SAN DIEGO — Pacific Coast Commercial has arranged a retail lease for San Diego-based Furniture & Accessory Retail Group at 8650 Villa La Jolla Drive in La Jolla. The company will open a Bassett Home Furnishings location at the 12,440-square-foot space at La Jolla Square. Total consideration of the lease is $3.9 million. Shirley Kanamu of Pacific Coast Commercial represented the tenant, while Reg Kobzi of CBRE represented the landlord, Florida-based 8650 Villa La Jolla Inc., in the deal.
FREMONT, CALIF. — Sephora has opened a new location at Vestar’s Pacific Commons, a 1.1 million-square-foot shopping center located at 43484 Boscelli Road in Fremont. The store will feature an assortment of makeup, skin care and fragrance. Additional tenants at the center include Nordstrom Rack, Old Navy, Kohl’s, Century Theatres, P.F. Chang’s China Bistro, Claim Jumper and Dickey’s Barbecue Pit.
SANTA MONICA, CALIF. — MDC Realty Advisors has purchased a 23,551-square-foot creative office building in Santa Monica for $30.5 million. The Class A building is located at 1315 Lincoln Blvd. The property is fully leased. It features units with individual patio areas, parking and a first-floor gym. The seller was JOSS Realty Partners.
MONTEREY, CALIF. — The Bascom Group has purchased the 76-unit Casanova Grove Apartments in Monterey for $16.7 million. The community is located at 930 Casanova Ave. Casanova Grove is less than two miles from the Pacific Ocean with the Pacific Coast Highway just a mile away. The group plans to implement a renovation plan, which will include amenity upgrades, exterior redesigns and interior renovations. Anthony Lugo represented Bascom, while Erich Pryor and Thomas Sherlock of Talonvest Capital arranged the acquisition loan from NXT Capital.
LOS ANGELES — Universe Holdings has acquired the 52-unit Nob Hill Towers apartment complex in Los Angeles for $12.6 million. The community is located at 2430 Ocean View Ave. Nob Hill was built in 1929. Universe Holdings will upgrade the interiors with new flooring, appliances, counters, cabinets and other improvements. Exterior renovations will include new lighting, paint and enhanced common areas and landscaping. The basement will be converted to a business center and fitness area. Kitty Wallace and her team represented both the buyer and seller, Dobson Meadows Partnership, in this transaction.
WEST JORDAN, UTAH — Walker Tape has expanded its industrial footprint in the Salt Lake City suburb of West Jordan. The provider of tape and adhesive for hair replacement systems recently completed a 33,232-square-foot facility at 9312 S. Prosperity Road. The new building will allow the firm to nearly double its square footage. The space also includes 4,000 square feet of Class A office space. The former Walker Tape Building was sold to Multi-Fill, a manufacturer of filling equipment for the food industry. Skyler Peterson of Newmark Grubb ACRES represented Walker Tape.
CERRITOS, CALIF. — Bergen Logistics has subleased 179,518 square feet of industrial space in Cerritos. The firm plans to use the space for ecommerce fulfillment. The new facility is located at 16016–16030 Arthur St. JLL’s Zac Sakowski and Jordan Quinn represented Bergen in the transaction.
IRVINE, CALIF. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has agreed to acquire a 49 percent equity interest in entities that collectively own 183 seniors housing communities, all of which are operated by Enlivant. The transaction values the portfolio at $1.62 billion and Sabra’s investment at $371 million. Enlivant is owned by funds managed by private equity firm TPG, which will remain the 51 percent majority owner. Sabra noted, however, that it plans to eventually move toward full ownership of the portfolio over the next three years. The portfolio’s 8,280 units are spread across 20 states and are nearly all private pay. The properties are currently 82 percent occupied. This is an increase from 60 percent in 2013, when TPG acquired troubled operator Assisted Living Concepts and installed Enlivant as the new operator of the portfolio. Sabra, a publicly traded REIT based in Irvine, noted that the acquisition will help diversify its tenant portfolio. Following the transaction, the amount of private-pay seniors housing in Sabra’s portfolio will rise from 16.8 percent to 24.3 percent, while its skilled nursing exposure will fall from 71.1 percent to 64.7 percent. Enlivant is the 10th largest operator of seniors housing in the United …
BAKERSFIELD, CALIF. — Wonderful Real Estate has commenced construction on Wonderful Industrial Park, a 1 million-square-foot industrial building northwest of Bakersfield. The 1.6-acre spec asset is located at 4100 Express Ave. in Shafter. The building will feature 300-foot truck courts, 700 trailer parking stalls, 183 dock-high doors, eight-inch slab designed to meet multi-level e-commerce uses, and a high-speed fiber optics network. Notable tenants in the area include Target, Ross Stores, American Tire Distributors, DMSI, MRC Global and FedEx. JLL’s Mike McCrary, Peter McWilliams and Mac Hewett are leading the leasing efforts at Wonderful Industrial Park.
SAN DIEGO — The Irvine Company has purchased Township 14, a 127,000-square-foot office project in the San Diego submarket of Del Mar Heights, for an undisclosed sum. The two-building asset is situated near Del Mar Highlands Town Center, Highway 56 and Interstates 5 and 805. Township 14 opened on six acres in the 1980s as Del Mar Corporate Plaza. It underwent significant redevelopment in 2014. It was renamed after the plot of land first established in the 1880s that later became known as Del Mar. Amenities include a fitness center, café, regular food trucks and floor-to-ceiling glass for maximum daylight and energy efficiencies that lower costs. Eastdil Secured represented both the buyer and the seller, TH Real Estate, in this transaction.
