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Friday, Jun 9, 2023

Senior Living Sale Livens Up Agoura Market

An Agoura Hills assisted living complex has changed hands in an off-market deal worth nearly $33 million – the largest health care property sale in Ventura or Los Angeles counties this year. The 137,030-square-foot apartment-style property at 5217 Chesebro Road was acquired by San Jose real estate investment firm DiNapoli Capital Partners LLC from its developer, Bednar Building Corp. of Agoura Hills, last month. DiNapoli, which has an office in downtown Los Angeles, specializes in the acquisition and renovation of properties, mostly hotels and office buildings. “DiNapoli is actively starting a senior housing platform,” said Sean McNee, an associate vice president of Cassidy Turley Inc.’s Health Care Investment Group who represented both sides in the deal. “So they are very excited about the acquisition. This is a great piece for them.” DiNapoli has already changed the name of the 156-unit complex from Agoura Hills Senior Retreat to Meadowbrook at Agoura Hills. According to McNee, it plans to do some renovations to the property as well. Built in 2001, the health care facility is staffed with full-time nurses and provides assisted living services, including a secured dementia area. The ownership change also led to a management change. The facility is now managed by Integral Senior Living LLC, a Carlsbad senior living community management company. Previously, it was managed by developer Bednar. The property was 75 percent occupied at the time of the sale. Robert Black, also of Cassidy Turley’s Health Care Investment Group, worked with McNee on the deal. Palmdale Mall A long-vacant 95,933-square-foot building at the sprawling Antelope Valley Mall has been acquired for $8.5 million by Forest City Enterprises Inc., the mall’s developer. The Cleveland firm, which owns the mall’s 377,916-square-foot enclosed main building, purchased the free-standing anchor property from Spanish retail company El Corte Ingles S.A., which had leased the building to Gottschalks Inc. The mid-tier department store chain, in which Ingles had a 20 percent stake, went bankrupt in 2009. Forest City declined to talk about its plans, but spokesman Jeff Linton said company is in early discussions about how to best utilize the building. Sources have told the Business Journal that the company will likely renovate the building and subdivide the space to make way for several smaller retailers and potentially a restaurant. At one point, Gottschalks occupied two anchor tenant spaces at the mall: the recently acquired property and a larger space now occupied by a Macy’s Inc. location. The larger space was sold to Forest City for $12 million when Gottschalks combined its Harris and Gottschalks operations into the smaller space in 2008 as part of what were ultimately failed restructuring efforts. The 105,000-square-foot former Harris location was then renovated before it was leased to Macy’s. The mall was constructed in 1990 by Forest City, which also manages the majority of the mall properties and in 2007 spent more than $7 million on renovations. In addition to Macy’s, the mall is anchored by a J.C. Penney Co. Inc. store, a large outlet of Forever 21 Inc. and a Sears, Roebuck & Co. location. Market Research Encino Internet market research firm uSamp Inc. is expanding with a 22,000-square-foot lease at its headquarters. Terms of the deal were not disclosed, but average rent in the building, at 16501 Ventura Blvd., is $30.67 a square foot, according to CoStar Group Inc. The company had leased two smaller offices in the same building. It will now combine all the operations in the new headquarters space, which is an entirely new location within the building. The company, which has grown rapidly in the last few years, was ranked No. 11 on Forbes magazine’s list of most promising companies last year. The company makes online survey software and has more than 6.5 million respondents in its network. According to Forbes, the privately held firm generated revenue of $22.7 million in 2010 and has 145 employees. Dave Toomey and Brian Davies of Cresa Partners LLC’s Los Angeles office represented uSamp in the deal. Ryan House and Tony Accera of Jones Lang LaSalle Inc.’s Santa Clarita Office represented the landlord, Los Angeles real estate investment trust Kennedy Wilson Inc. Staff reporter Kelly Goff can be reached at (818) 316-3135 or kgoff@sfvbj.com.

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