Western Real Estate Business

AUG 2018

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 8 • August 2018 • Western Real Estate Business www.REBusinessOnline.com KIDDER MATHEWS ARRANGES SALE OF FOUR-BUILDING RETAIL PROPERTY VISALIA, CALIF. — Kidder Mathews has brokered the sale of The Shops at Visalia Pavilion, located at 3833, 3837, 3927 and 4015 W. Caldwell Ave. in Visalia. Toor Capital pur- chased the four-building property for $8.7 million. At the time of sale, the 33,000-square-foot asset was 95 per- cent occupied by a variety of tenants, including Starbucks Coffee, T-Mo- bile and Papa Murphy's Pizza. Peter Beauchamp, Darren Tappen and Jen- ette Bennett of Kidder Mathews rep- resented the seller, a New York-based private equity firm, in the deal. CVS-ANCHORED CENTER IN THE INLAND EMPIRE TRADES FOR $24 MILLION RANCHO CUCAMONGA, CALIF. — Apartment Income Investors has sold Thomas Winery Plaza, a shop- ping center located along Route 66 in Rancho Cucamonga. An undisclosed buyer acquired the asset for $24 mil- lion. CVS/pharmacy anchors the 99,838-square-foot shopping center. Lindsay Tsumpes and El Warner of Matthews Real Estate Investment Ser- vices handled the transaction. LOEFFLER NEGOTIATES $4.5 MILLION SALE OF SELF-STORAGE FACILITY REDDING, CALIF. — Loeffler Self- Storage Group has arranged the sale of All-Preferred Mini-Storage, a facil- ity located in Redding. The Raudman Family sold the property to a local in- vestor for $4.5 million, or $57.62 per square foot. Situated on 3.9 acres, the 78,095-square-foot facility features 530 storage units and a cellular an- tenna. The property comprises 13 sin- gle-story buildings with asphalt drive aisles, plus a manager's office and residence. Bobby Loeffler and Tyler Skelly of Loeffler Self-Storage Group represented the seller and buyer in the transaction. CBRE BROKERS $9.5 MILLION SALE OF SMART & FINAL PROPERTY IN HIGHLAND HIGHLAND, CALIF. — CBRE has facilitated the sale of a retail prop- erty located at 27550 Base Line St. in Highland. A Los Angeles-based pri- vate buyer acquired the property for $9.5 million. Discount grocer Smart & Final occupies the retail building, which opened in December 2017. Matt LoPiccolo of CBRE and John Glass of Marcus & Millichap represented the seller, Smart & Final, in the sale of the lot. The seller will continue to occupy the property. EVERWEST ACQUIRES 261,959 SF OFFICE PARK BURLINGAME, CALIF. — EverWest Real Estate Investors, in partnership with Partners Group, has purchased Burlingame Bay Office Park, located at 555 and 577 Airport Blvd. in Burl- ingame. The acquisition price was not released. Situated on 13 acres, the of- fice park comprises a 120,681-square- foot building and 139,413-square-foot building, offering a total of 261,959 square feet. Ryan Madison provided in-house representation for EverWest in the deal. HUNT REAL ESTATE CAPITAL PROVIDES $20 MILLION REFINANCING FOR SENIORS HOUSING PROPERTY MONTEBELLO, CALIF. — Hunt Real Estate Capital has provided $20 mil- lion in refinancing for Beverly Tow- ers, an affordable seniors housing property located at 1315 W. Beverly Blvd. in Montebello. The borrower is Montebello Senior Housing, a Cali- fornia limited partnership backed by key principal Stephen Doty. Built in 1975, the property features 189 units in a mix of one-bathroom efficiency units and one-bedroom/one-bath- room apartments. The community is restricted to residents age 62 or older and is a Section 8 Low-Income Hous- ing Tax Credit property. The property currently operates subject to a HUD Section 236(e)(2) use agreement that became effective in 2003 when the pre-existing Section 236 financing was retired. FAIRBOURNE PROPERTIES ACQUIRES SHOPPING CENTER FOR $85.7 MILLION BRENTWOOD, CALIF. — Chicago- based Fairbourne Properties has pur- chased The Streets of Brentwood, a grocery- and theatre-anchored life- style center located at 2455 Sand Creek Road in Brentwood. A fund managed by DRA Advisors sold the asset for $85.7 million, according to reports. The 358,615-square-foot cen- ter includes a 14-screen AMC The- atre, DSW, Ulta Beauty and Sprouts Farmers Market. Nicholas Bicardo and Brandon Rogoff of NKF Capital Markers represented the seller in the transaction. DAUM COMMERCIAL BROKERS SALES OF SEVEN INDUSTRIAL PROPERTIES FOR $50 MILLION CITY OF INDUSTRY, CALIF. — DAUM Commercial Real Estate Ser- vices has brokered the individual sales of seven buildings that com- prise Echelon Business Park, a newly constructed industrial campus in the City of Industry. Los Angeles-based Dedeaux Properties sold the assets for a total of $50 million. Located at 801- 821 Echelon Court, the freestanding buildings range in size from 27,438 square feet to 43,166 square feet. The properties feature ample dock-high and ground-level loading, large truck courts, ESFR sprinklers, high-speed fi- ber optic cabling and two-story office space. Dennis Sandoval, Robert Di- pre, Bryan Sandoval and Kurt Yacko of DAUM represented the seller in the transactions. The names of the buyers were not released. Starbucks Coffee, T-Mobile and Subway are tenants at The Shops at Visalia Pavilion in Visalia. SEND YOUR NEWS TO western@francemediainc.com

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