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 8 • September 2015 • Western Real Estate Business www.REBusinessOnline.com HFF SECURES $33 MILLION REFINANCING FOR THE VILLAGE AT NELLIE GAIL RANCH LAGUNA HILLS, CALIF. — Holliday Fenoglio Fowler (HFF) has secured a $33 million refnancing for The Village at Nellie Gail Ranch, an 87,561-square-foot Smart & Final Extra-anchored shopping center located in Laguna Hills. James Fowler and Greg Brown of HFF represented the borrower, Fred Sands of Vintage Real Estate, to secure the two-year, foating-rate loan with three one-year extensions through Colony Capital. Tenants at the center include Chuck E. Cheese's, Nothing Bundt Cakes, Banfeld Pet Hospital, Rita's Ice, Pharmaca, Laguna Hills Dental and Edible Arrangements. Loan proceeds will be used to ref- nance existing debt and fund capital expenditures related to tenant im- provement costs and leasing commis- sions to lease the limited remaining vacant space. NORTHMARQ CAPITAL ARRANGES $4.5 MILLION REFINANCE OF PALM COURT PLAZA WESTMINSTER, CALIF. — North- Marq Capital has secured $4.5 million in refnancing for Palm Court Plaza, a 29,000-square-foot retail property lo- cated in Westminster. The transaction was structured with a 20-year term, and 25-year amor- tization schedule. Joe Giordani of NorthMarq arranged fnancing for the borrower through a life insurance company. YOUTUBE WORLD HEADQUARTERS IN SAN BRUNO CHANGES HANDS SAN BRUNO, CALIF. — A two-build- ing ofce campus in the San Francis- co Bay submarket of San Bruno has changed hands. The Class A campus serves as the world headquarters for YouTube. Neither the buyer, nor the price was disclosed. The campus is located at 900 and 1000 Cherry, within the Bayhill Ofce Park. It is situated directly adjacent to interstates 280 and 380. Both properties are fully leased to Google through 2022. They feature highly improved video/audio suites, high-end ofce fnishes with creative spaces and conference rooms and an "Immersion Room," which simulates a 360-degree video stream. The buildings also ofer two full-ser- vice cafeterias, kitchen/pantry suites with lounge areas on each foor, a ft- ness center with lockers and showers, bike room with storage, and a multi- functional conference room for corpo- rate events and executive retreats. The seller, a fund managed by Cor- nerstone Real Estate Advisers, was represented by HFF's Steven Golub- chik. ROIC CALIFORNIA LLC ACQUIRES JACKSON SQUARE SHOPPING IN HAYWARD FOR $32.5 MILLION HAYWARD, CALIF. — ROIC Califor- nia LLC, a subsidiary of Retail Op- portunity Investments Corp., has acquired Jackson Square, located at the southwest corner of West Jackson Street and Amador Street in Hayward. Terramar Retail Centers LLC sold the property for $32.5 million. The fully occupied, 114,220-square- foot retail center is anchored by Safeway, CVS and 24 Hour Fitness. Additional in-line tenants include Starbucks Cofee, Chase Bank, Round Table Pizza and Patelco Credit Union. Dan Wald, Eric Kathrein and Justin Sharp of DTZ represented the seller in the transaction. VENTURE WEST FUNDING ARRANGES $10.2 MILLION REFINANCE FOR PRIDE CENTER WOODLAND HILLS, CALIF. — Ven- ture West Funding Inc. has arranged a $10.2 million loan for the refnance of Pride Center, a 185,265-square-foot shopping center located in Woodland Hills. Albertsons anchors the center, with tenants including Bank of America, CVS/pharmacy, Pep Boys, Tues- day Morning, HomeGoods, Harbor Freight Tools and Jo-Ann Stores. Jean- Marc Herrouin of Venture West Fund- ing arranged the fnancing through Farmers & Merchants Bank. NHI CEO HUTCHENS RESIGNS; WILL JOIN HCP AS CHIEF INVESTMENT OFFICER IRVINE, CALIF. — Justin Hutchens, CEO and president of National Health Investors, a publicly traded REIT, has resigned his position. Hutchens is leaving the company to become ex- ecutive vice president and chief in- vestment ofcer of seniors housing for Irvine-based HCP Inc., one of the largest REITs in the seniors housing industry. Hutchens will also relinquish his position on the NHI board of direc- tors. He will join HCP on Sept. 8. Hutchens joined NHI in 2009 and has served as president and CEO since 2011. Eric Mendelsohn, NHI's current executive vice president of corporate fnance, will take over as interim pres- ident and CEO while the company "initiates a search of internal and ex- ternal candidates" for a permanent re- placement, according to Andy Adams, chairman of the board of directors. Based in Murfreesboro, Tenn., NHI is a REIT specializing in sale-lease- back, joint-venture, mortgage and mezzanine fnancing of seniors hous- ing and medical investment proper- ties. PRIVATE INVESTOR PURCHASES PUENTE HILLS EAST SHOPPING CENTER FOR $36.7 MILLION CITY OF INDUSTRY, CALIF. — A private investor has acquired Puente Hills East, a shopping center located at 17603-17799 Colima Road in the City of Industry. The James Campbell Company sold the 195,063-square- foot retail center for $36.7 million. The center is fully leased to Target, Ross Dress for Less, PetSmart, Old Navy, Ulta Beauty, Wells Fargo and Macaroni Grill. Ryan Swanson and Kurt Bruggman of Lee & Associates Irvine represented the buyer, who plans to hold the prop- erty for the long term. Dixie Walker, Charley Simpson and Andrew Milne of DTZ represented the seller in the transaction. The two-building offce campus serves as the world headquarters for YouTube. 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