California

Ellis Partners Buys The Pruneyard Mixed-Use Property in Campbell

by Nellie Day October 24, 2014

CAMPBELL, CALIF. – Ellis Partners has acquired The Pruneyard, a 27-acre, mixed-use property in Campbell. Though the sales price was not released, reports put it as high as $300 million. The Pruneyard contains more than 365,000 square feet of office space, more than 250,000 square feet of retail space and a 171-room Doubletree hotel. It is located at the intersection of Campbell and Bascom avenues in Silicon Valley. The property initially opened in 1969. An 18-story office tower was added in 1970, while a second made its debut in 1972. The hotel component, which was formerly known as the Pruneyard Inn, opened in 1989. It was renovated and expanded in 1998. Ellis plans to complete the hotel’s most recent renovation. Seller Equity Office Properties began those renovations in 2013 when the hotel was being converted into the Hilton DoubleTree. Notable retail tenants at The Pruneyard include Marshall’s, Sports Basement, Trader Joe’s and Camera Cinemas.

October 24, 2014

California Office Western

Cypress West Partners Buys Glendale Medical Office Building for $29M

by Nellie Day October 24, 2014

GLENDALE, CALIF. – Cypress West Partners has acquired a 76,758-square-foot medical office building in Glendale for $29 million. The four-story building is located at 1500 E. Chevy Chase Drive. The facility was built in 2008. It sits on the Glendale Adventist Medical Center campus. Cypress West was represented by DAUM Commercial Real Estate Services.

October 24, 2014

California Office Western

Mission Health Center in Rancho Santa Margarita Sells for $7.8M

by Nellie Day October 24, 2014

RANCHO SANTA MARGARITA, CALIF. – Mission Health Center, a 23,289-square-foot medical office building in the Orange County submarket of Rancho Santa Margarita has sold to Cypress West Realty Partners LLC for $7.8 million. The center is located at 22032 El Paseo within the Rancho Santa Margarita Town Center. Mission Health Center was built in 2001. It was 77 percent leased to six medical and dental tenants. The largest tenant is Mission Hospital Regional Medical Center. Dan Vittone and Alan Pekarcik of Avison Young represented both the buyer and the unnamed seller in this transaction.

October 24, 2014

California Multifamily Western

Sherman Apartments in Los Angeles Sells for $5.2M

by Nellie Day October 23, 2014

LOS ANGELES – The 60-unit Sherman Apartments in Los Angeles has sold to Lion Real Estate Group for $5.2 million. The community is situated in Koreatown, near three of Downtown’s metro stations. It was built in 1926. Lion Real Estate plans to invest about $1 million to redevelop the property and appeal to urban lifestyle professionals. Peter Strauss of Iconic Investments represented both the buyer and seller, a local private investor, in this transaction.

October 23, 2014

California Retail Western

In-N-Out Burger Leases Space at the Shoppes at Westlake Village

by Nellie Day October 23, 2014

LOS ANGELS – In-N-Out Burger has leased 3,800 square feet at the Shoppes at Westlake Village. The retail center is located just off the 101 freeway at Lindero Canyon Road in the Los Angeles submarket of Westlake Village. The burger chain was represented by Keith Kleinman and Mark Esses of California Realty Group. The landlord, Selleck Development Group, was represented by Lee & Associates.

October 23, 2014

California Office Western

Airport Business Center in Irvine Receives $158M in Financing

by Nellie Day October 22, 2014

IRVINE, CALIF. – Airport Business Center, a 1.2-million-square-foot office/flex industrial park in Irvine, has received $158 million in financing. The 75-acre campus is located just across Interstate 405 from John Wayne Airport. The funds will refinance an existing loan held by two life insurance companies. This loan carried an outstanding balance at closing of about $154.4 million. The 68-building Airport Business Center has been owned and managed by The Koll Company since it purchased the land and commenced construction in 1969. The park contains 700 units. The five-year, fixed-rate, full-term, interest-only loan was arranged by CBRE Capital Markets’ Debt & Structured Finance team. It was facilitated by CBRE’s Brian Halpern, Ben Wagner, Sharon Kline, Marina Massari and Jason Ritchie. The loan features an all-in interest rate in the low 5 percent range. Koll received interest rate strategy advice from Tim Mitchell and Kris Barber of Chatham Financial’s Denver office.

October 22, 2014

California Multifamily Western

San Vicente on the Park in Los Angeles Sells for $75.3M

by Nellie Day October 22, 2014

LOS ANGELES — Douglas Emmett has acquired San Vicente on the Park, a 216,000-square-foot office complex in Los Angeles, for $75.3 million. The two-building complex is located at 6310 San Vicente Blvd. The boutique, five-story property sits adjacent to Cedars Sinai Medical Center, Beverly Hills and the Miracle Mile district. It caters to entertainment-related firms, business services and medical tenants. PRP LLC originally acquired the complex in 2009.

October 22, 2014

California Multifamily Western

Virtu Investments Buys Natomas Ridge Apartment Complex Near Sacramento

by Nellie Day October 22, 2014

SACRAMENTO, CALIF. – Virtu Investments has acquired the 796-unit Natomas Ridge apartment complex in the Sacramento submarket of Natomas for a reported $62 million. The community is located at 2025 W. El Camino Ave. Natomas Ridge was 94 percent occupied at the time of sale. It is situated just eight minutes from downtown Sacramento, via Interstate 5. The community was constructed in 1979. About 765 of the community’s 796 units have undergone complete kitchen and bathroom renovations. The transaction was executed by Mark Leary, Curtis Gardner and John McCulloch of the ARA Pacific team. The seller was a global investment manager.

October 22, 2014

California Hospitality Western

Three SoCal Marriott Properties Change Hands in Receivership Sale

by Nellie Day October 22, 2014

THOUSAND OAKS AND SAN LUIS OBISPO, CALIF. — BRE Atlas Property Owner LLC recently picked up three Marriott hotel properties in Thousand Oaks and San Luis Obispo through a receivership sale. The sales price was not disclosed. The three properties included in the receivership sale are: the 139-room Courtyard Marriott at 1605 Calle Joaquin in San Luis Obispo; the 93-room TownePlace Suites by Marriott at 1712 Newbury Road in Thousand Oaks; and the 120-room Courtyard Marriott at 1710 Newbury Road, also in Thousand Oaks. Trigild was appointed receiver of the properties in 2013 after a long legal dispute between certain members of the family trust that owned the three properties, in addition to the Best Western Valencia and Holiday Inn Express Valencia. The court directed Trigild to oversee property management and the operations of the properties. The firm completed the receivership sale of the Holiday Inn Express and Best Western properties in Valencia this past August. The remaining three properties were sold after a Monterey California Superior Court judge ruled in favor of the sale, overruling the objections of some of the trust beneficiaries. The receiver’s counsel was Fernando Landa of Crosbie Gliner Schiffman Southard & Swanson LLP. Alan Reay …

October 22, 2014

California Multifamily Western

RC Acquisitions Buys National City Tower in Los Angeles for $43.2M

by Nellie Day October 22, 2014

LOS ANGELES — RC Acquisitions has purchased National City Tower, a historic adaptive reuse development in Downtown Los Angeles, for $43.2 million. The 118,162-square-foot property is located at 810 South Spring Street in the Financial District. National City Tower was built in 1924 and redeveloped in 2008. It formerly served as a National City Bank branch. The property now contains 93 residential lofts, in addition to ground-floor and basement retail space. The retail portion was fully occupied by tenants like Terroni restaurant, Peking Tavern and Crane’s Downtown Bar. The residential component is 97 percent occupied. Janet Neman and Bryan Glenn of Charles Dunn Company represented both the buyer and seller, National City Towers LLC, in this transaction.

October 22, 2014

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