California

Federative Republic of Brazil Signs 16,477 SF Office Lease in Los Angeles’ Miracle Mile

by Jeff Shaw June 27, 2023

LOS ANGELES — The Federative Republic of Brazil has secured a long-term lease for 16,477 square feet of office space in Los Angeles’ Miracle Mile neighborhood. The Consulate General of Chile is one block away on Wilshire Boulevard. The 10.5-year lease is valued at $10.4 million. The new office is located at 6222 Wilshire Blvd. The new deal creates a centralized location for Brazil’s consulate general. Brian Dunne and Don Hudson of Kidder Mathews represented the tenant in the transaction. The landlord was Decron Properties.

June 27, 2023

California Market Reports Retail Western Western Market Reports

Premiering Premier Retail Space in Los Angeles

by Jeff Shaw June 27, 2023

One word comes to mind when you pair Los Angeles and real estate: expensive. But creating a premier space can attract top-notch tenants, which then brings in the nearby clientele that can afford to live, work and play in, well, LA. Of course, tourists are enthusiastic spenders as well. Price tags and calories don’t count when you’re on vacation, after all. Way Out West Malibu-based developer, manager and sponsor Christina knows all about what it takes to cultivate a dynamic retail offering in Los Angeles. In uber-developed areas like this, it typically takes a tired or underachieving retail space in a prime location that can be made into something grand. “Christina operates with a laser focus on investing only in the ultra-prime submarkets of Los Angeles: Beverly Hills, Brentwood, Century City, Malibu, Santa Monica, Westwood, West Hollywood and Venice/Silicon Beach,” says Lawrence “Larry” Taylor, founder and CEO of Christina. “Redevelopment opportunities in these submarkets, which have limited inventory of pedestrian-oriented retail streets, are rarely available.” Given their scarce availability, the 46-year-old firm’s strategy has been to establish and maintain relationships with property owners in these markets. “Then, when disposition opportunities present themselves due to life changes, estate planning or similar reasons, …

June 27, 2023

California Leasing Activity Restaurant Retail Western

Progressive Arranges 2,366 SF Habit Burger Lease in Walnut, California

by Jeff Shaw June 26, 2023

WALNUT, CALIF. — Progressive Real Estate Partners has arranged a 2,366-square-foot, 10-year lease for The Habit Burger Grill in Walnut, approximately 25 miles east of Los Angeles. Paul Su of Progressive represented the landlord in lease negotiations. The tenant plans to execute a significant renovation of the building, which is situated across from Mt. San Antonio College and features a drive-thru.

June 26, 2023

Acquisitions California Industrial New York Northeast Top Stories Western

Prologis Agrees to Acquire 14 MSF Industrial Portfolio from Blackstone for $3.1B

by Taylor Williams June 26, 2023

SAN FRANCISCO AND NEW YORK CITY — Prologis Inc. (NYSE: PLD) has agreed to acquire a 14 million-square-foot industrial portfolio from Blackstone (NYSE: BX) for $3.1 billion. The all-cash deal is expected to close in the coming days. The names and locations of the properties were not disclosed, but The Wall Street Journal reports that the portfolio encompasses about 70 assets in gateway markets such as Atlanta, Dallas and Washington, D.C., as well as in areas of New York, California and South Florida. The portfolio is collectively leased to 127 different tenants. Of those, 50 have preexisting relationships with Prologis, and 77 are effectively new customers. San Francisco-based Prologis now owns about 1.2 billion square feet of industrial assets across 19 countries. Over the past 11 years, Prologis and New York-based Blackstone have collaborated on more than a dozen transactions. With this deal, the price translates to a capitalization rate of approximately 4 percent based on net operating income in the first year and a 5.75 percent cap rate when adjusting to today’s market rents. “Where you invest matters, and this transaction demonstrates the exceptional demand for high-quality warehouses,” says Nadeem Meghji, head of Blackstone Real Estate Americas. Blackstone retained …

June 26, 2023

Acquisitions California Industrial Western

Prologis Purchases Industrial Development Site in Lynwood, California

by Jeff Shaw June 23, 2023

LYNWOOD, CALIF. — Prologis has purchased an infill industrial site in Lynwood. The 1.4-acre property is located at 11511 Bellinger St. It includes a historic 34,436-square-foot industrial facility built in 1930. Surrounding the property are more than 35 UPS, FedEx and Ontrac shipping hubs within a 10-mile radius. CBRE’s Mark Shaffer, Anthony DeLorenzo, Gerard Poutier, Bryan Johnson and Nick Williams from CBRE Investment Properties, along with Greg Dyer and Ryan Wengart from CBRE’s Los Angeles South Bay office, represented the seller, 11511 Bellinger Holdings LLC, in this transaction.

June 23, 2023

Acquisitions California Retail Western

JLL Brokers $29M Sale of Adams Marketplace in Huntington Beach, California

by Jeff Shaw June 22, 2023

HUNTINGTON BEACH, CALIF. — JLL Capital Markets has brokered the $29 million sale of Adams Marketplace, a 65,116-square-foot shopping center located in Huntington Beach, approximately 35 miles southeast of Los Angeles. Built in 1974 and renovated in 2022, the property was 98 percent occupied at the time of sale. Smart & Final Extra anchors the center, with other tenants including Petco, Starbucks Coffee, MemorialCare Medical and Wingstop. Jiffy Lube, 76 Gas and Carl’s Jr. are also located at the center and were not included in the sale. Bryan Ley, Gleb Lvovich, Geoff Tranchina, Ti Kuruzar and Daniel Tyner of JLL represented the seller, affiliates of Fortress Investment Group and DJM Capital. A private, California-based buyer purchased the property.

June 22, 2023

Acquisitions California Industrial Western

Intersection Equities, Blue Buy Vista Riverside Business Park in Jurupa Valley, California for $19.5M

by Jeff Shaw June 22, 2023

JURUPA VALLEY, CALIF. — Intersection Equities and Blue Vista Capital Management have acquired Riverside Business Park, a 122,000-square-foot industrial park in Jurupa Valley, for $19.5 million. The park contains 30 suites ranging from 1,500 square feet to 11,000 square feet, offering a total of 30 drive-up doors. Intersection Equities plans to leverage its value-add strategy to make strategic capital improvements aimed at enhancing the attractiveness of the park for both existing and future tenants. Barret Woods of Lee & Associates represented the seller, Transition Properties, while Stefan Pastor of Stream Realty represented the buyers.

June 22, 2023

Acquisitions California Multifamily Western

CBRE Negotiates $5.9M Sale of Townhome Community in Anaheim, California

by Jeff Shaw June 22, 2023

ANAHEIM, CALIF. — CBRE has arranged the $5.9 million sale of a 14-unit multifamily townhome community in Anaheim. An unnamed buyer acquired the asset for $5.9 million. This transaction sets a new benchmark for the city of Anaheim, with a price per unit of $421,000, according to CBRE. The community is located at 129 S. Olive St. in downtown Anaheim. Built in 1986, the property spans about 15,517 square feet and features two-bedroom/two-bathroom, townhome-style floor plans with vaulted ceilings, central air, patios and balconies. The community was recently renovated with fresh paint and exterior wood replacement. CBRE’s Dan Blackwell represented both the buyer and seller in this transaction.

June 22, 2023

Acquisitions California Retail Western

Hanley Arranges $4.1M Sale of Retail Pad in Perris, California

by Jeff Shaw June 22, 2023

PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $4.1 million sale of a 5,303-square-foot retail pad in the Inland Empire city of Perris. Altura Credit Union and Little Caesars Drive-Thru occupy the property, which was built in 2022 as an outparcel to a shopping center anchored by Cardenas Markets. Bill Asher and Jeff Lefko of Hanley represented the seller, a California-based private partnership. Howard Rosenthal and Guy Excell of Rosenthal & Excell Commercial Real Estate represented the buyer, a California-based family office.

June 22, 2023

California Loans Office Western

Gantry Arranges $11.3M Refinancing for Office Tower in Berkeley, California

by Jeff Shaw June 21, 2023

BERKELEY, CALIF. — Gantry has secured an $11.3 million permanent loan to refinance a multi-tenant office tower located at 2855 Telegraph Ave. in Berkeley. The six-story, 83,557-square-foot office building accommodates more than 35 tenants, including professional services, medical offices and small businesses. It was originally constructed in the 1960s. Gantry’s Tony Kaufmann and Alex Poulos secured the 30-year, fixed-rate loan, which one of Gantry’s correspondent life company lenders provided. The financing replaces a maturing CMBS loan, providing stability and financial flexibility for the building’s tenant base.

June 21, 2023

Newer Posts

Older Posts