Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/818922
C A L I F O R N I A 22 • May 2017 • Western Real Estate Business www.REBusinessOnline.com NEWMARK MERRILL SECURES $19.1 MILLION REFINANCING OF SANTA ANA CENTER SANTA ANA, CALIF. — NewMark Merrill Cos., a Woodland Hills-based retail shopping center development company, has completed a $19.1 mil- lion recapitalization of Bristol Warner Village in Santa Ana. NewMark Merrill's Sandy Sigal, Susan Rorison, James Patton and San- dra Kist made up the refinance team. Bristol Warner Village is located at the southeast corner of Bristol Street and Warner Avenue. The 80,865-square- foot property recently underwent re- development and is 98.5 percent occu- pied by tenants including Starbucks, 99 Cent Only, Chase, T-Mobile and MetroPCS. FIDENT CAPITAL PROVIDES $9.5 MILLION TO LANCASTER DMV PROJECT LANCASTER, CALIF. — Fident Capi- tal has provided a $9.5 million perma- nent loan for the recently constructed Department of Motor Vehicles (DMV) in Lancaster. The 29,000-square-foot facility is located at 721 W Ave L6. The State of California signed a 20-year lease for the space once the loan was closed. The new facility was devel- oped by the Magnon Companies. CARE CAPITAL PROPERTIES TO ACQUIRE SIX BEHAVIORAL HEALTH HOSPITALS FOR $400 MILLION SAN DIEGO — Care Capital Proper- ties Inc. has entered into a definitive agreement to acquire six behavioral health hospitals in a sale-leaseback transaction for $400 million. The six-property portfolio contains a total of 712 beds in California, Ari- zona and Illinois. The hospitals pri- marily provide acute inpatient and outpatient psychiatric care, addiction services, geriatric psychiatric care and child and adolescent psychiatric care. Acquired properties include Au- rora Charter Oak Hospital in Covina, Calif.; Aurora Vista del Mar Hospital in Ventura, Calif.; Aurora San Diego Hospital in San Diego; Aurora Ari- zona West in Glendale, Ariz.; Aurora Arizona East in Tempe, Ariz.; and Au- rora Chicago Lakeshore Hospital in Chicago. CCP will lease the properties to af- filiates of Signature on a 10-year, tri- ple-net basis, with up to five renewal options of five years each. The company is expected to fund about $380 million at the close of the transaction, which will be funded through cash on-hand, disposition proceeds and borrowings under the company's revolving credit facility. Chicago-based Care Capital Proper- ties is a healthcare REIT with a port- folio of triple-net leased properties focused on the post-acute sector. LINCOLN PROPERTY CO., LONG WHARF CAPITAL BUY GLENDALE OFFICE TOWER GLENDALE, CALIF. — A joint venture between Lincoln Property Company and Long Wharf Capital has pur- chased an eight-story office building in Downtown Glendale for an undis- closed sum. The property is located at 520 N. Central Ave. The JV plans to renovate the 96,140-square-foot property in the next few months. This will include modernizing the outdoor amenity space, upgrading the lobby and com- mon areas and material upgrades to four full-floor vacancies. The asset was originally built in 1985. Notable tenants include North American Title, Logic Mate Interna- tional and H&R; Block. CBRE COMBINES SENIORS HOUSING, MEDICAL OFFICE PRACTICES LOS ANGELES — CBRE Group Inc. has announced plans to combine two of its valuation and advisory practices — Seniors Housing & Care and Medi- cal Office — into a single, cohesive Healthcare Practice Group. The property types covered by the new Healthcare Practice Group in- clude independent living, assisted liv- ing, memory care, nursing care, con- tinuing care retirement communities, medical office, surgical centers, outpa- tient rehab and hospitals. Zach Bow- yer, Tom Baroch and Bennett Johnson will lead the new group. Over the past three years, both groups have achieved a combined 30 percent year-over-year growth in rev- enues. In 2016, these groups complet- ed valuation or advisory assignments on more than 3,000 seniors housing and medical properties throughout the U.S. with an aggregate valuation of over $50 billion. CBRE ARRANGES REFINANCING FOR 207-UNIT COMMUNITY NEAR SAN FRANCISCO DALY CITY, CALIF. — CBRE has ar- ranged an undisclosed amount of financing for a large private equity fund. The borrower will use the funds to refinance debt on Peninsula Del Ray, a 207-unit independent liv- ing and assisted living community in Daly City. The property totals 304,350 square feet and is situated 9.5 miles south of Downtown San Francisco. Aron Will of CBRE National Senior Housing arranged the four-year, float- ing-rate loan. A regional bank provid- ed the capital. GREYSTONE PROVIDES $27.5 MILLION LOAN FOR 66-UNIT COMMUNITY SAN JOSE, CALIF. — Greystone, a real estate lending, investment and advi- sory company, has provided a $27.5 million loan for Oakmont of San Jose, a 66-unit assisted living and memory care community in San Jose. The Freddie Mac loan provides per- manent financing to help with lease- up following the recent completion of the community. The loan has an 11- year term with a fixed rate and 30-year amortization schedule. The new financ- ing replaces the remaining balance on the community's construction loan. Scott Kavel, Neal Raburn and Cary Tremper of Greystone originated the financing. COLLIERS NEGOTIATES $69.5 MILLION OFF-MARKET SALE OF SANTA CLARITA SHOPPING CENTER SANTA CLARITA, CALIF. — In an off-market transaction, Colliers Inter- national has negotiated the $69.5 mil- lion sale of Gateway Village Shopping Center in Santa Clarita. Michelle Schierberl and Donald El- lis of Colliers' Irvine office brought the center's owner, JH Real Estate Part- ners, and the buyer, private invest- ment group Galois Group, together in the transaction. Built in 2005 and located at 28207- 28313 Newhall Ranch Road, the 153,686-square-foot center is 95 per- cent occupied with one vacant space. Anchor tenants include LA Fitness, Smart & Final Extra, Coffee Bean & Tea, The Habit, US Bank and Lindora Medical. BEL BROOK AND HIDEAWAY APARTMENTS IN SAN LEANDRO SELLS FOR $36.6 MILLION SAN LEANDRO, CALIF. — The 146- unit Bel Brook and Hideaway Apart- ments in San Leandro has sold to a joint venture between Trion Proper- ties and DVO Real Estate for $36.6 million. The community is located at 77-85 Estabrook Street. Bel Brook and Hideaway was origi- nally built in 1967. It was 94 percent occupied at the time of acquisition. The JV plans to modernize the prop- erty through strategic exterior and interior renovations, including the installation of new vinyl wood plank flooring, stainless steel kitchen appli- ances, modern cabinetry, high-end finishes and bathroom upgrades. The property will also be rebranded and receive new signage. John Leyvas Jr. and Brad Lehman of Newmark, Cornish and Carey repre- sented both the buyer and seller, John Sullivan family, in this transaction. Acquisition financing was arranged by Continental Partners through NXT Capital. William Shuman ws@kzcompanies.com 949-275-6376 KZ Companies is ac@vely developing retail stores in Hawaii. We can make your Hawaiian store expansion a reality. Catch the retail wave with KZ. Mahalo! www.kzcompanies.com Tyler Reeves tr@kzcompanies.com 949-476-2700