CHINO HILLS, CALIF. — Marcus & Millichap has arranged the $4.8 million sale of KinderCare, a 9,640-square-foot, net-leased property located in Chino Hills. Kevin Boeve, Joshua Rey, Pablo Rodriguez and Joshua Alvarez of Marcus & Millichap’s Ontario office marketed the property on behalf of the seller, a private investor. The listing team collaborated with the buyer, a southern California-based purchaser utilizing a 1031 tax-deferred exchange. KinderCare is located at 13815 Peyton Drive.
SAN DIEGO — CBRE has brokered the $1.9 million sale of a 9,840-square-foot strip center in San Diego. The seven-tenant property, located at 3280 Main St., is 83 percent leased. Joel Wilson, Reg Kobzi and Michael Peterson of CBRE represented the seller, 1987 Butler Living Trust, in the transaction. Curtis Gabhart of KW Commercial represented the buyer, Jehan Enterprises.
PORTLAND, ORE. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has arranged a total of $24.3 million in financing for the acquisition of Hawthorne Gardens and Pacific Pointe Retirement Inn, both seniors housing communities located in Portland. The two nonrecourse bridge loans included $12 million for the 58-unit Hawthorne Gardens and $12.3 million for the 114-unit Pacific Pointe. The buyer and seller were not disclosed. Grandbridge’s Richard Thomas and Meredith Davis negotiated the financing. The company’s proprietary lending platform, BB&T Real Estate Funding’s structured loan product. Hawthorne Gardens was most recently sold in September 2015 for $10.8 million.
SOUTHERN CALIFORNIA — Meridian Capital Group has arranged $39 million in bridge loans to refinance of a two-property, 355-bed skilled nursing portfolio in Southern California. The specific names and locations of the properties were not disclosed. A national balance sheet lender is providing the capital for the three-year loans. The financing features interest-only payments for two years and an 85 percent loan-to-value ratio. The borrower has owned both properties for more than 10 years. Ari Adlerstein, Ari Dobkin and Josh Simpson, all based in Meridian’s New York City headquarters, negotiated the transaction.
MENLO PARK, CALIF. — Pacific Biosciences of California has leased space at the 180,000-square-foot Menlo Park Labs life science building. The space is located at 1305 O’Brien Drive. The structure was formerly an Office Max distribution facility. Other tenants at the lab include Refuge Biotechnologies and AccuraGen. The space will serve as Pacific Biosciences’ corporate headquarters. The firm leased the space through 2027. The landlord is Tarlton Properties.
GLENDALE, ARIZ. — Investment bank HJ Sims has provided $5.1 million in financing for the construction of an independent living community in the Phoenix suburb of Glendale. An affiliate of Sante Partners is developing the property, which has not yet been named. Once completed, a large, national operator will manage the community. This will be Sante’s sixth development. The financing is structured as a mezzanine loan and preferred equity investment.
SEATTLE — Seattle-based Nordstrom Inc. has hired Anne Bramman as chief financial officer (CFO), effective June 2, 2017. Bramman comes to Nordstrom from Avery Dennison Corp. where she has served as senior vice president and CFO since 2015. She has an extensive financial leadership background in a variety of industries, including retail. Mike Koppel retired as the company’s CFO on May 1, 2017, after 16 years and will continue to support Nordstrom in a consulting and advisory role through the end of the year. Nordstrom Inc. is a fashion specialty retailer. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 353 stores in 40 states, including 122 full-line stores in the United States, Canada and Puerto Rico; 220 Nordstrom Rack stores; two Jeffrey boutiques; and two clearance stores.
SCOTTSDALE, ARIZ. — Healthcare Trust of America has purchased an 11-property medical office building portfolio based in Southern California and Arizona for $150 million. The portfolio contains a total of 592,000 square feet. The assets are 83 percent leased. They are primarily situated on the Dignity Health campuses. The acquisition includes McAuley Medical Center on the St. Joseph’s Hospital and Medical Center campus in downtown Phoenix.
SAN FRANCISCO — Vancouver-based QuadReal Property Group has invested $600 million into a joint venture with San Francisco-based private equity firm GI Partners and Chicago-based CA Student Living to invest in U.S. student housing. The JV is starting with a 10-property portfolio managed by CA Student Living, including several properties set to deliver this fall. The JV will also acquire and develop in additional properties that are in CA’s development pipeline. Though QuadReal is an established investor in commercial real estate, the investment marks the company’s entry into the U.S. student housing market. Western-based assets under the JV include Rise on Apache at Tempe near Arizona State University, Uncommon at Fort Collins near Colorado State University and Identity at Reno near the University of Nevada-Reno, all of which will open this fall.
NORTH LAS VEGAS, NEV. — VanTrust Real Estate has commenced construction on a new building at Northgate Distribution Center in North Las Vegas. The 170-acre site is located at 4410-4490 Nexus Way. This is the fifth of eight buildings VanTrust intends to erect on the site, which will eventually feature 3.2 million square feet of distribution space. This building is scheduled for completion by December. Martin Harris Contracting is building the property, which HPA Architecture designed.
