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 www.REBusinessOnline.com Western Real Estate Business • September 2015 • 7 THE GARIBALDI CO. BUYS SACRAMENTO APARTMENT BUILDING FOR $35 MILLION SACRAMENTO, CALIF. — The Garib- aldi Company has acquired 3310 Apartments, a 384-unit apartment building in Sacramento, for $35 mil- lion. The Class B community is lo- cated at 3310 Winter Park Drive in the city's South Natomas area. The property was built in 1985. Though minor interior improvements were completed prior to the sale, the buyer plans to implement an im- provement program that will focus on building exteriors and common areas. Mark Leary of ARA Newmark rep- resented both Garibaldi and the seller, Prometheus, in this transaction. JCH ARRANGES SALE OF ASSISTED LIVING COMMUNITY IN CALIFORNIA FOR $23.4 MILLION LOS ANGELES — JCH Consulting Group, a brokerage specializing in se- niors housing, has arranged the sale of a 90-unit assisted living and memory care community in Los Angeles for $23.4 million. The name of the facility was not disclosed. The seller was an independent owner/operator based in Southern California. The buyer was a real estate investment frm that will use a third- party management company. With a sales price of $260,000 per unit, the community currently fea- tures a 6.6 percent capitalization rate and 86 percent occupancy. CODDING ENTERPRISES SELLS SHOPPING CENTER IN SANTA ROSA FOR $16.3 MILLION SANTA ROSA, CALIF. — Codding Enterprises LP has completed the disposition of the fully leased Cleve- land Shopping Center in Santa Rosa to Hornstein Investments for $16.3 million. Situated on 3.5 acres, the two-building, 52,340-square-foot re- tail center is leased to Dick's Sporting Goods and Patelco Credit Union. Dan Wald, Eric Kathrein, Justin Sharp and John Schaefer of DTZ rep- resented the seller, while Bob Tuller of DTZ represented the buyer in the transaction. DTZ MORTGAGE SERVICES CLOSES $8.7 MILLION ACQUISITION LOAN FOR RETAIL CENTER CONCORD, CALIF. — DTZ Mort- gage Services has closed a $8.7 million leasehold acquisition loan for the Four Corners Shopping Center in Concord. Located at Monument Boulevard and Oak Grove Road, the property consists of 35,921 square feet of retail space. Kurt Scheidt and Terry Daly of DTZ Mortgage Services arranged the non- recourse, fxed-rate loan for the bor- rower, FARM SUB LCC. ANTHEM BLUE CROSS BUILDING IN THOUSAND OAKS CHANGES HANDS LOS ANGELES — A private Asian in- vestor has purchased a 106,560-square- foot ofce building in the Los Angeles submarket of Thousand Oaks for $19.1 million. The building is fully occupied by Anthem Blue Cross of California. The property is located at 2000 Cor- porate Center Drive. Anthem has occu- pied the building since 1993. It has more than seven years remaining on the lease. The seller, Gramercy Property Trust, was represented by CBRE's Kevin Shannon, Brad Burton, Mike Moll, Ken White, Michael Longo, Tom Dw- yer and Michael Slater. SAVILLS STUDLEY ARRANGES $16 MILLION SALE OF HOME DEPOT LOCATION SEASIDE, CALIF. — Savills Studley's National Retail Services Group has ar- ranged the $16 million sale of a triple- net leased, 119,000-square-foot Home Depot located in Seaside. Kyle Miller and Bill Bauman of Savills Studley represented the seller, New York Life Real Estate Investors, in the transaction. Hovercraft LLC purchased the property with a cap rate in the 3 to 4 percent range. Home Depot's lease runs through 2032. CYPRESS VILLAGE APARTMENTS IN BUENA PARK SELLS FOR $20.9 MILLION BUENA PARK, CALIF. — The 88-unit Cypress Village apartments in Buena Park has sold to an unnamed buyer for $20.9 million. The community is located at 6343 Lincoln Ave. It was built in 1962. Community amenities include a swimming pool, clubhouse, ftness center, laundry facilities, a bar- becue area and storage facilities. The asset is located on an expansive lot, with an option to redevelop the land. The seller, NNC Apartment Ventures LLC, was represented by Stewart I. Weston, Alexander Garcia, Christo- pher Zorbas, David Sperling and John Montakab of Institutional Property Advisors. MADISON MARQUETTE AND CARLIN CO. ARRANGES RECAPITALIZATION OF NAPA RETAIL CENTER NAPA, CALIF. — A joint venture be- tween Madison Marquette and Car- lin Co. has arranged the recapital- ization of Oxbow Publix Market, a 30,000-square-foot shopping center located in Napa. The center is 98 percent occupied by tenants including Hog Island Oyster Co., Gott's Roadside, Five Dot Ranch, C Casa, The Fatted Calf, Kitchen Door, The Model Bakery, Ritual Cof- fee Roasters and Oxbow Cheese and Wine. PHILLIPS EDISON GROCERY CENTER REIT II ACQUIRES SHOPPING CENTER IN FRESNO FRESNO, CALIF. — Phillips Edison Grocery Center REIT II Inc. has ac- quired a grocery-anchored shopping center in Fresno. West Acres LLC sold the 83,414-square-foot West Acres Shopping Center for $10.2 million. The fully leased center is occupied by 14 tenants, including Best Cuts, Little Caesars and Atlas Healthcare, and anchored by a 55,080-square-foot Food Maxx. Anthem has occupied the building since 1993. There are more than seven years remaining on the lease. SCOTT G. HOOK | Executive Vice President 949.954.3724 | Scott.Hook@cbcalliance.com | Lic# 00914392 DANIEL N. TYNER | Associate 949.954.3723 | Daniel.Tyner@cbcalliance.com | Lic# 01959818 2600 Michelson Drive, Suite 100 Irvine, CA 92612 | www.CBCAlliance.com | Lic#01929723 www.HookRetailAdvisors.com Hook Retail Advisors *Not subject property Featured New Listings 7-Eleven Anchored Center-Lakewood, CA • $6,200,000 • 9,939 SF Multi-Tenant Retail Strip Center • Excellent 605 Freeway Access • Top 7-Eleven in Region • 100% Leased, New Construction Valvoline-Wildomar, CA • $3,100,000 • New 10 Year Lease, Annual Escalations • Pad to Dynamic 100% Leased Center • Co-Anchors 7-Eleven/Gas & Starbucks • Prime I-15 Freeway Of-Ramp © 2015 Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Afliates. All Rights Reserved. Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Afliates fully supports the principles of the Equal Opportunity Act. Each Ofce is In- dependently Owned and Operated. Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks owned by Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Afliates. Hook Retail Advisors To discuss your commercial real estate needs or for an "Opinion of Value" please contact Scott Hook at (949) 290-8884.