California

Oakmont Properties Receives $100M Loan to Buy Sacramento Apartment Properties

by Nellie Day January 20, 2016

SACRAMENTO, CALIF. — Oakmont Properties has received more than $100 million in senior loans to acquire to two apartment communities in the Sacramento area. The properties include The Preserve at Roseville, a 336-unit community, as well as the 304-unit Oak Brook Apartments. The Preserve is located at 1299 Antelope Creek Drive in Roseville. It was 97 percent occupied at the time of sale. The Class A property was built in 1999. Oak Brook is located at 12499 Folsom Blvd. in Rancho Cordova. It was also 97 percent occupied. This Class A property was built in 2001. PCCP provided the loans, which are cross-collateralized with each other.

January 20, 2016

California Office Western

Bolour Associates Buys Creative Office Building in El Segundo for $49M

by Nellie Day January 20, 2016

LOS ANGELES — Bolour Associates has purchased a 113,606-square-foot creative office building in the Los Angeles submarket of El Segundo for $49 million. The property is located at 2101 El Segundo Blvd. The space underwent a comprehensive redesign that commenced in 2013. The seller, a joint venture between Bixby Land Company and Cornerstone Real Estate Advisers, invested about $25 million in acquisition, development and leasing costs to reposition the building. The space is now fully occupied to notable tenants like Sanrio, Exponential Interactive, Cove Street Capital, AMA Consulting Engineers, Specialty’s Café & Bakery and Peet’s Coffee. Bolour was represented by Bob Safai of Madison Partners. Bixby represented itself in the transaction, while CBRE’s (at the time of sale) Kevin Shannon and Ken White represented Cornerstone.

January 20, 2016

California Retail Western

Pacific Retail, Silverpeak Acquire Eastridge Mall in San Jose for Over $200M

by Nellie Day January 19, 2016

SAN JOSE, CALIF. — A partnership between Pacific Retail Capital Partners and Silverpeak Real Estate Partners has acquired Eastridge, a 1.4 million-square-foot super-regional mall located in San Jose, for over $200 million. The two-story enclosed regional mall was purchased in an off-market transaction with General Growth Properties. In 2007, General Growth Properties completed a $140 million expansion and renovation of the mall. Tenants at the center include Round 1 Bowling and Amusement, Barnes & Noble, JC Penney, Macy’s, Sears, Forever 21, Tilly’s, Bath & Body Works, Victoria’s Secret, Chili’s, Red Robin and Olive Garden. H&M is anticipated to open in the fall of 2016. The new owners plan to invest approximately $15 million in renovations to the mall.

January 19, 2016

California Retail Western

CBRE Arranges $85M Sale of Buena Park Regional Mall

by Nellie Day January 19, 2016

BUENA PARK, CALIF. — CBRE Group Inc. has arranged the $85 million sale of Buena Park Downtown, a 535,000-square-foot regional mall. Philip Voorhees of CBRE represented the seller, Coventry Real Estate Advisors, and Timothy Bower and Johnny Choi of CBRE represented the buyer, Newkoa LLC, in the transaction. The mall was 93 percent leased at the time of sale to tenants including DSW, TJ Maxx, Bed Bath & Beyond, 24 Hour Fitness and Metroplex Theaters.

January 19, 2016

California Retail Western

Savills Studley Negotiates $76.3M Sale of Warner Plaza in Woodland Hills

by Nellie Day January 19, 2016

WOODLAND HILLS, CALIF. — Savills Studley has brokered the sale of Warner Plaza, a 115,000-square-foot neighborhood shopping center in Woodland Hills. Plaza International, a private company that owned the asset for 41 years, sold the property to ROIC Warner Plaza LLC, an entity of Retail Opportunity Investment Corp., for $76.3 million. Located at 21841 Ventura Blvd., the property is occupied by Sprouts Farmers Market, Coffee Bean & Tea Leaf, Dickies BBQ and Jerry’s Famous Deli. Bill Bauman and Kyle Miller of Savills Studley arranged the off-market transaction.

January 19, 2016

California Retail Western

The Khoshbin Company Buys Three Newport Beach Properties for $28.9M

by Nellie Day January 18, 2016

NEWPORT BEACH, CALIF. — Irvine, Calif.-based The Khoshbin Company has acquired three retail properties in Newport Beach from GP’s Landing LLC for $28.9 million. Located at 2751 and 2801 Coast Highway and 2620 Avon St., the properties consist of 29,341 square feet, a marina and include two well-known landmarks — Billy’s at the Beach and The Ritz restaurant, formerly The Chart House. Alton Burgess and Travis Haining of Lee & Associates Newport Beach represented the buyer, while Brian Barson of Lee Newport Beach represented the seller in the transaction.

January 18, 2016

California Loans Multifamily Seniors Housing Western

CBRE Provides $32.3M Fannie Mae Loan for Seniors Housing Community in Chico

by Nellie Day January 18, 2016

CHICO, CALIF. — CBRE Multifamily Capital has originated a $32.3 million loan for The Terraces Senior Living, a 138-unit independent living and assisted living community in Chico, approximately 90 miles north of Sacramento. The community is part of a master planned age-restricted community. The borrower, California-based owner/operator Westmont Living, will use the money to convert assisted living units into memory care units. The non-recourse, 10-year, fixed-rate loan includes four and a half years of interest-only payments. CBRE secured the loan through its Fannie Mae program. Andrew Behrens, vice chairman of CBRE Multifamily Institutional Group, and Aron Will, executive vice president of CBRE National Senior Housing, arranged the loan.

January 18, 2016

California Retail Western

Strategic Retail Advisors Negotiates $8M Acquisition of 104,423 SF Retail Property in California

by Nellie Day January 18, 2016

LA HABRA, CALIF. — Strategic Retail Advisors has negotiated the $8 million acquisition of Northgate González Markets at La Habra Towne Centre in La Habra. Situated on 9.2 acres, the 104,423-square-foot property is occupied by CVS/pharmacy, Petco and Jack in the Box. Nelson Wheeler and Blaine Bush of Strategic Retail Advisors represented the buyer, Northgate González Markets, while Jones Lang LaSalle represented the undisclosed seller.

January 18, 2016

California Retail Western

JV Receives $29.6M Acquisition Loan for 22-Property Del Taco Portfolio

by Nellie Day January 15, 2016

SAN DIEGO — San Diego-based Capital Real Estate Ventures Inc., along with its joint venture partner, Orion Investment and Management Ltd. Corp., has received $29.6 million in acquisition financing for four Del Taco portfolios, totaling 22 properties, in Southern California. HFF placed the non-recourse, two-year, floating-rate loan with Wells Fargo Restaurant Finance Group for the borrower. All properties in the four portfolios feature new long-term leases with Del Taco, a fast food restaurant specializing in Mexican cuisine. The properties are located in Colton, Highland, Lake Elsinore, La Verne, Moreno Valley, Palmdale, Placentia, Perris, Rancho Cucamonga, Rialto, Riverside, Sacramento, Temecula, Thousand Palms, Torrance, Upland, Walnut, Victorville and Vista. Kevin Mackenzie and Greg Brown of HFF secured the financing for the borrower.

January 15, 2016

California Retail Western

Shea Properties Announces Three New Tenants at Mercado del Barrio in San Diego

by Nellie Day January 15, 2016

SAN DIEGO — Shea Properties has signed three new tenants to Mercado del Barrio, a mixed-use center located under the Coronado Bridge in San Diego’s Barrio Logan. Marciscos el Pulpo, a seafood restaurant, celebrated its grand opening on January 10; MishMash, a gourmet street-food truck and catering company, is opening its first brick-and-mortar location in the first quarter of this year; and The Gear Group, a tactical equipment retailer, is also opening this quarter. In addition to the new tenants, Fathom Crossfit is expanding its current location at the center to 6,111 square feet in mid-January. Other tenants at the property include Northgate Market, Little Caesars, T-Mobile, Asia Wok, Fade Factory, Iron Fist Brewing Co., National Laundry & Dry Cleaning, Sally Beauty and Tocumbo Ice Cream & Tortas.

January 15, 2016

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