California

Seagate Properties, RGA Acquire The Atrium Office Building in San Mateo for $61.6M

by Nellie Day January 29, 2016

SAN MATEO, CALIF. — A joint venture between Seagate Properties and RGA Real Estate Investments has purchased The Atrium, a 163,791-square-foot office building in Silicon Valley, for $61.6 million. The Class A property is located at the intersection of Highway 101 and 92. It is situated 20 miles south of Downtown San Francisco and 15 miles north of Stanford University. The Atrium is currently 90 percent occupied. The largest tenant at the site is Prometheus Real Estate Group. The building was constructed in 1983. It recently underwent a $300,000 renovation. Steven Hinds and Peter Ryan of George Elkins Mortgage Bank helped facilitate the joint venture between Seagate and RGA. Steve Herman, Eric Fox and Bob Gilley of Cushman & Wakefield represented the seller, Prometheus, in this transaction.

January 29, 2016

California Loans Retail Western

CBRE Arranges $65M Refinancing for The Village at Pacific Highlands Ranch in San Diego

by Nellie Day January 29, 2016

SAN DIEGO — CBRE has arranged a $65 million loan for the refinance of The Village at Pacific Highlands Ranch, a 147,716-square-foot shopping center located in the Pacific Highlands Ranch community of San Diego. Bill Chiles, Scott Peterson and Brian Cruz of CBRE secured the 11-year, fixed-rate loan. Tenants at the center include Trader Joe’s, Starbucks Coffee, Panera Bread, Crunch Fitness and Wells Fargo.

January 29, 2016

California Retail Western

Charles Dunn Co. Arranges $3.9M Sale of Chase Bank Building in Northridge

by Nellie Day January 29, 2016

NORTHRIDGE, CALIF. — Charles Dunn Co. has arranged the $3.9 million sale of a 6,000-square-foot, single-tenant, triple-net-leased property occupied by Chase Bank in Northridge. Kyle Gulock and Jason Cope of Charles Dunn Co. represented the seller, Balboa Plaza Investments LLC, in the sale of the property to RBS Investments LLC. The transaction closed at a capitalization rate of 4.7 percent.

January 29, 2016

California Hospitality Western

Ares Forms Partnership with Montage Hotels & Resorts

by Nellie Day January 29, 2016

IRVINE, CALIF. — A real estate fund managed by Ares has made a strategic investment in Montage Hotels & Resorts. The partnership will allow Ares to purchase a minority stake of up to 20 percent in Montage. Ares will also provide up to $200 million in future growth capital to Montage. The funds will focus on the continued expansion of the Montage- and Pendry-branded hotels and resorts portfolio. Jay Glaubach, a managing director at Ares Management and co-portfolio manager of Ares’ opportunistic real estate funds, will join Montage’s Board of Directors. Dentons served as counsel to Montage Hotels & Resorts. This is Ares’ second investment with Irvine-based Montage. It had previously made an investment in Pendry San Diego. This property is part of the company’s new luxury lifestyle brand, Pendry Hotels. The new hotel will debut this fall in San Diego’s Gaslamp District.

January 29, 2016

California Office Western

Indian Tribe Leases Space at Monterey Park Office Campus

by Nellie Day January 27, 2016

LOS ANGELES — The Torres Martinez Desert Cahuilla Indian Tribe has signed a 126-month lease for a 24,408-square-foot office in the Los Angeles submarket of Monterey Park. The lease is valued at $8 million. The tribe will use the space for administrative offices. The property is located at 900 Corporate Center Drive, within the LA Corporate Center. The new lease takes the center to 94 percent occupancy. Steve Seinfeld of Cresa represented the tribe. Linda Lee, Scott Unger and Bill Boyd of Charles Dunn Company’s Glendale office represented the landlord, Los Angeles Corporate Center LLC, in this transaction.

January 27, 2016

California Loans Office Western

NorthMarq Capital Arranges $48M Refinancing for Olympic Plaza in Los Angeles

by Nellie Day January 26, 2016

LOS ANGELES — NorthMarq Capital has arranged a $48 million refinancing for Olympic Plaza, a 244,448-square-foot office property in Los Angeles. The property is located at 11500 West Olympic Blvd. The loan features a 10-year term and 25-year amortization schedule. Blake Melstrom of NorthMarq Capital’s Los Angeles office arranged the financing through a life insurance company.

January 26, 2016

California Multifamily Western

FSC Realty Acquires The Village at Granada Hills in Northridge for $34.1M

by Nellie Day January 26, 2016

NORTHRIDGE, CALIF. — FSC Realty has purchased The Village at Granada Hills, a 152-unit luxury apartment community in the San Fernando Valley submarket of Northridge, for $34.1 million. The community is located at 10435 Lindley Ave. The property was built in 1970 and renovated in 2008. The seller was Starpoint Properties. Darin Beebower and Bob Safai of Madison Partners brokered the transaction.

January 26, 2016

California Multifamily Seniors Housing Western

The Pacific Cos. Opens $17M Affordable Seniors Housing Community Near Oakland

by Nellie Day January 26, 2016

RICHMOND, CALIF. — The Pacific Cos. has opened the doors on Harbour View Apartments, a 61-unit affordable seniors housing community in Richmond, just north of Oakland along San Francisco Bay. The four-story property features 50 one-bedroom units and 12 two-bedroom units. It cost $17 million to develop. Financing for the project came from low-income housing tax credits, a forward interest rate swap, and $13 million in tax-exempt bonds. The bonds were issued in two series with Mechanics Bank directly purchasing $9 million of the senior series and a private investor purchasing $4 million of the junior series. Wells Fargo Affordable Housing Community Development Corporation committed to purchasing the LIHTCs. The Pacific Cos. is an Idaho-based developer of multifamily communities. Mechanics Bank is a California-based lender.

January 26, 2016

California Industrial Western

Vibe Base Renews Industrial Lease in San Gabriel Valley

by Nellie Day January 26, 2016

EL MONTE, CALIF. — Vibe Base has signed a five-year lease renewal for its 60,000-square-foot facility in the San Gabriel Valley submarket of El Monte. The lease is valued at $2 million. The space is located at 9328 Telstar Ave. Barry Saywitz of the Saywitz Company represented the international designer, manufacturer and importer of clothing product. Mickey Isen of Kennedy Wilson Properties represented the landlord, KW Telstar, in this transaction.

January 26, 2016

California Loans Retail Western

Newmark Realty Capital Arranges $43.5M Loan for Grocery-Anchored Center

by Nellie Day January 25, 2016

WOODLAND HILLS, CALIF. — Newmark Realty Capital Inc. has arranged $43.5 million in permanent financing for a 122,523-square-foot grocery-anchored shopping center located in the Woodland Hills submarket of Los Angeles. The center is anchored by Ralphs and located adjacent to Warner Center. George Mitsanas and Doug Tisdale of Newmark’s Los Angeles office arranged the fixed-rate, non-recourse financing on behalf of the borrower. The 10-year loan was placed with a life insurance company and provides interest-only payments during the first five years, followed by a 30-year amortization.

January 25, 2016

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