SAN FRANCISCO — CBRE has hired Matt Kircher as managing director and executive vice president in San Francisco to lead the company’s Bay Area retail leasing business. In this role, Kircher will direct the company’s retail-leasing platform, professionals and offering in the Bay Area. A 27-year veteran of retail real estate, Kircher most recently served at Cushman & Wakefield/Terranomics.
SAN FRANCISCO — Paramount Group Inc. has received a $975 million loan for the refinancing of One Market Plaza, a property featuring two landmark office towers in San Francisco’s South Financial District. The property consists of 1.6 million square feet of Class A office and retail space. The buildings, originally constructed in 1976, underwent a $25 million lobby and atrium renovation that was completed in 2015. The 43-story Spear Tower and 27-story Steuart Tower are bridged by a six-story office and retail annex. Amenities include two restaurants, subterranean valet parking, on-site banking and dry-cleaning, and 24-hour security. The seven-year loan has a fixed interest rate of 4 percent. The net proceeds from the refinancing were used to repay the existing $873 million loan scheduled to mature in December 2019. Goldman Sachs Mortgage Co., Morgan Stanley Bank, Deutsche Bank AG and Barclays Bank PLC provided the loan. Eastdil Secured LLC arranged the financing. New York City-based Paramount Group is a real estate investment trust that owns, operates, manages, acquires and redevelops Class A office properties located in central business district submarkets of New York City, Washington, D.C. and San Francisco. — Kristin Hiller
Community Preservation Partners Acquires 179-Unit Affordable Seniors Community in Anaheim for $53.5M
ANAHEIM, CALIF. — Community Preservation Partners (CPP), in a joint venture with Jamboree Housing, has acquired Miracle Terrace Apartments, a 179-unit affordable seniors housing community in the Los Angeles suburb of Anaheim, for $53.5 million. A private owner sold the property. As part of the transaction, the Anaheim Housing Authority will help keep rents below market level. Irvine-based CPP plans to invest $7.4 million in renovations to the property, including new air conditioning units, energy-efficient appliances, water conservation upgrades, improvements to the façade, amenity improvements, and new countertops, cabinets and flooring. Jamboree Housing will provide wellness and mobility services, as well as coordinate services and offer community events.
SAN FRANCISCO — Mesa West Capital has provided $16 million in financing for a 12,281-square-foot Disney Store in San Francisco. The two-story building is located at 39 Stockton St., one and a half blocks south of Union Square. John Churchward of HFF placed the floating-rate loan on behalf of the borrower, Vanbarton Group.
LONG BEACH, CALIF. — CNR International has signed a five-year lease for 163,499 square feet of industrial space in the Long Beach submarket of Rancho Dominguez. The space is located at 2626 Vista Industria. The lease is valued at $6.8 million. Dylan Espley-Jones and Say Jeon of Lee & Associates represented the integrated logistics solutions provider. CBRE’s Brian Held and NGKF’s Jim Biondi and Terry Reitz represented the landlord, Prologis, in this transaction.
ALISO VIEJO, CALIF. — A joint venture between Stillwater Investment Group and CrossHarbor Capital Partners has purchased a three-building office campus in Aliso Viejo for $36 million. The campus is located at 26600, 26650 and 26700 Aliso Viejo Parkway. It was built in 1999. The campus totals 161,000 square feet of office space with 2.5 acres of excess land. The site has been the corporate headquarters for QLogic, which Cavium acquired in August 2016. The JV will demolish the campus’ older interior finishes while upgrading all of the common areas. NGKF’s Byron Foss and Greg Tippin represented the seller in this transaction.
LOS ANGELES — Surgery Partners has opened a 12,000-square-foot surgical facility in Beverly Hills. The new facility is known as Specialty Surgical Center of Beverly Hills. It will specialize in ophthalmology. This is the company’s second surgical center within the Beverly Hills market. Specialty Surgical Center will occupy the ground floor at a multi-tenant medical office that sits adjacent to the Beverly Hills Triangle. Jon Gorczyca and Yarden Drimmer of Cushman & Wakefield represented Surgery Partners.
ELK GROVE, CALIF. — PDM Steel Service Centers has relocated its office from Stockton to nearby Elk Grove. The steel supplier has leased 10,000 square feet at Laguna Gateway. Its new corporate headquarters is located at 9245 Laguna Springs Drive. The new lease brings the 72,000-square-foot building to full occupancy. The landlord is Jackson Properties Incorporated.
CAMPBELL, CALIF. — Ellis Partners has broken ground on the multi-phased renovation of The Pruneyard, a 27-acre mixed-use shopping center in the Silicon Valley city of Campbell. The Pruneyard contains 365,000 square feet of Class A office space, 253,000 square feet of retail and restaurants, and a 170-room Doubletree Hotel. The infill project has not been updated for nearly 20 years. It is located at 1875. S. Bascom Road in the West Valley community. Ellis Partners purchased The Pruneyard from Equity Office Properties for $280 million in 2014. “The Pruneyard has been a premier West Valley office location for businesses large and small for over four decades,” Jason Morehouse, partner and director of acquisitions at Ellis Partners, said at the time of acquisition. “With strategic investments in the site and the adjacent retail center, we believe we can further bolster the value proposition for our nearly 85 office tenants by creating an even more robust and dynamic retail and entertainment amenity package.” At the time of acquisition, the three-building office component had average in-place office rents that were about 30 percent below market value with substantial near-term rollover in a rising market. The hotel component previously operated as an independent …
SAN MATEO, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in institutional and major private investors, has negotiated the sale of The Villa at San Mateo for $46.5 million. The mixed-use property includes a 135-unit age-restricted community with six ground floor retail spaces in the Bay Area city of San Mateo. Originally constructed in 1957 as the Villa Hotel, the 4.5-acre property was converted to apartments in 2006. The community is nearby a shopping center currently undergoing a 290,000-square-foot expansion, and is walking distance from the Hillsdale Caltrain Station, which offers express service to both San Francisco and San Jose. The IPA team of Stan Jones, Phil Saglimbeni, Sal Saglimbeni, Mark Myers and Joshua Jandris represented the seller, Acacia Capital. The buyer was Elder Care Alliance. CBRE Capital Markets’ Debt & Structured Finance team arranged $30.4 million in acquisition financing for Elder Care in the transaction. Fannie Mae will provide the 10-year, fixed-rate financing. Elder Care Alliance is a California-based nonprofit seniors housing operator.