Western

Summit Healthcare REIT Buys Interest in Seniors Housing Communities in Oregon, California for $23M

by Nellie Day November 14, 2016

CITRUS HEIGHTS, CALIF., AND CORVALLIS, ORE. — Summit Healthcare REIT has acquired 20 percent interest in two seniors housing communities — Sun Oak Senior Living and Regent Court Senior Living— for $23 million. Summit, a non-traded REIT based in Lake Forest, Calif., acquired the interest from an undisclosed, publicly traded REIT. The two properties are leased to Compass Senior Living, an Oregon-based operator. Sun Oak Senior Living is a 78-bed assisted living and memory care community in the Sacramento suburb of Citrus Heights. Regent Court is a 48-bed memory care community in Corvallis, approximately midway between Portland and Eugene. Capital One – Healthcare Financial Solutions LLC provided financing for the transaction. Blueprint Healthcare Real Estate Advisors, a brokerage firm based in Chicago, arranged the deal. Tim Cobb led the Blueprint team.

November 14, 2016

Arizona Office Western

Equus Sells 107,000 SF Scottsdale Financial Center

by Nellie Day November 14, 2016

SCOTTSDALE, ARIZ. — Equus Capital Partners has sold Scottsdale Financial Center, a 107,000-square-foot office building, for an undisclosed sum. The Class A building is located at 4110 N. Scottsdale Road in Scottsdale. It is 93 percent leased. The buyer was Alternative Investments & Manager Selection Real Estate Group, a business unit within Goldman Sachs Asset Management.

November 14, 2016

Hawaii Hospitality Western

The Grand Naniloa Hotel Hilo Opens in Hawaii

by Nellie Day November 14, 2016

HILO, HAWAII — DoubleTree by Hilton has opened the Grand Naniloa Hotel Hilo, a 320-room hotel on the Big Island of Hawaii. The historic property recently underwent a $30 million renovation. The hotel includes Hilo’s only nine-hole golf course, along with a swimming pool and fitness center. It is located at 93 Banyan Drive. WHR LLC owns the property, which Aqua-Aston Hospitality manages.

November 14, 2016

California Multifamily Western

Hillside Apartments in San Bernardino Sells for $10.2M

by Nellie Day November 14, 2016

SAN BERNARDINO, CALIF. — A private investor has acquired the 80-unit Hillside Apartments in San Bernardino for $10.2 million. The community is located at 2156-2196 Kendall Drive. It is situated just one mile from Cal State San Bernardino. Warren Berzack of Berzack Investment Property Advisors and Slavic Zlatkin of Lee & Associates represented the buyer. Lee’s Ryan O’Connor represented the seller, SB Hillside Properties, in this transaction.

November 14, 2016

Arizona Retail Western

Commercial Properties Inc. Arranges Sale of 12,849 SF Strip Center in Casa Grande

by Nellie Day November 14, 2016

CASA GRANDE, ARIZ. — Commercial Properties Inc. (CPI) has arranged the sale of a 12,849-square-foot strip center located in Casa Grande. The property was fully occupied at the time of sale by tenants including Cold Stone Creamery, UPS Store, Supercuts and Firehouse Subs. Sarge Glenn of CPI’s Industrial Team represented the seller, LBUBS 2004-C8 Retail 1664 LLC. Mike Sayre of Cushman & Wakefield represented the buyer, SimonMed Imaging, which purchased the property for $1.8 million.

November 14, 2016

California Retail Western

Sterling Organization Acquires $23.5M Retail Building in Beverly Hills

by Nellie Day November 11, 2016

BEVERLY HILLS, CALIF. — Sterling Organization has purchased a retail building located at 315-319 N. Beverly Drive in Beverly Hills’ Golden Triangle. The property was purchased off-market on behalf of the firm’s institutional fund Sterling Value Add Partners II for $23.5 million. The 4,700-square-foot property is expected to be vacant in the first quarter of 2017. Justin Mendelson of Charles Dunn Company represented the buyer. Darrell Levonian and Brian Jensen of Charles Dunn Company represented the seller, a private investor partnership based in California and Texas.

November 11, 2016

California Retail Western

Alberta Development, Pacific Coast Capital Complete Phase I and II of Promenade at Downey Near Los Angeles

by Nellie Day November 11, 2016

DOWNEY, CALIF. — A joint venture between Alberta Development Partners and Pacific Coast Capital Partners has completed Phase I and II of Promenade at Downey, a 656,000-square-foot shopping center and entertainment district located in Downey, roughly 12 miles outside Los Angeles. A movie studio and a NASA plant previously occupied the property. The center’s entertainment court will feature educational reading stations and themed elements associated with the space program, as well as a walkway honoring space missions. Retailers opening in Phase I and II of the development include TJ Maxx, HomeGoods, Ulta Beauty, Famous Footwear, Dress Barn, Carter’s, Oshkosh, Five Guys, Chipotle Mexican Grill, Mod Pizza, California Fish Grill, Benihana, 24 Hour Fitness, Floor & Décor, Cinemark, Lazy Dog, Ruby’s Diner, Bar Louie, Skechers, AT&T and Gaucho Grill. Dallas-based Falcon Construction Advisors is building the project.

November 11, 2016

California Retail Western

Highpoint Capital Group Acquires Hallmark Town Center in Madera

by Nellie Day November 11, 2016

MADERA, CALIF. — Highpoint Capital Group LLC has acquired Hallmark Town Center, an 85,066-square-foot, grocery-anchored shopping center located in Madera, for an undisclosed price. Bryan Ley and Justin Kundrak of HFF represented the seller, Weingarten Realty Investors, in the disposition. Peter Smyslowski and John Churchward of HFF also worked on Highpoint’s behalf to place a 10-year, fixed-rate CMBS loan with a banking and financial services holding company. Food 4 Less anchors the center, which is 96 percent leased to tenants including Thrive Fitness, Taco Bell, Furniture Town, Supercuts, Little Caesars, Blooming Fashion and Deli Delicious.

November 11, 2016

California Retail Western

Equitas Investments Sells 2,324 SF Retail Property in Redlands for $1.5M

by Nellie Day November 11, 2016

REDLANDS, CALIF. — Equitas Investments has completed the disposition of single-tenant retail property located at 1325 Industrial Park Ave. in Redlands. A private investor acquired the 2,324-square-foot property for $1.5 million. Built in 1984, the former Long John Silver’s restaurant will be converted into an Enterprise Rent-A-Car. The company signed a 10-year, corporate-backed, absolute triple-net lease with two five-year options for the property. Jeremy McChesney of Hanley Investment Group Real Estate Advisors represented the seller, while Hai Luong of Maxwell Realty Inc. represented the buyer in the deal.

November 11, 2016

California Office Western

Progressive Real Estate Brokers 8,000 SF Retail Lease in Hesperia

by Nellie Day November 11, 2016

HESPERIA, CALIF. — Progressive Real Estate Partners has arranged the 10-year lease of a retail space located at 14135 Main St. in Hesperia. Kaiser Permanente will occupy the 8,000-square-foot space within the Topaz Marketplace. Paul Su of Progressive Real Estate Partners represented the undisclosed landlord, while Brian Denton of JLL and Joseph Brady of Bradco Co. represented the lessee.

November 11, 2016

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