VISALIA, CALIF. — G4 Enterprises Ltd. has acquired Midstate 99 Distribution Center, a 790,000-square-foot industrial complex in Visalia, for $33.4 million. The facility is situated in a major agricultural hub in California’s Central Valley, about 40 miles south of Fresno. G4 Enterprises made an unsolicited offer to purchase the property from Alexander & Baldwin (A&B). The seller plans to use the funds to invest in Hawaii and enhance its current communities.
ANAHEIM, CALIF. — Kisco Senior Living has completed expansion and renovations at Emerald Court, an independent living and assisted living community in Anaheim. The $22.5 million project includes a new two-story building with 58 assisted living residences, a demonstration kitchen and dining venue, and a wellness center. The expansion physically connects with the existing building and adds additional space to the courtyard. As part of the project, renovations were made to the main dining room, as well as corridors, lighting, the activity room and the salon of the existing building. A total of 58,000 square feet was added to the community overall. Following the expansion, Emerald Court now features 146 independent living and 104 assisted living apartments.
COLORADO SPRINGS, COLO. — Pride Rock has acquired The Preserve at Hidden Creek, an apartment community in Colorado Springs, for an undisclosed sum. The 240-unit community is located at 5910 Vista Ridge Point. The Preserve was built in 1996. Many of the units have been recently upgraded with vinyl plank flooring, new appliances and refinished countertops. Community amenities include a clubhouse, fitness center, pool, hot tub, barbecue grilling station, fire pit and more than 480 parking spaces. The low-density, garden-style community is adjacent to the Sunset Mesa open space with access to trails and recreation. CBRE’s Dan Woodward, David Potarf, Matt Barnett and Jake Young represented the seller, Griffis Blessing, in this transaction.
MURRIETA, CALIF. — Lee & Associates – North San Diego County has arranged the sale of seven acres of land in Murrieta, located between Los Angeles and San Diego, for $1.3 million. The buyer plans to construct a 137-unit memory care community on the site. The plot is an infill development opportunity located near retail, schools, parks and new residential developments in the expanding region. Murrieta’s population more than doubled between 2000 and 2010, according to Lee & Associates. Al Apuzzo and Matt Weaver of Lee & Associates – North San Diego County and Brian Bielatowicz of Lee & Associates – Temecula represented both the seller, The United Church of the Valley, and the buyer, Riverside Care Group LLC of Seattle.
LOS ANGELES — LA Hana OW LLC has acquired DreamWorks Animation’s headquarters and studio campus, a 460,000-square-foot creative office campus in the Los Angeles submarket of Glendale, for $290 million. The five-building campus is located at 1000 Flower St. The property is fully leased on a triple-net basis to DreamWorks Animation SKG, a wholly owned subsidiary of Comcast Corp., through 2035. The Mediterranean-style campus features landscaped courtyards, a manmade river, library, fitness center and screening room, among other amenities. The campus was built on 15 acres in 1997. LA Hana OW, an entity of Hana Asset Management and OceanWest, plans to hold the property long-term. The buyer represented itself in the transaction, while NKF’s Kevin Shannon, Ken White and Laura Stumm represented the seller, The GC Net Lease Investors LLC. GC Net Lease is an entity of Griffin Capital Co., which acquired the property in July 2015 for $215 million. Comcast acquired DreamWorks in August 2016. DreamWorks Animation SKG is an animation studio that has released such children’s films as the Shrek, Kung Fu Panda and Madagascar series. The studio is a subsidiary of Universal Studios, which is itself a division of NBCUniversal. The studio’s feature films have grossed $14.5 billion …
LAKE OSWEGO, ORE. — CBRE has arranged a $66.4 million loan for the construction of The Springs Living Lake Oswego, a 216-unit seniors housing community in the Portland suburb of Lake Oswego. The community will feature 75 independent living units, 30 “assisted living lite” units, 87 assisted living units and 24 memory care units. The 370,887-square-foot building will encompass a five-story residential building over two levels of parking. The development is situated on 4.8 acres. Aron Will of CBRE National Senior Housing secured the four-year, floating-rate construction loan with 48 months of interest-only payments from a pair of national banks. The Springs Living will operate the community once it is completed. A timeline was not released.
PHOENIX — An undisclosed buyer has purchased the 240-unit Mountain Park apartments in Phoenix’s Ahwatukee Foothills Village for $40.4 million. The community is located at 4221 E. Ray Road. Mountain Park has immediate access to Interstate 10, Loop 202/the Santan Freeway, U.S. 60/the Superstition Freeway, Loop 101/the Price Freeway and the Loop 202 Expansion/South Mountain Freeway. The community was developed in 1994. Institutional Property Advisors brokered the sale.
RENO, NEV. — LBA Realty has acquired a Class A manufacturing and distribution center in Reno for $29.5 million. The facility is located at 9460 N. Virginia St. The seller was CP Logistics NVCC Building A2 LLC, a joint venture between CalSTRS, California State Teachers’ Retirement System and Panattoni Development Co. The asset serves as the headquarters for Mary’s Gone Crackers. The property is part of the North Valleys Commerce Center’s 1.48 million-square-foot Phase I. The land was originally sold to CP Logistics, which leased the facility to tenants like Microflex, Trademark Global and Exxel Outdoors. Mike Nevis, Dave Simonsen and Michael Hoeck of Kidder Mathews, in conjunction with JLL Capital Markets, represented the seller in this transaction.
WALNUT CREEK, CALIF. — Lane Partners has purchased Station Plaza, a 49,542-square-foot office building in Walnut Creek, for an undisclosed sum. The building is located at 3100 Oak Road. It is part of the 2.4 million-square-foot Contra Costa Transit Village. Station Plaza is 94.2 percent leased to 16 tenants that span financial, healthcare, legal, consulting and government sectors. Contra Costa Transit Village encompasses office, residential and commercial space with 6,000 employees, 2,700 residential units and two hotels. NKF’s Forrest Gherlone, Mike Zylstra, Grant Lammersen, Tim Walling and Steve Golubchik represented the seller, Thomas Properties, in this transaction.
LOS ANGELES — CBRE has arranged the $8.2 million sale of a 12,715-square-foot retail property leased to CVS/pharmacy in Los Angeles. Alex Kozakov and Patrick Wade of CBRE arranged the transaction on behalf of the seller, Paragon Commercial Group. Millenium Investment LLC acquired the asset. The property is located three miles from downtown Los Angeles.