Western

The Merritt Building in Downtown Los Angeles Sells for $24M

by Nellie Day November 3, 2016

LOS ANGELES — An unnamed buyer has acquired The Merritt Building, a 55,948-square-foot office building in downtown Los Angeles, for $24 million. The historic site is located at 761 S. Broadway, also known as 301 W. 8th St. in the SoBro (South Broadway) district. The building was originally designed by the Reid Brothers in 1915 as a rendition of Minerva’s Temple. The Home Savings & Loan Association bought the building in 1957. Today, the property is a nine-story commercial building with a basement level and ground-floor retail. Mike Condon Jr. and Kelli Snyder of Cushman & Wakefield represented the seller, LIZ, in this transaction.

November 3, 2016

California Office Western

Barker Pacific Group, WHI Real Estate Partners Buy 182,302 SF Office Campus in Roseville

by Nellie Day November 3, 2016

ROSEVILLE, CALIF. — A joint venture between Barker Pacific Group and WHI Real Estate Partners has purchased Lava Ridge Business Center, a 182,302-square-foot office campus in Roseville, for an undisclosed sum. The three-building campus is located at 2990, 3000, and 3010 Lava Ridge Court. Lava Ridge Business Center was built in 2000. Current tenants include American Pacific Mortgage, Polycomp Admin Services, Asurea Insurance and Wells Fargo. Palmer Capital’s Bill Palmer, Ryan Thompson and Brad Idleman brokered the sale of the property. The firm’s Jeremy Thornton assisted the JV in securing new lender financing from Compass Bank. Chris Lemmon and Zac Collie of Newmark Cornish & Carey are acting as the center’s leasing agents.

November 3, 2016

Office Oregon Western

Nike Office Buildings in Oregon Sell for $23.2M

by Nellie Day November 3, 2016

HILLSBORO, ORE. — Entities of Winkler Development and Watumull Properties Corp. have acquired two corporate parks in Hillsboro that are fully occupied by Nike. The purchase price was $23.2 million. The transaction includes the 65,002-square-foot SunTech Corporate Park I at 3445 NW 211th Terrace, as well as the 77,965-square-foot Tanasbourne Corporate Park I at 20010 NW Tanasbourne Drive. Nike moved into the buildings in 2015. NGKF’s David Hill, David Squire, Kevin Shannon, Ken White and Laura Stumm represented the seller, LBA Realty, in this transaction.

November 3, 2016

California Multifamily Seniors Housing Western

Quality Care Properties Goes Public

by Nellie Day November 2, 2016

IRVINE, CALIF. — Quality Care Properties, the spinoff of HCP’s ManorCare skilled nursing portfolio, has begun trading on the New York Stock Exchange under the symbol QCP WI. QCP is now a completely separate company from HCP (NYSE: HCP), one of the largest seniors housing REITs in the United States. QCP is also classified as a REIT following the spinoff. HCP common stockholders received one share of QCP common stock for every five shares of HCP common stock they held on October 24. Stockholders will receive cash in lieu of fractional shares of QCP. Barclays and Morgan Stanley were financial advisors to HCP, and Skadden, Arps, Slate, Meagher & Flom LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel.

November 2, 2016

Multifamily Seniors Housing Utah Western

M&M Arranges $7.5M Sale of 88-Bed Skilled Nursing Facility in Utah

by Nellie Day November 2, 2016

OGDEN, UTAH — Marcus & Millichap has arranged the sale of an undisclosed skilled nursing facility in Ogden for $7.5 million. A regional operator bought the 88-bed facility. Tony Cassie and Dan Mahoney of Marcus & Millichap represented both the buyer and seller in the transaction.

November 2, 2016

California Office Western

Mitek Relocates to Downtown San Diego

by Nellie Day November 2, 2016

SAN DIEGO — Mitek has leased 29,000 square feet of office space in downtown San Diego. The mobile capture and identity verification software solutions provider relocated from its current headquarters in Kearny Mesa. The new space is located at 600 B St. Mitek completed the relocation in October. Ron Miller of Colliers International represented Mitek in the lease deal.

November 2, 2016

California Office Western

Swift Realty Partners Buys The Academy Tower in North Hollywood for $61.5M

by Nellie Day November 2, 2016

LOS ANGELES — Swift Realty Partners has purchased The Academy Tower, a 175,175-square-foot office campus within the Arts District of North Hollywood (NoHo), for $61.5 million. The two-building, Class A property is located at 5200 Lankershim Blvd. It was built in 1991. The Academy Tower is 80 percent leased by 17 tenants. Most tenants are within the film, tech and television industries. Swift represented itself in this transaction, while the seller was represented by NGKF’s Sean Fulp, Kevin Shannon, Brad Burton and Rob Hannan. David Milestone and Scott Selke of NGKF Capital Markets will arrange the debt on behalf of the buyer. CBRE’s Matthew Heyn and Troy Pollet provided leasing support.

November 2, 2016

California Multifamily Seniors Housing Western

HCP Sells 64 Brookdale Communities for $1.1B

by Nellie Day November 2, 2016

IRVINE, CALIF. — HCP has sold a portfolio of 64 properties leased to Brookdale Senior Living Inc. for $1.1 billion. Affiliates of Blackstone Real Estate Partners VIII L.P. bought the 5,967-unit portfolio, which equates to a $189,000-per-unit sale price. Occupancy for the portfolio was 85.2 percent at the time of sale. Proceeds from the sale will be used to pay down debt and general corporate purposes. In addition to selling the Brookdale properties, HCP plans to terminate leases on 25 Brookdale properties totaling 2,031 units over the next year. The moves are part of a strategy by HCP to reduce the saturation of Brookdale-operated properties within its portfolio. HCP also plans to transfer eight expiring Brookdale triple-net leases to a RIDEA structure, through a joint venture where Brookdale acquires 10 percent interest in the properties.

November 2, 2016

California Loans Multifamily Seniors Housing Western

RED Provides $29M Fannie Mae Refinancing for Luxury Seniors Housing Community in Sierra Madre

by Nellie Day November 1, 2016

SIERRA MADRE, CALIF. — RED Capital Group has arranged a $29 million Fannie Mae loan for Kensington SM GP LLC, which will use the capital to refinance The Kensington Sierra Madre, a luxury assisted living and memory care community in the Los Angeles suburb of Sierra Madre. The Kensington Sierra Madre features 41 assisted living suites and 34 memory care suites. Kensington Senior Living LLC owns and operates the community. The financing replaces the community’s original construction loan, which RED also provided. Kensington Senior Living owns and operates five assisted living communities in California, Maryland, Virginia and New York, with four more currently in development.

November 1, 2016

Arizona Retail Western

JV to Begin $25M Renovation of Arizona Center in Phoenix

by Nellie Day November 1, 2016

PHOENIX — A joint venture between Parallel Capital Partners and Angelo, Gordon and Co. is set to begin a $25 million renovation of Arizona Center, a 1 million-square-foot mixed-use development in Phoenix. The renovation will include new landscaping, lighting, fixtures, finishes, wayfinding and furnishings. The current parking garage will also be upgraded, and a valet parking element will be added. Construction is set to begin in early 2017, and will take approximately nine months to complete. All tenants at the office, retail and entertainment center will remain open during the renovation. Gensler is the architect in charge of the retail renovation. PdO will work on the interior redesign for One Arizona Center, the office component of the project, and Smith Group JJR is supporting development strategies for the entire property. Tempe-based Zion & Zion will help to rebrand the center.

November 1, 2016

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