The LA Deal Sheet
Panorama Senior Housing is developing two senior housing projects in Los Angeles.
The first is an assisted living and memory care community at 4900 Eagle Rock Blvd. The 109-room facility, which is in the entitlement stages, will feature 87 assisted living rooms, 22 rooms for residents experiencing cognitive decline, a courtyard and other amenities.
The company is also developing an assisted living and memory care facility at 825-837 Holt Ave. The five-story, 80-room facility will have 62 assisted living rooms and 18 rooms for residents with cognitive decline.
KTGY Architecture + Planning is designing both projects.
Construction for both projects is slated to start in 2021, with delivery planned for some time in 2022.
SALES
A private investor has purchased a 3,800 SF retail building and gas station from Fountainhead Development for $4M. Built in 2018, the Circle K convenience store and gas station at 24010 Copper Hill Drive sits on 1.3 acres. Hanley Investment Group's Bill Asher and Jeff Lefko represented the seller. Keller Williams Realty's Edan Amar and Idan Cohen represented the buyer.
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Sunny Garden Apartments 2 has purchased a 96-unit, 67K SF affordable and senior multifamily property in La Puente from La Puente Gardens for $17.9M. Built in 1992, the building at 13712 Sunkist Drive sits on 1.64 acres. Marcus & Millichap's Joshua Ross and Eli Appel represented the buyer and seller.
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TriStar Realty Group has acquired a 159K SF office campus in Thousand Oaks from a JV of Colony Capital and SteelWave for $21.56M, according to Commercial Property Executive. Built in 1983, the five-story office building at 225 West Hillcrest Drive is occupied by a Bank of America. CBRE’s John LaSpada represented the buyer. Newmark Knight Frank's Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, Sean Fulp, Ryan Plummer and Mark Schuessler represented the seller.
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7707 has purchased a 15.8K SF office building in Ventura from H&M Properties for $2.1M. Built in 1978, the 47K SF two-story office building at 877 South Victoria Ave. is next to the Ventura County Government Center. NAI Capital’s Bill Kiefer and Michael Schiff represented the seller. NAI Capital's Steve Doll represented the buyer.
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In an off-market deal, an affiliate of Providence Capital Group has acquired a 182-unit apartment community in Rancho Cucamonga from Fore Property for $68M. Built in 2019, the community at 10130 Foothill Blvd. features six four-story buildings and 10 floor plans. Avison Young's Peter Hauser, Matt Hauser and Masa Ito represented buyer and seller.
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A private investor has purchased a 4K SF retail building in Anaheim from an undisclosed seller for $5.1M. The property at 545 North Euclid St. is leased to Chase Bank. Hanley Investment Group's Bill Asher and Jeff Lefko represented the buyer. SRS Real Estate Partners' Pat Kent, Patrick Luther, Matthew Mousavi and Parker Walter represented the seller.
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A private investor has acquired a 3,500 SF retail building in Fountain Valley from a Southern California-based investor for $4M. The retail building at 1131 Talbert Ave. is leased to a McDonald's with 12 years remaining. SRS Real Estate Partners’ Michael Walseth represented the seller. TNG Real Estate Services' Chris Nikchevich represented the buyer.
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Gemdale USA has sold an 85-unit apartment building in West Covina to an Orange County-based private investor for $32M. Built in 1966, the South Hills Apartment at 2900 East Virginia Ave. sits on a 5.2-acre lot. Marcus & Millichap's Kevin Green, Greg Harris and Joseph Grabiec represented the seller. Marcus & Millichap's Green, Harris and Tyler Leeson represented the buyer.
EXECUTIVE NEWS
CRG has hired Rachel Hickenbottom as vice president of development and construction for the West Region. Hickenbottom will be responsible for CRG’s pre-development, development and construction activities for industrial projects in the West Region, including key markets throughout California and Portland, Seattle, Salt Lake City, Reno, Phoenix and Denver. A 25-year-industry veteran, Hickenbottom most recently served as director of construction and development at Prologis.
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CBRE has named Anya Ostry as a first vice president and Brandon Luckham as an associate broker. Ostry will focus on advising CBRE's global corporate clients. Ostry will be part of a team focused on providing real estate solutions for corporate occupiers. Luckham will be responsible for marketing commercial real estate properties. Ostry and Luckham were previously with Cushman & Wakefield.
