RIVERSIDE, CALIF. — JCH Consulting Group has arranged the sale of a skilled nursing facility in the Los Angeles suburb of Riverside for $13.1 million. Built in 1969, the facility features 188 beds, resulting in a sale price of $69,680 per bed. The community was 60 percent occupied at the time of sale The buyer was a California owner-operator, and the seller was a regional operator. Shep Roylance was the lead agent on the transaction.
LOS ANGELES — A property occupied by fashion house Bijan has traded hands on Rodeo Drive in Los Angeles. An undisclosed investor acquired the property, located at 420 N. Rodeo Drive, in an all-cash transaction. Bijan has operated at the property for more than 40 years, and is the longest standing privately owned designer house on Rodeo Drive. Marc Schillinger, Bryan Ley and Bill Fishel of HFF represented the undisclosed seller in the transaction.
LOS ANGELES — Dunkin’ Donuts has signed a development agreement with Precision Hospitality & Development to develop eight new restaurants in Los Angeles. The first restaurant is planned to open in 2018. This agreement closes out the company’s first wave of franchise commitments since announcing the state would be open for franchise sales in January 2013. In 2014, Precision Hospitality & Development signed a store development agreement to open 10 Dunkin’ Donuts restaurants in South Orange County and surrounding cities. The group already has two restaurant locations open in Laguna Hills and Irvine, with plans to open a multi-brand restaurant with sister-brand Baskin-Robbins this fall in Foothill Ranch.
LAGUNA NIGUEL, CALIF. — Bernards, a commercial builder, has commenced work on Crestavilla, a 220-unit, $95.5 million independent living, assisted living and memory care community in the Los Angeles suburb of Laguna Niguel. Santa Ana-based William Hezmalhalch Architects designed the community, which Irvine-based Steadfast Senior Living is developing. Since the project was first announced in February, the number of units and acuity mix have changed. The 211,387 square feet will now feature 112 independent living units (formerly announced as 61), 72 assisted living units (formerly announced as 115) and 36 memory care units (formerly announced as 25). The project is located on 11.5 acres and is scheduled for completion in November 2017.
BALDWIN PARK, CALIF. — Continental Funding Group has secured a $19 million loan to refinance the 195-room Courtyard by Marriott in Baldwin Park. The hotel is located at 14635 Baldwin Park Towne Center. Hilton originally built the Courtyard by Marriott, which was later affiliated with Radisson. It was franchised as part of the Marriott chain in 2004. The sponsor received a fixed-rate, non-recourse loan that would refinance the existing maturing loan, as well as provide a cash-out component. Mitch Paskover of Continental Funding Group secured the loan from a major U.S. investment bank. The 10-year loan was priced at 4.98 percent, with a loan-to-value ratio of 68 percent and a 25-year amortization.
FRESNO, CALIF. — An undisclosed buyer has purchased the 284-unit Lakeview Apartments in the Fresno submarket of Lemoore for $17.9 million. The community is located at 333 E. Cinnamon Drive. Lakeview Apartments is situated near Cinnamon Elementary School and Rite-Aid. The largest employer in the area, Lemoore Naval Air Station, is also nearby. The new owner plans to renovate the property’s interior and common areas. Jon Mimms and Ron Harris of Marcus & Millichap’s Institutional Property Advisors (IPA) division represented both the buyer and the seller, B.A.G. Investments, in this transaction.
SAN JOSE, CALIF. — Carey Watermark Investors 2 Inc. (CWI 2), a non-traded lodging REIT, has acquired the San Jose Marriott for $154 million. The recently renovated hotel includes 510 guestrooms and is located in downtown San Jose, one of Silicon Valley’s strongest lodging markets. CWI 2 financed the acquisition using $88 million of senior debt. Built in 2004, the San Jose Marriott features 23,000 square feet of meeting and event space, three food and beverage outlets, a concierge lounge, business center, fitness center and an outdoor swimming pool. “Given the limited supply of institutional-quality assets in the Silicon Valley market, the San Jose Marriott represented a unique investment opportunity,” says Michael Medzigian, CEO of CWI 2. “The property is the newest hotel in downtown San Jose and the acquisition adds a top-performing, well-located asset in a high growth market with high barriers to entry to CWI 2’s portfolio.” The hotel is connected to the newly renovated and expanded San Jose McEnery Convention Center and is in close proximity to San Jose State University and attractions such as the Tech Museum of Innovation, the San Jose Museum of Modern Art and the SAP Center, home of the NHL’s San Jose …
UKIAH, CALIF. — Hanley Investment Group has arranged the $15 million sale of Ukiah Crossroads, a 106,460-square-foot shopping center located in Ukiah. Ed Hanley and Kevin Fryman of Hanley represented both the buyer, a San Pedro, Calif.-based private investor, and the seller, Columbus Pacific Properties, in the 1031 exchange transaction. Raley’s Supermarkets anchors the 98 percent occupied center, which is also home to Dollar Tree, O’Reilly Auto Parts, Rue 21, Rent-A-Center, U.S. Cellular and Advance America. The purchase also included a developable 1.39-acre pad site.
LOS ANGELES — Covington Capital Management has renewed its lease for 17,122 square feet of office space in downtown Los Angeles. The space is located at 601 S. Figueroa St., within the Figueroa at Wilshire building. The property was built in 1990. The renewal was for 10 years. Jonathan Larsen, Eric Moore and Chandler Larsen of Avison Young represented the wealth management firm. The landlord, Brookfield Office Properties, was represented in-house by John Barganski and Marin Turney.
VENTURA, CALIF. — IRA Capital Advisors has acquired Poinsettia Plaza, a specialty retail shopping center in Ventura. Poinsettia Plaza LLC sold the property for $50 million. Located at 4220-4360 E. Main St. and 4687-4731 Telephone Road, the 153,200-square-foot shopping center is 84 percent leased to a variety of tenants, including Ross Dress For Less, Office Depot, Lamps Plus, FedEx Office, Petco, Starbucks Coffee, Sally Beauty Supply, The Coffee Bean, Sherwin Williams and The Avenue. Dixie Walker and Charley Simpson of Cushman & Wakefield’s Retail Services group represented the seller, while the buyer represented itself.