IRVINE, CALIF. — Consolidated-Tomoka Land Co. (CTO) has sold a 14-property portfolio of single-tenant income assets for $51.6 million. The portfolio includes nine Bank of America financial centers in Orange County. The buyer assumed CTO’s existing $23.1 million mortgage loan secured by the properties. The portfolio sale resulted in an estimated gain of about $11.1 million for CTO, or about $1.20 per share, after tax. CTO plans to use the proceeds for the recently reported Bloomin’ Brands sale-leaseback and future acquisitions as part of one or more Section 1031 like-kind exchange transactions.
RIVERSIDE, CALIF. — Dunkin’ Donuts has opened its 12,000th restaurant worldwide with its new location in Riverside. The new restaurant is part of the company’s westward expansion, opening more than 30 new restaurants in California with plans for about 300 new locations to be developed in the state over the coming years. Franchisee Parag Patel owns and operates the location. Patel opened two other Southern California Dunkin’ Donuts this summer in Villa Park and Yorba Linda. He plans to open approximately 20 new Riverside and Orange County locations in the coming years. Founded in 1950, Dunkin’ Donuts has more than 11,900 restaurants in 44 countries worldwide. Based in Canton, Mass., Dunkin’ Donuts is part of the Dunkin’ Brands Group Inc. family of companies.
SAN DIEGO — Rubicon Point Partners has purchased San Mateo BayCenter, a 300,000-square-foot office campus, for an undisclosed sum. The three-building campus is located at 999 Baker Way and 901 and 951 Mariners Island Blvd. in San Mateo. The asset was renovated in 2014. Recent improvements include an indoor/outdoor community area with amenity space and cafe, full lobby renovations, revitalized fitness center and locker rooms, and new landscaping and signage. The property is 88 percent occupied by tenants such as Marketo, OpenText Corp. and Sares-Regis Group. HFF’s Michael Leggett and NGKF’s Steve Golubchik, Edmund Najera and Ben Bucci represented the seller, Rockpoint Group, in this transaction.
LOS ANGELES — Los Angeles-based Westwood Financial Corp. has restructured ownership of 77 of its 120 retail center holdings and its management company to form a single, $1.2 billion retail real estate company. The new company, Westwood Financial, is now positioned to more easily access capital and appeal to investors with larger appetites, and has streamlined its operations. The company recently rebranded in conjunction with the restructuring, launching a new logo, signage and a new tagline: “Retail. Evolved.” A new website is currently underway, and will launch soon. Westwood will own and operate more than $1.2 billion in retail assets and will provide third-party asset management and related services for $200 million worth of properties owned by the co-founders of the firm.
MONTCLAIR, CALIF. — CBRE Group Inc. has arranged the $15.5 million sale of Montclair Shoppes, an 18,889-square-foot shopping center located in Montclair, roughly 30 miles outside of downtown Los Angeles. Ken McLeod and Tim Kuruzar of CBRE represented the seller, BOSC Realty Advisors, in the sale of the property to an undisclosed buyer based in West Los Angeles. The center is home to tenants including Sleep Number, AT&T and Tommy’s Hamburgers.
CUPERTINO, CALIF. — Marcus & Millichap has arranged the $16.5 million sale of Saich Way Station, a 15,525-square-foot shopping center located less than one mile from Apple Inc.’s headquarters in Cupertino. Kirk Trammell, Vincent Schwab, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller, Borelli Investment Co. Tenny Tsai of Cushman & Wakefield represented the buyer, a family exchanging out of a redevelopment site in San Francisco. Tenants at the center include Vitamin Shoppe, T-Mobile, The Melt, H&R Block, Blast 825 Pizza, Site for Sore Eyes and the Coder School Cupertino.
ONTARIO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $6 million sale of a 6,786-square-foot retail pad site shadow-anchored by a new Walmart Supercenter in Ontario, roughly 35 miles outside of downtown Los Angeles. Eric Wohl of Hanley represented the seller, Pacific Development Group, in the transaction. James Kwon with Coldwell Banker Best Realty represented the buyer, an undisclosed private investor based in Irvine. The building was fully occupied at the time of sale by tenants including T-Mobile, Yogurtland, Waba Grill and Wells Fargo.
ORANGE, CALIF. — Coldwell Banker Commercial (CBC) Advisors has arranged the $4 million sale of a two-story, single-tenant retail building located in the historic Orange Circle in Orange. An undisclosed local private investor acquired the 7,350-square-foot property, located adjacent to Wells Fargo. Scott Hook of CBC represented both the undisclosed seller and the buyer in the transaction.
SANTEE, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $24.9 million loan for The Grant Companies to refinance The Pointe at Lantern Crest, a seniors housing community in the San Diego suburb of Santee. CBRE’s Bill Chiles, Scott Peterson and Brian Cruz secured a 10-year loan through Freddie Mac. The loan will refinance the existing construction loan. The Pointe at Latern Crest opened in 2012 offering assisted living and memory care units. The second phase, which was completed in 2015, added independent and assisted living. The Grant Companies was formed in 1989 as a joint venture between three California corporations. The company has developed or constructed more than $500 million in medical office buildings, apartment complexes, industrial buildings, shopping centers, motels, restaurants and mixed-use developments.
LOS ANGELES — Overton Moore Properties (OMP) has broken ground on the Point @ Simi Valley Business Center, a 141,000-square-foot industrial development in Los Angeles. The four-building project will be situated two blocks south of Interstate 118 and about 10 minutes from the San Fernando Valley. The site is one of the last remaining parcels within the 87-acre master-planned project. OMP acquired the site from Coca Cola in October 2015. The Class A development is scheduled for completion in April 2017. The project is available for sale immediately. It will accommodate users between 30,000 square feet and 42,000 square feet. Millie & Severson is building the project, which HPA designed.