CONCORD, FAIRFIELD AND FOLSOM, CALIF. — A partnership between Birtcher Anderson Realty and Merced Capital has acquired a three-property industrial portfolio in Northern California for $63.4 million. The portfolio boasts a total of 533,700 square feet. The acquisition includes the 204,726-square-foot Garaventa Park in Concord; the 228,133-square-foot Fairfield Corporate Commons in Fairfield; and the 100,832-square-foot Lake Forest Business Park in Folsom. The portfolio contains 18 industrial, flex and office buildings that are 85 percent leased to more than 30 tenants. Terry Daly of Cushman & Wakefield placed the debt for the buyer. The firm’s Steve Hermann, Robert Gilley, Brooks Pedder and Tony Binswanger represented the seller, Garaventa Properties, in this transaction. Pedder and Binswanger will continue to serve as the properties’ leasing agents. Cushman & Wakefield will also assume property management under the new ownership.
SAN CARLOS, CALIF. — R.D. Olson Development has broken ground on the 204-room Residence Inn by Marriott Silicon Valley in San Carlos. The hotel will be located at 595 Industrial Road. Residence Inn by Marriott Silicon Valley is situated immediately adjacent to the 101 Freeway, within two miles of Oracle’s headquarters. The area is home to 16 Fortune 500 companies, including Apple, Intel, Facebook and Google. The hotel will offer 1,500 square feet of meeting and pre-function space, a fitness center, full-service business center, pool, spa, and an outdoor patio with fire pits and a sports court. Deacon Corp. will build the hotel, which DLR Group will design.
MONTEREY, CALIF. — San Carlos Associates has received $65 million in first-mortgage debt for the 341-room Marriott Monterey Hotel. The AAA-rated, Four Diamond hotel is located at 350 Calle Principal in downtown Monterey. Marriott Monterey Hotel sits adjacent to the Monterey Conference Center in the downtown retail district. The 10-story hotel includes about 16,500 square feet of meeting space, a spa, two restaurants and subterranean parking for 142 cars. A European Money Center bank provided the 10-year, fixed-rate financing, which was underwritten at a debt yield below 10 percent. Sonnenblick-Eichner Co. arranged the financing.
LOS ANGELES — An affiliate of Z Capital Partners, the private equity management arm of Z Capital Group, has agreed to acquire chain restaurant brand Pink Taco for an undisclosed price. Z Capital Partners is the largest shareholder in restaurant group Real Mex Restaurants, and plans to expand the Pink Taco brand via new locations and improvements to operations and marketing. Third-generation restaurateur Harry Morton founded Pink Taco in Las Vegas in 1999, and the franchise also has locations in Los Angeles. Hard Rock Hotel will still own and operate the original Las Vegas location. Morton will continue to guide strategic marketing, design and future locations of the chain, as well as help launch take-home products for the brand. The transaction is expected to close in the second quarter of 2016.
VICTORVILLE, CALIF. — Construction has commenced on a 444,740-square-foot industrial facility at Southern California Logistics Centre (SCLC) in Victorville. The new building is scheduled for completion and occupancy this fall. Stirling Capital Investments, which has already delivered more than 3 million square feet of Class A industrial space at SCLC, is developing the 2,500-acre commercial and industrial complex. A national manufacturer has already secured the 211,000-square-foot pre-lease commitment. The remaining space is now committed to a second multi-national tenant that will utilize the 233,740-square-foot space for regional and national product distribution. SCLC, along with the Southern California Logistics Airport (SCLA) and the Southern California Rail Complex (SCRC), comprise Global Access Victorville. The complex is entitled for 60 million square feet of development.
SANTA CLARA, CALIF. — KT Properties Urban has purchased a 70,520-square-foot R&D office building in Santa Clara for $19 million. The building is located at 3055 Patrick Henry Drive. It was vacant at the time of sale. Tom Trombatore of Colliers International represented KT Properties. The seller was Hudson Pacific Properties.
LA MESA, CALIF. — Hanley Investment Group has arranged the sale-leaseback of a 2,806-square-foot, single-tenant Wendy’s restaurant in the San Diego suburb of La Mesa. The triple-net-leased property sold for $4.1 million. The sale included both the land and the building, and featured a new 20-year lease with increases every five years. Eric Wohl of Hanley represented the San Diego-based seller, which operates 54 Wendy’s locations in California. The buyer, represented by Thomas Ahn of Integrity Capital, was a private investor based in San Diego.
SAN FRANCISCO — Dunkin’ Donuts has signed multi-unit store development agreements with four franchise groups for a total commitment of 29 new restaurants throughout California over the next several years. The development plans include: • New franchisee Golden Gate Restaurant Group LLC plans to develop 12 new restaurants in the San Francisco Bay area within Contra Costa County. Led by Matt Cobo, this team’s first restaurant is scheduled to open in 2016. • New franchise group Far North Ventures LLC plans to develop 10 new restaurants in Chico, Redding, Yreka and Eureka. Led by partners Pietro Saviotti and Rick Lavezzo, the group’s first restaurant is scheduled to open in 2017. • New franchisees Mohammed and Shanaz Hussain plan to develop two new Dunkin’ Donuts in Upper Lakes and Ukiah. The husband and wife duo’s first restaurant is scheduled to open in 2016. • New franchisees Glen and Kirsten Tharp of Coastal Foods Group Inc., alongside partner Payman Khania, plan to develop five new restaurants in Santa Barbara and San Luis Obispo counties. The team’s first location is scheduled to open in 2017.
BAKERSFIELD, HANFORD AND CLOVIS, CALIF. — Retail California, a division of Pearson Realty, has arranged three retail leases totaling 29,936 square feet. In the first transaction, Panda Express signed a lease for 26,136 square feet of retail space at 4925 E. Brundage Lane in Bakersfield from Equity Retail LP. Lewis Smith of Retail California represented the tenant, while Bo Lundy of JBL Commercial represented the landlord in the deal. In the second transaction, Dunkin’ Donuts leased 2,000 square feet of retail space at 1695 W. Lacey Blvd. in Hanford from Passco Hanford Mall LLC. Smith represented the landlord, while Trampis Chandler of Commercial West represented the tenant in the transaction. In the third deal, Sprint Store by Wireless Lifestyle inked a lease for 1,800 square feet of space at Trading Post Shopping Center in Clovis from DN Clovis LLC. Smith and Peter Orlando of Retail California represented the landlord, and Ariel Fox of Retail West represented the tenant in the transaction.
LOS ANGELES, NORTH HOLLYWOOD AND SANTA CLARITA, CALIF. — illi Commercial Real Estate has arranged three leases totaling 3,264 square feet. In Los Angeles, Wing Factory leased 1,234 square feet of space at 2454 W. Pico Blvd. Gregg Offsay and Dimas Rangel of illi Commercial arranged the leased. In North Hollywood, Kids & Teens Medical Group signed a lease for 1,440 square feet of space at 7544 Laurel Canyon Blvd. Mike Payne of illi represented the tenant, while Sunil Felician De Silva represented the undisclosed landlord in the transaction. In Santa Clarita, Farmers Insurance leased 590 square feet of space at 26256 Bouquet Canyon Road. Jonathan Daniels of illi represented the tenant, while Realty Executives Valencia represented the undisclosed landlord in the deal.