IRVINE, CALIF. — Sabra Health Care REIT Inc. shareholders have voted to approve the company’s planned merger with Care Capital Properties, despite objections of several major shareholders. The proposed merger was announced in May. If completed, the transaction will create a healthcare REIT with a pro forma total market capitalization of roughly $7.4 billion and an equity market capitalization of roughly $4.3 billion. The all-stock transaction is scheduled to close Thursday, subject to customary closing conditions. Several shareholders vehemently opposed the merger, most notably Hudson Bay Capital, which owns 3.9 percent of Sabra shares. The company cited a report by advisory firm Institutional Shareholder Services that suggested Sabra was overpaying for CCP, and that headwinds in the skilled nursing sector would cause the CCP portfolio (which is nearly all skilled nursing) to struggle. The new REIT will be headquartered in Irvine and include a healthcare portfolio comprised of 564 investments across 43 states and Canada. Sabra’s current executive team will manage the company, which will continue to trade under the SBRA ticker symbol. The vote occurred at Sabra’s special meeting of stockholders. The company reports that holders of more than two thirds of the shares voted at the meeting in …
COLORADO SPRINGS, COLO. — Vintage Cos. has received an $8.8 million refinancing for Rampart Village Center, a five-building retail center totaling 96,296 square feet in Colorado Springs. Leon McBroom of HFF worked on behalf of the borrower to place the 10-year, fixed-rate loan with a CMBS lender. Gold’s Gym anchors the 93.2 percent leased center.
CHINO, CALIF. — Savills Studley has negotiated the sale of Chino Spectrum Towne Center, a 459,969-square-foot shopping center located in Chino. MetLife Investment Management acquired the property from a partnership between Vestar Development Co. and an institutional entity. The price was not disclosed. The property is home to tenants including Walmart, Kohls, Best Buy, Marshalls, Nordstrom Rack, DSW, Party City, Pier One Imports and Aki Home. Bill Bauman and Kyle Miller of Savills Studley brokered the transaction.
CHULA VISTA, CALIF. — Sudberry Properties and Ayres Hotels have broken ground on Millenia Commons, a 131,800-square-foot “lifestyle destination center” and a 135-room Ayres Hotel in the San Diego suburb of Chula Vista. The center and hotel will be part of the 210-acre, multi-billion-dollar Millenia master-planned community, which is currently being developed in South San Diego County. Millenia Commons will include tenants like HomeGoods, Cost Plus World Market, Ross Dress for Less, buybuy Baby, Mattress Firm, Hurricane Grill & Wings, Papagayos Grill & Cantina, Menchie’s Frozen Yogurt, Great Clips, Jamba Juice, McDonald’s and Pacific Dental Services. Flocke & Avoyer is handling the project’s retail leasing efforts. The retail component will extend on both sides of Millenia Avenue, just south of Birch Road, on two separate parcels. The urban design will place an emphasis on walkability and outdoor gathering spaces. The design of the center is intended to complement the style of the overall Millenia master plan. Sudberry Properties is the developer of Millenia Commons, which Andrew Hull Stevenson Architects designed. Hazard Construction is doing the initial grading and infrastructure work for this component, though Sudberry is in the process of selecting additional contractors. The boutique hotel is scheduled to open …
LAS VEGAS — JLL Income Property Trust has acquired Montecito Marketplace, a 190,000-square-foot shopping center located in Las Vegas, for $63 million. Smith’s Grocery and TJ Maxx anchor the fully leased property, which is home to national and regional retailers, restaurants, banks and personal service tenants. The seller in the transaction was undisclosed. Jones Lang LaSalle Income Property Trust Inc. is a REIT that owns and operates a portfolio of high quality office, retail, industrial and apartment properties across the U.S.
SAN FRANCISCO — A state pension fund advised by L&B Realty has received $90 million to refinance the 414-unit South Beach Marina Apartments in San Francisco. The Class A community is located at 2 Townsend St. South Beach Marina Apartments was built in 1989. The mid-rise property contains five buildings and 4,708 square feet of ground-floor retail that is currently occupied by two restaurants and a salon. Amenities include two tennis courts, a luxury lobby/lounge area, community/billiards room, landscaped courtyard, outdoor pool, and spa and fitness center. Grandbridge Real Estate Capital originated the 12-year, interest-only loan.
MARYSVILLE, WASH. — JRK Property Holdings has acquired the Carroll’s Creek Landing apartment complex in the Seattle suburb of Marysville for $60 million. The community is located at 18111 25th Ave. Carroll’s Creek was built in 2002. It features two- to four-bedroom units. Community amenties include a welcome center, basketball half-court, clubhouse with fireside lounge, and barbeque/picnic area. Kenny Dudunakis, David Sorensen and Ben Johnson of Berkadia represented the seller, Maryland-based Gateway Trident LLC, in this transaction.
BROOMFIELD, COLO. — Love Funding has closed a $5.2 million refinancing for Town Centre Senior Apartments, an affordable seniors housing community in the Denver suburb of Broomfield. Town Centre Senior Apartments consists of 88 affordable one-bedroom and two-bedroom units restricted to individuals aged 55 and older. The units are housed within one three-story building originally constructed in 2001 with the assistance of low-income housing tax credits. The property sits between Boulder and Denver, in the foothills of the Rocky Mountains. Love Funding’s Jonathan Camps secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The non-recourse financing will pay off two existing loans. Part of the proceeds will be used to complete repairs and fund a reserve account.
Hawaii’s office market is dominated by Honolulu, which is home to 70 percent of the state’s population and commerce. More than 90 percent of the state’s 12 million square feet of multi-tenant Class A and B office space is located in Honolulu, with nearly 80 percent of Honolulu’s inventory situated in the four-mile stretch between the Central Business District and Waikiki. Hawaii’s office tenants are primarily in industries that support tourism, military, construction and government – Hawaii’s economic drivers. These include FIRE (Finance, Insurance, Real Estate), plus legal, CPAs, architects, engineers and contractors. Hawaii also has a small but growing innovation economy that has spawned several co-working centers, incubators and impact investment firms backed by the University of Hawaii. These names include Lauren Powell Jobs (widow of Steve Jobs), Pierre Omidyar (founder of eBay) and Henk Rogers (Tetris). Larry Ellison purchased 97 percent of the Island of Lanai in 2012 for $300 million and could join the list of tech billionaires interested in supporting Hawaii’s innovation economy. Hawaii has seen slow but steady job growth in office-using businesses, but the drive to reduce square feet per office worker and the related cost savings has resulted in a net loss of …
IRVINE, CALIF. — A subsidiary of Five Point Holdings has obtained $339 million in financing for Five Point Gateway, a four-building office/R&D campus in Irvine. The campus is located at 15101, 15131, 15161 and 15191 Alton Parkway. It is part of the larger 72-acre Great Park Neighborhoods master-planned community in the Irvine Spectrum submarket. The borrower is acquiring the assets through a partial sale-leaseback transaction with Broadcom Corp., the project’s developer. Broadcom plans to lease 15101 and 15191 Alton Parkway, which total 640,944 square feet (64 percent of the total portfolio) on a triple-net basis. Tenants at the other two buildings include Lennar Corp. and Five Point. There is still 232,223 square feet available for lease. The campus will feature open park space with landscaping and extensive amenities. HFF’s Kevin MacKenzie, Lee Redmond and Peter Thompson arranged the financing. Starwood Property Trust provided the five-year, floating-rate loan.