California

Hanley Investment Group Arranges $3.3M Sale of Hamilton Center

by Nellie Day March 8, 2016

HUNTINGTON BEACH, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $3.3 million sale of Hamilton Center, a 6,800-square-foot shopping center located in Huntington Beach. Eric Wohl and Ed Hanley of Hanley Investment Group represented the seller, a local investment company, and Eric Vu of Hanley Investment Group represented the buyer, a local investor in a 1031 exchange, in the transaction. Tenants at the fully occupied center include 7-Eleven, Whatta Lotta Pizza, a dental office and a dry cleaner.

March 8, 2016

California Retail Top Stories Western

Taubman Unveils Plans for $500M Renovation at Beverly Center in Los Angeles

by Katie Sloan March 8, 2016

LOS ANGELES — Taubman Centers Inc. (NYSE: TCO) has unveiled plans for a $500 million renovation at Beverly Center, an 886,000-square-foot shopping mall located on Beverly Boulevard in Los Angeles. Renovations will include new skylights, a new exterior with a perforated steel façade, a state-of-the-art smart parking system and a new streetscape with refreshed landscaping. Taubman also plans to develop a row of street-level restaurants along West Third Street with an additional valet for quick access to the new dining options. Upon completion, the center will also feature a refreshed tenant mix and a flexible center court featuring a large LED screen, places to sit and room for exhibitions and installations. “In re-envisioning Beverly Center, we are looking to create LA’s signature urban shopping and dining experience, as well as an exciting, pedestrian-friendly anchor to one of the most creative and diverse neighborhoods in the world,” says Robert Taubman, CEO and president of Taubman Centers. “The center is a key asset in our portfolio, and after renovation we believe it will become one of the top ten retail centers in the nation.” The shopping mall opened March 31, 1982, according to Taubman. Sheldon Gordon and E. Philip Lyon originated the …

March 8, 2016

California Retail Western

Irvine Co. Plans $30M Reinvestment for Woodbridge Village Center in Irvine

by Nellie Day March 7, 2016

IRVINE, CALIF. — Irvine Co. has planned a $30 million reinvestment for Woodbridge Village Center in Irvine. The transformation will upgrade the retail, dining and entertainment mix at the retail center and create an open-air community space for visitors and retailers. The makeover will reduce the center’s overall square footage by nearly 15,000 square feet, allowing for the community gathering spot and improved parking. Redevelopment work is slated to start in August, with completion scheduled for late 2017.

March 7, 2016

California Retail Western

ACI Apartments Brokers $2.5M Sale of Retail Property in Talmadge

by Nellie Day March 7, 2016

TALMADGE, CALIF. — ACI Apartments has arranged the sale of a retail strip center located at 4412 Euclid Ave. and 4746 El Cajon Blvd. in Talmadge. San Diego-based Talmadge Gateway LP acquired the asset from La Mesa, Calif.-based Alessio Leasing Corp. for $2.5 million. The three-parcel property totals 35,183 square feet of retail space. Ricardo Lopez and Keith Courtney of ACI Apartments represented the seller and buyer in the transaction.

March 7, 2016

California Multifamily Western

San Diego Apartment Community Sells for $2.2M

by Nellie Day March 7, 2016

SAN DIEGO — Bruce Kleege has acquired a six-unit apartment community in the San Diego submarket of Crown Point for $2.2 million. The community is located at 3847-63 Sequoia St. It is situated half a block from Mission Bay and Crown Point Park. The property was built in 1955. It was fully occupied at the time of sale. The buyer represented himself, while Ciara Trujillo, David Santistevan and Gunder Creager of Colliers International represented the seller, Sequoia Street Apartments, in this transaction.

March 7, 2016

California Retail Western

Pet Food Express Opens New Location in Long Beach

by Nellie Day March 7, 2016

LONG BEACH, CALIF. — Pet Food Express has opened its newest location in California. Located at 4220 Long Beach Blvd., the store is the company’s fifth location to open in Southern California, along with the 52 stores in Northern California. The new location will feature an indoor dog park; permanent state-of-the-art cat adoption center; permanent event rooms for adoptions, dog training and dog birthday parties; newly designed self-service pet wash stations with organic shampoos; and a wellness center, provided by VIP Pet Care with services like annual physicals, diagnostic testing, vaccines and nail trims.

March 7, 2016

California Office Western

Telenav Relocates Office Space from Sunnyvale to Santa Clara

by Nellie Day March 4, 2016

SANTA CLARA, CALIF. — Telenav has relocated its office space from Sunnyvale to Santa Clara. The wireless, location-based services company has sublet 54,635 square feet from Avaya. It signed a five-year lease that will commence April 1. The new space is located at 4655 Great America Parkway. It is situated within a 318,000-square-foot, Class A office building that sits adjacent to the new Levi’s Stadium. Doug Sugimoto and Scott Dever of Cushman & Wakefield represented Avaya, a global provider of business collaboration and communications solutions.

March 4, 2016

California Office Western

Douglas Emmett, Qatar Buy Los Angeles Office Portfolio for $1.3B

by Nellie Day March 3, 2016

LOS ANGELES — A joint venture between Douglas Emmett and the Qatar Investment Authority has purchased a 1.7-million-square-foot office portfolio in the Los Angeles submarket of Westwood for $1.3 billion. The portfolio contains four Class A office buildings within the Westwood Wilshire office corridor. Douglas Emmett plans to retain 20 percent to 30 percent of the joint venture equity. The remaining interest will be held by institutional partners. The JV obtained a $580 million, non-recourse, interest-only loan with a seven-year term. This acquisition will allow Douglas Emmett to control 74 percent of the Westwood Wilshire office corridor. The firm’s portfolio now contains a total of 66 office properties with 17.2 million square feet of space.

March 3, 2016

California Multifamily Seniors Housing Western

Blueprint Arranges $39M Sale of 198-Unit Seniors Housing Community in Roseville

by Nellie Day March 3, 2016

ROSEVILLE, CALIF. — A California-based investment firm has purchased The Terraces of Roseville, a 198-unit independent living, assisted living and memory care community in the Sacramento suburb of Roseville, for $39 million. Blueprint Healthcare Real Estate Advisors represented the seller, a New York-based private investment group, in the sale. Westmont Senior Living will continue to operate the community after the sale. The Terraces of Roseville was built in 1987 and sits on a 4.1-acre parcel. The community was sold out of bankruptcy as a value-add property. The proposed repositioning includes capital investment and/or a substantial expansion on the site as well as adjacent 1.3-acre parcel. The sale price equates to approximately $197,000 per unit and a capitalization rate of 6.8 percent based on in-place operating income. Blueprint’s Christopher Hyldahl was the lead advisor on the transaction and was supported by Gideon Orion and Mike Segal.

March 3, 2016

California Multifamily Seniors Housing Western

JCH Arranges $12.5M Sale of 188-Bed Skilled Nursing Facility in Riverside

by Nellie Day March 3, 2016

RIVERSIDE, CALIF. — Reliant Management Group has purchased Riverside Healthcare Center, a 188-bed skilled nursing facility, for $12.5 million. Shep Roylance of JCH Senior Housing Group represented both the buyer and the seller, Lifehouse, in the transaction. Lifehouse will continue to operate the facility under a 15-year lease with two five-year extension options. Located in Riverside, approximately 50 miles east of Los Angeles, Riverside Healthcare Center is situated on nearly four acres and features several one¬story buildings. Originally constructed in 1969, the site has grown to nearly 40,000 square feet.

March 3, 2016

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