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 16 • September 2015 • Western Real Estate Business www.REBusinessOnline.com SMART & FINAL EXTRA! IN MORENO VALLEY SELLS FOR $7 MILLION MORENO VALLEY, CALIF. — Hanley Investment Group Real Estate Advi- sors has arranged the sale of a two- tenant retail building occupied by Smart & Final Extra! and Dollar Tree, which sold for just over $7 million. Ed Hanley and Bill Asher of Hanley represented the seller, Brad Becker of Becker Properties. The property was sold to GBF Investment LLC, repre- sented by Bob Bonanomi of CBRE. KCI WARNER NABS 45,597 SF OFFICE BUILDING IN HUNTINGTON BEACH HUNTINGTON BEACH, CA- LIF. — KCI Warner has acquired a 45,597-square-foot ofce building in Huntington Beach for $7.5 million. The building is located at 4552 War- ner. KCI was represented by Rob Rad- er of Wind Water Investment Co. The seller, Twomey/Ezzell/Balfour, was represented by David Romero of Lee & Associates —Newport Beach. TITLEMAX BUILDING IN MORENO VALLEY SELLS FOR $3.3 MILLION MORENO VALLEY, CALIF. — Han- ley Investment Group Real Estate Advisors has arranged the sale of a two-tenant retail building occupied by Coast Dental ofce and TitleMax, which sold for $3.3 million. Ed Hanley and Bill Asher of Hanley represented the seller, MV-Perris LLC. It was sold to TC Enterprise Group LLC, rep- resented by Charles Wong of CCRE Capital Commerce Inc. TEAMHEALTH TO ACQUIRE SKILLED NURSING PROVIDER IPC HEALTHCARE FOR $1.6 BILLION NORTH HOLLYWOOD, CALIF. — Team Health Holdings Inc., a provider of outsourced physician stafng solu- tions for hospitals, will acquire IPC Healthcare Inc., a post-acute provider, in an all-cash transaction totaling ap- proximately $1.6 billion. The boards of directors of both companies have approved the transaction. The purchase price represents $80.25 per IPC share based on the clos- ing cost on Aug. 3. Knoxville-based TeamHealth sug- gests the addition of IPC's service network will increase the company's reach. With 15,000 healthcare profes- sionals nationwide, the combined company will have more capability to manage patient care and infuence out- comes across the continuum of care. North Hollywood-based IPC currently provides services in approximately 2,000 post-acute facilities in 28 states. Accounting for operational over- lap, TeamHealth expects to realize $60 million in cost savings during the frst three years. The transaction, which is expected to close during the fourth quarter of 2015, is subject to regulatory approval and customary closing conditions. Citi is serving as fnancial advisor to TeamHealth and providing the com- mitted fnancing in connection with the transaction. MTS Health Partners is also serving as fnancial advisor to TeamHealth. Simpson Thacher & Bartlett LLP is serving as TeamHealth's legal coun- sel. Credit Suisse is serving as lead f- nancial advisor to IPC Healthcare and Evercore provided a fairness opinion. Sidley Austin LLP is serving as IPC Healthcare's legal counsel. SILICON VALLEY APARTMENT COMPLEX SELLS FOR $23.6 MILLION BELMONT, CALIF. — An unnamed buyer has purchased three21@bel- mont, a 65-unit apartment complex in the Silicon Valley submarket of Bel- mont, for $23.6 million. The commu- nity is located at 301-321 Oxford Way. The property was recently reno- vated. Exterior renovations include new redwood siding, exterior paint, dual-pane windows and sliders and energy-efcient light fxtures. Interior upgrades include a new management ofce, remodeled lobbies, an electron- ic door entry system, new pool deck and resurfaced pool, gym, remodeled laundry facilities, and new common area hallways and interior common stairwells. Adam Levin and Robert Johnston of Marcus & Millichap's Palo Alto ofce represented both the buyer and un- named seller in this transaction. • Expedited project approval process • Multple retail sites ready for development • Qualifed professional, diverse and well trained workforce • Surplus demand for furniture, sportng goods and hobbies, home furnishing, health and personal care, electronics and appliances • Populaton segments with high brand loyalty and signifcant disposable income • 60 Million travelers along I-15/40 corridor each year • 1,200 – acre industrial park with rail access • Logistcs, rail & trucking – easy access to So. CA Logistcs Airport • Foreign Trade Zone and U.S. Customs nearby • Multple existng structures and development sites available Industrial… Commercial… Retail… Margaret Carter Economic Development Department (760) 255-5109 www.barstowca.org Opportunity Knocks Barstow, CA