IRVINE, CALIF. — Irvine-based REIT HCP (NYSE: HCP) and Louisville-based operator Atria Senior Living have agreed to transfer operations of 24 HCP-owned seniors housing properties to Atria. Brookdale Senior Living currently operates the properties. The transitions will begin this month and are expected to be completed by September, as the required regulatory approvals are obtained.
DAVIS AND FULLERTON, CALIF. — Campus Advantage has been awarded management of two student housing communities in California.bThe properties include College Square, a 448-bed community located within walking distance of the University of California, Davis; and University Village, a 305-bed community located near California State University, Fullerton. Both properties are garden-style. College Square offers shared amenities including three swimming pools, a fitness center, grilling and picnic area, 24-hour laundry facilities, study lounge and business center. Shared amenities at University Village include onsite food service, a swimming pool, fitness center, laundry facilities, bicycle storage, package lockers, Wi-Fi hotspots throughout common areas and a recreational room with billiards, foosball, a big screen TV and lounge areas. Renovations are planned for common areas and units, and Catalyst is set to perform full rebrands at both properties.
REDONDO BEACH AND HAWTHORNE, CALIF. — Bellwether Enterprise has closed $15.5 million in refinance loans for two industrial properties in metro Los Angeles. The refinancing included a 10-year, $10.3 million loan for the Northrop Grumman industrial building in Redondo Beach and an 11-year, $5.2 million loan for the Van Ness Commerce Center in Hawthorne. Shelley Magoffin and Max Sauerman of Bellwether Enterprise arranged the loans, which both featured fixed interest rates in the upper 3 percent range and life insurance company lenders. The 112,000 square-foot Northrop Grumman industrial building is occupied by a single tenant that has more than five years remaining on its lease. Van Ness Commerce Center features 63,000 square feet of warehouse space with a 24-foot minimum clear height. The building was 100 percent leased to two tenants when the financing was arranged, and both tenants had near-term rollover risk.
CLOVIS, N.M. — Capital One has provided a $11.3 million HUD refinancing for Wheatfields Senior Living Community, a 101-bed assisted living facility in Clovis, near the Texas border. Wheatfields opened in 2008 as five detached independent living cottages. The assisted living building was added in 2011. The transaction allows the borrower to replace bank debt with long-term financing and recoup capital expenditures on the property. Joshua Rosen of Capital One originated the fixed-rate loan, which has a term of 35 years.
PORTLAND, ORE. — Union Investment Real Estate GmbH has acquired The Porter, a 294-room boutique hotel in downtown Portland, for $148.8 million. The 16-story hotel is located at 1355 SW 2nd Ave. in the city’s Central Business District. The asset is part of the Curio Collection by Hilton brand. Syracuse, N.Y.-based Widewaters Hotels is the hotel’s developer, vendor and operator. Union Investment purchased the property from Widewaters via its open-ended real estate fund Unilmmo: Global. “The Porter is the ideal addition to our U.S. portfolio, which is set to grow at a similar pace going forward as in recent years,” says Andreas Löcher, head of investment management hospitality at Union Investment. The Porter, which opened this past January, features an upmarket restaurant on the ground floor, a coffee bar and a grab-and-go market, as well as a rooftop restaurant and lounge. The hotel also provides about 1,200 square feet of conference space, in addition to a heated indoor pool and a fitness center, which offers individual meditation and yoga rooms. Portland is Union Investment’s sixth targeted hotel location in the U.S. and its second on the West Coast. The Hamburg, Germany-based real estate investment manager acquired the Hilton Garden Inn …
INDIO, CALIF. — Haagen Co. has acquired the Indio Fashion Mall, a 215,000-square-foot shopping mall in Indio, for an undisclosed price. REO Property Group LLC sold the asset, according to the Desert Sun. Haagen Co. plans to redevelop and expand the property, which was 30 percent leased at the time of sale, into a retail, dining and entertainment destination. The design will include public gathering spaces, areas reserved for community events and landscaping throughout. In addition, Haagen Co. plans to incorporate the adjacent 20 acres of land, owned by the City of Indio, into the new development. Current retailers at the mall will remain open for business while design plans are in progress. Haagen Co. plans to begin the first phase of redevelopment in 2019.
THORNTON, COLO. — Inland Real Estate Acquisitions has purchased the 322-unit Ashford East 88 apartments in Thornton for an undisclosed sum. The community is located at 101 E. 88th Ave. A combined $11 million in capital improvements were completed by the two previous owners of Ashford East 88. The seller, Radco Cos., replaced the 1973-built property’s roofs, balconies and siding. Terrance Hunt and Shane Ozment of ARA Newmark represented the seller in this transaction.
LOS ANGELES — Maple DTLA LLC has acquired the Rosenthal Property Portfolio in Los Angeles for $15.5 million The 102,859-square-foot industrial portfolio is situated in the East Los Angeles/Boyle Heights area. Iqbal Hassan of the Quantum Associates represented the buyer. Jon Reno, Robert Thornburgh, Tom Holland and Trevor Gale represented the seller, Rosenthal Property Owners, in this transaction.
LONGMONT, COLO. — A limited liability company has acquired the 210-room Best Western Plus Plaza Hotel Longmont for $11.5 million. The hotel is located at 1900 Ken Pratt Blvd. It was opened in 1982. The buyer will retain the current operations and staff. The hotel and conference space will undergo a renovation. Gordon Allred, Brandon Kramer and Bob Kaplan of Marcus & Millichap represented the seller, also an LLC.
LOS ANGELES — Hudson Pacific Properties (NYSE: HPP) and Macerich (NYSE: MAC) have formed a joint venture to redevelop Westside Pavilion, a 600,000-square-foot shopping mall located in west Los Angeles, into creative office space. The project is expected to cost between $425 and $475 million. At completion, the development will be home to 500,000 square feet of state-of-the-art creative office space, while retaining 100,000 square feet of existing entertainment retail space. The 12-screen Landmark Theatres, Westside Tavern restaurant and other shops primarily located on the ground floor will remain in the reconfigured space, according to reports by the Los Angeles Times. Anchor Macy’s is set to close at the end of this month, and Nordstrom left the property last year to open at Westfield Century City. Project completion is scheduled for summer 2021. Hudson Pacific will hold a 75 percent stake in the property, and will act as managing member, day-to-day operator and developer. Macerich will hold the remaining 25 percent. “Westside Pavilion is a perfect opportunity for us to reposition a marquee asset in a premier location,” says Victor Coleman, chairman and CEO of Hudson Pacific. “The project is poised to capture the strong demand from tenants for creative office …