Western Real Estate Business

SEP 2018

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/1027244

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Page 14 of 82

C A L I F O R N I A 12 • September 2018 • Western Real Estate Business www.REBusinessOnline.com CRESS CAPITAL ACQUIRES FIVE-BUILDING OFFICE PORTFOLIO FOR $89.5 MILLION CERRITOS, CALIF. — Newport Beach, Calif.-based Cress Capital has purchased a five-building office port- folio, located within Cerritos Town Centre in Cerritos. An undisclosed seller sold the asset for $89.5 mil- lion. Built between 1989 and 1998, the 461,920-square-foot portfolio in- cludes two seven-story buildings and three two-story buildings. At the time of sale, the asset was 88 percent oc- cupied by 45 tenants. Cerritos Town Centre is a 124-acre mixed-use devel- opment offering more than 1 million square feet of Class A office space, a full-service hotel, the Cerritos Cen- ter for the Performing Arts and a 600,000-square-foot, open-air retail center. This transaction puts Cress at nearly $250 million in acquisition volume over the past 18 months and expands the company's portfolio in Southern California and Colorado to roughly 1.7 million square feet. BKM CAPITAL PURCHASES MULTI-TENANT INDUSTRIAL PARK FOR $85 MILLION BURBANK, CALIF. — BKM Capital Partners has acquired Backlot Bur- bank, a 12-building industrial busi- ness park located at 4100-4210 W. Vanowen Place, 2303-2333 N. Valley St. and 4400-4510 W. Vanowen St. in Burbank. A joint venture between Shubin Nadal Associates and Pen- wood Real Estate Investment Man- agement, through its Penwood Select Industrial Partners IV value-added investment vehicle, sold the proper- ty for $85 million. At the time of sale, the 302,869-square-foot asset was 100 percent occupied by 16 tenants with unit sizes ranging from 6,000 square feet to 100,217 square feet. BKM Cap- ital Partners plans to implement a series of capital improvements to the property, including new roofs, paint and tenant and monument signage. CBRE represented the seller in the deal. PINNACLE CAPITAL, HARRISON STREET BUY MEDICAL OFFICE BUILDING NEAR SAN FRANCISCO FOR $30 MILLION DALY CITY, CALIF. — A joint venture between Pinnacle Capital Manage- ment Services and Harrison Street Real Estate Capital has purchased Physicians Medical Center. The medi- cal office building is located at 901 Campus Drive in Daly City, south of San Francisco. Swift Real Estate Part- ners sold the property for $30 million. Situated on 2.4 acres, the purpose- built medical office building features 70,705 square feet of space. At the time of sale, the three-story property was 92 percent leased to a variety of tenants, including Palo Alto Medical Foundation, Sutter Health, Campus Surgery Center and AmSurg/Envi- sion Healthcare. Evan Kovac, An- drew Milne and David Dokko of HFF represented the seller and procured the buyer in the deal. Additionally, HFF's Zack Holderman, John Chun and Trent Jemmett arranged a $25 million, non-recourse, floating-rate acquisition loan for the buyer. LEWIS RETAIL CENTERS OPENS FIRST PORTION OF 430,000 SF RENAISSANCE MARKETPLACE RIALTO, CALIF. — Lewis Retail Centers, part of the Lewis Group of Companies, has opened the first por- tion of Renaissance Marketplace, a 430,000-square-foot shopping, dining and entertainment center located off the 210 Freeway in Rialto. Anchored by a 13-screen Cinemark Theatres, a 38,000-square-foot 24 Hour Fitness and a 43,000-square-foot Burling- ton, the center features modern ar- chitecture, tenanting and marketing specifically for today's Millennials. Additional signed tenants include The Habit, California Fish Grill, Ahi Poke Bowl, Pho '77, Panera Bread and Septembers Taproom and Grill, Five Below, Ross Dress for Less and a Gro- cery Outlet. Currently, six tenants are open, and an additional 26 tenants are scheduled to open in September. CADENCE LIVING ACQUIRES 158-UNIT SENIORS HOUSING COMMUNITY NEAR SAN FRANCISCO MILLBRAE, CALIF. — Cadence Liv- ing has acquired Marymount Green- hills Retirement Center, a 158-unit independent living, assisted living and memory care community in the San Francisco suburb of Millbrae. Cadence plans to renovate the prop- erty over the next year and rename it Cadence Millbrae. The project will modernize the apartments, corridors and common areas. Greenhills Re- tirement Center is located adjacent to Greenhills Park and has views of San Francisco Bay. Cadence Living is a de- veloper, owner and operator based in Scottsdale, Ariz. The company's port- folio includes properties in California, Arizona and Colorado, with plans to further expand in the South and West. TERRENO REALTY ACQUIRES MULTI-BUILDING INDUSTRIAL PROPERTY FOR $36 MILLION SAN LEANDRO, CALIF. — Terreno Realty Corp. has purchased a multi- building industrial asset located at 2700 Merced Street in San Leandro. An undisclosed seller sold the prop- erty for $36 million. Situated on 14.8 acres, the asset consists of three dis- tribution buildings totaling 209,000 square feet, a 16,000-square-foot of- fice building and an improved land parcel. The property features 12 dock- high and four grade-level loading positions and parking for 374 cars. At the time of acquisition, the asset was 81.6 percent leased to seven ten- ants, four of which have no renewal options and leases that will expire on or before Dec. 31, 2020. Depending on the leasing outcomes over the next year, Terreno Realty may choose to redevelop part or all of the property. a market leader in arranging non-recourse debt on all commercial real estate asset types. psrs is a life company correspondent with deep relationships among banks, conduits, agencies, and various other credit providers At the time of acquisition, the five-building portfolio within Cerritos Town Centre was 88 percent occupied by 45 tenants.

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