Property Type

Interstate Equities Corp. Acquires Verdugo Village in Glendale for $54.2M

by Nellie Day January 5, 2017

GLENDALE, CALIF. — Interstate Equities Corporation (IEC) has acquired the 126-unit Verdugo Village apartment community in Glendale for $54.2 million. The community is located at 1717 N. Verdugo Road. The property will be renamed Towne at Glendale. It was built in 1965 and renovated in 2007 to condo specifications, featuring high-end finishes and central air conditioning. The Towne at Glendale is currently 96 percent occupied. It will undergo a series of capital improvements to enhance and expand its existing amenities. Planned renovations include a major redevelopment of the main lobby and entrance, the installation of a new fitness center, upgrades to the movie theater and additional storage for residents. Adrienne Barr and Shane Shafer of Berkadia executed the transaction. HFF’s Peter Smyslowski arranged the acquisition loan, which CIT Bank provided. This is the seventh acquisition to date using IEC’s Institutional Fund III.

January 5, 2017

California Multifamily Western

Candlewood North Multifamily Community in Northridge Sells for $43.5M

by Nellie Day January 5, 2017

NORTHRIDGE, CALIF. — Waterton has acquired the 189-unit Candlewood North apartment community in Northridge for $43.5 million. The community is located at 9830 Reseda Blvd. The property contains three buildings totaling 166,910 square feet situated on 3.2 acres. Community amenities include an outdoor gazebo, two swimming pools, jacuzzis and a barbecue/picnic area. Notable employers in the area include Boeing, Rocketdyne, the Walt Disney Co., Anheuser-Busch, Nestlé and Health Net. Greg Harris, Kevin Green and Joseph Grabiec represented both the buyer and seller, Essex Property Trust, in this transaction.

January 5, 2017

Multifamily Nevada Western

The Bascom Group Buys Spectrum Apartments in Las Vegas for $38.3M

by Nellie Day January 5, 2017

LAS VEGAS — The Bascom Group has purchased the 252-unit Spectrum Apartments in Las Vegas for $38.3 million. The community is located at 9242 W. Russell Road. Spectrum was built in 2010. The property is near Spring Valley, Summerlin and Rhodes Ranch, with easy access to the 215 Beltway. Patrick Sauter and Art Carll of NAI Vegas executed the transaction. HFF’s Charles Halladay and Jamie Kline arranged a $27.3 million acquisition loan through Lincoln Benefit Life Company.

January 5, 2017

Illinois Midwest Ohio Retail Top Stories

‘Challenging Retail Environment’ Prompts Macy’s, Sears to Shutter Stores

by John Nelson January 5, 2017

CINCINNATI AND HOFFMAN ESTATES, ILL. — Macy’s Inc. (NYSE: M) and Sears Holdings Corp. (NASDAQ: SHLD) both announced on Wednesday plans to close a large number of department stores in an effort to improve their long-term operating performance. Macy’s will close 68 stores and Sears will close 150 non-profitable stores comprising 109 Kmart and 41 Sears locations. “We are taking strong, decisive actions today to stabilize the company and improve our financial flexibility in what remains a challenging retail environment,” says Edward Lampert, chairman and CEO of Sears Holdings. “We are committed to improving short-term operating performance in order to achieve our long-term transformation.” Jeff Green, president of Jeff Green Partners, a retail consultancy based in Phoenix that works with retailers and shopping center owners, suspects that the footprint of these department stores has contributed to the recent woes of Macy’s and Sears. “Department stores, by sheer definition, are oversized for this changing retail environment and may be a critical factor, though only one factor, in deciding which stores to close,” says Green. “It is interesting to see just how large some of the older stores on the Macy’s store closure list are. For example, two suburban stores to be …

January 5, 2017

Industrial Market Reports Midwest Midwest Market Reports Missouri

Falling Vacancies, Strong Demand Spur Industrial Construction in St. Louis

by Kristin Harlow January 5, 2017

The St. Louis industrial market is in the midst of historic development and deal making. As witnessed in many markets, “big bombers” — industrial facilities 500,000 square feet and larger — are coming out of the ground at a record pace. Better still, they are being leased and pre-leased at a record pace. By all accounts, the driver here is the new e-commerce phenomenon with major players like Amazon taking nearly 1.5 million square feet in the Metro East submarket. The two major developments in this submarket are Gateway Commerce Center, developed by TriStar, and the adjacent Lakeview Commerce Center, developed by Panattoni. In addition to Amazon, Gateway Commerce Center boosts a host of big box users such as P&G, Unilever and Saddle Creek Corp, the latter of which took 673,137 square feet last year at the Center. Tri-Star is in the process of completing two additional buildings in the Center: Gateway East 520 containing 520,000 square feet, and Gateway East 624 containing 624,000 square feet. In neighboring Lakeview Commerce Center, Amazon occupies additional space along with World Wide Technologies, occupying 769,500 square feet in the Center. Analyzing the data Let’s drill down further and let the numbers speak for …

January 5, 2017

California Office Western

Lincoln Property Co. Sells Research Center Plaza in Carlsbad for $15.3M

by Nellie Day January 4, 2017

CARLSBAD, CALIF. — An entity of Alvarez & Marsal Capital Real Estate has purchased Research Center Plaza, an 81,118-square-foot office/R&D campus in Carlsbad, from Lincoln Property Co. for $15.3 million. The center is located at 2232, 2234 and 2236 Rutherford Road. Research Center Plaza is 90 percent occupied. Lincoln Property upgraded interior and exterior spaces at the property and created office lofts with collaborative features, open ceilings and natural lighting. The buyer represented itself in the transaction, Rick Reeder and Aric Starck of Cushman & Wakefield represented Lincoln.

January 4, 2017

California Office Western

GPI Cos. Buys Media Center North in Burbank

by Nellie Day January 4, 2017

BURBANK, CALIF. — GPI Companies has purchased Media Center North, a 95,000-square-foot office building in Burbank, for an undisclosed sum. The Class A building is located at 2835 N. Naomi St. The building serves as Entertainment Partners’ corporate headquarters. This was one of the largest office building transactions in Burbank in 2016, according to Greg Barsamian of Coldwell Banker Commercial Advisors, who represented the seller.

January 4, 2017

California Office Western

CPT Group Buys Corporate Headquarters Building in Irvine for $5.3M

by Nellie Day January 4, 2017

IRVINE, CALIF. — CPT Group has purchased a 14,208-square-foot corporate headquarters building in Irvine for $5.3 million. The building is located at 50 Corporate Park. CPT Group was looking for a new headquarters with a significant amount of parking. The class-action settlement administration company will occupy the new space in the first quarter of 2017. Chuck Hardy of Lee & Associates represented CPT, while the firm’s John Collins represented the seller, North Tustin Investment Group LLC.

January 4, 2017

California Office Western

Fandango to Relocate Headquarters Within LA

by Nellie Day January 4, 2017

LOS ANGELES — Fandango has announced plans to relocate its headquarters within Los Angeles. The digital movie network has signed a lease for the top two floors of 407 Maple Drive in Beverly Hills. Its current office is located at 12200 W. Olympic Blvd. The relocation will occur in mid-2017. Fox Interactive Media previously occupied the space, which Tishman Speyer owns. David Toomey and Brian Davies of Cresa represented Fandango. Tishman Speyer was represented in-house by John Ollen and Patrick Nally.

January 4, 2017

California Loans Retail Western

HFF Secures $7.3M Refinancing for Retail Center in Moreno Valley

by Nellie Day January 4, 2017

MORENO VALLEY, CALIF. — HFF has secured a $7.3 million refinancing for Ironwood Plaza, a 56,289-square-foot shopping center located in the Inland Empire community of Moreno Valley. Tenants at the center include 99 Cents Only, Bank of America, Aqua Pura, Angela’s Nail Salon, Lorenzo’s Italian Restaurant and Video Vision. Jeff Sause of HFF worked on behalf of the borrower, an undisclosed private investor, to place the 10-year, fixed-rate loan with a local bank. Loan proceeds were used to pay off an existing CMBS loan and cover leasing and closing costs.

January 4, 2017

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