California

Panattoni Development Begins Construction of Gateway80 Business Park in Fairfield

by Nellie Day April 29, 2016

FARFIELD, CALIF. — Panattoni Development Co. has started construction of Gateway80 Business Park, a 1 million-square-foot spec industrial park in Fairfield. The project is situated between San Francisco and Sacramento, 12 miles from the Napa Valley wine region. The 52.4-acre site is just off Interstate 80. It will consist of two 430,500-square-foot buildings and a 178,000-square-foot building, all designed and built to LEED standards. The developers expect the project will be complete and available for tenancy by the end of the year. JLL’s Matt Bracco, Glen Dowling and Chris Neeb will handle the leasing.

April 29, 2016

California Retail Western

Lee & Associates Brokers $2.1M Sale of 5,470 SF Property in San Diego

by Nellie Day April 29, 2016

SAN DIEGO — Lee & Associates – North San Diego County has arranged the sale of a vacant retail building located at 8776 Lake Murray Blvd. in San Diego. Student Success Programs, a local charter school, acquired the 5,470-square-foot building for $2.1 million. The freestanding building is part of the Navajo Shopping Center in the La Mesa neighborhood of San Diego. Bo Havlik of Lee & Associates – North San Diego County represented the seller, a private investor, while Russ Merrill of The Merrill Group represented the buyer.

April 29, 2016

California Retail Western

Faris Lee Negotiates $1.9M Sale of NNN-Leased Restaurant Property in Vallejo

by Nellie Day April 29, 2016

VALLEJO, CALIF. — Faris Lee Investments has arranged the sale of a freestanding, single-tenant restaurant property located at 1195 Admiral Callaghan Lane in Vallejo. Kam Property Holding LLC acquired the 2,240-square-foot property from River Rock LLC for $1.9 million, or $848 per square foot. The property is triple-net leased to Chipotle Mexican Grill, with less than 10 years remaining on its lease. Christopher DePierro and Jeff Conover of Faris Lee Investments represented the seller.

April 29, 2016

California Retail Western

Chan Luu Opens U.S. Flagship Store at Santa Monica Place

by Nellie Day April 29, 2016

SANTA MONICA, CALIF. — Los Angeles-based Chan Luu has opened its U.S. flagship store at Santa Monica Place, an open-air mall located at 395 Santa Monica Pier in Santa Monica. The retailer offers jewelry, scarves and apparel. Chan Luu was launched in 1996 and has several international flagship stores throughout Japan. Additional tenants at Santa Monica Place include Bloomingdale’s, Nordstrom, Tiffany & Co., Spanx and Louis Vuitton.

April 29, 2016

California Loans Multifamily Western

Capital Funding Provides $6.8M Acquisition Loan for Skilled Nursing Facility in San Marcos

by Nellie Day April 28, 2016

SAN MARCOS, CALIF. — Capital Funding Group, a lender based in Baltimore, has provided a $6.8 million bridge-to-HUD loan for Village Square Skilled Nursing Facility in San Marcos. Village Square is a 118-bed skilled nursing about 35 miles north of San Diego. The bridge-to-HUD loan will finance the acquisition of the facility, but the buyer and seller were not disclosed. Gary Sever arranged the financing.

April 28, 2016

California Retail Western

Aldi to Open 25 Stores in California

by Nellie Day April 28, 2016

PALM DESERT, CALIF. — ALDI, a discount supermarket chain that had no locations in California at the start of the year, will have 25 locations in the state as of May 19, when seven locations will have their grand openings. The company plans to operate approximately 45 California stores by the end of 2016, and more than 2,000 stores nationwide by the end of 2018. Currently, the grocer operates more than 1,500 stores in 33 states. ALDI stores opening on May 19 include: • 2120 Panama Lane, Bakersfield, Calif. • 2450 Rockwood Ave., Calexico, Calif. • 2050 Imperial Ave., El Centro, Calif. • 1545 N. Hacienda Ave., La Puente, Calif. • 72543 Highway 111, Palm Desert, Calif. • 5830 Firestone Blvd., South Gate, Calif. • 1750 University Ave., Vista, Calif.

April 28, 2016

California Loans Multifamily Seniors Housing Western

CBRE Arranges $21.9M Construction Loan for 84-Bed Assisted Living Community in California

by Nellie Day April 27, 2016

GOLETA, CALIF. — CBRE Capital Markets’ Debt & Structured Finance Team has arranged a $21.9 million FHA loan for the construction of Mariposa at Ellwood Shores, an 84-unit assisted living and memory care community in Goleta, located on the coast approximately 100 miles west of Los Angeles. Andrew Behrens and Jesse Weber of CBRE’s San Francisco office, along with Noah Reischmann of CBRE’s FHA lending platform, arranged the 40-year, non-recourse, fixed-rate loan with two years interest-only payments. Mariposa at Ellwood Shores will be a 60,909-square-foot, two-story community with 64 assisted living beds and a 20-bed memory care extension. Oliver Dixon and Westmont Living principals Andrew Plant and Michael O’Rourke will own the project. Westmont Living will operate the community once complete.

April 27, 2016

California Retail Western

Retail California Brokers Three Retail Leases in California Totaling 6,605 SF

by Nellie Day April 27, 2016

CLOVIS, PISMO BEACH AND ATWATER, CALIF. — Retail California, a division of Pearson Realty, has arranged three retail leases totaling 6,605 square feet. In Clovis, Kevin Cameron leased 1,810 square feet of retail space at 300 W. Shaw Ave. from Nevada Deanza Family Limited Partnership. Michael Kennedy of Retail California brokered the transaction. In Pismo Beach, Brooks Restaurant Group Inc. signed a deal for 1,820 square feet of retail space at 220 Five Cities Drive from Richard Shih and Linda Lee. Kennedy, along with Colliers International, arranged the transaction. In Atwater, Styles For Less Inc. leased 2,975 square feet of retail space at Applegate Ranch Shopping Center from BRE Throne, Applegate Ranch LLC. Nick Frechou of Retail California represented the tenant in the transaction.

April 27, 2016

California Retail Western

InvenTrust Properties Acquires Stevenson Ranch Plaza for $72.5M

by Nellie Day April 26, 2016

STEVENSON RANCH, CALIF. — InvenTrust Properties Corp. has acquired Stevenson Ranch Plaza, a retail center located at 24917 Pico Canyon Road in Stevenson Ranch, a suburb 35 miles northwest of downtown Los Angeles. InvenTrust purchased the 187,035-square-foot asset from an undisclosed seller for $72.5 million. Ed Hanley and Kevin Fryman of Hanley Investment Group Real Estate Advisors represented the buyer and the seller in the transaction. Ralphs, LA Fitness, PetSmart and Stein Mart anchor the center. At the time of acquisition, the property was 97 percent occupied.

April 26, 2016

California Retail Western

Urban Commons to Transform Queen Mary into Retail/Dining District in Long Beach Harbor

by Nellie Day April 26, 2016

LONG BEACH, CALIF. — Los Angeles-based Urban Commons has assumed a 66-year master lease of the historic Queen Mary, a retired cruise ship docked in the Long Beach Harbor. The developer plans to transform the cruise ship and surrounding area into a retail, dining and entertainment district. The multi-phased project, which is slated to take several years, will begin with upgrades to the ship that will debut in mid-2017. The second phase of development will include constructing a mix of retail, dining and entertainment options on the 45 acres of currently underutilized oceanfront land adjacent to the ship. Urban Commons will work with the City of Long Beach, the Queen Mary Land Development Task Force and community on the review and approval process for the 45-acre project. Garrison Investment Group LLC previously held the master lease.

April 26, 2016

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