California

TruAmerica Buys the Millennium Apartments in Los Angeles for $163M

by Nellie Day January 6, 2016

LOS ANGELES — TruAmerica Multifamily has acquired the 395-unit Millennium apartment community in the Los Angeles submarket of Woodland Hills for $163 million. The luxury community is located at 21021 W. Erwin St. within the Warner Center district. The property will be rebranded as the Motif. This is the sixth multifamily acquisition in Los Angeles County for TruAmerica, and the second-largest single-asset purchase for the Los Angeles-based real estate investment firm. CBRE’s Brian Eisendrath and Cameron Chalfant arranged acquisition financing with a 10-year, fixed-rate loan.

January 6, 2016

California Office Western

Prudential, McCarthy Acquire MetroCenter at South Coast in Costa Mesa

by Nellie Day January 6, 2016

COSTA MESA, CALIF. — A joint venture between Prudential Real Estate Investors and McCarthy Cook & Co. has purchased MetroCenter at South Coast, an 800,826-square-foot office campus in Costa Mesa, for an undisclosed sum. The campus is located at 535 Anton Blvd. MetroCenter includes three 12-story office buildings and a three-story healthclub facility. The JV plans to renovate the property by adding on-site amenities to develop a creative office environment. The property will undergo a plaza renovation with collaborative outdoor space, as well as updated lobbies and corridors. It will also add conference center, tenant lounge and rooftop decks.

January 6, 2016

California Loans Office Western

BH Properties Receives $13M Refinancing for Office, Retail Portfolio

by Nellie Day January 6, 2016

LOS ANGELES — BH Properties has received a $13 million refinancing for an office and retail portfolio it owns. The portfolio contains five office and retail properties for a total of about 231,000 square feet. The assets are situated in California, Tennessee and Florida. The semi-permanent bridge financing replaces short-term financing associated with the recent acquisition of these properties. The assets have a combined occupancy rate of 60 percent.

January 6, 2016

California Retail Western

Cushman & Wakefield Arranges $15.3M Sale of Hawthorne Town Center

by Nellie Day January 5, 2016

HAWTHORNE, CALIF. — Cushman & Wakefield has arranged the $15.3 million sale of Hawthorne Town Center, a 51,000-square-foot shopping center located in Hawthorne. PetSmart and Ross Dress for Less co-anchor the property. Dixie Walker, Charley Simpson and Andrew Milne of Cushman & Wakefield facilitated the sale to a private investor with holdings throughout the greater Los Angeles area.

January 5, 2016

California Multifamily Seniors Housing Western

LTC Adds Doug Korey, Mandi Hogan to Management Team

by Nellie Day January 5, 2016

WESTLAKE VILLAGE, CALIF. — LTC Properties Inc. (NYSE:LTC), a seniors housing and healthcare REIT based in the Los Angeles suburb of Westlake Village, has added industry veterans Doug Korey and Mandi Hogan to its management team. Doug Korey joins LTC as senior vice president of business development, a newly created position. Korey brings 25 years of experience in the seniors housing and care industry, most recently as president of Lancaster Pollard Finance Co. He is a member of the board of directors of the National Investment Center for Seniors Housing & Care (NIC) and holds a master’s degree in real estate finance and investment from New York University. Mandi Hogan has been named LTC’s director of marketing, succeeding Mark Hemingway, vice president of marketing, who is retiring as a full-time employee effective Feb. 29, 2016. Hemmingway will remain with LTC on a part-time basis. Hogan joins LTC with more than 20 years of marketing experience, most recently as national director of marketing for National Health Investors. She holds a bachelor’s degree in business administration from the University of Colorado, Boulder.

January 5, 2016

California Multifamily Western

DaVinci Apartments in Davis Sells for $16M

by Nellie Day January 4, 2016

DAVIS, CALIF. — An unnamed buyer has purchased the 31-unit DaVinci Apartments in Davis for $16 million. It is located at 1666 Da Vinci Court. The community was built in 2005. It is situated walking distance from the UC Davis campus. Adam Levin and Robert Johnston of Marcus & Millichap represented both the buyer and seller in this transaction.

January 4, 2016

California Office Western

Powder Days Buys Encinitas Medical Office Building for $3.8M

by Nellie Day January 4, 2016

ENCINITAS, CALIF. — Powder Days LLC has acquired a 10,040-square-foot medical building in the San Diego submarket of Encinitas for $3.8 million. The two-story building is located at 135 Saxony Road. The buyer plans to occupy the second floor of the building, while the ground-floor tenant, California Bank & Trust, will remain in place. Michael Mahoney and Peter Curry of Cushman and Wakefield represented the undisclosed seller.

January 4, 2016

California Industrial Western

Bestronics Leases 73,000 SF of Industrial Space in San Jose

by Nellie Day January 4, 2016

SAN JOSE, CALIF. — Bestronics has leased 73,000 square feet of industrial space in San Jose. The space is located at 2243 Lundy Ave. Bestronics is an electronics contract manufacturer. Dan Hollingsworth, Steve Pace, Tom McGovern and Karen Sigl of Cushman & Wakefield represented the landlord, LD Odyssey.

January 4, 2016

California Retail Western

Marcus & Millichap Arranges $2.8M Sale of 51,010 SF Retail Property in San Bernardino

by Nellie Day December 24, 2015

SAN BERNARDINO, CALIF. — Marcus & Millichap has arranged the sale of Club Business Park, a 51,010-square-foot retail property located at 164-194 W. Club Center Drive and 2211 S. Hunt in San Bernardino. The asset sold for $2.8 million. Drew Wetherholt of Marcus & Millichap represented the seller and the buyer in the transaction.

December 24, 2015

California Retail Western

ROIC Acquires Iron Horse Plaza in Danville for $44.5M

by Nellie Day December 24, 2015

DANVILLE, CALIF. — ROIC, a publicly traded REIT, has acquired Iron Horse Plaza, a grocery-anchored shopping center located at 345 Railroad Ave. in Danville. Alamo Group Iron Horse LLC sold the property for $44.5 million. The 62,000-square-foot property is occupied by Lunardi’s, Jos. A. Banks, Peet’s, Chow, Panda Express, Supercuts and Verizon. Pedro Arroyo and David Kram of Arroyo procured the buyer and represented the seller in the transaction.

December 24, 2015

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