California

Bernards Starts Construction of $95.5M Luxury Seniors Housing Community Near Los Angeles

by Nellie Day July 14, 2016

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.

July 14, 2016

California Hospitality Loans Western

Continental Funding Group Secures $19M Refinancing for Courtyard by Marriott in Baldwin Park

by Nellie Day July 14, 2016

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.

July 14, 2016

California Multifamily Western

Lakeview Apartments Near Fresno Sells for $17.9M

by Nellie Day July 14, 2016

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.

July 14, 2016

California Hospitality Top Stories Western

Carey Watermark Investors 2 Purchases San Jose Marriott in Silicon Valley for $154M

by John Nelson July 14, 2016

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 …

July 14, 2016

California Retail Western

Hanley Investment Group Arranges $15M Sale of Grocery-Anchored Center in Ukiah

by Nellie Day July 13, 2016

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.

July 13, 2016

California Office Western

Covington Capital Management Renews Office Lease in Downtown LA

by Nellie Day July 13, 2016

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.

July 13, 2016

California Retail Western

IRA Capital Advisors Acquires 153,200 SF Retail Center in Ventura for $50M

by Nellie Day July 12, 2016

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.

July 12, 2016

California Retail Western

Centrepointe Plaza in Colton Sells for $22M

by Nellie Day July 12, 2016

COLTON, CALIF. — Centrepointe – JMYL PL has acquired Centrepointe Plaza, located at 1040 S. Mt. Vernon Ave. in Colton, for $22 million. Constructed in 1992, the center features 109,000 square feet of retail space. NorthStar Realty Finance, in conjunction with Wilemon & Associates and JB Resources, provided financing for the acquisition. Mario Alvarez of NAI Capital and Jack Lee of JMYL LP development represented the buyer, while Jamie Harrison of Lee & Associates represented the seller, Chicago-based Centrepointe Plaza, in the deal. The buyer purchased the property as a value-add opportunity.

July 12, 2016

California Retail Western

New Hollywood Park Casino to Open this Fall in Inglewood

by Nellie Day July 12, 2016

INGLEWOOD, CALIF. — Hollywood Park Casino Co. has announced the new Cary Grant Pavilion at Hollywood Park Casino (HPC) will open this fall in Inglewood. The casino will be situated on nearly 11 acres that face the newly expanded Century Boulevard, just a few miles from downtown Los Angeles and minutes from Los Angeles International Airport (LAX). Cary Grant Pavilion at HPC will be built just steps away from the former site of Hollywood Park Casino. The new iteration will contain 110,000 square feet, with 125 card game tables, simulcast wagering, Century Bar & Grill, a lounge and a gourmet café. Developers broke ground in July 2015. JCJ Architecture designed the property.

July 12, 2016

California Multifamily Western

Greystar Equity Partners Buys Two LA Apartment Communities for $178M

by Nellie Day July 11, 2016

LOS ANGELES — Greystar Equity Partners has purchased two apartment communities in Los Angeles for a total of $178 million. The properties contain a total of 374 units. The assets were purchased through Greystar Equity Partners IX LP (GEP IX). The transactions include the 195-unit Gardens at Wilshire Center at 3675 Wilshire Blvd. in Koreatown, along with the 215-unit Villas at Rancho Palos Verdes at 6600 Beachview Drive in Ranchos Palos Verdes. The communities were purchased from two different sellers, which were not disclosed. GEP IX is part of Greystar’s flagship, value-add fund series.

July 11, 2016

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