Western

Northstar Commercial Partners Completes 74-Unit Seniors Housing Community in Denver

by Nellie Day August 21, 2017

DENVER — Northstar Commercial Partners has completed Balfour at Stapleton, a 74-unit assisted living and memory care community in Denver’s Stapleton neighborhood. A grand opening will be held in September for the 63,000-square-foot community. Northstar partnered with Balfour Senior Care, a Colorado-based operator, for the project. Northstar and Balfour are currently developing another community, a $51 million, 151-unit project in Ann Arbor, Mich. Construction is expected to begin this year. Northstar Commercial Partners is a privately held commercial real estate investment company headquartered in Denver.

August 21, 2017

California Industrial Western

Performance Food Group Leases Industrial Space at Livermore Facility

by Nellie Day August 21, 2017

LIVERMORE, CALIF. — Performance Food Group has leased 89,429 additional square feet of space at an industrial warehouse/distribution facility in Livermore. The facility is located at 7587 Las Positas Ave. Performance Food Group already leases 222,345 square feet within the industrial complex. The facility features 30-foot minimum ceiling height, ESFR sprinkler system, cross dock loading access, ample parking and truck staging areas. Michael Lloyd and Greig Lagomarsino of Colliers executed the transaction.

August 21, 2017

California Hawaii Hospitality Top Stories Western

Trinity, Oaktree to Form $3B Hospitality Joint Venture

by Taylor Williams August 21, 2017

HONOLULU AND LOS ANGELES — Trinity Investments LLC and funds managed by Oaktree Capital Management have entered into a joint venture partnership, with plans to invest up to $3 billion in hospitality assets in Hawaii, California, Mexico and Japan. The formation of the joint venture follows Trinity and Oaktree’s $317 million acquisition of the 759-room Westin Maui Resort and Spa in April. That transaction more than doubled Trinity’s volume of hospitality investment for 2017. In addition to the four markets mentioned, the joint venture may also pursue investment opportunities in select gateway markets in the continental United States. Honolulu-based Trinity will oversee the joint venture and be responsible for its acquisitions and asset management. “Expanding our relationship with Oaktree provides us with additional capital to increase our scale in our core markets,” says Sean Hehir, president and CEO of Trinity. “Oaktree is a savvy investor that recognizes the success of our platform and shares our bullish outlook on these markets.” The stock price of Los Angeles-based Oaktree Capital Group LLC closed at $46.60 per share on Friday, Aug. 18, up from $43.87 on Aug. 25, 2016. — Taylor Williams

August 21, 2017

California Retail Western

Marcus & Millichap Arranges $39.6M Sale of Shopping Center in Folsom

by Nellie Day August 18, 2017

FOLSOM, CALIF. — Marcus & Millichap has arranged the sale of Walmart Central Shopping Center, a retail property located at 1002-1016 Riley St. in Folsom. A private investor sold the property for $39.6 million. Built in 1992, the property features 139,277 square feet of retail space. Tyler Stevens of Marcus & Millichap represented the seller. The name of the buyer was not released. Kent Williams, also of Marcus & Millichap, is the broker of record in California.

August 18, 2017

California Retail Western

CBRE Brokers Sales of Three Dollar Stores in Metro LA Totaling $12.4M

by Nellie Day August 18, 2017

WALNUT PARK, HUNTINGTON PARK AND HAWTHRONE, CALIF. — CBRE has arranged the sales of three 99 Cents Only stores in Walnut Park, Huntington Park and Hawthorne. The combined transaction value of the sales is $12.4 million. M&M Investments purchased the 7,943-square-foot location at 2566 E. Florence Ave. in Walnut Park, while Aria Venture Capital acquired the 15,000-square-foot property at 6124 Pacific Blvd. in Huntington Park and the 15,000-square-foot location at 13023 Hawthorne Blvd. in Hawthorne. All three locations are occupied by 99 Cents Only on a 10-year, triple-net lease basis. Alex Kozakov, Patrick Wade and Matthew Greenberg of CBRE represented the sellers, HKL Gold Inc. and AU Zone Investments #2 LP, on all three deals.

August 18, 2017

California Retail Western

Infiniti of Montclair Acquires Land Parcel in Ontario for New Dealership Location

by Nellie Day August 18, 2017

ONTARIO, CALIF. — Infiniti of Montclair has acquired a four-acre land parcel on Inland Empire Boulevard at the Meredith International Centre in Ontario for $4.9 million. The buyer plans to relocate its existing car dealership to a new facility. Construction is slated to be completed in 2018. Chuck Noble, John Hatzis, Dave Hunsaker and Brett Meredith of Lee & Associates represented the buyer and seller, Craig Development Corp., in the deal.

August 18, 2017

California Retail Western

Sweet Kream Froyo Signs 1,215 SF Lease at Heritage Town Center in Chula Vista

by Nellie Day August 18, 2017

CHULA VISTA, CALIF. — Sweet Kream Froyo is opening a location at Heritage Town Center, located at 1392 E. Palomar St. in Chula Vista. The frozen yogurt shop leased 1,215 square feet of space at the mixed-used project, which Paragon Real Estate Fund owns. The location is slated to open in September. Joe Yetter of Cushman & Wakefield represented the tenant and landlord in the deal. Heritage Town Center features 38,000 square feet of ground-floor retail space and 91 residential units.

August 18, 2017

California Restaurant Retail Western

NewMark Merrill Cos. Negotiates Restaurant Lease at Janss Marketplace in Thousand Oaks

by Nellie Day August 18, 2017

THOUSAND OAKS, CALIF. — NewMark Merrill Cos. has signed a new restaurant at Janss Marketplace, a shopping center located at the Moorpark Road and Hillcrest Drive in Thousand Oaks. Azi Grill, owned by Mazen Nadour, will feature Mediterranean cuisine, as well as American fare.

August 18, 2017

California Loans Maryland Multifamily Southeast Top Stories Western

Bellwether Enterprise Arranges $185M Refinancing for Multifamily Portfolio in California, Maryland

by Kristin Harlow August 18, 2017

LOS ANGELES, WOODLAND HILLS, CALIF. AND LAUREL, MD. — Bellwether Enterprise Real Estate Capital LLC has arranged three loans totaling $185.1 million for the refinancing of a multifamily portfolio located in California and Maryland. The portfolio consists of three properties totaling 1,384 units. The assets include: Avalon Russet in Laurel, Md.; eaves Woodland Hills in Woodland Hills, Calif.; and eaves Los Feliz in Los Angeles. Kip Kimble of Bellwether Enterprise arranged the 10-year loans for the borrower, AvalonBay Communities (NYSE: AVB). New York Life was the lender. AvalonBay Communities is a real estate investment trust that owns and manages apartment properties concentrated in the Northeast and Western regions. Bellwether Enterprise is a subsidiary of Enterprise Community Investment. — Kristin Hiller

August 18, 2017

California Loans Multifamily Western

Grandbridge Negotiates $90M Refinancing for Apartment Complex in San Francisco

by Nellie Day August 17, 2017

SAN FRANCISCO — Grandbridge Real Estate Capital has arranged a $90 million refinancing for the 414-unit South Beach Marina Apartments in San Francisco. The community is located at 2 Townsend St. in the South of Market (SOMA) neighborhood. South Beach was built in 1989. It features 4,708 square feet of ground-floor retail that is currently occupied by two restaurants and a salon. Community amenities include two tennis courts, a luxury lobby/lounge area, community/billiards room, landscaped courtyard, outdoor pool and spa and fitness center. The permanent, fixed-rate loan was funded through one of Grandbridge’s insurance company correspondents and structured with a 12-year, interest-only term. The borrower is a state pension fund advised by L&B Realty.

August 17, 2017

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