Western Real Estate Business

OCT 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 16 • October 2018 • Western Real Estate Business www.REBusinessOnline.com NKF CAPITAL MARKETS BROKERS SALE OF 142,856 SF OFFICE COMPLEX NOVATO, CALIF. — NKF Capital Mar- kets has arranged the sale of Rowland Plaza, located at 75 and 88 Rowland Way in Novato. Buchanan Street Part- ners sold the asset to Pinnacle Capi- tal Management Services and Har- rison Street for an undisclosed price. The property features 142,856 square feet of office and medical office space spread across two three-story build- ings. At the time of sale, the asset was 82 percent leased to 12 tenants rep- resenting medical, finance, govern- ment and software firms. Grant Lam- mersen, Steven Golubchik, Edmund Najera and Tyler Meyerdirk of NKF Capital Markets represented the seller in the deal. DAUM COMMERCIAL BROKERS SALES OF NINE INDUSTRIAL ASSETS LOS ANGELES — DAUM Commer- cial Real Estate Services has brokered the sales of nine adjacent industrial properties totaling more than 145,000 square feet in Central Los Angeles. A private investor sold the proper- ties to three separate buyers for a to- tal of about $18.5 million. James Vu, Michael Collins and Ben Spinner of DAUM represented the seller. AHF BUYS HISTORIC HOTEL TO REPURPOSE AS AFFORDABLE HOUSING LOS ANGELES — AIDS Healthcare Foundation (AHF), through Healthy Housing Foundation by AHF, has purchased the historic Biltmore hotel located at 501 S. Los Angeles Street in downtown Los Angeles. The pur- chase price and seller were not dis- closed. The buyer plans to convert 204-room hotel into residential units for homeless or extremely low-income individuals. Built in 1910, the hotel is the fourth property acquired by the Healthy Housing Foundation since October 2017 for use as homeless or low-income housing. Currently, the hotel has 76 tenants in residence, who will remain in place. LEVIN JOHNSTON ARRANGES $7.6 MILLION ACQUISITION OF MULTIFAMILY COMMUNITY SANTA CLARA, CALIF. — Levin John- ston of Marcus & Millichap has negoti- ated the purchase of Claddagh Apart- ments, a multifamily property located at 1408 Reeve Street in Santa Clara. A local apartment group acquired the asset from an undisclosed seller for $7.6 million. Constructed in 1958, the property features 20 apartments in a mix of one- and two-bedroom layouts, a community pool, on-site laundry and covered parking. The buyer plans to reposition and renovate the prop- erty. Levin Johnston represented the buyer in the deal. CALBAY DEVELOPMENT BUYS TWO RESTAURANT PROPERTIES FOR $5.8 MILLION ONTARIO, CALIF. — CalBay Devel- opment has acquired two restaurant properties in Ontario for a total of $5.8 million. In June, the company purchased a to-be-vacated restaurant building, located at 2345 S. Grove Ave., for $2 million. MGR Real Estate represented the seller, an owner-user, in the deal, while MidFirst Bank pro- vided acquisition financing. In May, the City of Ontario Planning Commis- sion approved CalBay's application to change the use of the property from restaurant to express car wash. Con- struction for the new Fast5Xpress Car Wash is scheduled to begin in Novem- ber. In a separate transaction, CalBay acquired a Chevy's Fresh Mex Restau- rant, located at 4551 Mills Circle, for $3.8 million. Situated on a two-acre outparcel of Ontario Mills Mall, the restaurant building totals 8,000 square feet. CAPRE Brokerage arranged the transaction, while Comerica Bank pro- vided financing for the acquisition. STERLING ORGANIZATION BUYS 86,520 SF SHOPPING CENTER FOR $35 MILLION WESTLAKE VILLAGE, CALIF. — Sterling Organization has purchased North Ranch Gateway, a shopping center located at the intersection of Lindero Canyon Road and Thousand Oaks Boulevard in Westlake Village. The asset was acquired on behalf of Sterling Value Add Partners LLL, one of Sterling's latest institutional funds, for $35 million. Preston Fetrow and Sam Alison of CBRE brokered the transaction. Originally built in 1989, the 86,520-square-foot center recently underwent significant renovations. T.J. Maxx, Bank of America, Dunkin' Donuts, Subway, Baja Fresh Mexican Grill, 9 Round Kickboxing, Mathna- sium and Domino's Pizza are tenants at the property, which was 74 percent occupied at the time of sale. HANLEY INVESTMENT GROUP BROKERS SALE OF TWO STARBUCKS PROPERTIES FOR $5.5 MILLION RIPON AND PARADISE, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the sale of two newly constructed, single-tenant retail properties in two separate transactions in Northern California. In the first transaction, Bill Asher and Jeff Lefko of Hanley Investment Group repre- sented a Glendale, Calif.-based pri- vate developer in the disposition of a 1,550-square-foot drive-thru property located at 338 E. Main Street in Ripon. A Northern California-based private investor acquired the property for $2.7 million. Starbucks Coffee occupies the property. Steve Zakula of Pacific Union International in San Francisco represented the buyer. In the second transaction, a Los Angeles-based pri- vate investor sold a 2,482-square-foot drive-thru property, located at 6344 Skyway Road in Paradise, to a So- noma, Calif.-based private investor for $2.7 million. Starbucks Coffee occupies the property. Asher and Lefko of Han- ley Investment Group represented the seller, while Harry Dematatis of CBRE represented the buyer. SALVATION ARMY SELLS 199,156 SF OFFICE TOWER I LONG BEACH, CALIF. — The Salva- tion Army has completed the sale of an office tower, located at 180 E. Ocean Blvd. in downtown Long Beach. An affiliate of Thrifty Oil Co. acquired the 199,156-square-foot property for an undisclosed price. Completed in 1984, the 12-story building features an ocean view, granite-clad lobby, 16,000-square-foot octagonal floor plates and above-standard parking. The buyer plans to further improve the building. Jeffrey Cole, Robert Gary, Ed Hernandez and Nico Na- politano of Cushman & Wakefield's Capital Markets Group represented the seller in the disposition. IPA NEGOTIATES SALE OF 288-UNIT APARTMENT PROPERTY FOR $78.5 MILLION SAN DIMAS, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Trails at San Dimas, a multi- family property located 444 N. Amelia Ave. in San Dimas. Stockbridge Capital Group and CNS Focused Investments sold the property to Korda Group for $78.5 million, or $272,569 per unit. The Trails at San Dimas features 288 apart- ment units in a mix of studio, one- and two-bedroom layouts. On-site ameni- ties include a resident lounge with Wi- Fi, resort-style swimming pool, dog park with dog wash station, fitness center, outdoor grilling area, covered parking, laundry facilities and tennis courts. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the sellers and procured the buyer in the transaction. RIDGE CAPITAL DIVESTS OFFICE PROPERTY FOR $32.2 MILLION SACRAMENTO, CALIF. — Ridge Capital has completed the sale of Creekside Oaks, an office complex lo- cated at 1740, 1750 and 1760 Creekside Oaks Drive in Sacramento. An undis- closed buyer acquired the property in a 1031 exchange for $32.2 million. Kevin Partington, Ron Thomas, Bruce Hohenhaus, Chris Schwarze, Seth Sie- gel, Steven Hermann, Eric Fox, Adam Lasoff and George Eckard of Cush- man & Wakefield's Sacramento and Bay Area offices represented the seller in the transaction. The three-building property has undergone significant in- terior and exterior renovations within the past decade to include revamped commons areas, high-end tenant im- provements, mechanical upgrades and new rooftops on all buildings. At the time of sale, the 178,694-square- foot asset was 99 percent leased to a variety of tenants in healthcare, tech- nology and financial services sectors. S.R. PROPERTIES ACQUIRES APARTMENT ASSET FOR $4.6 MILLION LOS ANGELES — Stepp Commercial has arranged the sale of Washington Place Apartments, a multifamily prop- erty located at 11852 Washington Place in Los Angeles. Los Angeles-based Ve- netian Place LLC sold the property to Los Angeles-based S.R. Properties for $4.6 million, or $575,000 per unit. Built in 1990, the 11,482-square-foot prop- erty features six two-bedroom units and one one-bedroom unit, as well as a three-bedroom single-family house. Units feature balconies, wood floors, vaulted ceilings with skylights, stone countertops and a community back- yard. Kimberly Stepp and Mark Ven- tre of Stepp Commercial represented the seller in the transaction. Rowland Plaza in Novato features 142,856 square feet of office and medical office space.

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