Western

Meridian Capital Arranges $21.1M Acquisition Loan for Shopping Center

by Nellie Day August 28, 2015

SAN DIEGO — Meridian Capital Group has arranged a $21.1 million acquisition loan for the purchase and improvement of Sorrento Court Shopping Center in San Diego. The borrower is The Festival Companies, a Los Angeles-based retail developer. The 36-month loan, provided by a debt fund, features full-term, interest-only payments, a floating interest rate and two 12-month extension options. Located at 9420-9460 Scranton Road, the 55,000-square-foot retail center features 17 quick-service restaurants and a variety of tenants, including Starbucks Coffee, Jamba Juice, Staples, Bank of America and J.P. Morgan Chase. At the time of closing, the center was 96 percent occupied. Seth Grossman and Andy Strauss of Meridian’s Carlsbad office negotiated the financing.

August 28, 2015

Retail Washington Western

RPAI Acquires Coal Creek Marketplace Near Seattle for $17.6M

by Nellie Day August 28, 2015

NEWCASTLE, WASH. — RPAI has acquired Coal Creek Marketplace, a 56,000-square-foot, grocery-anchored retail center located in the Seattle suburb of Newcastle. The center is currently 95 percent occupied and anchored by Quality Food Centers, a subsidiary of Kroger. Shane Garrison and Michael Hazinski represented RPAI in-house in the off-market transaction.

August 28, 2015

California Retail Western

NewMark Merrill Acquires 64,171 SF Portion of Valley Mack Plaza

by Nellie Day August 28, 2015

SACRAMENTO, CALIF. — NewMark Merrill Cos. has acquired the Food Source and Shops portion of the Valley Mack Plaza in Sacramento. Located at 6366 Mack Road, the Food Source and Shops location is a 64,171-square-foot building situated on 4.64 acres. Sands Investment Group sold the property for an undisclosed sum. Additional tenants at Valley Mack Plaza include dd’s discounts, Fallas Paredes, Rainbow Fashions, Auto Zone, Starbucks Coffee and McDonald’s.

August 28, 2015

California Retail Western

Sperry Van Ness Arranges $2.8M Sale of National City Retail Property

by Nellie Day August 28, 2015

NATIONAL CITY, CALIF. — Sperry Van Ness has arranged the $2.75 million sale of a 6,000-square-foot retail building located in National City. The property is an outparcel to South Bay Plaza Shopping Center. Chris Rink of CCIM and Katja Rada of Sperry Van Ness | Finest City Commercial represented the seller, Laundry Land Realty LLC, and the buyer, Plaza Boulevard 111 Partners LLC, in the transaction.

August 28, 2015

California Multifamily Seniors Housing Western

Country Villa Sells 19 Facilities in Southern California for $65M at Bankruptcy

by Nellie Day August 27, 2015

ANAHEIM, CALIF. — JCH Senior Housing Group has arranged the sale of Country Villa Health Service’s entire portfolio, which comprises 18 skilled nursing facilities and one assisted living community across Southern California, at bankruptcy auction for $65 million. JCH’s Shep Roylance, Jim Hazzard and Nick Stahler oversaw the auction in U.S. Bankruptcy Court in Orange County. Shlomo Rechnitz, the founder of medical supply company Twin Med LLC and owner of Bruis & Rockport Services, the largest nursing home provider in California, entered the winning bid. Covenant Care and Kaiser submitted a larger bid — $73 million — but Judge Catherine E. Bauer rejected the proposal because it didn’t comply with bid rules. Ron Bender of Levene, Neale, Bender, Yoo & Brill L.L.P. served as bankruptcy counselor to Country Villa, and Hamid Rafatjoo from Venable LLP served as creditor committee counsel. JCH is a consulting firm based in Anaheim Hills.

August 27, 2015

Multifamily Washington Western

The Addison Apartment Complex in Vancouver Sells for $21.7M

by Nellie Day August 27, 2015

VANCOUVER, WASH. – The 147-unit Addison apartment complex in Seattle has sold to Jackson Square Properties for $21.7 million. The community is located at 7531 NE 18th Street. It was built in 2009. The Addison is currently 99 percent leased. The seller, JB Matteson, was represented by HFF’s Ira Virden and Kerry Hughes.

August 27, 2015

Arizona Multifamily Western

Greenbrook Apartments in Phoenix Sells for $4.1M

by Nellie Day August 27, 2015

PHOENIX – The 80-unit Greenbrook apartments in Phoenix has sold to Greenbrook B and L LLC for $4.1 million. The community is located at 3536 E. Cambridge Ave. It was built in 1974. The seller was Greenbrook Apartments LLC. The transaction was executed by CBRE’s Brian Smuckler and Jeff Seaman.

August 27, 2015

Office Washington Western

Swedish Health Services Leases Office Space in Seattle

by Nellie Day August 27, 2015

SEATTLE – Swedish Health Services has leased 120,000 square feet at First Hill Medical Pavilion in Seattle. The campus is located in the First Hill submarket. Swedish Health Services will join CellNetix and Theraclone when they occupy the building later this year. The transaction was executed by CBRE’s Paul Carr, Steve Perovich and Marcus Yamamoto.

August 27, 2015

Industrial Nevada Western

Shred-It Corp. Leases Industrial Space in Las Vegas

by Nellie Day August 27, 2015

LAS VEGAS – Shred-It Corp. has leased 22,000 square feet of industrial space in Las Vegas. The facility is located at 4524 Lawrence Street in North Las Vegas. It was built in 1998 for the U.S. Corp of Engineers and the U.S. Army Reserves. The new 10-year lease was executed by Curtis Sanders of Cushman & Wakefield | Commerce.

August 27, 2015

California Retail Western

Simon Property Group Expands Outlet Mall in San Francisco

by Nellie Day August 26, 2015

SAN FRANCISCO — Simon Property Group has opened the 185,000-square-foot expansion of San Francisco Premium Outlets, an upscale outlet mall in San Francisco featuring retailers such as Burberry, Coach, Kate Spade New York, MaxMara, Michael Kors and Prada. With the expansion, San Francisco Premium Outlets is now the largest outlet center in California. The expansion adds 30 new stores to the development, including CH Carolina Herrera, Catimini, ECCO, Rag & Bone New York, Scotch & Soda, Ted Baker London, Tory Burch, UGG Australia and Vince. An additional 20 stores will open in the next few weeks, according to Simon. Simon’s redevelopment and expansion projects, including the addition of new anchors, were underway at 28 properties in the U.S. as of June 30. Simon’s share of the costs of all development and redevelopment projects under construction at quarter-end was approximately $2.3 billion.

August 26, 2015

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