California

Unibail-Rodamco-Westfield Sells 1.5 MSF Regional Mall Near Los Angeles for $537.5M

by Katie Sloan August 25, 2022

ARCADIA, CALIF. — Unibail-Rodamco-Westfield (URW) has sold Westfield Santa Anita, a 1.5 million-square-foot regional mall located roughly 15 miles northeast of Los Angeles in Arcadia, for $537.5 million. The transaction represents the largest price paid for a regional mall in the U.S. since 2018, according to Eastdil Secured, which acted as financial advisor to the seller. The buyer is an undisclosed real estate investor that owns other retail assets in Southern California. The acquisition was funded through a combination of equity and new debt, and reflects a sub-6 percent net initial yield and a 10.7 percent discount to the property’s latest appraisal price. The Class A regional mall was 96 percent leased at the time of sale to tenants including J.C. Penney, Macy’s, Nordstrom, Sephora, Free People, Kate Spade, Fabletics, Coach, lululemon, Michael Kors, Steve Madden, Victoria’s Secret, Zara and Abercrombie & Fitch, among others. The property is also home to AMC Theatres; entertainment concepts such as Bowlero, Luxy Karaoke and Dave & Buster’s; and restaurants including The Cheesecake Factory, Benihana, California Pizza Kitchen and Din Tai Fung. URW made headlines earlier this week with the announcement of redevelopment plans for Westfield Garden State Plaza, a 2.1 million-square-foot regional mall …

August 25, 2022

Acquisitions California Multifamily Western

CBRE Arranges Sale of Three-Property Multifamily Portfolio in Azusa, California for $33.6M

by Amy Works August 23, 2022

AZUSA, CALIF. — CBRE has brokered the sale of a three-property apartment portfolio in Azusa. Azusa Riviera Holdings LLC, Azusa Rainbow Holdings LLC and 1345 San Gabriel Holdings LLC sold the portfolio to Azusa 116 Assets LLC for $33.6 million. Eric Chen and Joyce Goldstein of CBRE represented the seller and buyer in the transaction. The three properties are: The Riviera Apartments, a 36-unit property at 1381 N. San Gabriel Canyon Road Palm View Apartments, a 36-unit community at 1311 N. Azusa Ave. The Azusan Apartments, a 44-unit asset at 1345 N. San Gabriel Ave. Each property has a mix of one- and two-bedroom units averaging more than 800 square feet per apartment. The properties include a community pools, laundry facilities, private patios/balconies, air conditioning and covered parking.

August 23, 2022

Acquisitions California Multifamily Western

Berkadia Arranges $22.6M Sale of YOLO East Multifamily Property in Thousand Oaks, California

by Amy Works August 22, 2022

THOUSAND OAKS, CALIF. — Berkadia has brokered the sale of YOLO East, an apartment community in Thousand Oaks. California-based NUWI Capital sold the property to an undisclosed buyer for $22.6 million, or $502,222 per unit. Located at 1801 Los Feliz Drive, YOLO East features 45 apartments in a mix of one- and two-bedroom layouts, ranging in size from 748 square feet to 1,219 square feet. Units offer high ceilings, great rooms, gourmet kitchens with quartz countertops, stainless steel appliances, in-unit washers/dryers, and balconies or patios. Community amenities include a courtyard gathering area, barbecue area with seating, pool and community room. The property was built in 2019. Adrienne Barr of Berkadia Los Angeles represented the seller in the transaction.

August 22, 2022

Acquisitions California Industrial Office Western

Adler Realty Divests of 118,864 SF Office/R&D Facility in Agoura Hills, California for $19.3M

by Amy Works August 22, 2022

AGOURA HILLS, CALIF. — Adler Realty has completed the sale of an office and R&D complex located at 30601 Agoura Road in Agoura Hills. Harbor Realty acquired the asset for $19.3 million. Jay Rubin and Jared Smits of Lee & Associates – LA North/Ventura represented the seller, while Mark Perry of CBRE represented the buyer in the deal. At the time of sale, the 118,864-square-foot building was 58 percent occupied. The facility includes a solar power plant.

August 22, 2022

Acquisitions California Retail Western

SRS Real Estate Partners Brokers $8.1M Sale of Planet Fitness-Occupied Retail Property in San Diego

by Amy Works August 22, 2022

SAN DIEGO — SRS Real Estate Partners has arranged the sale of single-tenant retail building located at 9420 Scranton Road in San Diego. A Southern California-based retail property owner and operator sold the asset to a Southern California-based family partnership for $8.1 million in an all-cash transaction. Planet Fitness occupies the 17,000-square-foot building, which was built in 1986 and renovated in 2020. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease group represented the seller and buyer in the deal.

August 22, 2022

California Loans Multifamily Western

JLL Arranges $69.7M Acquisition Financing for The Vines at Riverpark Apartments in Oxnard, California

by Amy Works August 19, 2022

OXNARD, CALIF. — JLL Capital Markets has arranged $69.7 million in acquisition financing for The Vines at Riverpark, a two-story attached townhome community in Oxnard. JLL represented the borrower, Interstate Equities Corp., to secure a two-year, floating-rate loan through Prime Finance with four one-year extension options. Located at 3040 N. Oxnard Blvd., The Vines at Riverpark features 164 two- and three-bedroom townhomes with an average size of 1,369 square feet. Units offer private two-car garages, full-size washers/dryers, separate water heaters, central air and heat, front porches or balconies, stainless steel appliances and granite countertops. The residential property is part of Riverpark, a 700-acre, master-planned community that features parks, jogging trails, bike paths and playgrounds. Peter Smyslowski, Charles Halladay, Jonah Aelyon, Spencer Bergthold and Elijah Lax of JLL Capital Markets represented the undisclosed seller in the deal.

August 19, 2022

Acquisitions California Net Lease Retail Western

Faris Lee Investments Negotiates $19.5M Acquisition of Anaheim Resort Centre Retail Property Near Disneyland

by Amy Works August 19, 2022

ANAHEIM, CALIF. — Faris Lee Investments has arranged the purchase of Anaheim Resort Centre, a retail investment opportunity located within the Disneyland Resort District in Anaheim. An Irvine-based family office acquired the asset from an undisclosed seller for $19.5 million. Located on the corner of Harbor Boulevard and Katella Avenue, Anaheim Resort Centre features 10,000 square feet of retail space that nine tenants fully occupy on a triple-net lease basis. Nick Miller and Shaun Riley of Faris Lee Investments represented the buyer in the transaction.

August 19, 2022

Acquisitions California Lee & Associates Net Lease Retail Western

Lee & Associates Brokers $4.8M Sale Union Bank-Occupied Property in Sunnyvale, California

by Amy Works August 19, 2022

SUNNYVALE, CALIF. — Lee & Associates has brokered the sale of a retail building located at 1109 E. Arques Ave. in Sunnyvale. The asset traded for $4.8 million. Neil Cowperthwaite and Winston Street of Lee & Associates Oakland represented the undisclosed seller in the deal. Union Bank occupies the 5,600-square-foot freestanding building on a long-term, triple-net lease.

August 19, 2022

Acquisitions California Retail Western

Hanley Investment Group Brokers $5M Sale of Two-Tenant Outparcel in Palm Desert, California

by Amy Works August 17, 2022

PALM DESERT, CALIF. — Hanley Investment Group has arranged the sale of a two-tenant outparcel property located at 72306 Highway 111 in Palm Desert. Newport Beach-based Sage Investco sold the asset to a Salt Lake City-based private investor for $5 million. Mattress Firms occupies 3,800 square feet and Club Champion occupies 3,016 square feet at the asset on a net-leased basis. The property is an outparcel to a Walmart Neighborhood Market. Eric Wohl and CJ Kiehler of Hanley Investment Group represented the buyer and seller in the deal.

August 17, 2022

Acquisitions California Multifamily Western

SummerHill Sells 333-Unit Eleanor Multifamily Community in Milpitas, California for $193M

by Amy Works August 16, 2022

MILPITAS, CALIF. — SummerHill Apartment Communities has completed the sale of Eleanor, a multifamily property in the Silicon Valley city of Milpitas. MG Properties purchased the asset for $193 million, or $579,580 per unit. Completed in 2021, Eleanor features 333 apartments in one- and two-bedroom layouts, including penthouse units. The property is a five-minute walk from the Milpitas Transit Center, which offers BART and VTA Light Rail services. Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alex Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

August 16, 2022

Newer Posts

Older Posts