California

NorthMarq Arranges $148M Refinancing of Two Office Buildings in Silicon Valley

by Christina Cannon February 26, 2016

CUPERTINO, CALIF. — NorthMarq Capital has arranged a $148 million refinancing loan for two office buildings at Cupertino City Center in Cupertino. Prometheus Real Estate Group was the borrower in the transaction. Prometheus developed and still manages the property. Cupertino City Center is a mixed-use development that consists of five office buildings, three residential projects and one hotel. The two eight-story office buildings, which total 354,770 square feet, are located at 20400 and 20450 Stevens Creek Blvd. The buildings were constructed in the late 1980s. “They remain the tallest buildings in the market and offer views and a central location no others can,” says Nathan Prouty, managing director with NorthMarq Capital’s San Francisco office. Community amenities at Cupertino City Center include a fitness facility, swimming pool and amphitheater. “This mixed-use amenity package is market-leading and rare in this location in Silicon Valley,” says Prouty. The transaction was structured with a 10-year term and 30-year amortization schedule. Allianz Real Estate of America on behalf of Allianz Life Insurance Company of North America provided the financing. Major tenants at Cupertino City Center include Apple, Seagate Technology and Morgan Stanley. “These buildings have been well occupied since they were built,” says Andrew Slaton, …

February 26, 2016

California Multifamily Western

West Hollywood Apartment Building Sells for $18.5M

by Nellie Day February 25, 2016

LOS ANGELES – 1320 North Sierra Bonita Apartments LLC has purchased a 52-unit apartment building in the Los Angeles submarket of West Hollywood for $18.5 million. The community is located at 1320 N. Sierra Bonita Ave. The LLC plans to renovate the units to bring them to market rate. Travis Greene of Charles Dunn Company represented the buyer, while Hamid Soroudi of the same firm represented the seller, 27th/Pico Boulevard LP.

February 25, 2016

California Office Western

Huntington Orthopedics Institute Buys Medical Office Building in Pasadena for $9.2M

by Nellie Day February 25, 2016

PASADENA, CALIF. — Huntington Orthopedics Institute has acquired a 22,000-square-foot medical office building in Pasadena for $9.2 million. The space is located at 837 S. Fair Oaks Ave., one block from Huntington Hospital. The building was constructed in 1962. It was fully leased at the time of sale. Michael Dettling of Avison Young’s Healthcare Practice represented Huntington Orthopedics. Bill Ukropina of Coldwell Banker represented the seller, Hollis Cotton, in this off-market transaction.

February 25, 2016

California Multifamily Seniors Housing Western

Sunrise Set to Open 80-Unit Seniors Housing Community in Los Angeles

by Nellie Day February 25, 2016

LOS ANGELES — Sunrise Senior Living is set to open Sunrise at Palos Verdes in Los Angeles in March, marking the operator’s 42nd community in California. The community will include 80 units of assisted living and memory care, each of which will have flexible uses depending on the resident’s needs. The community is four stories and 67,000 square feet. Marguerite Crockem, formerly executive director of Sunrise of Fullerton, will be executive director of the new community. Based in McLean, Va., Sunrise is the fourth-largest operator of seniors housing in the U.S., according to June 2015 numbers from the American Seniors Housing Association.

February 25, 2016

California Hospitality Top Stories Western

Tutor Perini to Build $285M Resort, Casino Expansion in Southern California

by John Nelson February 25, 2016

TEMECULA, CALIF. — The Pechanga Development Corp., the economic development branch of the Pechanga Band of Luiseño Indians, has selected Tutor Perini Building Corp. to expand the Pechanga Resort & Casino in Temecula, roughly 60 miles north of San Diego. The contract is valued at $285 million. “Perini was the general contractor for the original Pechanga resort that opened in 2002. This development will complement our current offerings, enhance the resort experience for guests, and cement Pechanga Resort & Casino as the preeminent luxury gaming destination in California,” says Patrick Murphy, president of the Pechanga Development Corp. The resort expansion project involves adding a AAA Four Diamond, 568-room hotel wing; a standalone luxury two-story spa and salon with 17 treatment rooms, a fitness center and hydrotherapy pool terrace; a resort-style pool complex with eight pool areas; two new restaurants; and an additional 67,000 square feet of event space. Tutor Perini previously completed multiple phases of the Pechanga Resort & Casino over the past 13 years. Tutor Perini expects the expansion to be “substantially completed” by the end of 2017. Pechanga Resort & Casino is the largest resort/casino in California and employs roughly 4,000 team members, according to the casino’s website. …

February 25, 2016

California Multifamily Western

Sol@Campbell in Silicon Valley Sells for $14M

by Nellie Day February 22, 2016

CAMPBELL, CALIF. — An unnamed buyer has purchased the 40-unit Sol@Campbell apartment building in the Silicon Valley submarket of Campbell for $14 million. The community is located at 300 Dunster Drive and 350 Dunster Drive. It was built in 1957 and renovated in 2015. Mitchell Zurich of Marcus & Millichap’s Palo Alto office represented the seller, a locally based investment group, in this transaction.

February 22, 2016

California Office Western

Macland Investments Purchases Office Building in Los Angeles for $4.7M

by Nellie Day February 22, 2016

LOS ANGELES — Macland Investments has acquired a 10,300-square-foot office building in the Warner Center/Woodland Hills submarket of Los Angeles for $4.7 million. The building is located at 5947-5951 Variel Ave. The gas station operator will use the space for administrative offices. The seller, a private investor, acquired the property in 2012 as a two-tenant property. It renovated the space for single-tenant use with high-end, modern finishes. Scott Romick of Lee & Associates-LA North/Ventura represented the seller.

February 22, 2016

California Multifamily Seniors Housing Western

Assisted Living Community in San Joaquin Sells for $5.3M

by Nellie Day February 19, 2016

SAN JOAQUIN, CALIF. — An unnamed assisted living community in San Joaquin has changed hands. The community was built in 1970. It includes 44 units. A real estate investment fund, largely funded from China, purchased the community from a single-asset owner for $5.3 million, or $120,455 per unit. The community was 69 percent occupied at the time of sale. The new owners plan to make $1.5 million of improvements. Jim Hazzard and Nick Stahler arranged the transaction as the lead agents for JCH.

February 19, 2016

California Loans Multifamily Nevada Retail Western

Ready Capital Closes Three Loans Totaling $15.9M in California, Nevada

by Nellie Day February 19, 2016

LOS ANGELES AND LAS VEGAS — Ready Capital Structured Finance has closed three loans throughout California and Nevada for a total of $15.9 million. Properties that received financing include a 24-unit multifamily community in Beverly Hills that will use the funds for renovation and stabilization; a 499-unit self-storage facility in Corona that will use the funds for refinancing and stabilization; and a 32,800-square-foot retail center in Las Vegas that will use the funds for the development and stabilization of the property.

February 19, 2016

California Multifamily Seniors Housing Western

JCH Arranges $13.6M Sale of San Bernardino Assisted Living Community

by Nellie Day February 18, 2016

SAN BERNADINO, CALIF. — JCH Consulting Group has arranged the sale of an assisted living community in San Bernardino. The community was built in 2002. It includes 86 units, of which 24 are for memory care. A national owner/operator purchased the community from the single-asset owner for $13.6 million, or $158,140 per unit. The community was 86 percent occupied at the time of sale.

February 18, 2016

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