Western

Marcus & Millichap Promotes Ten

by Nellie Day August 11, 2015

CALABASAS, CALIF. — Calabasas-based Marcus & Millichap has named nine senior vice presidents of investments and one executive vice president of investments. Alvin Mansour was named executive vice president. Senior vice president promotions include Eduardo Cerna, a multifamily specialist in Palo Alto, California; Jerry Goldstein, a retail specialist in Houston, Texas; Douglas Mandel, an office and industrial specialist in Fort Lauderdale, Florida; Richard Ringer, a multifamily specialist in Los Angeles; Steven Siegel, an institutional retail and net-lease specialist in New York City; Mark Taylor, an institutional retail and net-lease specialist in Philadelphia; Dean Zang, an institutional and retail net-lease specialist in Washington, D.C.; Christopher Zorbas, an institutional and multifamily specialist in San Diego; and Alex Zylberglait, an office and industrial specialist in Miami.

August 11, 2015

California Multifamily Seniors Housing Western

TeamHealth to Acquire Skilled Nursing Provider IPC Healthcare for $1.6B

by Nellie Day August 10, 2015

NORTH HOLLYWOOD, CALIF. — Team Health Holdings Inc. (NYSE: TMH), a provider of outsourced physician staffing solutions for hospitals, will acquire IPC Healthcare Inc. (Nasdaq: IPCM), a post-acute provider, in an all-cash transaction totaling approximately $1.6 billion. The boards of directors of both companies have approved the transaction. The purchase price represents $80.25 per IPC share based on the closing cost on Aug. 3. Knoxville-based TeamHealth suggests the addition of IPC’s service network will increase the company’s reach. With 15,000 healthcare professionals nationwide, the combined company will have more capability to manage patient care and influence outcomes across the continuum of care. North Hollywood-based IPC currently provides services in approximately 2,000 post-acute facilities in 28 states. Accounting for operational overlap, TeamHealth expects to realize $60 million in cost savings during the first three years. The transaction, which is expected to close during the fourth quarter of 2015, is subject to regulatory approval and customary closing conditions. Citi is serving as financial advisor to TeamHealth and providing the committed financing in connection with the transaction. MTS Health Partners is also serving as financial advisor to TeamHealth. Simpson Thacher & Bartlett LLP is serving as TeamHealth’s legal counsel. Credit Suisse is serving …

August 10, 2015

Arizona Retail Western

Glendale Market Square in Glendale Sells for $24.6M

by Nellie Day August 10, 2015

GLENDALE, ARIZ. — Lee & Associates has arranged the sale of Glendale Market Square, a 221,388-square-foot shopping center, for $24.6 million. The center is located at 5850 W. Bell Road. The buyer was CIRE. Ian Fincham and Patrick Dempsey of Lee & Associates worked on behalf of both the buyer and seller.

August 10, 2015

Colorado Retail Western

Cushman & Wakefield Arranges $20.1M Sale of City Center Marketplace

by Nellie Day August 10, 2015

AURORA, COLO. — Cushman & Wakefield has arranged the $20.1 million sale of City Center Marketplace, a 234,255-square-foot shopping center located in the Denver suburb of Aurora. The center is home to tenants including 24 Hour Fitness, Office Depot, Sherwin Williams, DaVita and Family Dollar. Jon Hendrickson and Aaron Johnson of Cushman & Wakefield represented the seller, a Colorado-based private partnership, in the transaction.

August 10, 2015

California Retail Western

Clarion Partners Acquires 294,428-SF Portfolio in San Diego

by Nellie Day August 10, 2015

SAN DIEGO — A comingled fund managed by New York-based Clarion Partners has acquired a 294,428-square-foot portfolio from the McGrath Family located in San Diego. The 29.1-acre portfolio consists of six single-tenant leased retail properties and one retail strip center. At the time of sale, the portfolio was 100 percent occupied by tenants including Walmart, LA Fitness, McDonald’s, Food 4 Less, Starbucks Coffee, Verizon and Chipotle. Randy LaChance and Mark Caston of Voit Real Estate Services represented the seller, and Clarion was self-represented in the transaction.

August 10, 2015

Arizona Retail Western

DTZ Arranges $13.7M Sale of Pioneer Shopping Center

by Nellie Day August 10, 2015

YUMA, ARIZ. — DTZ has arranged the $13.7 million sale of Pioneer Shopping Center, a 140,610-square-foot shopping center located in Yuma. Ryan Schubert, Michael Hackett, Dan Salley and Jack Wilson of DTZ represented the seller, Realty Resolution Advisors LLC, and Sanford Burstyn of Marcus & Millichap represented the buyer, Los Angeles-based Pioneer Shopping Center LLC, in the transaction. Tenants at the center include 99 Cents Only, O’Reilly Auto Parts, Applebee’s, Subway, The UPS Store and Dairy Queen.

August 10, 2015

Multifamily Nevada Western

Investment Group Acquires Sundance West Apartments in Reno for $23.4M

by Nellie Day August 7, 2015

RENO, NEV. — A privately held investment group has purchased the 350-unit Sundance West Apartments in Reno for $23.4 million. The community is located at 3285 Clover Way. Sundance West is situated near Washoe County Golf Course, Lakeridge Golf Course, Meadowood Mall, the Peppermill Resort Spa Casino and the Atlantis Casino Resort Spa. Kenneth Blomsterberg of Marcus & Millichap and Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors represented both the buyer and the unnamed seller in this transaction.

August 7, 2015

California Office Western

Manhattan Towers in LA Sold in Largest Single-Asset E-Commerce Transaction

by Nellie Day August 7, 2015

LOS ANGELES — Manhattan Towers, 309,734-square-foot office property in the Los Angeles submarket of Manhattan Beach, has sold for $96 million. The unnamed buyer acquired the two-building asset through an online auction at Auction.com. It was the largest single e-commerce transaction to date, according to Guinness World Records. Manhattan Towers is located at 1230 and 1240 Rosecrans Ave. It was built in 1985. The Guinness record was previously held by Mark Cuban, who purchased a Gulfstream V private jet for $40 million in 1999. The office property’s auction concluded July 22. The seller was CWCapital. Eastdil Secured brokered the deal.

August 7, 2015

California Multifamily Western

TruAmerica, Intercontinental Buy Maribelle Apartment Homes in Santa Rosa

by Nellie Day August 7, 2015

SANTA ROSA, CALIF. — TruAmerica Multifamily and Intercontinental Real Estate have purchased the 287-unit Maribelle Apartment Homes in the Napa submarket of Santa Rosa for $59 million. The community is located at 750 Apple Creek Lane. Maribelle Apartments was built in 1987. It is the largest apartment community in Santa Rosa. The property is near US 101 and California State Highway 2. It will also be situated near the Santa Rosa Station of the Sonoma Marin Rail Transit Service once it’s completed. The partnership obtained a seven-year, interest-only, fixed-rate agency loan that was originated by Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets.

August 7, 2015

California Industrial Western

Castle rock Acquires Chula Vista Industrial Park for $6.7M

by Nellie Day August 7, 2015

CHULA VISTA, CALIF. — Castlerock Investments has purchased a 43,395-square-foot industrial park in Chula Vista for $6.7 million The park is located at 871 Harold Place in the San Diego submarket. Tracy Clark and Kimberly Clark of Voit Real Estate Services’ San Diego office represented the seller, Seymour/Lewis Development.

August 7, 2015

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