UNIVERSITY CITY, CALIF. — Scripps Health and Irvine Co. have opened Scripps HealthExpress, a retail health clinic at The Plaza, Irvine Co.’s office complex in University City. Located at 4350 La Jolla Village Drive, the 1,691-square-foot facility will feature four exam rooms and a variety of medical and wellness services on an appointment and walk-in basis. Scripps Clinic will operate the facility. The is the first healthcare facility in San Diego County to open in a workplace community.
LOS ANGELES — PB Financial Group Corp. has funded 20 loans throughout California for a total of more than $8.7 million. The Los Angeles-based firm financed a variety of projects, from industrial buildings to multifamily properties. The properties are situated throughout the state, including Los Angeles, San Francisco, Palm Springs and various San Diego submarkets. PB Financial specializes in privately funded transactions for commercial and residential real estate in California.
WEST COVINA, CALIF. — A joint venture between Stillwater Investment Group, Greenlaw Partners and CrossHarbor Capital Partners has acquired The Lakes at West Covina, a 176,843-square-foot office campus, for $34.8 million. The two-building campus is located at 1000 and 1050 Lakes Drive in West Covina. The Class A campus is 73.5 percent leased. Notable tenants include Wells Fargo Bank, Balfour Beatty, State of California and the U.S. Government Services Administration. Taylor Ing, Drew Sanden and Scott Maples of Cushman & Wakefield are the leasing agents for the Lakes at West Covina. This is the JV’s first acquisition. It plans to focus on the Southern California office market, in addition to assets it can purchase well below replacement cost.
LOS ANGELES — Munger, Tolles & Olson LLP has leased 150,500 square feet at a 52-story office tower in Downtown Los Angeles. The building is located at 350 S. Grand Ave. It is referred to as “2 Cal.” The law firm specializes in litigation, corporate, labor and employment, environmental, real estate, financial restructuring and tax. It plans to relocate to the space in early 2017. The landlord is CIM Group.
LOS ANGELES — Elevated Returns has purchased an 80 percent stake in the 81-room Sunset Tower hotel in West Hollywood for $75 million. The hotel is located at 8358 Sunset Blvd. Partial owner and operator Jeff Klein will retain his 20 percent stake in the Art Deco hotel. He will also continue his role in the day-to-day operations of the property. Elevated Returns also recently purchased the St. Regis Resort in Aspen, Colo., as well as the Chefs Club restaurants in Aspen and New York. Stephane De Baets leads the group. The seller was KKHG Sunset Tower LLC, an investment group headed by Peter Krulewitch. JLL’s Jeffrey Davis, John Strauss and Tony Muscio executed the transaction.
LONG BEACH, CALIF. — A joint venture between Ocean West Capital Partners and Singerman Real Estate has acquired a 210,281-square-foot office complex in Long Beach for $35.2 million. The complex is located at 100 West Broadway Ave. within the Central Business and Pine Avenue entertainment districts. The two-tower, six-story property is currently 70.2 percent occupied. Major tenants include the City of Long Beach, Echo Global and Mental Health Association of America, as well as the newly renovated King’s Fish House and George’s Greek Café on the ground floor. CBRE’s Kevin Shannon, Brad Burton and Ken White represented the seller, Adler Realty Investments, in this transaction.
SAN MARCOS, CALIF. — Halimeh Hamideh has leased 1,142 square feet of restaurant space at 133 N. Twin Oaks Valley Road in San Marcos. The lessee plans to open a Pita’s Mediterranean Grill at the location within San Marcos Civic Center Plaza. The five-year lease has a $189,166 consideration. Bill Thaxton of Flocke & Avoyer Commercial Real Estate represented the lessor in the transaction. The lessee was self-represented.
HEMET, CALIF. — Hanley Investment Group has arranged the sale of Hemet Plaza, a shopping center located in Hemet east of Los Angeles. A Santa Ana-based private investor acquired the property for $5.5 million, representing a 6.3 percent cap rate. Situated on four acres, the property is occupied by Big Lots, True Value, Farmers Insurance, Jackson Hewitt Tax Services, Rent-A-Center, Metro PCS and U.S. Postal Service. The six-building center, which was built in 1985, was 71 percent occupied at the time of sale. Pat Kent of Hanley Investment Group represented both the seller, a private investor based in Tucson, Ariz., and the buyer in the transaction.
LOS ANGELES — Avison Young has brokered a 10-year lease for 7,600 square feet of restaurant space at 1000 S. Olive St. within the South Park submarket of downtown Los Angeles. PSP Investment Group leased the space to Bar Mikkeller. The tenant is planning a total renovation of the site with a grand opening slated for early fall 2016. Bar Mikkeller, which has locations in Copenhagen, Denmark; San Francisco; Bangkok; Stockholm; Reykjavik, Iceland; Seoul, South Korea; and Tokyo, offers craft beer. Derrick Moore and Amit Parekh of Avison Young represented the landlord and tenant in the transaction.
LOS ALAMITOS, CALIF. — Minnesota-based operator The Goodman Group will hold a grand opening Thursday for Pearl Garden, a 19-unit memory care community within the Katella Senior Living community in the Los Alamitos submarket of Los Angeles. Pearl Garden will add memory care to the community’s existing independent living and assisted living units. The new units are intended to allow residents to age in place at Katella longer. Alamitos West Health Care Center, a skilled nursing and rehabilitation community also managed by Goodman Group, is located on the same campus. The full-service Los Alamitos Medical Center is located across the street.
