California

Enlivant, TPG Acquire 48 Seniors Housing Communities in 14 States

by John Nelson September 15, 2016

FORT WORTH, TEXAS AND SAN FRANCISCO — Enlivant, an owner and operator of senior living communities, and global investment firm TPG have purchased 48 seniors housing communities in 14 states from several unrelated organizations. The sales price was not disclosed. The acquisition totals 3,084 independent living, assisted living and memory care apartment units, which represents a nearly 40 percent expansion for Enlivant. Sixteen of the transactions recently closed, and the remaining 32 are expected to close over the next several months. “These transactions mark a period of significant business momentum for Enlivant as it continues to scale its national operating platform while maintaining its founding commitment of providing each of its residents with the highest level of attentive, individualized and personalized care in a home-like setting,” said Avi Banyasz, partner and co-head of TPG Real Estate, TPG’s real estate division. The acquired communities are located in Arizona, Delaware, Florida, Georgia, Kansas, Illinois, Indiana, North Carolina, Ohio, Oklahoma, Pennsylvania, Tennessee, Virginia and West Virginia. Following these acquisitions, Enlivant will operate approximately 230 senior living communities spanning 11,000 apartment units across 27 states. Many of these new communities have larger total unit counts and more services than Enlivant’s typical community. TPG acquired Enlivant …

September 15, 2016

California Office Western

Gramercy, TPG Form Partnership, Purchase $187.5M Office Portfolio

by Nellie Day September 14, 2016

LOS ANGELES — Gramercy Property Trust and TPG Real Estate have formed Strategic Office Partners, a platform that will acquire single-tenant office assets in high-growth U.S. metro regions. The platform’s inaugural purchase was a six-property office portfolio valued at $187.5 million. The portfolio contains a total of 1 million square feet of single-tenant, net lease office assets in metro Los Angeles, San Francisco Bay and San Diego. It also includes assets in Nashville and Minneapolis. The buildings have an average tenant tenure of more than 11 years. Half of the assets have been occupied by the original tenant since the buildings were constructed. The weighted average remaining lease term was 3.6 years at closing. Gramercy and TPG committed $400 million to the new venture and secured a $200 million non-recourse credit facility from Morgan Stanley. Strategic Office Partners plans to buy up to $1 billion in assets over a three-year period.

September 14, 2016

California Industrial Loans Western

HFF Provides $62.5M Refinancing for Irvine Crossings Industrial Property

by Nellie Day September 14, 2016

IRVINE, CALIF. — HFF has provided $62.5 million in refinancing for Irvine Crossings, a 395,673-square-foot data center and industrial asset. The property is located at 17871 Von Karman Ave. and 17836 Gillette Ave. in Irvine. The fully leased building was renovated in 2000. It was partially converted to a powered-shell data center in 2013. A data center operator and an internet technology company occupy the property. The asset is situated one block north of the intersection of Von Karman Avenue and Main Street in the Airport Area. There are six other data centers in the area. The five-year, full-term, interest-only loan features a fixed rate. HFF’s Kevin MacKenzie and Jamie Kline arranged the loan on behalf of Menlo Equities. Deutsche Bank provided the capital.

September 14, 2016

California Retail Western

Baskin-Robbins Continues L.A. Area Expansion

by Nellie Day September 14, 2016

LOS ANGELES — Baskin-Robbins, the world’s largest chain of ice cream specialty shops, has signed a multi-unit store development agreement with new franchisee Sharooz Setareh to develop three new ice cream shops in Santa Monica and Beverly Hills over the next few years. Currently, there are more than 460 Baskin-Robbins shops located throughout California. Setareh owns a beauty supply chain and clothing manufacturing company, which he still operates today. The first shop under the Baskin-Robbins agreement opened in Santa Monica earlier this year. Setareh plans to open his second shop in 2017, with the third location following in 2018. Baskin-Robbins also sold two completed, ready-to-operate stores so far this year. Existing franchisee Harpreet Gill purchased the first turnkey shop in Porterville and opened it earlier this summer. New franchisee Alejandro Kochergane purchased the second shop in Imperial Beach with plans to open early next year. Founded in 1945, Baskin-Robbins has more than 7,700 retail shops in nearly 50 countries. Headquartered in Canton, Mass., Baskin-Robbins is part of the Dunkin’ Brands Group.

September 14, 2016

California Multifamily Seniors Housing Western

Berkshire Group, Clearwater Senior Living Form Seniors Housing JV with $500M Pipeline

by Nellie Day September 13, 2016

NEWPORT BEACH, CALIF. AND BOSTON — Clearwater Senior Living, a Newport Beach-based seniors housing developer, and Berkshire Group, a Boston-based multifamily investor, have formed a new joint venture that plans to develop and acquire $500 million in seniors housing communities in the Western United States. The JV plans to bring in third-party institutional investors to help fund the pipeline. The joint venture will own, operate and develop a mix of independent living, assisted living and memory care communities. As of June 30, Berkshire Group had approximately $7.2 billion in real estate assets under management, largely in the multifamily sector.

September 13, 2016

California Restaurant Retail Western

Ballast Point Tasting Room & Kitchen to Open in Long Beach

by Nellie Day September 13, 2016

LONG BEACH, CALIF. — Ballast Point Brewing & Spirits is set to open a new 11,427-square-foot brewery at 110 N. Marina Drive, adjacent to Alamitos Bay Landing in Long Beach’s Seaport Village. Ballast Point Tasting Room & Kitchen will be the brewer’s largest location and will offer seating for 670 customers. The location will feature three bars and a large outdoor patio offering views of Catalina, Seal Beach and Alamitos Bay. Keith Kropfl and Michael Ganz of Avison Young and Jeff Chasin of Voit Real Estate Services represented Ballast Point as well as the landlord, Bancap Seaport Village Inc., in the leasing transaction.

September 13, 2016

California Mixed-Use Multifamily Retail Western

Marcus & Millichap Arranges Sale of 5,104-Square-Foot Mixed-Use Building in LA for $1.1M

by Nellie Day September 13, 2016

LOS ANGELES — Marcus & Millichap has arranged the $1.1 million sale of a 5,104-square-foot mixed-use retail and multifamily property at 4650 W. Adams Blvd. in Los Angeles. Floyd Shaheen and Daniel Hirth of Marcus & Millichap represented the seller, an undisclosed partnership, and secured and represented the buyer, an undisclosed individual trust, in the transaction.

September 13, 2016

California Retail Western

Petco Opening 13 New Stores in September

by Nellie Day September 13, 2016

SAN DIEGO — Petco will open 13 new stores across the country and relocate one store in Paso Robles, Calif., in September. In addition, the company will also transition 31 existing Unleashed by Petco stores to smaller format stores this month. The rebranding of 31 select Unleashed by Petco stores are located primarily in Colorado, Georgia and Texas. The stores will transition to smaller format Petco stores. In addition, based on consumer feedback and demand, UnleashedbyPetco.com will become an informational site for consumers, with all online product sales moving to Petco.com. The former Unleashed by Petco locations will continue to operate as smaller format Petco stores and will include most of the same brands, products and amenities — such as self-serve dog wash and dog training services — that are available under the Unleashed by Petco banner. Petco operates more than 1,470 Petco and Unleashed by Petco locations across the U.S., Mexico and Puerto Rico.

September 13, 2016

California Office Top Stories Western

Paramount to Acquire One Front Street in San Francisco for $521M

by Katie Sloan September 13, 2016

SAN FRANCISCO — Paramount Group Inc. (NYSE: PGRE) has agreed to acquire One Front Street, a Class A office building located in the Market Street corridor of San Francisco, for $521 million. The 38-story, LEED Gold certified property is located in the heart of San Francisco’s central business district, within two blocks of the $6 billion Transbay Transit Center development set to open in 2017. The Transbay center will act as a regional transportation hub, accommodating up to 45 million passengers per year. The property consists of 651,000 square feet of office space and a 290-space parking garage. The building was 99 percent occupied at the time of sale by tenants including Lookout Inc., Kite, Wells Fargo Bank, Covington & Burling LLP, Skidmore Owings & Merrill LLP, FTI Consulting, Jones Lang LaSalle (JLL) and BNP Paribas. Market Front Associates LP sold the property, according to reports by the San Francisco Business Times. JLL manages and handles leasing for the office space. Paramount is considering various strategic options including bringing in a joint venture partner for the property or selling an asset within its current portfolio to help fund the transaction. The deal is expected to close before the end of …

September 13, 2016

California Retail Western

Canada Investments Acquires 6,000 SF Emerson Plaza in Calexico

by Nellie Day September 12, 2016

CALEXICO, CALIF. — San Diego-based Canada Investments has acquired Emerson Plaza, a shopping center located at 724 Emerson Ave. in Calexico. Gastone and Maria Elena Lopez sold the property for $700,000. The 6,000-square-foot property features a gas station and four retail units. Rob Bloom of Duhs Commercial represented the buyer and seller in the transaction.

September 12, 2016

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