LOS ANGELES – A mixed-use property located in the Koreatown submarket of Los Angeles has sold to a private Seattle investor for $4.7 million. It is located at 800 S. Normandie. The property contains 44 residential units and 3,600 square feet of retail space. The retail component is leased to a single tenant that operates a small neighborhood market. Janet Neman and Bryan Glenn represented both the buyer and the seller, Executive Commercial Properties, in this transaction.
Western
LONG BEACH, CALIF. — Molina Healthcare has executed a $158-million sale/leaseback that encompasses the firm’s Long Beach corporate office complex and an office building in Columbus, Ohio.The Long Beach property features two conjoined 14-story office towers that total 500,000 square feet. Molina purchased the property in 2011. It houses the company's corporate headquarters, as well as Molina Healthcare of California, its California health plan subsidiary. The Columbus property contains a 160,000-square-foot office building that was acquired in December 2012. It serves as the principal health plan operations for its Molina Healthcare of Ohio subsidiary.Molina was represented by McKinney Advisory Group. Angelo Gordon & Co., AGNL Clinic, L.P. worked alongside McKinney.Western Reserve Partners LLC served as Molina’s co-advisor and placement agent.
SEATTLE— Emeritus Senior Living is assuming operations of 38 seniors housing communities from Merrill Gardens as part of an agreement that contains a total of 4,400 units across eight states. The majority of the facilities, however, are located in California and Washington. More than 40 percent of the units are designated as independent living facilities, though some properties also contain assisted living and memory care services. Seattle-based Emeritus intends to retain Merrill Gardens' community employees in the transaction, which is anticipated to close in the next few months. The move will build Emeritus' continuum of care, and for Seattle-based Merrill Gardens the deal provides greater nimbleness of operations for future innovation and development, according to company officials. Emeritus is the nation's largest assisted living and memory care provider, with a workforce of more than 30,000 and the ability to serve nearly 50,000 residents in 45 states. Completion of the Merrill Gardens transaction will increase the number of senior living communities Emeritus operates nationally to more than 500. Merrill Gardens will then have 26 operating and development communities in six states in its portfolio. The company plans to continue to develop four to five communities per year in select markets. Health …
SAN JOSE, CALIF. — Century Plaza II, a 99,126-square-foot, Class A office building in San Jose, has sold to Grosvenor Americas for an undisclosed sum. The six-story building is located at 560 S. Winchester. It is fully occupied by the Rockefeller Group Business Centers, Cushman & Wakefield and Merrill Lynch Wealth Management.
LOS ANGELES — A $53-million mixed-use complex that was developed by Holland Partners Group has debuted in Downtown Los Angeles. The project features 210 residential units and 7,900 square feet of ground-floor retail space. It is located at 1111 Wilshire Blvd. The project is situated on the metro bus line near the 7thStreet metro rail station. The complex was designed by Nadel Architects.
LONG BEACH, CALIF. — Molina Healthcare has executed a $158-million sale/leaseback that encompasses the firm’s Long Beach corporate office complex and an office building in Columbus, Ohio. The Long Beach property features two conjoined 14-story office towers that total 500,000 square feet. Molina purchased the property in 2011. It houses the company's corporate headquarters, as well as Molina Healthcare of California, its California health plan subsidiary. The Columbus property contains a 160,000-square-foot office building that was acquired in December 2012. It serves as the principal health plan operations for its Molina Healthcare of Ohio subsidiary. Molina was represented by McKinney Advisory Group. Angelo Gordon & Co., AGNL Clinic, L.P. worked alongside McKinney.Western Reserve Partners LLC served as Molina’s co-advisor and placement agent.
SEATTLE — Emeritus Senior Living is assuming operations of 38 seniors housing communities from Merrill Gardens as part of an agreement that contains a total of 4,400 units across eight states. The majority of the facilities, however, are located in California and Washington. More than 40 percent of the units are designated as independent living facilities, though some properties also contain assisted living and memory care services. Seattle-based Emeritus intends to retain Merrill Gardens' community employees in the transaction, which is anticipated to close in the next few months. The move will build Emeritus' continuum of care, and for Seattle-based Merrill Gardens the deal provides greater nimbleness of operations for future innovation and development, according to company officials. Emeritus is the nation's largest assisted living and memory care provider, with a workforce of more than 30,000 and the ability to serve nearly 50,000 residents in 45 states. Completion of the Merrill Gardens transaction will increase the number of senior living communities Emeritus operates nationally to more than 500. Merrill Gardens will then have 26 operating and development communities in six states in its portfolio. The company plans to continue to develop four to five communities per year in select markets. …
SAN JOSE, CALIF. — Century Plaza II, a 99,126-square-foot, Class A office building in San Jose, has sold to Grosvenor Americas for an undisclosed sum. The six-story building is located at 560 S. Winchester. It is fully occupied by the Rockefeller Group Business Centers, Cushman & Wakefield and Merrill Lynch Wealth Management.
LOS ANGELES — A $53-million mixed-use complex that was developed by Holland Partners Group has debuted in Downtown Los Angeles. The project features 210 residential units and 7,900 square feet of ground-floor retail space. It is located at 1111 Wilshire Blvd. The project is situated on the metro bus line near the 7th Street metro rail station. The complex was designed by Nadel Architects.
NORWALK, CALIF. – The 192-unit Avalon at Civic Center in Norwalk has sold to Sares-Regis Multifamily Fund, L.P. for an undisclosed sum. The community is located at 12700 Bloomfield Ave. Sares-Regis plans to upgrade and rebrand the property as Solterra at Civic Center. The seller, Avalon Bay, was represented by HFF’s Mark Peterson and Sean Deasy.