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 10 • August 2018 • Western Real Estate Business www.REBusinessOnline.com LPC WEST BUYS 57,253 SF MIXED-USE PROPERTY FOR $27.5 MILLION DEL MAR, CALIF. — LPC West has ac- quired Polo Plaza, a mixed-use prop- erty located at 3702 and 3790 Via De La Valle in Del Mar, approximately 20 miles north of San Diego. An undis- closed local seller sold the property for $27.5 million. At the time of sale, the two-building, 57,253-square-foot property was 92 percent occupied. Ben Tashakorian and Bradley Peters of Marcus & Millichap represented the seller, while LPC West represent- ed itself in the transaction. LPC West plans to renovate the Mediterranean- style office and retail property to include a new paint scheme, monu- ment sign, exterior lighting, furniture and landscaping, as well as complete parking lot upgrades. The renovated property will feature small ExecuOf- fices and on-site amenities, including a café offering coffee, breakfast and lunch. MARIMAN & CO. SELLS 41-UNIT APARTMENT COMMUNITY FOR $16.3 MILLION COSTA MESA, CALIF. — Mariman & Co. has sold Sundance West Apart- ment Homes, a multifamily commu- nity located at 1990-2002 Maple Ave. in Costa Mesa. An Orange County- based private family investment part- nership acquired the property for $16.3 million. The buyer also assumed the existing loan with Chase Bank. Built in 1965, the community features 40 two- and three-bedroom floorplans and one studio floorplan. The prop- erty comprises 12 one- and two-story buildings and a separate rental office. On-site amenities include a pool, ad- ditional storage, laundry facilities and 69 parking spaces. Peter Hauser and Matt Hauser of Avison Young's Irvine office represented the seller and the buyer in the deal. KFA BREAKS GROUND ON 70-UNIT AFFORDABLE SENIORS HOUSING COMMUNITY LOS ANGELES — KFA, a Santa Moni- ca-based architecture firm, has started construction of The Curve @ West Angeles Senior Apartments, an af- fordable community in the Park Mesa Heights neighborhood of Los Angeles. The development is a project of West Angeles Community Development Corp. and Related Cos. of California. The 52,777-square-foot, five-story building consists of a total of 70 apart- ments reserved for seniors, with 40 low-income units, 29 very-low-income units, and one market-rate manager's unit. The development is located just two blocks north of the Crenshaw/ Slauson Station in Park Mesa Heights, which is currently under construction and slated to open in 2019. REALTY ADVISORY GROUP NEGOTIATES SALE OF 181,070 SF INDUSTRIAL ASSET SANTA FE SPRINGS, CALIF. — Realty Advisory Group has arranged the sale of an industrial property, located at 9601-9603 John St. in Santa Fe Springs. An undisclosed buyer acquired the property for $24.8 million. Situated in the Mid Counties submarket, the 181,070-square-foot property features 22-foot to 28-foot ceilings, 16 dock- high positions and future divisibility. At the time of sale, the property was fully leased to Windsor Fashions. John Repstad and Mark Repstad of Realty Advisory Group represented the buy- er and the undisclosed seller in the transaction. PCCP, LINCOLN PROPERTY CO. BUY 464,000 SF OFFICE/R&D COMPLEX SAN JOSE, CALIF. — PCCP, in a joint venture with Lincoln Property Co., has acquired Valley Technology Cen- tre, a seven-building office and R&D complex located on 26.4 acres in San Jose. MWest sold the property for an undisclosed price. Built in 2000, the 464,000-square-foot property was 74 percent leased at the time of sale. The complex comprises seven, two-story office and R&D facilitates with 18-foot clear height on the ground floors to accommodate roll-up doors and ship- ping/receiving requirements. The properties are located at 2660, 2680, 2700, 2720, 2740 Zanker Road and 2585 and 2595 Junction Ave. in North San Jose. ENSIGN GROUP PURCHASES 115,517 SF OFFICE BUILDING IN SOUTHERN CALIFORNIA SAN JUAN CAPISTRANO, CALIF. — The Ensign Group, on behalf of a wholly owned subsidiary, has ac- quired an office building located in San Juan Capistrano. The name of the seller and acquisition price were not released. The Ensign Group plans to enter into a lease with its wholly owned subsidiary, Ensign Services, and expects Ensign to occupy a por- tion of the 115,517-square-foot prop- erty upon termination of its existing office leases in 2019. At the time of acquisition, the property was 92 percent occupied by third-party ten- ants. The Ensign Group is the par- ent company of the Ensign line of skilled nursing, rehabilitative care services, home healthcare, hospice care and assisted living companies. Mitch Lundquist and Ryan Hawkins of JLL represented the buyer in the transaction. BLUEPRINT NEGOTIATES SALE OF FOUR LAND PLOTS FOR ASSISTED LIVING DEVELOPMENTS LINCOLN, CALIF. — Blueprint Healthcare Real Estate Advisors has brokered the sale of four plots of land in California totaling 21 acres for $14.7 million, with the buyers plan- ning to develop assisted living on the land. The seller was PDC Capital, a private equity firm specializing in EB-5 investments. The plots had been placed in SEC receivership by order of a federal judge. The first plot is lo- cated in Lincoln, adjacent to an exist- ing active adult community named Sun City of Lincoln Hills. Lincoln MCC US LLC, a division of MCC China, acquired those seven acres for $8.7 million. Carefield Senior Living acquired the remaining three plots, totaling 14 acres, for $6 million. The location of those properties was not disclosed. Blueprint's Jacob Gehl, supported by Giancarlo Riso and Scott Frazier, handled the transac- tions. STEPP COMMERCIAL BROKERS $50.8 MILLION SALE OF APARTMENT COMMUNITY LONG BEACH, CALIF. — Stepp Com- mercial has negotiated the sale of Patio Gardens, an apartment community lo- cated at 4874 E. Los Coyotes Diagonal in Long Beach's Traffic Circle neigh- borhood. Emeryville, Calif.-based HFH Limited acquired the property from a Long Beach-based private in- vestor for $50.8 million. Built in 1958, the property features 19 two-story buildings with a total of 127 two- bedroom units averaging 1,000 square feet. On-site amenities include land- scaped gardens and lawns, laundry facilities, a fitness center and parking garages. Robert Stepp of Stepp Com- mercial represented the seller and buyer in the deal. PROGRESSIVE REAL ESTATE BROKERS TWO RETAIL PARCEL SALES TOTALING $3.8 MILLION SAN BERNARDINO, CALIF. — Pro- gressive Real Estate Partners has ar- ranged the sales of two retail parcels at University Town Center in San Bernardino for a combined $3.8 mil- lion. Mike Lin and Maggie Gonzalez of Progressive represented the seller, a Norwalk, Calif.-based private inves- tor, in both transactions. In the first deal, a Temecula, Calif.-based private investor acquired a single-tenant pad building, located at 4304 University Parkway, for $1.8 million. Jiffy Lube is the original lessee of the 2,173-square- foot building that was built in 2007. In the second deal, a Walnut, Calif.- based private investor purchased a multi-tenant building, located at 4414 University Parkway, for $2 million. Subway, Little Caesars and Liquid Tea Bar fully occupy the property. HARBOR ASSOCIATES, ASCENTRIS ACQUIRE 110,100 SF OFFICE BUILDING RANCHO BERNARDO, CALIF. — Harbor Associates and Ascentris have partnered to acquire The Pinnacle, an office building located in the north San Diego submarket of Rancho Bernardo. Completed in 2007, the property fea- tures 110,100 square feet of Class A of- fice space. At the time of sale, the prop- erty was 93 percent leased. The buyers plan to execute a capital improvement plan to enhance the tenant experience, including new outdoor covered seat- ing and collaborative workspace with canyon views, modernizing the bike storage and locker room areas, and re- freshing the ground-floor lobby. Lynn LaChapelle and Bob Prendergast of JLL represented the undisclosed seller in the deal. Jay Alexander and Tim Olsen of JLL will continue to handle leasing for the new ownership, while Davis Partners will serve as property manager. Located in Del Mar, Polo Plaza features 57,253 square feet of office and retail space. Valley Technology Centre in San Jose features seven buildings offering a total of 464,000 square feet of office and R&D space.

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