OAKLAND, CALIF. — Kaiser Center, a 975,000-square-foot office complex in downtown Oakland, has undergone a recapitalization. The transaction terms were not disclosed. The complex is located at 300 Lakeside Drive. It includes an 845,000-square-foot office tower, in addition to two low-rise retail/office buildings that total about 130,000 square feet. BART, the University of California and Kaiser Foundation Health Plan currently occupy the property. Affiliates of Rockpoint Group and the Swig Company plan to reposition the asset. This will include major renovations to the lobbies, common corridors, landscaping and retail amenities.
LOS ANGELES — Merlone Geier Partners has purchased El Monte Shopping and Automotive Center, a 473,347-square-foot automotive and retail center located in El Monte, from Decron Properties for $84.5 million. The property is comprised of a traditional shopping center and Longo Lexus dealership. Savills-Studley Retail Investment Group represented Decron Properties, while Melone Geier Partners was self-represented in the transaction. Tenants at the center include Sears, Staples, Deardens, Big 5 Sporting Goods, RadioShack and Jamba Juice.
LOS ANGELES — Capital Funding Group has provided a $6.5 million bridge-to-HUD loan and a $2 million mezzanine loan for the acquisition of Bloohmfield East, a 130-bed skilled nursing facility in Lynwood. A group of private real estate investors bought the property and leased it to a new operator, Reliant Management. Capital Funding Group is a Baltimore-based lender for healthcare properties, especially skilled nursing facilities, assisted living communities and hospitals.
LOS ANGELES — The Mortgage Bankers Association (MBA) has partnered with Pepperdine University Graziadio School of Business and Management to offer a six-month executive certificate in commercial real estate. The program will kick off in March. Classes aim to accelerate higher-level career opportunities for mid- to senior-level professionals who are pursuing career advancement, continuing education credits and professional designations. The training also aims to improve marketability and open career doors through networking opportunities. The curriculum will incorporate materials and programming from MBA’s education commercial/multifamily courses, making this the first industry program to combine graduate school certificate education with industry-recognized training curriculum. Participants will learn critical analysis and evaluation skills for transacting acquisition, financing, asset management and development deals. They will also learn the intricacies of private equity real estate, private debt/finance, publicly traded real estate (REITs), securitized debt and real estate development. The program was created by combining MBA-established training with the expertise of Pepperdine faculty in the commercial real estate equity and REIT fund investment arenas. Sessions will be held two days per month, on Friday and Saturday. Classes are available online, and at each of the five Pepperdine locations.
IRVINE, CALIF. — WNC, an Irvine-based investor specializing in low-income housing tax credits (LIHTC), has closed WNC Institutional Tax Credit Fund 41 L.P., a $114.7 million institutional LIHTC fund. Estimated to include 1,674 affordable housing units in total, the fund’s portfolio is comprised of 24 family and seniors housing communities scheduled for new construction and rehabilitation. The properties will be located in 11 states: Arkansas, California, Louisiana, Minnesota, Missouri, Montana, New Mexico, Tennessee, Texas, Washington and Wisconsin.
PASADENA, CALIF. — Meridian has purchased a 115,000-square-foot medical office complex in Pasadena for $37.5 million. The complex is located at 50 Bellefontaine St. near Huntington Memorial Hospital. The 2.8-acre property contains a 52,000-square-foot building, a 63,000-square-foot building and an adjacent subterranean parking garage. Meridian plans to invest an additional $5 million to modernize and upgrade the space. John Erickson and Brent Weirick of Colliers represented Meridian in the deal. Fred Cordova, Ryan Eddy and Michael Puleo of Kennedy Wilson Brokerage Group, along with William Boyd, Linda Lee and Scott Unger of Charles Dunn, represented the seller, Cotton Medical Center.
THOUSAND OAKS, CALIF. — Colliers International has brokered the sale of a single-tenant retail property located at 550 N. Ventu Park Road in Thousand Oaks. NewMark Merrill Cos. sold the property to a Los Angeles-based private investor for $15.6 million. The property is triple-net leased to Walgreens with 19 years left on the term. Eric Carlton and Jereme Snyder of Colliers represented the seller in the transaction.
LOS ANGELES — Forest City Realty Trust Inc. has started Phase II of the redevelopment, preservation and adaptive re-use of the Subway Terminal Building, originally built in 1925 by Pacific Electric Railroad in downtown Los Angeles. Renamed Metro 417, Phase I consisted of the development of 277 loft-style apartment homes. For phase two, Forest City will redevelop and transform the ground floor and two subterranean floors into approximately 133,000 square feet of multi-tenant retail space. Lorena Tomb and Danielle Cornwell of Jones Lang LaSalle are marketing the retail space for lease on behalf of Forest City. Metro 417 is located in the Bunker Hill area of Los Angeles adjacent to a station for the Metro Red Line subway. Amenities for the property will include on-site parking, in-unit laundry facilities, a rooftop garden, gym, business center and 24-hour security.
CORONA, CALIF. — Progressive Real Estate Partners has brokered the sale of an 8,000-square-foot retail property located at 4180 Green River Road in Corona. A private investor purchased the property from Olympic Barrington Partnership for $2.1 million, or $263 per square foot. As part of the 120,000-square-foot Green River Promenade, the property is fully leased to St. Christopher Adult Health Care Center. Greg Bedell and Pablo Velasco of Progressive Real Estate Partners represented the seller, while Keith Wichner of Star Real Estate represented the buyer in the 1031 exchange.
SAN MATEO, CALIF. — A joint venture between Seagate Properties and RGA Real Estate Investments has purchased The Atrium, a 163,791-square-foot office building in Silicon Valley, for $61.6 million. The Class A property is located at the intersection of Highway 101 and 92. It is situated 20 miles south of Downtown San Francisco and 15 miles north of Stanford University. The Atrium is currently 90 percent occupied. The largest tenant at the site is Prometheus Real Estate Group. The building was constructed in 1983. It recently underwent a $300,000 renovation. Steven Hinds and Peter Ryan of George Elkins Mortgage Bank helped facilitate the joint venture between Seagate and RGA. Steve Herman, Eric Fox and Bob Gilley of Cushman & Wakefield represented the seller, Prometheus, in this transaction.