California

Eight New Retailers to Open at Perris Marketplace

by Nellie Day May 11, 2016

PERRIS, CALIF. — Eight new retailers are set to open at Perris Marketplace, a Super Walmart-anchored shopping center located in the Los Angeles suburb of Perris. New openings will include a 2,000-square-foot Chipotle Mexican Grill; a 3,000-square-foot Pacific Dental; a 2,300-square-foot Pieology; a 2,500-square-foot freestanding Popeye’s with a drive-thru; a 1,600-square-foot T-Mobile; a 1,600-square-foot Verizon; a 1,500-square-foot Waba Grill; and a 1,135-square-foot Yogurtland. Paul Galmarini of Progressive Real Estate Partners represented the developers and owners of the center, Evergreen and Trachman Indevco, in the transactions. The freestanding drive-thru pad and the two buildings that will be home to the new stores are scheduled for groundbreaking in early summer 2016, with all eight retailers projected to open in late 2016 and early 2017.

May 11, 2016

California Restaurant Retail Western

MoMo’s American Bar & Grill to Open Second Location in Metro San Francisco

by Nellie Day May 11, 2016

WALNUT CREEK, CALIF. — MoMo’s American Bar & Grill, an AT&T Park-adjacent restaurant, is opening a second location in Walnut Creek, roughly 25 miles outside of San Francisco. The bar and eatery will occupy a 6,528-square-foot retail space at 1444 N. California Blvd. Jeffrey Hook of Savills Studley represented MoMo’s, and John Sechser of Transwestern represented the landlord, Nearon Enterprises, in the transaction. The restaurant signed a 15-year lease with two extension options, and plans to open in the fourth quarter of this year. This will be the fifth restaurant owned by The Golden Bear Restaurant Group, founded in 1991 by Peter Osborne and his wife, Janet. The original MoMo’s opened in 1998 and was named in memory of Osborne’s grandmother and mentor, whom he affectionately called MoMo.

May 11, 2016

California Office Western

J+R Group Purchases Office Building in Irvine for $66M

by Nellie Day May 10, 2016

IRVINE, CALIF. — J+R Group has purchased a 191,849-square-foot office building in Irvine for $66 million. The Class A building is located at 1901 Main St. The building is fully leased to three tenants. It was built in 2001, immediately adjacent to John Wayne Airport and Interstate 405. JLL’s Joe Bevan represented J+R Group, and the firm was retained to handle the building’s property management as well. Jeff Cole and Ed Hernandez of Cushman & Wakefield represented the seller, Piedmont Office Realty Trust, in this transaction.

May 10, 2016

California Office Western

Intercontinental Real Estate Buys Apollo at Rosecrans Office Campus in El Segundo

by Nellie Day May 10, 2016

LOS ANGELES — Intercontinental Real Estate Corp. has purchased Apollo at Rosecrans, a 546,833-square-foot creative office campus in the Los Angeles submarket of El Segundo, for an undisclosed sum. The four-building, 13-acre campus is located at 2150, 2120, 2121 and 2175 Park Place, along the Rosecrans Corridor, a hotspot for tech and creative companies. Apollo at Rosecrans is 98 percent leased. Amenities include concrete floors, African Mahogany accent panels, LED strip accent lights, a basketball court, dog park, biking and walking trails, shower facilities and an outdoor fireplace. NGKF’s Kevin Shannon and CBRE represented the sellers, Invesco Real Estate and Second Street Ventures, in this transaction.

May 10, 2016

California Retail Western

BRC Advisors Arranges 846 SF Restaurant Lease in Pasadena

by Nellie Day May 10, 2016

PASADENA, CALIF. — BRC Advisors has brokered the lease of a retail property located at 59 Colorado in Pasadena. Situated within Indiana Colony, a new marketplace concept, the 846 square feet restaurant space is located within a 5,500-square-foot retail building. Surrounding tenants include CoolHaus, Pressed Juicery, Piehole and Intelligentsia Coffee & Tea. Lorena Tomb of BRC Advisors represented the tenant in the transaction. The names of the tenant and landlord were not released.

May 10, 2016

California Retail Western

JLL Expands Retail Leasing, Sales in Southern California

by Nellie Day May 10, 2016

LOS ANGELES — JLL has hired Scott Kaplan as executive vice president and Erik Westedt as senior vice president to expand the firm’s Southern California retail practice. The pair brings a combined 35 years of experience in the leasing, development and sale of retail properties locally, regionally and nationally. Throughout their careers, the pair has completed transactions encompassing 25 million square feet of retail space valued at more than $5 billion. Prior to joining JLL, Kaplan served as a senior vice president at a global commercial real estate firm and Westedt served as a vice president at a global commercial real estate firm.

May 10, 2016

California Office Western

Blueprint Post Production Buys Toluca Lake Office Complex for $13M

by Nellie Day May 9, 2016

LOS ANGELES — Blueprint Post Production has purchased a 60,087-square-foot office complex in the North Hollywood submarket of Toluca Lake for $13 million. The complex is located at 4142, 4144 and 4146 Lankershim Blvd. The three buildings were constructed in 1977, 1964, and 1987, respectively. They are adjacent to Universal City, near NBC Universal and CBS Paramount, as well as the 101 and 170 freeways. Stacy Vierheilig-Fraser of Charles Dunn Co. represented the post-production services company. Vierheilig-Fraser also represented the seller, Lankershim Media Center Associates, an entity of LS Capital.

May 9, 2016

California Retail Western

Marcus & Millichap Brokers Sale of Foothill Square in Los Angeles Suburbs

by Nellie Day May 9, 2016

POMONA, CALIF. — Marcus & Millichap has arranged the sale of Foothill Square, a 123,127-square-foot shopping center located in the Los Angeles suburb of Pomona, for an undisclosed price. David Ridgway of Marcus & Millichap represented the seller, a private limited family partnership, and Ridgway and Dimitry Orlov, also of Marcus & Millichap, represented the buyer, Reliable Properties, in the transaction. Superior Grocers and O’Reilly Auto Parts anchor the center, which is also home to tenants including Chase Bank and Carl’s Jr.

May 9, 2016

California Restaurant Retail Western

Three Poke Restaurant Concepts Enter Los Angeles Market

by Nellie Day May 9, 2016

LOS ANGELES — Kennedy Wilson has arranged three leases for three fast casual poke restaurants: Hoke Poke, OkoPoki and Honeyfish Poke. Poke is a type of fish salad popular in Hawaiian cuisine. Hoke Poke signed a 10-year lease from Essex Portfolio for 1,200 square feet of space at 801 Hope St. in downtown Los Angeles. Hoke Poke plans to open in July with three more locations slated to open within the next year. OkiPoki inked a five-year lease from DTLA Development Group for 1,000 square feet of space at The Alexandria, located at 507 S. Spring St. in Los Angeles’ historic core. Honeyfish Poke opened a 1,100-square-foot location at 8850 Tampa Ave. in Northridge. The restaurant signed a five-year lease with 8850 Tampa Associates for the space. Honeyfish Poke is scheduled to open its second location in Westlake Village in May. Kennedy Wilson represented the landlords in each transaction.

May 9, 2016

California Healthcare Multifamily Seniors Housing Top Stories Western

HCP to Spin Off HCR ManorCare Portfolio of Skilled Nursing, Assisted Living Assets Into Separate REIT

by Christina Cannon May 9, 2016

IRVINE, CALIF. — HCP (NYSE: HCP), one of the largest healthcare real estate investment trusts in the United States, will spin off its HCR ManorCare portfolio of skilled nursing and assisted living assets into an independent, publicly traded REIT. The company’s board of directors approved the plan today. The newly formed REIT, SpinCo, will be composed of more than 320 properties operated by HCR ManorCare. The portfolio has an expected in-place annual rent of approximately $485 million. “Post spin, HCP will own a stable, private-pay portfolio that has a track record of delivering consistent, attractive returns,” says Lauralee Martin, president and CEO of Irvine-based HCP. “HCP will be able to sharpen its focus on high-growth healthcare sectors.” This is the second major REIT to spin off its skilled nursing portfolio in the past year. In August, Ventas created Care Capital Properties as a way to spin off its skilled nursing assets. “We need to eliminate the overhang that exists from the current challenges facing HCR ManorCare so the rest of our business can flourish,” said Micheal McKee, executive chairman of the board, on the company’s first-quarter earnings call this morning. “As we reviewed our options, for many reasons it became clear …

May 9, 2016

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