California

RAF Pacifica Group Acquires Six-Property Industrial Portfolio in San Diego

by Nellie Day March 31, 2016

SAN DIEGO — RAF Pacifica Group has purchased a 16-building industrial portfolio in San Diego. The price was not disclosed, though the firm secured a $19.6 million loan at 50 percent leverage for the acquisition. The 277,040-square-foot portfolio is fully leased. It contains six projects with a total of 87 tenants. The projects include Carroll Way Industrial Park, Rancho Pacifica Business Center, Sorrento Mesa Commerce Center, Enterprise Business Center, and Oceanside Business Park I & II. Oceanside Business Park I & II was purchased from a private owner, while the remainder were acquired from a private international real estate investment firm. James Ruiz and Lori Wendel of Keystone Mortgage Corp. provided acquisition financing. Randy LaChance of Voit, Bob Willingham of Kidder Mathews, along with John Witherall, Josh McFadyen and Joe Crotty of Colliers International, executed the transaction.

March 31, 2016

California Multifamily Seniors Housing Western

Blueprint Arranges Sale of 71-Unit Assisted Living Community in California for $13.5M

by Nellie Day March 31, 2016

YUBA CITY, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the $13.5 million sale of Summerfield Senior Living, a 71-unit assisted living and memory care community in Yuba City, approximately 40 miles north of Sacramento. The community opened in 1993. A California-based entrepreneur bought the community in 2005 as a value-add opportunity. It was the only seniors housing property in the owner’s portfolio, so it was sold to a growing owner/operator. Neither party was disclosed. The purchase price equates to approximately $190,000 per unit. Jacob Gehl and Mike Segal were the lead advisors on the transaction.

March 31, 2016

California Mixed-Use Top Stories Western

Construction Begins on $6B Redevelopment Project in San Francisco Bay Area

by John Nelson March 31, 2016

SAN FRANCISCO — Construction crews have begun infrastructure work on the redevelopment of Treasure Island and Yerba Buena Island in the San Francisco Bay Area. The total development costs for the 10-year project will be $6 billion, according to the San Francisco Business Times. The development team, known as Treasure Island Community Development LLC, includes Lennar Urban (NYSE: LEN), Kenwood Investments, Stockbridge Capital Group and Wilson Meany. The San Francisco Planning Commission approved the project in 2011, and Skidmore, Owings and Merrill LLP developed the master architectural and engineering plan. The development will feature up to 8,000 residential units, including 7,700 to 7,850 on Treasure Island and 150-300 units on Yerba Buena Island. At least 25 percent of the multifamily units will be offered at below-market rates. The project will also include up to 140,000 square feet of new retail space, 300 acres of parks and public open spaces, up to roughly 500 hotel rooms, a joint police/fire station and 100,000 square feet of office space. The development team will also repurpose Building 1 and Hangars 2 and 3 on Treasure Island and the historic buildings on Yerba Buena Island. According to Kenwood Investments’ website, the development could feature a …

March 31, 2016

California Retail Western

Hanley Arranges $18.6M Sale of Retail Center in Huntington Beach

by Nellie Day March 30, 2016

HUNTINGTON BEACH, CALIF. — Hanley Investment Group has arranged the $18.6 million sale of a newly redeveloped retail center located on the corner of Brookhurst Street and Adams Avenue in Huntington Beach. Tenants at the fully occupied, 24,000-square-foot center include PetSmart, U.S. Bank, Phenix Salon, Tenet Healthcare and Orangetheory Fitness. LBG Real Estate Cos. LLC sold the property to an Orange County-based private investor. Ed Hanley, Bill Asher and Eric Vu of Hanley Investment Group arranged the sale of the property in an off-market transaction.

March 30, 2016

California Office Western

SeneGence International Leases Office Space in Foothill Ranch

by Nellie Day March 30, 2016

FOOTHILL RANCH, CALIF. — SeneGence International has leased 50,000 square feet of office space in Foothill Ranch. The new space is located at 19651 Alter. The beauty and personal care company is relocating from its current headquarters in the Irvine Spectrum. Andrew Morrow of Savills Studley represented SeneGence. CBRE’s Gregg Haly and Tyler Haly represented the landlord, Western States, in this transaction.

March 30, 2016

California Office Western

Sunroad Enterprises to Develop Centrumplace Office Campuses in San Diego

by Nellie Day March 29, 2016

SAN DIEGO — Sunroad Enterprises has announced plans to develop Centrumplace II and III, a 583,000-square-foot office campus in central San Diego. Centrumplace is the commercial centerpiece of the Centrum Master Plan, which includes eight acres of business facilities, retail, residences and green space. The development already features Centrum I, a 275,000-square-foot building completed in 2008. The new addition will include Centrum II and Centrum III. The structures will include flexible floor plates that can range from 24,800 to 59,500 square feet. Dave Odmark, Eric Vann and Brian Starck from Cushman & Wakefield will lease the property. Gensler is designing the campus.

March 29, 2016

California Retail Western

Ross Stores Opens 28 New Locations

by Nellie Day March 29, 2016

DUBLIN, CALIF. — Ross Stores recently opened 22 Ross Dress for Less® and six dd’s DISCOUNTS stores across 15 states in February and March. These new locations are part of the company’s 2016 expansion plans to add approximately 70 Ross and 20 dd’s DISCOUNTS locations throughout the year. “These recent openings reflect our ongoing plans to continue building our presence in both existing and newer markets, including the Midwest for Ross, and expansion of dd’s DISCOUNTS,” says Jim Fassio, president and chief development officer. “Ross Dress for Less remains the largest off-price apparel and home fashion chain in the U.S with 1,295 locations in 34 states, the District of Columbia and Guam. We continue to identify plenty of domestic growth opportunities ahead for both Ross and dd’s DISCOUNTS, and believe that over the long term, Ross can grow to 2,000 total locations and dd’s DISCOUNTS can become a chain of 500 stores.” Ross Stores, Inc. is headquartered in Dublin, Calif.

March 29, 2016

California Office Western

Montana Avenue Capital Partners Buys Torrance Pointe Office Campus for $25.4M

by Nellie Day March 28, 2016

TORRANCE, CALIF. — Montana Avenue Capital Partners has purchased Torrance Pointe, a 145,280-square-foot office campus, for $25.4 million. The low-rise campus is located at 21041, 21061 and 21081 S. Western Ave. in Torrance. It is 97 percent leased to tenants like Honda Motor Company, AT&T and Hitachi Transport System. HFF’s Andrew Harper represented the seller, Amstar Capital, in this transaction.

March 28, 2016

California Retail Western

American National Investments Acquires Restaurant Building in San Diego for $2.3M

by Nellie Day March 28, 2016

SAN DIEGO — American National Investments has acquired a restaurant building located at 369 10th Ave. in downtown San Diego’s East Village neighborhood. The 4,000-square-foot asset sold for $2.3 million. The buyer plans to operate a restaurant at the two-story property. Retail Insite represented the undisclosed seller in the transaction.

March 28, 2016

California Retail Western

NGKF Arranges $3.7M Lease with Phenix Salon Suites in Santa Ana

by Nellie Day March 28, 2016

SANTA ANA, CALIF. — Newmark Grubb Knight Franck has arranged a new lease with Colorado Springs, Colo.-based Phenix Salon Suites. Phenix Salon Suites will occupy 7,000-square-foot at the newly constructed, single-tenant retail building. The new salon will open in September 2016. The 15-year lease is valued at $3.7 million. Randee Stratton of NGKF represented Phenix Salon Suites. The landlord is an entity of Red Mountain Retail Group.

March 28, 2016

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