MURRIETA, CALIF. — HFF has arranged the $56.6 million sale of Murrieta Town Center, a 334,939-square-foot shopping center in the Southern California town of Murrieta. Bryan Ley, Gleb Lvovich and Justin Kundrak of HFF arranged the transaction on behalf of the seller, Jade Enterprises. An affiliate of U.S. Realty Partners acquired the asset. Murrieta Town Center was 81 percent occupied at the time of sale by Burlington, Rite Aid, Ross Dress for Less, Marshalls, Famous Footwear, Dollar Tree and Sizzler.
FOOTHILL RANCH, CALIF. — An affiliate of Menlo Equities LLC has received $39 million in financing for Towne Centre, a 292,271-square-foot office campus in the South Orange County submarket of Foothill Ranch. The Class A campus is located at 27042, 27051 and 27121 Towne Centre Drive. The property was renovated in 2016 and 2016. It is 77 percent leased to Ossur America, Rockwell Automation, Edward Jones, AVST, First National Capital, Fujitsu, Eagle Community Credit Union and Cox Communications. HFF’s Kevin MacKenzie, Greg Brown, Jamie Kline and Nick Lench arranged the five-year, floating-rate loan. Wells Fargo Bank provided the capital.
SEATTLE — Harborview Capital Partners has arranged five loans totaling $14.7 million for a 127-unit multifamily portfolio in Seattle. The Freddie Mac loans provided cash-out to the borrower and feature interest rates below 4 percent. Harborview’s Jeffrey Fuchs closed the loans.
BEVERLY HILLS, CALIF. — Charles Dunn Co. Has arranged the sale of a retail property located at 207-209 S. Robertson Blvd. In Beverly Hills. Pagani of Beverly Hills acquired the property from a Los Angeles-based limited liability company for $3.9 million. The buyer plans to renovate the 3,727-square-foot property and use it to showcase and sell its high-end supercars. Justin Mendelson and Joshua Berger of Charles Dunn Co. represented the buyer and advised the seller in the deal.
TUSTIN, CALIF. — Lee & Associates has brokered the sale of a retail building located at 535 E. Main St. within the Newport & Main Center in Tustin. Torrance, Calif.-based Rehka Bajaria & Farrand Investments sold the building to Tustin-based Ayala Capital Group for $2.5 million. The building features 4,748 square feet of space. Randy Dalby of Lee & Associates – North San Diego County and Tom Gioia of Lee Irvine represented the seller, while Silverpoint Advisors represented the buyer in the transaction.
IRVINE, CALIF. — HCP Inc. (NYSE: HCP) has unveiled a plan to “significantly reduce” its concentration of Brookdale-operated seniors housing communities. The plan includes HCP selling six Brookdale properties for an estimated $275 million, as well as selling its remaining 40 percent stake in a joint venture to Columbia Pacific Advisors for $332 million. The joint venture — RIDEA II — owns 49 seniors housing properties, of which Brookdale operates 46. Irvine-based HCP is one of the “Big Three” seniors housing REITs. Headquartered in Brentwood, Tenn., Brookdale is by far the largest owner and operator of seniors housing in the United States. Its operational portfolio includes 1,048 properties and 102,055 units, according to the American Seniors Housing Association, which is nearly triple the size of the next largest competitor. However, the company has struggled since its $2.8 billion acquisition of fellow seniors housing giant Emeritus in 2014. After initially experiencing a lift in the months following the merger, Brookdale’s stock price fell from $38.16 on March 2, 2015, to $11.80 on Feb. 8, 2016. The goal of HCP’s plan is to reduce its exposure to Brookdale-operated properties, increase its lease coverage of the Brookdale communities it will continue to own, …
SANTA MONICA AND CARLSBAD, CALIF. — Balboa Retail Partners has acquired two grocery-anchored retail centers in Southern California — Lincoln Center in Santa Monica and Carlsbad Village in Carlsbad. Tom Lagos and Michael Asarch of Colliers International arranged the transaction. Other terms of the deal were not disclosed. Lincoln Center totals 57,630 square feet and is anchored by a Gelsons Market. Smart & Final anchors the 59,010-square-foot Carlsbad Village. Both properties were fully occupied with long-term leases at the time of sale.
FARMINGTON, N.M. — Welbrook Senior Living has started construction of its second transitional rehabilitation facility, located in Farmington in the northwest corner of New Mexico. Welbrook partnered with Embree Asset Group, a development company based in Texas, to build the 50-bed property. Welbrook expects to begin accepting patients in late 2018.
WASILLA, ALASKA — Boston Capital is investing an undisclosed sum in the construction of Vista Rose II Apartments, a 36-unit affordable community for seniors in Wasilla, approximately 40 miles northeast of Anchorage. Vista Rose II Apartments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The developers are The Pacific Companies, based in Eagle, Idaho, and Deep Green Housing and Community Development, based in Los Angeles. Units will be available to residents aged 55 and over earning 60 percent or less of the Area Median Income (AMI). Twenty-eight units will be restricted to households with incomes at or below 50 percent of AMI, and two units restricted to households with income at or below 30 percent of AMI. The investment marks Boston Capital’s 32nd partnership with The Pacific Companies, and its first property in Alaska.
TEMPE, ARIZ. — DP Electric has purchased a 34,370-square-foot office building in Tempe for $3.4 million. The building is located at 2210 S. Roosevelt St. The space will serve as the firm’s new corporate headquarters. The office will be renovated to house the company’s entire staff under one roof. Renovations will include an open-concept floor plan with offices flanking work stations, and many areas for conferences and collaboration. It will also include an employee gym, locker rooms, and a café and event space that open to the outdoors with an adjacent large patio for entertaining. DP Electric has been at its current Tempe location since 2005, and will begin operating out of the new corporate headquarters by summer 2018. Kurt Saulnier of Lee & Associates Arizona represented the electrical contracting firm while Eric Jones of Commercial Properties Incorporated represented the seller, Robert Coleman Trust.