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
EL SEGUNDO, CALIF. — El Segundo-based Pacific Retail Capital Partners has acquired a portfolio of three regional malls totaling 2.8 million square feet in a joint venture with an undisclosed partner. The centers have a combined value of more than $200 million. Acquisitions include: • The Galleria at White Plains, an approximately 870,000-square-foot, four-level enclosed regional mall located roughly 30 miles outside of New York City in White Plains, N.Y. • Northpark Mall, a 958,000-square-foot, two-level mall located roughly 10 miles outside of Jackson in Ridgeland, Miss. • The Esplanade, a more than 1 million-square-foot regional mall located roughly 13 miles outside of downtown New Orleans in Kenner, La. The Galleria at White Plains is home to 130 retailers including Macy‘s, Sears, H&M and Forever 21. Northpark Mall is home to 120 retailers and eateries including Dillard’s, Belk, JC Penney, H&M, Victoria’s Secret, Foot Locker and Sephora. The Esplanade is home to retailers including Dillard’s, Target, Macy’s, Victoria’s Secret and Old Navy. Orrick represented the joint venture in the acquisition. The seller was undisclosed.
SAUSALITO, CALIF. — Sonnenblick-Eichner Company has arranged $75 million of first mortgage leasehold financing for Cavallo Point-The Lodge at the Golden Gate in Sausalito. The hotel is the San Francisco Bay Area’s first national park lodge. It contains 142 rooms within Golden Gate National Recreation Area at the northern foot of the Golden Gate Bridge. Cavallo Point is situated on about 45 acres within the 350-acre former Fort Baker military base. The property includes the Murray Circle Restaurant and Farley Bar, more than 25,000 square feet of indoor and outdoor meeting space, an 11,000-square-foot Healing Arts Center & Spa, a retail outlet, a cooking school and a fitness center. The non-recourse financing features a five-year balance sheet loan provided by an international money center bank.
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CA Ventures Delivers Eight Student Housing Communities for 2016/2017 School Year
CHICAGO — CA Student Living, the student housing investment and development division of Chicago-based CA Ventures, has completed eight student housing communities comprising nearly 4,000 beds across the U.S. Located in eight states, the properties are about 95 percent occupied and represent nearly 10 percent of the 47,700 off-campus student housing beds slated to deliver nationwide in 2016, according to the developer. Valued at more than $460 million, the new communities boost the size of CA Student Living’s portfolio to $1.5 billion. All offer fully furnished apartments with in-unit laundry and a 1:1 bed-to-bath ratio in most units. The newly delivered communities include: Uncommon Athens — Uncommon Athens is a five-story building located at 165 E. Dougherty St in Athens, Ga. It is within walking distance to both downtown Athens and the University of Georgia. The property’s 210 beds include a mix of one-, two- and four-bedroom floor plans, and the development contains 10,600 square feet of street-level retail space. Indoor amenities include a 24-hour fitness center, golf simulator, business center, study lounge, group meeting space, club room and coffee bar. Uncommon Charlottesville — Uncommon Charlottesville, a six-story building located at 1000 W. Main St. in Charlottesville, Va., is within …
LOS ANGELES — Sandstone Properties has purchased the Tower at Sherman Oaks, a 167,726-square-foot office building in the Los Angeles submarket of Sherman Oaks, for $56.7 million. The Class A building is located at 14724 Ventura Blvd. The Tower at Sherman Oaks was built in 1966 and underwent a complete renovation in 1991. It is currently 96 percent occupied. Sandstone Properties plans to reposition the asset as a creative campus. Bob Safai, Chris DuMont and Bob Pearson of Madison Partners will handle leasing efforts. The firm also arranged acquisition and renovation financing totaling $48.1 million with Loancore Capital. Safai also represented the seller, Douglas Emmett, along with Matt Case and Brad Schlaak.