LAS VEGAS — Calmwater Capital has provided a $15.2 million loan for the development of a new shopping center in Las Vegas, located adjacent to the Palms Casino Resort. Calmwater arranged the two-year, senior loan on behalf of the borrower, an entity controlled by CAI Investments. The developer plans to construct five pad sites for the center, totaling 27,000 square feet. Signed tenants at the center include Walgreens, Wahoo’s Fish Tacos, Denny’s, Del Taco and Dunkin’ Donuts. The project is estimated for completion over the next 12 to 18 months.
LOS ANGELES — Centre Partners, a leading middle market private equity firm with offices in Los Angeles and New York, has sold its portfolio company Captain D’s. The buyer and price were not disclosed. Captain D’s is a seafood-themed operator in the quick-service restaurant (QSR) sector. The Captain D’s system consists of 530 restaurants, including 227 franchised and 303 company-owned locations in 21 U.S. states, with established strongholds in the Southeast and Midwest. Founded in 1986, Centre Partners has invested over $2 billion of equity capital in more than 75 transactions since its inception.
LOS ANGELES — A joint venture between Stanton Road Capital and Second City has purchased an 89,000-square-foot office property in the Los Angeles submarket of El Segundo for $35.5 million. The building is located at 898 Sepulveda Blvd. The office space is 98 percent leased. The property includes a six-level parking structure that is leased to Central Parking. The building was constructed in 1979 and renovated in 2000. The JV plans to enhance the building, provide creative office space and extend the parking garage’s master lease. NKF’s Kevin Shannon, Ken White and Michael Moore represented the seller, TA Associates, in this transaction. The firm also arranged financing on behalf of the buyer.
IDAHO — Ziegler, a specialty investment bank, has closed $17.6 million in bond financing Valley Vista Care Corp., a nonprofit operator of seniors housing communities in Idaho. Valley Vista Care Corp. and Valley Community Housing combine to operate 147 skilled nursing beds, 59 assisted living units and 35 units for residents with mental illness and developmental disabilities. Proceeds from the bonds will be used to refund prior bonds, pay for improvements to two facilities, create a reserve fund and pay bond issuance expenses.
BEVERLY HILLS, CALIF. — Premier Business Centers has opened its third flexible U.S. workspace in the Wilshire/Palm building in Beverly Hills. The company has signed an 8.5-year lease with John Hancock Life Insurance Company to create a new flexible, shared office space center on the building’s fifth floor. The 14,950-square-foot space is located at 9171 Wilshire Blvd. It will occupy the former Rothstein Kass and Company accounting firm space.
LOS ANGELES — The City of Los Angeles has selected Angels Landing Partners LLC, a partnership between the Peebles Corp., MacFarlane Partners and Claridge Properties, to manage development of the Angels Landing site, a $1.2 billion mixed-use project. The group will build the tallest building in the western United States as part of the development, according to a news . All three firms are 100 percent minority owned. Construction of the 2.2-acre site at 4th and Hill streets in Los Angeles is slated to last 41 months with a completion date scheduled for late 2024. “Our team is inspired by the opportunity to transform the Los Angeles skyline with our iconic building, enhance residential life and change how large buildings are constructed by ensuring all residents and businesses receive equal access to career and business opportunities,” says Don Peebles, chairman and CEO of the Peebles Corp. Handel Architects is designing the two-tower project. The development will include a 192-room SLS hotel and a 289-room Mondrian hotel, both to be operated by SBE Entertainment Group. Other project plans call for 425 apartments (including affordable housing), 250 condominiums, 45,000 square feet of retail and restaurant space, an elementary charter school and a …
TORRANCE, CALIF. — Wilson Torrance LLC has purchased a freestanding retail property located at 2255 S. Western Ave. in Torrance. The Shorestein Co. sold the property for $47.5 million. Lowe’s Cos. fully leases the property, which is occupied by Lowe’s Home Improvement Warehouse. Situated on 12.7 acres, the 127,400-square-foot building features a 30,000-square-foot garden center and 750 parking spaces with six street access points. Christopher Sheldon, Andrew Bogardus, Douglas Longyear and Stephen Algermissen of Cushman & Wakefield represented the seller, while the buyer represented itself in the transaction.
LAGUNA HILLS, CALIF. — Retail Opportunity Investment Corp. (ROIC) has acquired The Village at Nellie Gail Ranch, located at 26532-62 Moulton Parkway in Laguna Hills. Vintage Real Estate sold the property for $46 million. The 88,486-square-foot, grocery-anchored shopping center was developed in 1987 and renovated in 2015. At the time of sale, the property was 98.3 percent occupied by a variety of tenants, including Smart & Final Extra, MOD Pizza, Chuck E. Cheese’s, Cycle Bar and BLS Nail Resort. Dave Monahan, Geoff Tranchina and Cameron Pittman of JLL represented the seller in the sale.
SPOKANE, WASH. — The Wolff Company has started construction of Revel Spokane, a 132-unit independent living community in Spokane. The development is slated to open in 2018. This project is the seventh senior living community developed by Wolff since 2016. The Arizona-based private equity firm intends to invest $300 million to $400 million annually in the development of independent living communities, in addition to purchasing existing communities.
TEMECULA, CALIF. — CBRE has arranged the all-cash sale of a freestanding restaurant property located at 29540 Rancho California Road in Temecula. New World LP acquired the property from a private Arizona-based limited liability company for $3.7 million. Claim Jumper occupies the 11,200-square-foot property. Reg Kobzi and Jeff Pion of CBRE represented the seller and buyer in the deal.