LOS ANGELES — A joint venture between Stanton Road Capital and Second City has purchased an 89,000-square-foot office property in the Los Angeles submarket of El Segundo for $35.5 million. The building is located at 898 Sepulveda Blvd. The office space is 98 percent leased. The property includes a six-level parking structure that is leased to Central Parking. The building was constructed in 1979 and renovated in 2000. The JV plans to enhance the building, provide creative office space and extend the parking garage’s master lease. NKF’s Kevin Shannon, Ken White and Michael Moore represented the seller, TA Associates, in this transaction. The firm also arranged financing on behalf of the buyer.
IDAHO — Ziegler, a specialty investment bank, has closed $17.6 million in bond financing Valley Vista Care Corp., a nonprofit operator of seniors housing communities in Idaho. Valley Vista Care Corp. and Valley Community Housing combine to operate 147 skilled nursing beds, 59 assisted living units and 35 units for residents with mental illness and developmental disabilities. Proceeds from the bonds will be used to refund prior bonds, pay for improvements to two facilities, create a reserve fund and pay bond issuance expenses.
BEVERLY HILLS, CALIF. — Premier Business Centers has opened its third flexible U.S. workspace in the Wilshire/Palm building in Beverly Hills. The company has signed an 8.5-year lease with John Hancock Life Insurance Company to create a new flexible, shared office space center on the building’s fifth floor. The 14,950-square-foot space is located at 9171 Wilshire Blvd. It will occupy the former Rothstein Kass and Company accounting firm space.
LOS ANGELES — The City of Los Angeles has selected Angels Landing Partners LLC, a partnership between the Peebles Corp., MacFarlane Partners and Claridge Properties, to manage development of the Angels Landing site, a $1.2 billion mixed-use project. The group will build the tallest building in the western United States as part of the development, according to a news . All three firms are 100 percent minority owned. Construction of the 2.2-acre site at 4th and Hill streets in Los Angeles is slated to last 41 months with a completion date scheduled for late 2024. “Our team is inspired by the opportunity to transform the Los Angeles skyline with our iconic building, enhance residential life and change how large buildings are constructed by ensuring all residents and businesses receive equal access to career and business opportunities,” says Don Peebles, chairman and CEO of the Peebles Corp. Handel Architects is designing the two-tower project. The development will include a 192-room SLS hotel and a 289-room Mondrian hotel, both to be operated by SBE Entertainment Group. Other project plans call for 425 apartments (including affordable housing), 250 condominiums, 45,000 square feet of retail and restaurant space, an elementary charter school and a …
As the real estate world addresses the uncertain future of brick-and-mortar shopping, the market for retail investment in San Antonio remains strong. The recent bankruptcies of physical merchandisers such as Toy “R” Us, Radio Shack, Rue 21 and Payless Shoes — to name but a few — have proven that retailers must adapt their strategies to an ever-changing environment. In San Antonio, however, a historically low volume of new retail development and decreasing vacancy rates, combined with strong fundamentals, have attracted and secured more retail investors than ever before. San Antonio’s thriving economy is supported by steady job growth — 25,000 jobs have thus far been added in 2017, according to the City Employment Statistics survey. The Bureau of Labor Statistics put San Antonio’s unemployment rate at 3.7 percent as of August 2017, versus the national average of 4.5 percent. Often referred to as Military City, USA, San Antonio is home to Joint Base San Antonio, which includes Fort Sam Houston, Lackland Air Force Base and Randolph Air Force Base. These military installations alone employ roughly 90,000 people and have an estimated $27 billion impact on the local economy. These statistics, coupled with the market’s steady job and population growth, …
FLOWER MOUND, TEXAS — Direct Development, the Dallas-based company at which former Dallas Cowboys quarterback Troy Aikman is a principal, is moving forward with the development of The Point, a 35-acre mixed-use project in Flower Mound. Located at the intersection of FM 2499 and Silveron Boulevard, the project will deliver 215,000 square feet of Class A office space, 585 multifamily units, a 100-room Tru by Hilton hotel and the capacity for ground-floor retail and restaurant space within the office and multifamily buildings. The project also includes development of 5.5 acres of public space, including pedestrian walkways, a trailhead and green spaces. The groundbreaking is slated for fall 2018.
PASADENA, TEXAS — Duke Realty Corp. has acquired Bayport Distribution Center II, a two-building, 772,500-square-foot industrial property located near Port Houston in Pasadena. The Class A property was built in 2008 and consists of one 600,000-square-foot building and one 172,500-square-foot building that are fully leased to three tenants. The property features clear heights ranging from 24 to 30 feet and a total of 157 dock-high doors and eight drive-in ramps. Trent Agnew, Rusty Hamlyn and Dane Petersen of HFF represented the seller, a partnership between Mountain West Industrial Properties and an undisclosed institutional investor, in the sale.
GRANBURY AND WEATHERFORD, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a two-property seniors housing portfolio totaling 186 units in the southwestern Fort Worth suburbs of Granbury and Weatherford. An undisclosed buyer purchased the 110-unit Gardens of DeCordova in Granbury and the 76-unit Gardens of Weatherford in Weatherford. Both properties are 55-plus facilities. Will Balthrope, Drew Kile, Joey Tumminello and Max Helgeson of IPA brokered the sale.
AZLE, TEXAS — Greysteel has arranged the sale of Azlewood, an 81-unit apartment complex located at 1021 Timberoaks Drive in Azle, about 20 miles northwest of Fort Worth. Built in 1982, the property offers a pool and on-site laundry facilities. Boyan Radic, Doug Banerjee, Andrew Mueller and Andrew Hanson of Greysteel represented the seller in the transaction. Other terms of sale were not disclosed.
MCKINNEY, TEXAS — The Retail Connection (TRC) has secured a 19,941-square-foot retail lease at Craig Crossing, a shopping center located at the corner of U.S. Highway 75 and Eldorado Boulevard in McKinney. Jamie Streeter and Wyatt Russo of TRC represented the landlord, Centcom/Vantage McKinney LLC, in the lease negotiations. Katherine Wildman and Bunny McLeod of Wulfe & Co. represented the tenant, Chair King Backyard Store, a provider of outdoor and patio furniture.