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/566807
C A L I F O R N I A 14 • September 2015 • Western Real Estate Business www.REBusinessOnline.com KENNEDY WILSON BUYS SLATE CREEK AT JOHNSON RANCH IN ROSEVILLE FOR $100 MILLION ROSEVILLE, CALIF. — Kennedy Wilson has purchased Slate Creek at Johnson Ranch, a 612-unit multifam- ily community in Roseville, for $100 million. The community is located at 8800 Sierra College Blvd. The company and its equity part- ners invested an aggregate of $38.5 million of equity in the transaction. The group also assumed $63 million of debt as part of the of-market trans- action. The seller was not named. Kennedy Wilson has acquired inter- ests in 6,449 multifamily units in the Western U.S., year to date. Its global multifamily portfolio totals more than 26,000 units. NORTHMARQ CAPITAL ARRANGES $10 MILLION REFINANCE OF LIVERMORE VALLEY SHOPPING CENTER LIVERMORE, CALIF. — NorthMarq Capital has arranged the $10 million refnance of Livermore Valley Shop- ping Center, a 78,377-square-foot re- tail property located in Livermore. Dennis Williams of NorthMarq se- cured the loan, which is structured with a 10-year term and 30-year amor- tization schedule. Tenants of the cen- ter include Dollar Tree, Fitness 19 and O'Reilly Auto Parts. POOL CORPORATION LEASES INDUSTRIAL SPACE IN SAN BERNARDINO SAN BERNARDINO, CALIF. — The Pool Corporation has leased a 184,646-square-foot building in San Bernardino. The space is located at 1410 E. Central Ave., within Carson Alliance, a newly developed, two- building industrial park at the Gate- way of the Master Alliance of Cali- fornia project. Pool Corporation was represented by Chris Barbieri of ANR Asset Management and Ron Barbieri of Coldwell Banker Commercial. The landlord, Carson Companies, was represented by JLL's Ruben Goodsell, Peter McWilliams and Mike McCrary. AFFORDABLE HOUSING PORTFOLIO NEAR HOLLYWOOD PARK SELLS FOR $24.8 MILLION LOS ANGELES — A three-property multifamily portfolio in the Holly- wood Park area of Los Angeles has sold to a local investment frm for $24.8 million. The portfolio contains a total of 150 afordable apartment units. They are located on or near the part of Normandie Avenue that buttresses Inglewood. The buyer plans to use government incentives to upgrade and renovate the buildings. The company also intends to man- age the properties as a scattered-site portfolio. The seller was represented by Kitty Wallace and Rob Shiels of Colliers International. U.S. PROPERTY TRUST BUYS LAKEWOOD GALLERIA LOS ANGELES — U.S. Property Trust has purchased the Lakewood Galleria, a 19,008-square-foot shopping center in Lakewood, for an undisclosed sum. The center is located at 5115 Candle- wood Road, across from the Lake- wood Galleria Mall. Tenants at the center include Fantastic Sam's, Corner Bakery Café, Cold Stone Creamery, Rubio's Grill and Pick Up Stix, among others. The transaction was brokered by HFF. BRITANNIA BUSINESS CENTER III IN PLEASANTON RECEIVES $27.4 MILLION LOAN PLEASANTON, CALIF. — Britannia Business Center III, a 191,000-square- foot ofce and R&D; portfolio in Pleas- anton, has received $27.4 million in acquisition fnancing. The portfolio is located at 5870 Stoneridge Drive. The center contains about 125,000 square feet of ofce space and 66,000 square feet of research and develop- ment facilities. This space is situated in three non-contiguous buildings. The R&D; portion is fully occupied by contact lens developer CooperVision. The non-recourse loan was secured by Steven Buchwald and Lexington Henn of Mission Capital Advisors' Debt & Equity Finance Group on be- half of Ridge Capital Investors. The frm's Will Sledge, Patrick Arnold and Gregg Applefeld executed the $35.1 million sale. CHULA VISTA INDUSTRIAL PARK SELLS FOR $6.7 MILLION CHULA VISTA, CALIF. —A 43,395-square-foot industrial park in Chula Vista has sold to Castlerock In- vestments for $6.7 million The park is located at 871 Harold Place in the San Diego submarket. The seller, Sey- mour/Lewis Development, was rep- resented by Tracy Clarkand Kimberly Clark of Voit Real Estate Services' San Diego ofce. BASCOM ACQUIRES INDEPENDENT LIVING COMMUNITY IN CALIFORNIA FOR $31.2 MILLION FONTANA, CALIF. — The Bascom Group LLC has acquired Courtyard Senior Apartments, a 344-unit inde- pendent living community in Fon- tana, for $31.2 million ($90,552 per unit). Built in 1989, Courtyard Senior Apartments consists of four three-sto- ry buildings on 8.5 acres. Gary Mozer and Katie Rodd of George Smith Partners arranged the debt fnancing, with One West Bank providing the new loan. Stephen Pe- ters of Melody West was the broker for the sale. This marks Bascom's 14th recent California acquisition and comes on the heels of the closing earlier this month of The Square Apartments, a 112-unit garden style apartment com- munity in Downey, Calif., for $25.5 million. Bascom is an Irvine, Calif.-based private equity frm specializing in multifamily, commercial, and non- performing loans and real estate re- lated investments and operating com- panies. MANHATTAN BEACH MEDICAL OFFICE BUILDING SELLS FOR $15.6 MILLION MANHATTAN BEACH, CALIF. — A 35,911-square-foot medical ofce complex in Manhattan Beach has sold to West Ridge Rentals LLC for $15.6 million. The three-building complex is located at 500 S. Sepulveda Blvd. The buildings include small retail el- ements that house related businesses. The complex was built in 1976. The seller, Manhattan Beach Mall LP, was represented by Eric Lastition and Geof Ludwig of Colliers Internation- al. FRESH & EASY RELOCATES MOVES ADMINISTRATIVE OFFICES TO TORRANCE TORRANCE, CALIF. — Fresh & Easy is relocating its executive and admin- istrative hub from El Segundo to near- by Torrance. The hub will be located at 20101 Hamilton Place. The lease was negotiated by NGKF's David Kluth and Joel Smith. The affordable housing properties are located on or near the part of Normandie Avenue that buttresses Inglewood. 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