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 14 • May 2017 • Western Real Estate Business www.REBusinessOnline.com BLUEPRINT ARRANGES SALE OF 100-UNIT ASSISTED LIVING COMMUNITY VISALIA, CALIF. — Blueprint Health- care Real Estate Advisors, a Chicago- based brokerage firm, has arranged the sale of Park Visalia Assisted Liv- ing, a 100-unit assisted living com- munity in Central California. The community is located in Visalia in the San Joaquin Valley, about midway be- tween Los Angeles and the Bay Area. The sellers, a Chicago-based private equity firm, acquired Park Visalia in 2014, investing in several capital im- provement projects and bringing in a California-based third party manage- ment company to turnaround opera- tions. However, after the first year oc- cupancy remained constantly below market levels, the owner elected to transition the operations to a Mid- west-based provider that stabilized key leadership staff positions and im- proved occupancy and cash flow. The buyer was a privately held real estate investment company based on the West Coast, with Park Visalia rep- resenting the company's fourth Cali- fornia seniors housing acquisition in the past two years. The buyer plans to remodel the community, including the addition of a secured memory care wing. The purchase price was not dis- closed. The new owner will transition man- agement to a new operator that has several other communities in Califor- nia. Jacob Gehl, Ben Firestone and Mi- chael Segal of Blueprint were the lead advisors on the transaction. IHERB LEASES 20,000 SF OF OFFICE SPACE IN PASADENA PASADENA, CALIF. — Iherb has signed a five-year lease for 19,993 square feet of office space in Pasade- na. The space is located at 301 North Lake Ave. IHerb is a California-based retailer with more than 35,000 natu- ral products. It will occupy the entire sixth floor. The Class A building offers access to the 210 and 134 freeways. It is directly adjacent to Lake Avenue Gold Line. Carl Anderson of NAI Capital represented the landlord, pen- sion fund owner Operating Engineers Funds, while the firm's Robert Stover represented iHerb in this transaction. HFF ARRANGES $12.6 MILLION REFINANCING FOR RETAIL BUILDING SANTA MONICA, CALIF. — HFF has arranged a $12.6 million refinanc- ing for 3202-3212 Wilshire Blvd., a 28,209-square-foot retail building lo- cated in Santa Monica. CVS/pharmacy and BevMo ful- ly occupy the property. Jeff Sause, Paul Brindley and Ryan Ash of HFF worked on behalf of the borrower, a local family office advised by The Luzzatto Company Inc., to place the non-recourse, fixed-rate loan with a life insurance company. Loan pro- ceeds were used to supplement the borrower's planned long-term hold of the asset in their core portfolio. TH REAL ESTATE BUYS SAN FRANCISCO CREATIVE OFFICE BUILDING SAN FRANCISCO — TH Real Estate has purchased a 59,868-square-foot creative office building in the South of Market (SoMa) neighborhood of San Francisco. The building is located at 539 Bryant Street. The property was originally built in 1912 as a warehouse facility. It was converted to creative office space in 1983. The building is fully occupied by tenants like HoneyBook, Life360, Sauce Labs, HKS Architects and Gig- walk. TH Real Estate is an affiliate of Nu- veen, the investment management arm of TIAA. WOODLAND HILLS CORPORATE CENTER IN LOS ANGELES TRADES HANDS LOS ANGELES — Woodland Hills Corporate Center, a 230,833-square- foot office campus in Los Angeles, has sold to Somerset West Partners LLC for an undisclosed sum. The property is located at 21021-21031 Ventura Blvd. in the Woodland Hills submarket. It is 85 percent leased to more than 60 ten- ants. CBRE's Sean Sullivan, Todd Tyd- laska and Michael Longo represented both the buyer and seller in this trans- action.