Western

Buchanan Street Buys Rowland Plaza in San Francisco Bay Area for $25M

by Nellie Day July 1, 2015

NOVATO, CALIF. — Buchanan Street Partners has acquired Rowland Plaza, a 143,444-square-foot office project in Novato for $24.9 million. The two-building development is located at 75 and 88 Rowland Way. The plaza is 73 percent occupied. The tenant mix includes public accounting, technology, healthcare, professional services, and governmental and social services firms. Buchanan plans to make improvements to the plaza’s common areas and landscaping. This will include a complete lobby renovation, with redesigned landscaping to increase the curb appeal of the project. Renovations are scheduled to be complete by mid-2016. This is Buchanan Street’s second acquisition in the San Francisco Bay area this quarter. Buchanan Street represented itself in this transaction, while Grant Lammersen and George Eckard from Cushman & Wakefield represented the seller, a joint venture between Barker Pacific Group and Rockwood Capital.

July 1, 2015

California Retail Western

The Village at Westfield Topanga to Open in Los Angeles

by Nellie Day July 1, 2015

LOS ANGELES — The Village at Westfield Topanga, an over 1 million-square-foot addition to the power shopping center Westfield Topanga, is set to open mid-September in the Los Angeles neighborhood of Woodland Hills. The center will include retailers new to the Los Angeles area including Fabletics, an athletic apparel brand co-founded by actress Kate Hudson, DAVIDsTEA, Rain and ConfeXion, a champion bakery on Food Network’s television show “Cupcake Wars.” The Crate & Barrel store at The Village is already open, and will remain so throughout construction.

July 1, 2015

California Retail Western

Sears to Open Flagship Connected Solutions Location in San Bruno

by Nellie Day July 1, 2015

SAN BRUNO, CALIF. — Sears has announced the opening of a 4,000-square-foot flagship Connected Solutions location at The Shops at Tanforan in San Bruno. Designed as rooms of a home, the store will feature a living room, kitchen, nursery, workout room, garage and outdoor area where customers can experience Sears smart technology offerings first hand. Sears Connected Solutions currently has three 2,000-square-foot locations in the Chicago area, and is looking to expand to hundreds of locations nationwide.

July 1, 2015

California Loans Multifamily Seniors Housing Western

Capital Funding Arranges $13.9M Loan for California Skilled Nursing Facility

by Nellie Day July 1, 2015

REDLANDS, CALIF. — Capital Funding Group has arranged a bridge-to-HUD acquisition financing deal with Braswell’s Colonial Care, a skilled nursing facility in Redlands. At 243 beds, Braswell’s Colonial Care is one of the largest skilled nursing facilities in the state. Braswell’s Colonial Care offers rehabilitation, memory care, assisted living, independent retirement, post-acute rehabilitation, skilled nursing, long-term care and hospice care. In addition, the facility has a 32-bed sub-acute area for patients requiring complex care or rehabilitation. Erik Howard of Capital Funding LLC, a subsidiary of CFG Community Bank, originated the transaction. Capital Funding served as agent/senior lender in the deal, which totaled $13.9 million.

July 1, 2015

California Industrial Western

Vynapse Agrees to Lease 226,000 SF of Industrial Space in Napa

by Nellie Day June 30, 2015

NAPA, CALIF. – Vynapse, dba Pack n’ Ship Direct, has agreed to lease a 226,000-square-foot wine warehousing facility development within the Greenwood Business Park project in Napa. The Class A space will be located at 1325 Airport Blvd. It represents Phase I of the business park. Greenwood Business Park is being built in two phases by Devcon Construction. Phase II is expected to start construction later this summer. Vynapse will occupy the new building in the next few months. The landlord, New York Life Real Estate Investors, was represented by DTZ’s Brooks Pedder, Tony Binswanger and Trevor Buck. Pedder and Scott Bertrand also represented Vynapse.

June 30, 2015

California Retail Western

Three Restaurants to Open at Ocean Avenue South

by Nellie Day June 30, 2015

SANTA MONICA, CALIF. — Three new restaurants are scheduled to open this summer at Ocean Avenue South, a $350-million, mixed-use residential development located on Ocean Avenue in Santa Monica. Joan’s on Third will open this month; Herringbone, featuring celebrity chef Brian Malarkey, will open in July; and eLOVate, featuring celebrity chef Roberto Martin, will open in August. Zachary Card and Casey Jahn of CBRE leased the space for the owner, Related California.

June 30, 2015

California Multifamily Western

Joda Investments Buys Long Beach Apartment Building for $3.2M

by Nellie Day June 30, 2015

LONG BEACH, CALIF. – Joda Investments has purchased a 16-unit apartment building in Long Beach for $3.2 million. The community is located at 1175 2nd Street. Joda plans to completely renovate the property, which was built in 1964. It will also make significant improvements to the units, including new hardwood floors and stainless steel appliances. Robert Stepp and Michael Toveg of Stepp Commercial represented both the buyer and private seller in this transaction. Stepp also worked with the buyer to obtain a 2.88 percent, fixed-rate, five-year permanent loan of $2.3 million for the property.

June 30, 2015

California Office Western

Equus Capital Partners Buys Santa Clara Office, R&D Building

by Nellie Day June 30, 2015

SANTA CLARA, CALIF. – Equus Capital Partners has acquired an 80,878-square-foot office/R&D building in Santa Clara for an undisclosed sum. The building is located at 3003 Bunker Hill Lane. It was built in 1980. The fully leased property was renovated in 2014. Jasper Technologies occupies 90 percent of the space. The acquisition was made on behalf of BPG Investment Partnership IX L.P., a discretionary fund managed by Equus. The sellers were TMG Partners and Alcion Ventures.

June 30, 2015

California Industrial Western

Alameda Industrial Building Sells for $3.1M

by Nellie Day June 30, 2015

ALAMEDA, CALIF. – A 4,500-square-foot industrial building in Alameda has sold to Ming Zhi Investment LLC for $3.1 million. The building is located at 580 South Alameda Street. It is situated within the Los Angeles Arts District. The LLC was represented by Heger Industrial’s Thomas Williams and William Morrison. The seller, Urth Alameda Development, was represented by CBRE’s Brandon Burns.

June 30, 2015

Market Reports Multifamily Washington Western Western Market Reports

The Sustainability of the Seattle Apartment Building Boom

by Nellie Day June 30, 2015

With all the recent froth in the multifamily markets, knowledgeable observers are expressing concern regarding all of the cranes that are sprouting around Seattle. To assess the apartment market, we have compiled data recently published in the “March 2015 Apartment Development Report” by Dupre + Scott Apartment Advisors. The Seattle Metro area is in the midst of an apartment development boom, with an estimated 17,400 units under construction, 12,000 units to be completed and ready for occupancy in 2015 and 11,000 units to be delivered in 2016. There is an additional 25,000 additional units in various stages of planning for delivery over the next five years. This new construction is in response to low vacancy rates (3.5 percent in the Seattle MSA, excluding vacancies for properties in initial lease-up), job expansion and related in-migration to the area. These trends have resulted in rising rents for new projects, up more than 7.4 percent in the region in the past 12 months (skewed by rents in newly opened projects). The new units under construction or proposed are heavily weighted to the close-in neighborhoods surrounding the Seattle CBD (Belltown, Downtown Seattle, South Lake Union) and close-in neighborhoods north of Lake Union (Ballard, Greenlake/Wallingford, …

June 30, 2015

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