FOOTHILL RANCH, CALIF. — CalBay Development LLC has acquired, via an off-market transaction, the STNL Outback Steakhouse in Foothill Ranch for $1.85 million. The site sits within the Foothill Ranch Town Center, a 130-acre retail project with tenants including Target, Regal Cinemas, Walmart, CVS, Ralphs, Hobby Lobby, Michaels and Old Navy. Hon Development, part of the original property developer partnership of Foothill Ranch Town Center, was the seller.
SAN DIEGO — West Elm will open a store in the Cedros Avenue Design District in San Diego this fall. West Elm, a member of Williams–Sonoma portfolio of brands, will be the anchor retailer located at 212 S. Cedros Ave., a soon-to-be-renovated street-front retail project. West Elm will occupy nearly 11,000 square feet, with additional available retail spaces totaling 5,575 square feet. This will be West Elm’s second store in San Diego. West Elm’s first San Diego location is located in Westfield’s Mission Valley Center East. CBRE’s Dave Hagglund and Robert Gunness represented the owner of the property, Brixton Capital, and CBRE’s Carrie Bobb and Scott Muller represented the tenant.
WASHINGTON, OREGON, COLORADO AND ARIZONA — Berkeley Point Capital has provided a $250.5 million loan for the acquisition of a multifamily portfolio located in the western United States. Starwood Capital Group acquired the portfolio from Holland Partners. Built between 1985 and 2002, the portfolio comprises 2,136 units across 11 properties in Washington, Oregon, Colorado and Arizona. Berkeley Point Capital used Freddie Mac’s Adjustable-Rate Mortgages (ARM) product to provide the 10-year loan. Due to rent levels at the properties, 25 percent of the loan balance qualified as affordable and exempt from Freddie Mac’s production cap. Charlie Haggard and Kevin Mignogna of Berkeley Point Capital arranged the financing. Berkeley Point Capital, based in Bethesda, Md., provides financing for multifamily properties, with a portfolio of $55 billion representing 3,600 loans in 49 states. Greenwich, Conn.-based Starwood Capital Group is a private investment firm with $52 billion of assets under management. —Kristin Hiller
IRVINE, CALIF. — Karma Automotive has purchased the 262,463-square-foot Kawasaki USA headquarters in Irvine for $56.2 million. The facility is located at 9950 Jeronimo Road. The luxury hybrid plug-in vehicle manufacturer had previously leased the facility in August 2016. The company plans to add a Branded Experience Center for its new Revero luxury sedan and employee amenities to the facility. Kevin Leonard of Heathwest Realty represented Karma Automotive. CBRE’s Gregg Haly and Jeff Carr represented the seller, Bixby Land Co., in this transaction.
PORTLAND, ORE. — ScanlanKemperBard Cos. (SKB) has sold the historic American Bank Building in Portland’s central business district for $53 million. The 15-story creative office building is located at 621 S.W. Morrison St. The American Bank Building was built in 1914.The property was 61 percent leased to tenants like Wells Fargo and The Department of Justice. HFF’s Nick Kucha represented SKB in the transaction. The firm also recapitalized the property with Lionstone Investments, arranging a four-year, floating-rate loan through CIT Bank for the new partnership. The amount of the financing was not disclosed.
LOS ANGELES — A joint venture between Barak Investors Group and MIP Investment has sold a 103,154-square-foot office building in the Los Angeles submarket of Universal City. Though the price was not disclosed, the JV suggested that the property sold for between $35 million and $40 million. The Class A building is located at 3330 Cahuenga Blvd. It is 92 percent leased to tenants like Extreme Reach, Panasonic, EPSCineworks and Abominable Pictures. The buyers are Cahuenga Investment LLC and Cahuenga Equity LLC. NGKF’s Kevin Shannon Team represented the JV in this transaction.
SAN JOSE, CALIF. — Greystone, a real estate lending, investment and advisory company, has provided a $27.5 million loan for Oakmont of San Jose, a 66-unit assisted living and memory care community in San Jose. The Freddie Mac loan provides permanent financing to help with lease-up following the recent completion of the community. The loan has an 11-year term with a fixed rate and 30-year amortization schedule. The new financing replaces the remaining balance on the community’s construction loan. Scott Kavel, Neal Raburn and Cary Tremper of Greystone originated the financing.
LOS ANGELES — CBRE Group Inc. has announced plans to combine two of its valuation and advisory practices — Seniors Housing & Care and Medical Office — into a single, cohesive Healthcare Practice Group. The property types covered by the new Healthcare Practice Group include independent living, assisted living, memory care, nursing care, continuing care retirement communities, medical office, surgical centers, outpatient rehab and hospitals. Zach Bowyer, Tom Baroch and Bennett Johnson will lead the new group. Over the past three years, both groups have achieved a combined 30 percent year-over-year growth in revenues. In 2016, these groups completed valuation or advisory assignments on more than 3,000 seniors housing and medical properties throughout the U.S. with an aggregate valuation of over $50 billion.
BOULDER, COLO. — The Boulder Housing Authority has acquired the 185-unit Tantra Lake Apartments in Boulder for $45.6 million. The garden-style community is located at 1000 W. Moorhead Circle. Tantra Lake is situated about three miles southeast of downtown Boulder and the University of Colorado Boulder campus. Community amenities include a heated indoor swimming pool, hot tub, outdoor basketball and tennis courts, grilling areas, playground, 24-hour fitness facility, resident lounge, business center, man-made lake and views of the Rocky Mountains. HFF’s Matthew Lawton and Jordan Robbins represented the seller, Waterton, in this transaction.
PLEASANT HILL, CALIF. — Graham Street Realty has acquired the Hookston Square office campus in the East Bay community of Pleasant Hill for $30.4 million. The two-building, 207,555-square-foot campus is located at 3478 and 3480 Buskirk Ave. Hookston Square is situated east of Interstate 680 and close to State Route 24, which provides access to downtown San Francisco. The campus is currently 87 percent leased to tenants like John Muir Health, Pacific Business Center, Accelrys, Maze & Associates and the Source Group. HFF’s David Dokko and Garrett Calbert represented both the buyer and seller, True North Management Group, in this transaction. The firm also secured a three-year, floating-rate acquisition loan through a commercial bank for the buyer.
