LOS ANGELES — BH Properties has received a $13 million refinancing for an office and retail portfolio it owns. The portfolio contains five office and retail properties for a total of about 231,000 square feet. The assets are situated in California, Tennessee and Florida. The semi-permanent bridge financing replaces short-term financing associated with the recent acquisition of these properties. The assets have a combined occupancy rate of 60 percent.
HAWTHORNE, CALIF. — Cushman & Wakefield has arranged the $15.3 million sale of Hawthorne Town Center, a 51,000-square-foot shopping center located in Hawthorne. PetSmart and Ross Dress for Less co-anchor the property. Dixie Walker, Charley Simpson and Andrew Milne of Cushman & Wakefield facilitated the sale to a private investor with holdings throughout the greater Los Angeles area.
CLARKSTON, WASH. — Lancaster Pollard has closed a $4.5 million refinancing for Evergreen Estates Retirement & Assisted Living Community, a seniors housing community located in Clarkston along the southeast border of Washington State. The FHA loan will be used to refinance existing debt and fund the community’s replacement reserve account. The loan features a 30-year term at a lower interest rate than the previous bank loan. Matt Lindsay led the transaction for Lancaster Pollard.
WESTLAKE VILLAGE, CALIF. — LTC Properties Inc. (NYSE:LTC), a seniors housing and healthcare REIT based in the Los Angeles suburb of Westlake Village, has added industry veterans Doug Korey and Mandi Hogan to its management team. Doug Korey joins LTC as senior vice president of business development, a newly created position. Korey brings 25 years of experience in the seniors housing and care industry, most recently as president of Lancaster Pollard Finance Co. He is a member of the board of directors of the National Investment Center for Seniors Housing & Care (NIC) and holds a master’s degree in real estate finance and investment from New York University. Mandi Hogan has been named LTC’s director of marketing, succeeding Mark Hemingway, vice president of marketing, who is retiring as a full-time employee effective Feb. 29, 2016. Hemmingway will remain with LTC on a part-time basis. Hogan joins LTC with more than 20 years of marketing experience, most recently as national director of marketing for National Health Investors. She holds a bachelor’s degree in business administration from the University of Colorado, Boulder.
LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the $3 million sale of Woodlake Center, a 37,741-square-foot, five-building retail and office complex located in Lakewood. Justin Krieger of Pinnacle represented the undisclosed seller, and Josh Newell of Pinnacle represented the undisclosed buyer in the transaction.
SEATTLE — Living Care Lifestyles, a Seattle-based seniors housing operator with communities in California, Hawaii, Oregon, Texas and Washington, has hired John Renner as regional director of operations for Texas, California and Hawaii. Renner has more than 20 years of experience in assisted living and independent living. He will be responsible for the overall administration, operations and management of the six communities in the region, mostly under the company’s Quail Park brand. Prior to joining Living Care Lifestyles, Renner was the operations director at Leisure Care where he oversaw and managed 12 assisted living and independent living communities. He was also the general manager at Fairwinds.
DAVIS, CALIF. — An unnamed buyer has purchased the 31-unit DaVinci Apartments in Davis for $16 million. It is located at 1666 Da Vinci Court. The community was built in 2005. It is situated walking distance from the UC Davis campus. Adam Levin and Robert Johnston of Marcus & Millichap represented both the buyer and seller in this transaction.
SEATTLE — Cabot Properties has purchased Federal Way Corporate Center, a 73,498-square-foot industrial park in the Seattle submarket of Federal Way, for $7.6 million. The park is located at 34210 9th Ave. South. It was built in 2001. The facility is leased to three tenants. Brian Bruininks and Jeff Crane of the Andover Company/CORFAC International represented both the buyer and seller, Fedway Group LLLC, in this transaction.
ENCINITAS, CALIF. — Powder Days LLC has acquired a 10,040-square-foot medical building in the San Diego submarket of Encinitas for $3.8 million. The two-story building is located at 135 Saxony Road. The buyer plans to occupy the second floor of the building, while the ground-floor tenant, California Bank & Trust, will remain in place. Michael Mahoney and Peter Curry of Cushman and Wakefield represented the undisclosed seller.
SAN JOSE, CALIF. — Bestronics has leased 73,000 square feet of industrial space in San Jose. The space is located at 2243 Lundy Ave. Bestronics is an electronics contract manufacturer. Dan Hollingsworth, Steve Pace, Tom McGovern and Karen Sigl of Cushman & Wakefield represented the landlord, LD Odyssey.