Western Real Estate Business

MAY 2017

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A 16 • May 2017 • Western Real Estate Business www.REBusinessOnline.com HCP COMPLETES $1.1 BILLION DISPOSITION OF 64 BROOKDALE COMMUNITIES IRVINE, CALIF. — HCP has complet- ed its previously announced sale of 64 Brookdale Senior Living-operated communities for $1.1 billion. The deal was announced in Novem- ber 2016. Affiliates of Blackstone Real Estate Partners VIII LP purchased the portfolio. Specific names and locations of the properties were not disclosed. The properties total 5,967 units, which equates to a sale price of $189,000 per unit. Occupancy for the portfolio was 85.2 percent at the time the sale was announced. At the time the sale was announced, HCP also noted its plans to terminate leases on 25 Brookdale properties to- taling 2,031 units over the next year. HCP also plans to transfer eight ex- piring Brookdale triple-net leases to a RIDEA structure, through a joint ven- ture where Brookdale acquires 10 per- cent interest in the properties. HCP expects to record a gain of about $165 million on the sale of the 64 assets and intends to use the pro- ceeds to pay down debt and for gen- eral corporate purposes. HCP is a publicly traded healthcare and seniors housing REIT based in Ir- vine. As of June 1, 2016, the company owned 470 seniors housing properties totaling 49,000 units, making it the fourth largest owner of seniors hous- ing in the United States, according to the American Seniors Housing Asso- ciation. PROGRESSIVE REAL ESTATE PARTNERS SELLS TWO OUTPARCELS AT MALL OF VICTOR VALLEY FOR $4.2 MILLION VICTORVILLE, CALIF. — Progres- sive Real Estate Partners has sold two outparcels at the entrance to the Mall of Victor Valley for $4.2 million. The 575,000-square-foot Mall of Victor Val- ley has freeway visibility on 1-15 and is anchored by Macy's, JC Penney, Dick's Sporting Goods Sears and Cin- emark Theaters. The first transaction was for an out- parcel at 14390 Bear Valley Road. Big 5 has occupied the 8,000-square-foot building since it was constructed in 1987. A private investor from South- ern California purchased the property for $1.58 million in an all-cash transac- tion. Progressive Real Estate Partners brokers Mike Lin and Brad Umansky represented both the buyer and seller in the transaction. The second transaction was for a multi-tenant outparcel at 14350 Bear Valley Road. Built in 2005, the 14,120-square-foot retail building in- cludes a 9,200-square-foot former Da- vid's Bridal and four shop spaces to- taling 4,920 square feet. A partnership formed by Alan Gottlieb of Real Es- tate Affiliates purchased the property for $2.65 million. Sit 'n Sleep recently opened a 9,200-square-foot store at the property. Progressive Real Estate Partners brokers Brad Umansky and Liana Ahdoot marketed the property and represented the seller, a private Los Angeles-based investor. FOREVER 21 PLANS TO OPEN OVER 40 F21 RED LOCATIONS IN 2017 LOS ANGELES — Forever 21, one of the fastest growing fashion retailers in the world, continues its expansion of F21 RED and plans to open more than 40 new retail locations across the U.S. in 2017. The first three F21 RED stores will open in April in key retail markets, including San Antonio; Bronx, N.Y.; and Chicago. New locations will con- tinue to open throughout the year and will bring F21 RED total store count to more than 70 locations by year end. ROCKEFELLER GROUP BUYS 68 ACRES OF LAND IN PERRIS FOR DISTRIBUTION CENTERS PERRIS, CALIF. — Rockefeller Group has purchased 68 acres of land in Per- ris where it plans to construct two dis- tribution centers for a total of 1.4 mil- lion square feet. The price of the land was not disclosed. The centers will be situated about 70 miles east of the ports of Los Angeles and Long Beach. The property will be referred to as Optimus Logistics Cen- ter. Rockefeller Group was represented by JLL's Michael McCrary, Peter Mc- Williams and Nicole Welch. The seller, Optimus Building Corporation, was also represented by the JLL team. STARGAZER INN & SUITES SELLS FOR $8.4 MILLION MONTEREY, CALIF. — The 52-room Stargazer Inn & Suites has sold to a local private investor for $8.4 million. The boutique hotel is located at 1046 Munras Ave. The hotel features an indoor pool and spa, breakfast room and parking. Many guest rooms offer fireplaces and partial ocean views. Eric Gunderson of Avison Young represented the seller, Monterey Sig- nature Hotels, in this transaction. Location, Population & Cooperation HEMET California CITY OF Follow success…to Hemet. With available sites, growing population (over 80K), rising household incomes and the center of a trade area of over 150,000 customers, Hemet is right for you, right now! To join those who've found success in Hemet and learn more about opportunities in Inland Southern California, the Nation's most powerful market, contact the City of Hemet, Administration Office at 951-765-2301 or kaguilar@cityofhemet.org www.cityofhemet.org

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