VAN NUYS, CALIF. — SRS Real Estate Partners has arranged the $6.1 million sale of a 20,600-square-foot Crunch Fitness location in Van Nuys. The building co-anchors an inline strip center, which is home to tenants including Jons International Marketplace, Fallas and Dearden’s. Crunch Fitness opened in July of 2017, committing to a 15-year lease. The San Fernando Valley Business Journal reports Fortunate Realty acquired the asset. Matthew Hardke, Matthew Mousavi and Patrick Luther of SRS arranged the transaction on behalf of the undisclosed seller.
LOS ANGELES — Lendlease has signed an 11-year lease at City National Plaza in downtown Los Angeles. The center is located at 515 S. Flower St. The Australia-based property company sought a prominent and central downtown location that would keep employees connected to the community, with access to a variety of amenities and transportation. The Class A office tower is part of the larger City National Plaza, a 2.6 million-square-foot project spanning the entire city block between Flower, Figueroa streets, Fifth and Sixth streets. City National Plaza contains two office towers, one plaza-level building, and four subterranean levels featuring retail and parking. Notable tenants include City National Corp., Gensler, Paul Hastings LLP, Chubb Group of Insurance Companies, Foley & Lardner LLP and Norton Rose Fulbright US LLP. Justin Collins of Cushman & Wakefield represented Lendlease, while the firm’s John Bendetti represented the landlord, CommonWealth, in this transaction.
ENCINITAS, CALIF. — RAF Pacifica Group has purchased the retail portion of Pacific Station, a 100,000-square-foot mixed-use asset featuring residential office and retail space in Encinitas. Loja Retail Partners sold the asset for $24 million. Amazon, Whole Foods and Wells Fargo, among others, occupy the 39,000-square-foot retail portion. RAF Pacifica Group plans to hold the retail asset long-term. Matt Moser of Retail Insight represented the buyer and seller in the off-market transaction.
LOS ANGELES — CBRE has secured a $23.1 million bridge and construction loan for the repositioning of the nine-story 900 South Hill Street Garage in downtown Los Angeles. Mark Fisher and Alex Furnary of CBRE’s New York office, with the assistance of Val Achtemeier of CBRE’s Los Angeles, office secured the loan on behalf of the developer, Los Angeles-based Markwood Enterprises. Markwood will construct an additional floor, and combine and expand the ground-floor space to accommodate a single tenant, Erewhon, an organic market. The top three floors will be re-purposed as creative office space and the balance of the property will continue to operate as a garage.
SAN DIEGO — Genesis Kitchen + Design has opened at Campus Point in San Diego. Located at 4242 Campus Point Court, the restaurant is part of the new Genesis life science development complex by Phase 3 Real Estate Partners Inc. The project includes a full-scale fitness center, outdoor lap pool and yoga training patio. The restaurant seats 56 people inside, with seating for 120 outside and a large bar, as well as semi-private outdoor space with a gas fireplace and ping-pong table. Genesis Kitchen + Design offers a seasonal menu, 13 craft beers on tap, nine wines by the glass and local kombucha for lunch Monday through Friday and a happy-hour menu Thursdays and Fridays. Bon Appétit Management Co. will operate the restaurant.
IRVINE, CALIF. — CB Global Investors has purchased a 311,000-square-foot office tower in Irvine for $120 million. The 16-story tower is located at 2600 Michelson Drive. The trophy property is 99 percent occupied. Notable tenants include Loan Depot, Jacobs Engineering, Zillow and Premier Business Centers. The property was built in 1986 and renovated last year. The tower features a polished-granite-and-glass exterior, a two-story lobby that overlooks a koi pond and courtyard, and a five-story adjacent parking structure. CB Global Investors represented itself in this transaction, while NKF represented the seller, Ocean West Capital Partners.
SAN FRANCISCO — Sonnenblick-Eichner Co. has arranged a $110 million refinancing for the 550-room InterContinental San Francisco hotel. The hotel is located at 888 Howard St. in downtown’s South of Market (SOMA) district. The hotel includes 43,000 square feet of meeting, banquet and pre-function space; Luce, a Michelin rated restaurant; a 10,000-square-foot spa; and subterranean parking accommodating 180 valet spaces. The 10-year, non-recourse loan has a fixed interest rate in the low 4 percent range. A Wall Street investment bank funded the loan.
SAN DIEGO — Sunroad Enterprises has obtained $165 million in short-term, first-mortgage loans to refinance two new luxury apartment complexes in San Diego. Financing was secured for the 253-unit Ariva and the 302-unit Vive on the Park. The properties are recent apartment developments in the 40-acre, master-planned community of Sunroad Centrum in the Kearny Mesa submarket. Sunroad Centrum will include 1,622 multifamily units and 856,000 square feet of commercial office space once completed. Sunroad Centrum is part of the San Diego Spectrum Center, on the site of the former 232-acre General Dynamics aerospace facility. HFF’s Tim Wright and Aldon Cole arranged the financing. The five-year, non-recourse loan was structured in two pieces, with Mesa West holding $145 million and Clarion Partners holding $20 million.
HUNTINGTON BEACH, CALIF. — Interstate Equities Corp. (IEC) has purchased the 400-unit Surf at 39 apartment complex in Huntington Beach for $134 million. The community is located at 16761 Viewpoint Lane. Surf at 39 was built in 1972. It features two swimming pools with spas, a business center, fitness facility, clubhouse, dog park and barbecue area. IEC notes that Surf at 39 will remain a workforce housing community. About 80 percent of the units are in their original condition, but are set to undergo a renovation. HFF’s Sean Deasy and Ryan Fitzpatrick represented both the buyer and seller in this transaction. The firm also arranged the acquisition financing.
ROSEVILLE, CALIF. — A joint venture between Barker Pacific Group and WHI Real Estate Partners has purchased Douglas Corporate Center, a 213,982-square-foot office center in Roseville, for an undisclosed sum. The Class A center is located at 2901 Douglas Blvd. in the Douglas Corridor, just north of Sacramento. The joint venture purchased the property through auction. BBVA Compass Bank provided debt financing for the transaction. Chris Lemmon and Zac Collie of Newmark Cornish & Carey will handle the property’s leasing.