California

The Abbey Company Receives $310M to Recapitalize SoCal Portfolio

by Nellie Day September 16, 2015

LOS ANGELES — The Abbey Co. has received a $310 million bridge loan to recapitalize a 34-property Southern California portfolio. The assets securing the loan total about 3 million square feet of office, industrial and retail properties. The properties are situated throughout the Inland Empire, San Diego, Los Angeles and Orange counties. The proceeds were used to refinance two maturing CMBS loans and increase cash flow across the portfolio. David Blitz of Nebo Capital arranged the interest-only loan. Sklar Kirsh acted as the firm’s legal advisors.

September 16, 2015

California Multifamily Western

Inspire Communities Near Sacramento Names David Gold as New CEO

by Nellie Day September 16, 2015

GOLD RIVER, CALIF. — Inspire Communities has named David L. Gold as its new CEO. The manufactured housing community owner is located in Gold River, just west of Sacramento. Gold has more than 30 years of institutional experience owning, financing and investing in domestic and international commercial real estate, with a focus on low- and middle-income housing. He co-founded Rockland Capital Partners in 2011, and was a managing director at Los Angeles-based real estate private equity firm Paladin Realty Partners for more than a decade. The firm’s former CEO, Matt Follett, will remain as a board member of Inspire Communities. His focus will be limited to acquiring manufactured housing communities in Washington, Oregon and California. Private investment firm American Infrastructure MLP Funds also recently announced it will invest in Inspire’s infrastructure-related operating businesses that are profitable and can expand quickly with additional capital.

September 16, 2015

California Office Western

Carmenita Corporate Plaza in Cerritos Changes Hands

by Nellie Day September 15, 2015

CERRITOS, CALIF. — Carmenita Corporate Plaza, a 68,779-square-foot office building in Cerritos, has sold to a private exchange buyer for an undisclosed sum. The plaza is located at 13340 183rd St. It is fully leased to Infinity Property & Casualty Corporation. CBRE’s Kevin Shannon, Paul Jones and Blake Bokosky represented the seller, an affiliate of Cohen Asset Management.

September 15, 2015

California Industrial Loans Western

Partners Capital Property Provides $3.4M Acquisition Financing for Industrial Facility in Downtown LA

by Nellie Day September 15, 2015

LOS ANGELES — Partners Capital Property has provided a $3.4 million bridge loan for the acquisition of a 245,000-square-foot industrial facility in downtown Los Angeles’ Arts District. The two-building property is situated on four acres. Bobby Khorshidi of Partners Capital Finance arranged the deal. It allowed the borrower to acquire the property. The site was under a long-term escrow.

September 15, 2015

California Industrial Loans Western

Partners Capital Solutions Provides $16M Construction Loan for California Industrial Park

by Nellie Day September 14, 2015

ONTARIO, CALIF. — A new industrial park that will be situated adjacent to Ontario International Airport has received a $16 million construction loan. The funds will finance the development’s ground-up construction. The borrower was Mission Grove Partners. The loan was provided by Partners Capital Solutions.

September 14, 2015

California Retail Western

Hanley Investment Group Arranges Sale of Two Retail Centers for $13M

by Nellie Day September 14, 2015

CORONA DEL MAR, CALIF. — Corona Del Mar-based Hanley Investment Group has arranged the sale of two retail centers totaling nearly 250,000 square feet for $13 million. Properties included Blaine International, a 130,448-square-foot grocery-anchored shopping center located in Blaine, Washington; and Cedar South Shopping Center, a 118,319-square-foot shopping center located in Cedar City, Utah. A Texas-based investment company acquired the properties from Phillips Edison. Eric Wohl, Edward Hanley and Kevin Fryman of Hanley Investment Group represented the seller and buyer in the sale of Blaine International. Eric Wohl represented the buyer in the purchase of Cedar South Shopping Center.

September 14, 2015

California Multifamily Seniors Housing Western

Reliant Acquires 52-Bed Skilled Nursing Facility in Northern California for $4.5M

by Nellie Day September 14, 2015

SAN RAFAEL, CALIF. — Reliant Management Group LLC has purchased Northgate Care Center, a 52-bed skilled nursing facility in San Rafael near San Francisco, from Meridian Foresight Management for $4.5 million. The sale price translates to about $87,000 per bed. Reliant, an owner/operator based in Baton Rouge, La., that was already operating the facility, made the acquisition as part of a lease-purchase agreement. A group of Los Angeles investors looking to expand their California skilled nursing portfolio owns Reliant. Meridian is looking to divest the majority of its skilled nursing portfolio. Shep Roylance of JCH Consulting Group brokered the transaction, representing both the buyer and seller.

September 14, 2015

California Multifamily Western

Construction is Complete on Phase II of Playa Del Oro in Los Angeles

by Nellie Day September 14, 2015

LOS ANGELES — Construction is now complete on Phase II of Playa Del Oro, a 260-unit addition to the existing 405-unit residential and mixed-use complex in Los Angeles. The community is located at the corner of Manchester Avenue and Lincoln Boulevard in the Westchester district. The original structure was built in 2009. The new addition is a concrete, podium-style structure with 235 units above the podium slab, along with 25 units situated at street level, which also contains 5,000 square feet of retail space. Phase II also adds a variety of lifestyle amenities to the complex, including a lounge, fitness on demand, a video game lounge and resident café. It also received a new landscaped courtyard with water features and outdoor living areas. Decron Properties developed the property, which Bernards build and Van Tilburg, Banvard & Soderbergh designed.

September 14, 2015

California Office Western

Ivanhoé, Callahan Acquire PacMutual Office Property in Downtown LA

by Nellie Day September 11, 2015

LOS ANGELES — Ivanhoé Cambridge and its partner Callahan Capital Properties have acquired a full interest in the PacMutual office property in Downtown Los Angeles for $200 million. The property is located at 523 W. 6th St. The three buildings contain a total of 464,000 square feet. They are interconnected. PacMutual is situated near the 7th Street retail corridor, L.A. LIVE entertainment complex, Staples Center arena, Broadway Theater District, South Park neighborhood, and mixed-use developments like the Bloc and Wilshire Grand.

September 11, 2015

California Loans Office Western

Hines Receives $100M in Financing to Acquire, Redevelop Offices in Irvine

by Nellie Day September 11, 2015

IRVINE, CALIF. — The Quintana office campus, a 421,935-square-foot office campus in Irvine, has received $100 million in financing. The floating-rate debt package will finance the acquisition, redevelopment and re-tenanting of the Class A property, which Hines purchased in August. The four-building Quintana campus is situated at the intersection of Main Street and Von Karman Avenue in the Irvine Business Complex. One of the buildings is fully leased to StrataCare, a wholly owned subsidiary of Xerox Corporation. The remaining three are vacant. Quintana represents the largest block of contiguous office space currently available for a large user in Orange County. It is also the only remaining big block in the airport area, according to New York Life Real Estate Investors, which originated the funds on behalf of institutional investors. HFF’s Kevin MacKenzie worked on behalf of Hines. The floating rate debt package has a total available term of five years.

September 11, 2015

Newer Posts

Older Posts