ROCKLIN, SANTA CLARITA, CALIF. — American Realty Capital (ARC) has acquired two luxury senior living communities in Southern California for $104 million. The purchase includes the 159-unit Casa de Santa Fe in Rocklin and the 134-unit Summerhill Villa in Santa Clarita. Casa de Santa Fe was built in 2001 at 3201 Santa Fe Way, just 20 miles north of Sacramento. It is currently 98.7 percent occupied. The community contains two independent living, one assisted living and one memory care facility, in addition to a community clubhouse. Summerhill Villa was also built in 2001. The assisted living and memory care community is located at 24431 Lyons Ave., just 30 miles northwest of Downtown Los Angeles. It is 98.4 percent occupied. The CBRE National Senior Housing Group represented the seller, MBK Senior Living, in this transaction. ARC represented itself. MBK will continue to manage the communities.
Western
SAN JOSE, CALIF. — Rio Robles Technology Park, a 460,000-square-foot office and R&D portfolio in San Jose, has received $73.5 million in acquisition financing. The eight-building park is located on Rio Robles not far from San Jose International Airport. It is 70 percent leased to a variety of tech-centric tenants, including Hitachi and F5 Networks. The financing will be used by Brookfield Asset Management to acquire and reposition the property. This will include a significant capital improvement plan that will upgrade the buildings and outdoor areas. The first-mortgage debt was arranged by Rob Rubano and Greg Stampley of Eastdil Secured. It was originated by Jason Bressler of Mesa West Capital.
TORRANCE, CALIF. – A 28,500-square-foot industrial complex in Torrance has sold to Darren C. Moore Trust for $3.8 million. The two-building property is located at 23875 Madison Street near the Torrance Airport. The seller, The Conrow Family Trust, was represented by Warren Noack, Kimberly Noack and Travis Noack of NAI Capital’s South Bay office.
LAS VEGAS – A 24,034-square-foot retail building in Las Vegas has sold to Wyandotte, Inc. for $2.2 million. The building is located at 5050 E. Russell Road. It is currently occupied by a window company. Wyandotte was represented by Neil Dela Cruz of MDL Group. The seller, Kathleen & Adrian Varni Trust, was represented by Katherine Bergh of Marcus & Millichap.
SAN FRANCISCO – A five-property multifamily portfolio based in the San Francisco Bay Area has received a $37-million refinancing. The portfolio contains a total of 297 units. Four of the five transactions are long-term refinances, while the other is a bridge loan. Financing was originated by Kenneth M. Fox of Cohen Financial’s San Francisco office. Four loans were secured with JP Morgan Chase Bank, and one was secured with Boston Private Bank & Trust Company. The borrower was a local commercial/multifamily real estate investor and operator.
MESA, ARIZ. — Mesa Corporate Center, a 106,077-square-foot office building, has sold to Buchanan Street Partners for $13.2 million. The center is located at 1001 W. Southern Ave. in Mesa. It was 89 percent leased at the time of sale. Notable tenants at the center include Allstate Insurance Company, DeVry University and Allied Barton Security. The seller, Parkway Properties, was represented by Chris Toci, Chad Littell, Jerry Noble and Ryan Bartos of Cushman & Wakefield.
LOS ANGELES — Village Walk at Tarzana, a two-parcel development site, has sold to Sinanian Development Inc. for an undisclosed sum. The fully entitled site contains the West Parcel, which is located at 18709 W. Redwing Street, and the East Parcel, located at 5420-5432 N. Yolanda Ave. They are attached to the 146,363-square-foot Village Walk retail center on Ventura Boulevard. The West Parcel will receive 15 two-story luxury townhomes, while the East Parcel project will contain 19 townhomes and 37 luxury apartments. The seller, Pearlmark Real Estate Partners LLC, was represented by Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors.
LA QUINTA, CALIF. – A 4,562-square-foot retail building in La Quinta that is occupied by Union Bank of California has sold to Don & Marily Lynch c/o Dunn Property Group for $4.5 million. The building is located at 79670 Highway 111. The buyer was represented by Michael Dunn of Dunn Property Group. The seller, Hull LQ Properties, LLC c/o Sage Retail Group, was represented by Kevin Held and Chuck Klein of Cassidy Turley.
CARLSBAD, CALIF. — Noodles & Company has signed a 12-year lease for 2,837 square feet of retail space at Palomar Airport Commons in Carlsbad. The lease is valued at $2 million. The center is located at 2521 Palomar Airport Road. Noodles & Company was represented by Danny Fitzgerald, Michael Burton and Pasquale Ioele of Cassidy Turley and Sharon Carmichael of Terranomics Retail Services. The landlord, Sudberry Properties, was represented by Matt Moser of Retail Insite.
RIVERSIDE, CALIF. — The Riverside Convention Center will officially reopen this Saturday after undergoing a $43.6-million renovation. The new convention center contains 21 rooms with more than 65,000 square feet of flexible space. It is located at 3637 5th Street near the Riverside Marriott at the Convention Center and the Hyatt Place Riverside/Downtown. The new space can accommodate groups as small as 25 and as large as 3,000 for conventions, meetings, trade shows and competitions. The renovation also included the addition of a 20,000-square-foot, open-air plaza, lawn and garden space.