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/595440
C A L I F O R N I A www.REBusinessOnline.com Western Real Estate Business • November 2015 • 11 DECRON PROPERTIES BUYS EAVES CARLSBAD APARTMENTS FOR $112 MILLION CARLSBAD, CALIF. — Decron Prop- erties has purchased the 450-unit eaves Carlsbad apartment community for $112 million. The community is lo- cated at 2262 Avenida Magnifca in the San Diego submarket of Carlsbad. Decron plans to execute an $18.2 million capital improvement program at the property that will include sig- nifcant interior upgrades, exterior en- hancements and site improvements. The property will also be rebranded as the Reserve at Carlsbad. This is the real estate investment, development and management frm's frst acquisition in San Diego. De- cron has acquired nearly $300 million worth of properties so far this year. CONSTRUCTION BEGINS ON $90 MILLION TEHACHAPI CRITICAL CARE REPLACEMENT HOSPITAL BAKERSFIELD, CALIF. — Construc- tion has commenced on a new 25-bed Tehachapi Critical Care Replacement Hospital just 35 miles southeast of Ba- kersfeld. The $90 million project is a joint venture between Bernards and Colombo Construction. The 77,889-square-foot critical ac- cess facility will ofer acute care and outpatient services. It will be the only healthcare facility in Tehachapi, a ru- ral area of Kern County. The hospital will include 16 medi- cal/surgical beds, four intensive care beds and a fve-bed obstetrical (labor and delivery/postpartum) unit. It will also contain an emergency room, anesthesia services, a radiology/im- aging center, a clinical laboratory, di- etetic services space, a pharmacy and nearly 16,000 square feet for adminis- trative ofces. The property will also include facility support functions like a central plant, general storage area and laundry area. Tehachapi Critical Care Replace- ment Hospital is scheduled for com- pletion in 2016. It is being designed by SWA Architects. DEL TACO TO OPEN 27 NEW LOCATIONS IN CENTRAL CALIFORNIA LAKE FOREST, CALIF. — Lake For- est-based Del Taco is set to develop 27 new locations with three groups in Central California. Three new locations are set to open within the next six months. Mike Sater, one of BP/Tesoro ARCO and AM/ PM's largest West Coast franchisees, has signed a 20-store development agreement for six counties in the Cen- tral Valley. Sater's frst two Del Taco stores will open in Fresno and Clovis, with a third planned for Merced. CALAME DEVELOPMENT BUYS SAN DIEGO R&D; FACILITY SAN DIEGO — Calame Development has purchased an 18,472-square-foot R&D;/biotech property in the Mira- mar submarket of San Diego for $2.5 million. The property is located at 6605 Nancy Ridge Drive. It was built in 1990. Calame was represented by Capital Growth Properties. The seller, Torrey Pines ANA LLC, was repre- sented by NGKF's Brent Bohlken and Paul Britvar. IPA ARRANGES SALE OF $39 MILLION USC STUDENT HOUSING PORTFOLIO LOS ANGELES — Institutional Prop- erty Advisors (IPA) has arranged the sale of The Shrine Collection, a 324- bed, 103-unit student housing com- munity near the University of South- ern California (USC), for $39.1 million. The sales price equates to just under $380,000 per unit and approximately $120,700 per bed. IPA's Ron Harris, Paul Darrow and Michael DiSimone advised the seller, and procured the buyer, a joint ven- ture between Stuho and Cambridge Capital Advisors. Situated on seven parcels of land to- taling more than two acres, the prop- erties are Chez Ronne, The Bunga- lows, Roma, Pisa, Corsica and Habitat Soozee. All are located one block from USC's main campus, one block west of Figueroa Street and less than two miles from downtown Los Angeles. The portfolio's properties feature controlled entry, security services, USC network accessibility, 24-hour on-site laundry facilities and all resi- dents have the use of a ftness center. CREATIVE DYNAMIC VIBRANT BURBANK For more information: Mary Hamzoian, Economic Development Manager 818-238-5180 | econdev@burbankca.gov | www.econdev.burbankca.gov RECENT LEASING ACTIVITY AIRPORT DISTRICT World Famous West Coast Customs, Walmart Superstore MEDIA DISTRICT Simple Things Sandwich and Pie Shop, Dog Haus, King's Deli, Simmzy's Pub, Olive & Thyme (expansion) DOWNTOWN BURBANK Gaucho Grill, Gyu-Kaku Japanese BBQ, Color Me Mine, European Wax Center, Wood Ranch BBQ & Grill. MAGNOLIA PARK Morphe Brushes, Slone Vintage, Unique Vintage (remodel), The Hangar Grille NEW DEVELOPMENTS • Springhill Suites Los Angeles Burbank/Downtown, opened summer 2015 • Tesla Motors Burbank opened October 2015 • Hilton Garden Inn to open summer 2016 • IKEA set to expand to 456,000 sq. ft., its largest US store in spring 2017 • Nickelodeon expansion scheduled to open 2017 • Talaria at Burbank mixed-use project to include Whole Foods Market, opening spring 2018