California

Promenade Terrace Apartments in Corona Sells for $78.5M

by Nellie Day October 9, 2015

CORONA, CALIF. — The 330-unit Promenade Terrace apartments in Corona has sold to an unnamed buyer for $78.5 million. The community is located at 451 Wellesley Drive. Promenade Terrace is less than a half mile from Corona Hills Plaza, a 534,000-square-foot power center. It is also within walking distance of Corona Hills Marketplace, a 270,000-square-foot shopping mall, and near light rail transit to Los Angeles, Orange and San Bernardino counties. Alexander Garcia, Jr., Stewart I. Weston, Christopher Zorbas, David Sperling and John Montakab of Institutional Property Advisors represented both the buyer and unnamed seller in this transaction.

October 9, 2015

California Office Western

MetLife, Partners to Develop Office Tower Near Transbay Transit Center in San Francisco

by Nellie Day October 9, 2015

SAN FRANCISCO — A joint venture between MetLife, the John Buck Company and Golub Real Estate have announced plans to build Park Tower at Transbay, a 743,000-square-foot office tower near the Transbay Transit Center in San Francisco. The Class A tower will be located at Howard and Beale streets. The project will be a component of the Transbay Transit Center, a multi-billion-dollar redevelopment project that will feature residential, commercial and transportation facilities just three blocks from the San Francisco Bay. Park Tower at Transbay will feature 14 sky decks, as well as a ground-level park and a three-story lobby. The completion of the office complex is expected to coincide with the scheduled completion of the Transbay Transit Center. MetLife is an equity investor in the partnership, while John Buck and Golub are the developers. JLL is handling the project’s leasing.

October 9, 2015

California Retail Western

CBRE Brokers $13.2M Sale of Rosewood Shopping Center in Bellflower

by Nellie Day October 9, 2015

BELLFLOWER, CALIF. — CBRE Group has arranged the sale of Rosewood Shopping Center, a retail center located in Bellflower. Bristol Central LP acquired the 60,094-square-foot property for $13.2 million. Currently 74 percent leased, tenants include Fresenius Medical Care, Carl’s Jr., Health Care Partners, Papa John’s Pizza and Montano Family Dentistry. Arthur Flores of CBRE represented the seller, Rosecrans Bellflowers LLC, in the transaction.

October 9, 2015

California Retail Western

Marcus & Millichap Arranges $10.2M Sale of Sunrise Center in Palm Springs

by Nellie Day October 9, 2015

PALM SPRINGS, CALIF. — Marcus & Millichap has brokered the sale of Sunrise Center, a retail center located at 100 S. Sunrise Way in Palm Springs. The property sold for $10.2 million, or $206 per square foot. Renovated in 2009, tenants include Fresh & Easy Market, VIP Urgent Care, Palm Liquors, Power of Fitness and Regal Cleaners. At the time of sale, the property was 96 percent leased. Jack Hopkins and Matthew Hardke of Marcus & Millichap represented the buyer, an investor in an 1031 exchange, while Gregory Mills and Dave Lincoln, also of Marcus & Millichap, represented the undisclosed seller. Sharone Sabar of Marcus & Millichap arranged debt placement for the acquisition.

October 9, 2015

California Multifamily Seniors Housing Western

Anthem Breaks Ground on $12.6M Memory Care Community in California

by Nellie Day October 8, 2015

MURRIETA, CALIF. — Developer and operator Anthem Memory Care has broken ground on Vineyard Place, a $12.6 million memory care community in Murrieta, about 80 miles southeast of Los Angeles. Anthem expects to open the 38,000-square-foot, 66-unit community in summer 2016. Working with Anthem on developing and building Vineyard Place are CM Consulting, Markham Development Management Group, CBTwo Architects, Consolidated Contracting and LTC Properties, which is providing financing. Anthem, based in Lake Oswego, Ore., also operates a dementia care community in Chico, Calif., and four in Denver. It is currently developing three communities in the greater Chicago area.

October 8, 2015

California Retail Western

BIG USA, RED Development Add Five Properties to Recently Launched Joint Venture

by Nellie Day October 8, 2015

BEVERLY HILLS, CALIF. — Beverly Hills-based BIG Shopping Centers USA and RED Development have added five retail assets totaling 1.5 million square feet to their recently launched joint venture BIG RED Portfolio LLC. Acquired properties include Chandler Festival, a 494,858-square-foot power center, Chandler Village, a 296,460-square-foot power center and Chandler Gateway, a 261,678-square-foot power center, all located in Chandler, Arizona; One Pacific Place, a 91,143-square-foot outdoor shopping center located in Omaha, Nebraska; and Greenway Station, a 291,315-square-foot lifestyle center located in Middleton, Wisconsin.

October 8, 2015

California Hospitality Western

RLJ Lodging Trust Buys Residence Inn by Marriott in Los Altos for $70M

by Nellie Day October 7, 2015

LOS ALTOS, CALIF. — RLJ Lodging Trust has purchased Los Altos Hotel Associates LLC’s interest in the 156-room Residence Inn by Marriott in the Silicon Valley submarket of Los Altos for $70 million. The hotel is located at 4460 El Camino Real. The Residence Inn opened in 2000. It recently underwent a renovation that included upgrades to the public areas and guestrooms. The hotel caters to extended-stay travelers visiting nearby Palo Alto and Stanford University. Major corporate employers in the area include Hewlett Packard, VMware, SAP, Google, Intuit, Stanford University and Hospital and LinkedIn. Scott Griemsmann of Paramount Lodging Advisors represented the seller in this transaction.

October 7, 2015

California Office Western

Creative Office Campus in Costa Mesa Sells for $48M

by Nellie Day October 7, 2015

COSTA MESA, CALIF. — Steelwave & Goldman Sachs has purchased a 180,000-square-foot office campus in Costa Mesa for $48 million. The property is located at 3333 South Susan St. The seller, Emulex Corp., occupies the largest of the three buildings. The remaining two vacant buildings contain a total of 84,000 square feet that will be repositioned as creative office space. The site features 14.2 acres with 3.2 acres that can be used for future development. CBRE’s Paul Jones, Kevin Shannon, Gary Stache, Anthony Delorenzo and Blake Bokosky represented Emulex in the deal.

October 7, 2015

California Industrial Western

Lagunitas Brewing Leases Industrial Facility in Azusa

by Nellie Day October 7, 2015

AZUSA, CALIF. — Lagunitas Brewing Company has leased 254,840 square feet of industrial space in Azusa. The new space will be situated inside a speculative, three-building industrial business park located at 1207 – 1223 10th Street. The site offers easy access to Interstates 210, 605 and 5. The facility will serve as the company’s third production brewery, with an initial capacity of about 420,000 barrels per year. JLL’s Paul Sablock, Nicole Welch and Peter McWilliams represented both the landlord, Xebec, and Lagunitas in this lease transaction.

October 7, 2015

California Multifamily Western

Lincoln Gardens Apartments in Napa Sells for $9M

by Nellie Day October 6, 2015

NAPA, CALIF. — A limited liability company has acquired the 30-unit Lincoln Gardens Apartments in Napa for $9 million. The community is located at 1802 F St. It was built in 2004. Brad Pennington and John Garrett of Marcus & Millichap’s San Francisco office represented both the buyer and seller, another LLC.

October 6, 2015

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