CORONA, CALIF. — Passco Cos. has acquired Temescal Village, a 102,976-square-foot neighborhood shopping center in Corona, for $17 million. A retail brokerage team led by Dixie Walker and Charley Simpson of Cushman & Wakefield’s Irvine office represented the seller, a private investor, in the transaction. Located at 1181-1199 Magnolia Ave. and built in 1983, Passco plans to modernize the property through a series of renovations and capital improvements. Planned renovations include redesigning the landscaping and updating the façades throughout the center, as well as adding a social gathering, outdoor dining and seating areas. The center is 93.5 percent leased to 19 tenants including CVS Pharmacy, Citibank, Carl’s Jr., Wells Fargo, H&R Block, the UPS Store, County of Riverside and Metro PCS. Architecture Design Collaborative will design renovations for the center. Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco through Fannie Mae.
GARDEN GROVE, CALIF. — Sterling Organization has acquired Pavilion Plaza West, a 75,890-square-foot vacant retail building located at 9852 Chapman Ave. in Garden Grove, for $11 million. The property was once a Vons Supermarket. The sellers were a group of five individuals in a tenant-in-common ownership agreement via Sterling Organization’s institutional fund, Sterling Value Add Partners II LP. Sterling Organization has acquired a total of five properties in California in just over a year, including assets in the Los Angeles, San Diego and San Francisco markets.
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.