Western

ROIC California LLC Acquires Jackson Square Shopping in Hayward for $32.5M

by Nellie Day August 21, 2015

HAYWARD, CALIF. — ROIC California LLC, a subsidiary of Retail Opportunity Investments Corp., has acquired Jackson Square, located at the southwest corner of West Jackson Street and Amador Street in Hayward. Terramar Retail Centers LLC sold the property for $32.5 million. The fully occupied, 114,220-square-foot retail center is anchored by Safeway, CVS and 24 Hour Fitness. Additional in-line tenants include Starbucks Coffee, Chase Bank, Round Table Pizza and Patelco Credit Union. Dan Wald, Eric Kathrein and Justin Sharp of DTZ represented the seller in the transaction.

August 21, 2015

California Multifamily Western

JGrant Apartment Building in Pasadena Sold for $26.2M

by Nellie Day August 21, 2015

PASADENA, CALIF. — An unnamed buyer has acquired the 50-unit JGrant apartment complex in Pasadena for $26.2 million. The community is located at 119 South Los Robles Ave. The developer originally designed JGrant as a luxury condo complex. The buyer plans to lease the individual units, however, due to the “the strength of the multifamily investment market, the desirability of the location, the attractiveness of the debt market and the limited new supply,” according to Berkadia, which executed the transaction. The Berkadia team consisted of Dean Zander, Vince Norris and Mark Ventre.

August 21, 2015

California Industrial Western

Waypoint Property, Lewis Group Buy Development Rights Inside Riverside Business Park

by Nellie Day August 21, 2015

RIVERSIDE, CALIF. — A joint venture between Waypoint Property Group and the Lewis Group of Companies has acquired the development rights and master developer designation for the remaining 875 acres within the Meridian Business Park in Riverside. The price was not disclosed. The master-planned business park is situated in the I-215 South corridor. Meridian is part of the former March Air Force Base. It is less than 90 minutes from the Los Angeles/Long Beach port complex. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield represented both the buyer and seller in this transaction.

August 21, 2015

California Loans Multifamily Seniors Housing

Greystone Provides $58.3M Refinancing for Seniors Housing Community in California

by Nellie Day August 20, 2015

SANTA ROSA, Calif. — Greystone, a real estate lending, investment and advisory company, has provided a $58.3 million Freddie Mac loan to refinance Varenna at Fountaingrove, a 163-unit independent living facility in Santa Rosa, just north of San Francisco. Affiliates of Oakmont Senior Living own and operate the luxury community. The 10-year loan was funded via Freddie Mac’s Index Lock product, which enabled the borrower to take advantage of the existing 10-Year Treasury rate prior to commitment.

August 20, 2015

Arizona Multifamily Student Housing

National Asset Services Arranges Sale of Gateway at Tempe Near Arizona State

by Nellie Day August 20, 2015

TEMPE, Ariz. — National Asset Services (NAS) has arranged the sale of Gateway at Tempe, a student housing property located approximately one mile east of Arizona State University in Tempe. An undisclosed buyer purchased Gateway from a group of 33 tenant-in-common (TIC) co-owners that NAS advised during the transaction process. Built in 1998, Gateway at Tempe was purchased by the TIC group in December 2006 for $55.8 million. NAS assumed asset management responsibilities for the property in 2010. Gateway at Tempe is one of the largest student housing properties in the Arizona State University area, with 918 beds and 288 units. Situated on approximately 19 acres, the garden-style student living community consists of 19 two- and three-story wood-frame residential buildings and a single-story clubhouse/leasing building. The residential buildings contain 289,704 square feet of net rentable area, which equates to an average unit size of 1,006 square feet. The apartment community features a swimming pool, basketball court, two lighted tennis courts, a fire pavilion and a lighted sand volleyball court.

August 20, 2015

California Retail Western

NAI Capital Arranges Sale of Sprouts Farmers Market in Claremont

by Nellie Day August 20, 2015

CLAREMONT, CALIF. — NAI Capital has arranged the sale of a 22,750-square-foot Sprouts Farmers Market located in Claremont. The property sold for over $12 million. Fariba Kavian of NAI Capital represented the seller, HCLARE LLC, in the sale of the property to Acquisition Group Inc. The single-story building is situated on 1.91 acres of land and was renovated in 2007.

August 20, 2015

California Retail Western

U.S. Property Trust Buys Lakewood Galleria

by Nellie Day August 20, 2015

LOS ANGELES, CALIF. — U.S. Property Trust has purchased the Lakewood Galleria, a 19,008-square-foot shopping center in Lakewood, for an undisclosed sum. The center is located at 5115 Candlewood Road across from the Lakewood Galleria Mall. Tenants at the center include Fantastic Sam’s, Corner Bakery Café, Cold Stone Creamery, Rubio’s Grill and Pick Up Stix, among others. HFF brokered the transaction.

August 20, 2015

California Retail Western

Stevenson Real Estate Services Brokers $4.1M Retail Center Sale in Los Angeles

by Nellie Day August 20, 2015

LOS ANGELES — Stevenson Real Estate Services has arranged the sale of a retail center located at 5581 Huntington Drive North in Los Angeles. 11305 West Moorpark LLC acquired the property for $4.1 million from Sandale LLC. Situated on a 28,807-square-foot land parcel, the property offers 9,689 square feet of retail space. Built in 2008, the property is 100 percent occupied by tenants including Antigua Bread Bakery & Café, Jackie’s Closet, Subway, Rite-Optics, Prodigy Hair Salon, Burrito Place, Boost Mobile and Tips 2 Toes. Randy Stevenson, Stephen Baker and Kris Hons of Stevenson Real Estate Services represented the seller, while Andrew Awaida of RE/MAX Optima represented the buyer in the transaction.

August 20, 2015

California Industrial Western

Fisker Automotive Leases 555,670 SF Industrial Facility in Moreno Valley

by Nellie Day August 19, 2015

MORENO VALLEY, CALIF. — Fisker Automotive and Technology Group LLC has signed a long-term lease to occupy a 555,670-square-foot industrial building in Moreno Valley. The company plans to manufacture its ultra-luxury, plug-in electric hybrid Karma sports car at the facility. The new space is located at 17100 Perris Blvd. It is situated near Amazon’s and Procter & Gamble’s facilities. This new agreement will make Fisker the first automaker to operate an assembly plant in Southern California since 1992 when General Motors closed its Van Nuys plant, according to Colliers International, which executed the transaction. Ian DeVries and Chris DeVries of Colliers represented Fisker. Kevin McKenna and Ian DeVries of the same firm represented the landlord, First Industrial Realty.

August 19, 2015

California Hospitality Western

Courtyard Anaheim Theme Park Entrance Hotel Debuts Near Disneyland

by Nellie Day August 19, 2015

ANAHEIM, CALIF. — R.D. Olson Construction has completed the 221-room Courtyard Anaheim Theme Park Entrance hotel near the Disneyland Resort in Anaheim. The hotel is located at 1420 South Harbor Blvd. It is within walking distance of the theme park. The newest Marriott property features Spanish architecture with family-friendly amenities like bunk beds and five-fixture bathrooms in each guest room. It also contains a 22,000-square-foot surfing-themed waterpark with slides, water cannons and tipping buckets, in addition to a traditional pool and spa, outside dining space, lounge, gift shop and meeting space.

August 19, 2015

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