BURLINGAME, CALIF. — Sunrise Senior Living opened its newest community — Sunrise of Burlingame near San Francisco — on June 29, marking the 40th community in California for the owner/operator. The new four-story, 65,000-square-foot assisted living and memory care community on Trousdale Drive contains about 80 units, with a resident capacity of 97. Sunrise expects to open a new community in Dublin, Ohio, in August and Sunrise at Palos Verdes in the Los Angeles area next year.
LOS ANGELES – Illusion LLC has renewed its lease for 6,987 square feet of office space in Downtown Los Angeles. The space is located at 617 West Seventh Street. Illusion LLC is a records storage facility. The building is owned by the Swig Company.
DIAMOND BAR, CALIF. — Foremost Companies has acquired two adjacent shopping centers in Diamond Bar totaling more than 120,000 square feet of leasable commercial space for $23 million. The Ranch Center and Oak Tree Plaza cover 10.4 acres of property with a tenant roster including restaurants, medical offices, a bowling alley and retail. Foremost acquired The Ranch Center in an off-market acquisition from Preferred Bank, which foreclosed on the center in October 2014. Foremost acquired and consolidated the interest of a long-term ground-lease tenant at Oak Tree Plaza while restructuring a new lease with the anchor tenant. Preferred Bank provided acquisition financing, and Stonewood Properties will act as property manager for both centers.
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.
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.
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.
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.
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.
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.
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.
