regency Los Angeles International Airport. The 580-room hotel is undergoing an extensive $75 million renovation. The hotel is situated less than one block from the Los Angeles International Airport. It is the closest hotel to the airport, and the only airport hotel with direct shuttle service to LAX. The hotel offers more than 50,000 square feet of meeting space, including one of the largest ballrooms in the LAX market at 14,000 square feet. The Hyatt also features the only outdoor event lawns in the area, which can accommodate up to 750 guests. A newly built conference center includes more than 10,000 square feet of meeting space. Dining options include Open Market and Unity L.A. The Hyatt Regency Los Angeles International Airport is currently open and accepting guests.
LOS ANGELES — An affiliate of Pacific Urban Residential has purchased the 191-unit IMT Thousand Oaks apartments for $67 million. The community is located at 491 W. Gainsborough Road in the Los Angeles submarket of Thousand Oaks. IMT Thousand Oaks is situated along U.S. Highway 101. Notable employers in the area include Amgen, General Dynamics Corp., Verizon, WellPoint, JD Power & Associates, Teledyne Technologies, Audi, Kythera Biopharmaceuticals and the Dole Food Co. The community was built in 1973. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented the seller, IMT Capital LLC, in this transaction.
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.
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.
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.
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.
