California

Continental Funding Arranges $9.4M Acquisition Loan for Shopping Center in California

by Nellie Day December 11, 2015

PALMDALE, CALIF. — Continental Funding Group has arranged $9.4 million in acquisition financing for the purchase of 10 West Plaza, an unanchored shopping center in Palmdale. The 10-year, fixed-rate non-recourse loan, which was 75 percent of the purchase price, was provided by a conduit lender and includes two years of interest-only payments. Built in 2008, the 54,988-square-foot property was fully occupied at the time of sale. J.M. Grimaldi and Zalmi Klyne of Continental Funding Group represented the undisclosed borrower in the financing transaction.

December 11, 2015

California Retail Western

Hanley Investment Completes $2.4M Ground Lease Sale in Palm Desert

by Nellie Day December 11, 2015

PALM DESERT, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant Bank of America corporate ground lease in Palm Desert. Los Angeles-based Sariel Investments LLC purchased the asset from Irvine, Calif.-based Passco Washington Square for $2.4 million. Built in 2015, Bank of America occupies a 3,515-square-foot building located at 39355 Washington St. Bill Asher and Ed Hanley of Hanley Investment Group represented the seller and buyer in the transaction.

December 11, 2015

California Office Western

Investcorp Acquires Tower Plaza in San Mateo as Part of $400M Portfolio Buy

by Nellie Day December 10, 2015

SAN MATEO, CALIF. — Investcorp has purchased Tower Plaza, a multi-tenant office complex in the San Francisco submarket of San Mateo. The Class B property was purchased as part of a nationwide office and industrial portfolio acquisition that was valued at $400 million. Tower Plaza contains a 12-story office tower; three, two-story plaza buildings; one single-story plaza building; and a five-story parking garage. The property is located at 2121 S. El Camino Real. It is situated between San Francisco and Silicon Valley. The other assets are located in Atlanta and Wilmington, Mass. The properties were purchased in four separate transactions. The portfolio contains a total of more than 5.5 million square feet, with an average occupancy rate of about 85 percent. Investcorp plans to add value to the properties through upgrades, renovations and capital investment.

December 10, 2015

California Hospitality Western

CBRE Global Investors Fund Acquires Sofitel Hotel in San Francisco Bay Area

by Nellie Day December 10, 2015

SAN FRANCISCO — The CBRE Strategic Partners U.S. Value 7 fund has acquired the 421-room Sofitel San Francisco Bay in Redwood City submarket of San Francisco for an undisclosed sum. The hotel is located at 223 Twin Dolphin Drive. The eight-story, full-service hotel sits adjacent to Highway 101. It includes more than 20,000 square feet of meeting space, a full-service restaurant, fitness center, and outdoor pool and event patio. The fund is exploring value-add options, which may include upgrading the unit interiors, creating additional meeting space and guestrooms, and expanding food and beverage service.

December 10, 2015

California Multifamily Seniors Housing Western

Community HousingWorks to Build San Diego’s First LGBT Seniors Housing Community

by Nellie Day December 10, 2015

SAN DIEGO — Nonprofit affordable real estate developer Community HousingWorks has announced plans to build a $27 million, unnamed seniors housing community in San Diego that would welcome LGBT seniors. The 76-unit, affordable independent living community will be located at the corner of Texas Street and Howard Avenue in San Diego’s North Park neighborhood. The community will be open to all seniors, but is intended to create a welcoming community to LGBT seniors. The City of San Diego and the San Diego Housing Commission are providing $7 million for the $27 million complex, which is expected to take about 18 months to build. The San Diego LGBT Community Center recently completed a study that found 68 percent of LGBT seniors had neither family nor younger friends they could count on for support or assistance as they age, and were more likely to live alone and not be in a significant relationship. Further, 23 percent of the LGBT seniors responding to the survey reported an annual income of less than $20,000 per year. Only 16 percent reported having $100,000 or more saved for retirement.

December 10, 2015

California Hospitality Western

Comfort Suites in Oakley Changes Hands

by Nellie Day December 9, 2015

OAKLEY, CALIF. — The 80-room Comfort Suites in the San Francisco Bay Area submarket of Oakley has sold to an unnamed buyer for an undisclosed sum. The hotel is located at 5549 Bridgehead Road. The new owner plans to convert the hotel to a Best Western. The Ehmer Group, a San Francisco-based member of Hotel Brokers International, represented the seller.

December 9, 2015

California Office Western

Social Vocational Services Leases Office Space in Pasadena

by Nellie Day December 9, 2015

PASADENA, CALIF. — Social Vocational Services (SVS) has leased 7,847 square feet of office space in downtown Pasadena. The space is located at 595 E. Colorado Blvd. The property was built in 1928. SVS is a nonprofit that provides services to individuals with intellectual and developmental disabilities throughout California. The landlord is the Swig Company.

December 9, 2015

California Multifamily Western

Phoenix Realty Group, Blackstone Acquire 16-Property Multifamily Portfolio for $570M

by Nellie Day December 8, 2015

LOS ANGELES — Phoenix Realty Group (PRG) and Blackstone Real Estate Partners VIII have acquired a 16-property multifamily portfolio for $570 million. The portfolio contains a total of 3,800 units. Properties within the portfolio are located in Los Angeles, San Diego, Denver and South Florida. The assets were acquired from two closed-end private equity funds managed by PRG. The portfolio was listed once the funds reached the end of their intended investment period.

December 8, 2015

California Multifamily Student Housing Western

Peak Campus to Manage 27 North Development Near San Jose State

by Nellie Day December 8, 2015

SAN JOSE, CALIF. — CityView and Symphony Development, a Los Angeles-based commercial development firm, have selected Peak Campus to manage the 27 North student apartment project near San Jose State University. Located one block north of the school’s campus, the 478-bed student housing project is currently under construction and will be move-in ready for students at the start of the 2016 school year. Upon completion, 27 North will offer fully furnished units in two-, three- and four-bedroom floor plans, complete with washers and dryers and stainless steel appliances. The community will also feature amenities including a fitness center, resort-style pool, a business center and computer lab, group study lounges on every floor, tanning facilities, a fire pit and grilling areas.

December 8, 2015

California Loans Retail Western

NorthMarq Arranges $9.8M in Acquisition Financing for Los Alisos Village in Mission Viejo

by Nellie Day December 8, 2015

MISSION VIEJO, CALIF. — NorthMarq capital has arranged $9.8 million in acquisition financing for Los Alisos Village, a 31,401-square-foot retail center located in Mission Viejo. David Blum and Nathan Prouty of NorthMarq arranged the transaction, which was structured with a three-year, interest-only loan.

December 8, 2015

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