LAKE FOREST, CALIF. —Summit Healthcare REIT Inc. has named Suzanne Koenig to its board of directors after an election at the annual meeting of stockholders. Koenig is president and founder of SAK Management Services LLC, a long-term care management and healthcare consulting services company. With over 20 years of experience as an owner and operator, Koenig offers skills in operations improvement, staff development and quality assurance, with particular expertise in marketing, census development and operations enhancement for the whole spectrum of senior housing. Koenig is a Licensed Nursing Home Administrator and a Licensed Social Worker in multiple states. In addition, she has served in an advisory and consulting capacity for numerous client engagements involving bankruptcy proceedings as well as in turnaround management situations. Koenig also serves as an officer and director for several of the states’ long-term care provider associations. She is the former co-chair of the American Bankruptcy Institute’s (ABI) Health Care Committee, a co-chair for the Steering Committee of the Midwest Turnaround Management Association (TMA) Chapter, and was recently elected to the Global Turnaround Management Association Board of Trustees. She is on the board of directors for the School of Social Work at the University of Illinois, Champaign-Urbana. …
SAN DIEGO — The Viejas Band of Kumeyaay Indians has opened a new $50 million hotel tower at the Viejas Casino and Resort in the eastern San Diego County submarket of Alpine. The 109-room tower includes a top-floor technology suite, as well as an additional gaming floor, specialty bar, ballroom, meeting and board rooms, resort-style pool, and extensive multi-use grounds. Construction on the tower began in June 2014. An existing administration building was demolished and the site was reconfigured prior to construction commencing. Swinerton Builders built the four-star resort project, which JCJ Architecture designed. Xpera CM managed the design and construction.
LOS ANGELES — Est4te Four has purchased a 44,547-square-foot office building in Los Angeles for $21.6 million. The building is located at 929 East 2nd St. The acquisition includes additional land for development. Est4te Four plans to add more floors on top of the existing structure so it can redevelop the space into a hub with a retail component for the creative industry. The redevelopment is scheduled to commence next year.
CERRITOS, CALIF. — A private buyer has purchased Carmenita Corporate Plaza, a 68,779-square-foot office building in Cerritos, for $19.7 million. The property is located at 13340 E. 183rd St. It is fully leased to Infinity Property & Casualty Corp. Ryan Swanson and Chris Conway of Lee & Associates Irvine represented the buyer. CBRE’s Kevin Shannon, Paul Jones and Blake Bokosky represented the seller, Cohen Asset Management Inc..
LOS ANGELES – The 33-unit El Dorado Villas in the Los Angeles submarket of Sherman Oaks has sold to an international buyer for $19.5 million. The community is located at 4510 Murietta Ave. The community contains individually deeded condos that can be sold separately in the future. The buyer owns other properties in the area and wanted to expand his portfolio with this purchase. The Florida-based seller built the property in 2008. It was represented by Brent Sprenkle of Berkadia.
EL SEGUNDO, CALIF. – A 119,484-square-foot office building in El Segundo has sold to a partnership between Roxborough Fund I and Montana Avenue Capital Partners for an undisclosed sum. The property is located at 1700 East Walnut Ave. It is 99 percent leased. The partners plan to reposition the property. It is their first acquisition.
PERRIS, CALIF. — IDI Gazeley has leased more than 1 million square feet at the Stratford Ranch development in Perris. The international home improvement retailer will occupy Building A of the development. The new space will serve as a storage, warehousing and distribution center for IDI Gazeley’s products. The firm was represented by Bill Heim and Michael Chavez of Lee & Associates. The landlord was represented by CBRE’s Joey Sugar.
SAN FRANCISCO — Romel Enterprises has purchased the 85-unit Burlingame Towers apartment building in the San Francisco submarket of Burlingame for an undisclosed sum. The property is located at 1469 Bellevue Ave. Romel Enterprises purchased the property after defeasing the existing loan. HFF’s Scott Bales and Adam Simon represented the seller, Mayfield Companies.
RANCHO CUCAMONGA, CALIF. — Tekton Hospitality has signed a seven-year lease for 118,615 square feet of industrial space in Rancho Cucamonga. The property is located at 10955 Arrow Route. Tekton is an American custom furniture manufacturing company that processes single- and high-volume units. Randy Lockhart of NGKF represented the company. Lee & Associates represented the landlord, 10955 Arrow LP.
SAN PEDRO, CALIF. — Rio Co. has purchased a 36-unit apartment portfolio in the Los Angeles submarket of San Pedro for $6 million. The acquisition includes two buildings located at 1144 W. 13th St. and 1215 S. Leland St. They were built in 1961. Tim Steuernol and Rob Zaharia of NAI Capital represented Rio Co. The seller was Lamont Revocable Trust.