Western Real Estate Business

NOV 2015

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A www.REBusinessOnline.com Western Real Estate Business • November 2015 • 7 WEALTHCAP ACQUIRES TWO SILICON VALLEY OFFICE CAMPUSES LOS GATOS, CALIF. — WealthCap has purchased two newly built ofce cam- puses in the Silicon Valley submarket of Los Gatos for an undisclosed sum. The Class A trophy properties are lo- cated at 121 and 131 Albright Way. Both buildings are leased to Netfix. They will serve as the global head- quarters for the on-demand digital movie and television show stream- ing company. The acquisition also in- cludes an interest in the surrounding 15-acre campus, including 664 surface parking spaces and shared use of a 930-space structured parking garage. WealthCap was represented by CBRE Global Investors. This is the German-based real assets invest- ment's second acquisition in Silicon Valley over the past 12 months. PORTOLA CENTER SOUTH HOUSING COMMUNITY RECEIVES $100 MILLION LAKE FOREST, CALIF. — Portola Cen- ter South, a 626-home community in Lake Forest, has received $100 million in fnancing. The owner, SunRanch Capital Partners, began improving the land this past June. It plans to be- gin selling the lots to hombuilders by early 2016. The site contains fve planning areas. The improvements will com- mence in one phase, which will take about seven to nine months to com- plete. Portola Center South will even- tually include 569 for-sale units and 57 afordable units. Financing was structured by Adam Deermount and Terry Ruckle of Land- mark Capital Advisors. SAFECO ACQUIRES FOOD 4 LESS OCCUPIED RETAIL PROPERTY FOR $22.5 MILLION FULLERTON, CALIF. — Safeco has ac- quired 914 West Orangethorpe Ave., a 79,898-square-foot retail property oc- cupied by Food 4 Less in Fullerton, for $22.5 million. Heslin Holdings Inc. and Becker Development jointly owned the prop- erty. The Food 4 Less lease extends through March 2026. DUNHILL PARTNERS ACQUIRES THE SHOPPES AT CHINO HILLS FOR $147 MILLION CHINO HILLS, CALIF. — Dunhill Partners Inc. has acquired The Shop- pes at Chino Hills, a 377,966-square- foot lifestyle center located in the Los Angeles suburb of Chino Hills. Ryan Gallagher and CJ Osbrink, with assistance from John Crump and Bryan Ley, of HFF represented the seller, MX3 Ventures, in the transac- tion. The open-air center was 96 percent occupied at the time of sale by tenants including anchors Forever 21, H&M;, Trader Joe's, Banana Republic, Victo- ria's Secret and Barnes & Noble. AJ CAPITAL RECEIVES $31.5 MILLION TO ACQUIRE, REPOSITION HOTEL DURANT IN BERKELEY BERKELEY, CALIF. — AJ Capital has received $31.5 million in fnancing to acquire and reposition the 144-unit Hotel Durant in Berkeley. The hotel is located at 2600 Durant Ave. AJ Capital plans to rebrand the property as the Graduate Hotel. The Graduate hotel brand is the frst hotel brand to cater exclusively to college- and university-anchored markets. It is targeted toward alumni and other col- lege visitors. The Graduate portfolio was launched in 2014. It currently contains 1,355 keys in nine university-anchored markets across the country. Financing was arranged by Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoar of Mission Capital Advisors' Debt & Equity Finance Group. TOTEX MANUFACTURING BUYS INDUSTRIAL FACILITY IN TORRANCE TORRANCE, CALIF. — Totex Manufacturing has purchased a 71,496-square-foot industrial facility in Torrance for $9.8 million. The space is located at 3040-3050 Lomita Blvd. The battery pack and charger manu- facturer plans to occupy the space by January 2016. It was formerly oc- cupied by General Motors. Totex was represented by Todd Taugner, Frank Schulz, David Prior and Patricia Wis- man of the Klabin Company. The sell- er, Lomita Partners, was represented by Colliers International. ROSS STORES INC. OPENS 26 NEW LOCATIONS IN 14 STATES DUBLIN, CALIF. — Dublin, Califor- nia-based Ross Stores Inc. opened 19 Ross Dress for Less locations and sev- en dd's DISCOUNTS locations across 14 states in September and October. These new locations completed the company's 2015 expansion plan to add a total of 90 stores during the year. GEMDALE, LATERRA TEAM UP FOR $125 MILLION MIXED- USE PROJECT IN HOLLYWOOD HOLLYWOOD, CALIF. — Gemdale Properties and Investments, a subsidiary of Gemdale Corp., one of China's larg- est real estate developers, and Los An- geles-based LaTerra Development have formed a joint venture to develop De- luxe Hollywood, a $125 million mixed- use project located in Hollywood. This project will be the frst real estate investment in Hollywood by a major Chinese company. The four- acre mixed-use project, located at 1350 N. Western Ave. at Sunset Bou- levard, will include ofce, retail and multifamily space. The site is within two blocks of Icon at Sunset Bronson Studios, and is in close proximity to the Hollywood and Western station of Metro's Red Line connecting to down- town Los Angeles. LaTerra Development is a residen- tial and mixed-use development com- pany with a focus on urban infll loca- tions throughout Los Angeles, Orange County and San Diego. Gemdale Properties and Investments is a leading real estate developer in the greater China region. Gemdale was founded in 1988 and is listed on the Hong Kong Stock Exchange (535.HK). The company's roots are primar- ily in the residential condominium sector, with over 30,000 residential condominium units built and sold in China in 2013 alone. In recent years, Gemdale Properties has embarked on several commercial/mixed-use devel- opments as well as real estate private equity fund management. Call PCS Today 818.914.2699 www.PartnersCapitalSolutions.com Sophisticated Financing for Real Estate Deals Up to $15 Million $ 10,000,000 80% LTC Revolving Credit Facility Purchase & Sale of Foreclosed Homes $9,250,000 Construction Loan Multi-Phase Tract Development $ 10,000,000 Revolving Line of Credit Purchase of Defaulted CRE Loans $27,000,000 Debt & Equity Multi-Site Programmatic Build to Suit $3,750,000 Bridge Loan Purchase & Season Limited Service Flagged Hotel $9,100,000 90% LTC Construction Loan Reverse Build to Suit Partners Capital Solutions is licensed as a California Finance Lender License #603K205 & CalBRE License # 01864530 Rates Starting at 7% Value-Added Capital Creative Solutions Close in 3 Weeks The Class A properties will serve as the global headquarters for Netfix.

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