VICTORVILLE, CALIF. — Faris Lee Investments has arranged the sale of a freestanding, single-tenant property located at 13615 Bear Valley Road in Victorville. Newport Beach, Calif.-based Giavictor Investments acquired the 8,930-square-foot property from OPT Bear Valley VV for $4.6 million. Built in 2008, KinderCare Learning Centers occupies the property. Shaun Riley of Faris Lee Investments represented the seller, while Diana Kaplan of ReMax FH Commercial represented the buyer in the deal.
LOS ANGELES AND SAN DIEGO — Savills Studley has arranged the sale of a pair of shopping centers in Southern California for a combined sales price of $352 million. In the first transaction, ROIC California purchased North Ranch Shopping Center, a 146,625-square-foot neighborhood shopping center in the Los Angeles submarket of Westlake Village, for $122.8 million. Ralphs Fresh Fare, Rite Aid, Trader Joes and Petco anchor North Ranch. It is located at 3815-3963 Thousand Oaks Blvd., one block from the 101 Freeway. In the second transaction, Stockbridge Capital Group purchased Mira Mesa Marketplace, a 487,807-square-foot regional shopping center in San Diego, for $229 million. Smart & Final Extra, CVS, Home Depot, Edwards Theatre, Ross, Old Navy and Barnes & Noble anchor Mira Mesa. It is located off Interstate 15 on Mira Mesa Boulevard. Bill Bauman and Kyle Miller of Savills Studley’s National Retail Services Group represented the unidentified seller of the two properties. ROIC California is an entity of the Retail Opportunity Investment Corp., a publicly traded REIT. Stockbridge Capital Group is a real estate investment firm headquartered in San Francisco. — Nellie Day
Birmingham’s renaissance has been underway for several years now, but it has taken some time for the rest of the world to find out. This year they started paying attention. The opening of Railroad Park, Regions Field, the Iron City event venue and now the recently restored Lyric Theatre have made it clear that there are intriguing things going on in downtown Birmingham. Lonely Planet, the respected travel information source, included Birmingham in its “2016 Best in the U.S.” list, asking, “Could Birmingham be the coolest city in the South?” Food media giant Zagat named Birmingham “America’s No. 1 Next Hot Food City” and the Travel Channel chose Birmingham to its list of “11 Next Great Destinations.” Foodies and fashionistas are not the only groups showing interest in Birmingham. Multifamily investors have been building new developments and acquiring and repositioning existing properties over the past few years. This activity reflects national trends — investors looking for alternatives to top-tier markets and Millennials gravitating to an affordable urban core. Nonetheless, with its burgeoning downtown food and arts scene, Birmingham has earned a second look. Strong Year for Downtown Developers liked what they saw and acted accordingly. In 2014 and 2015, plans …
DENVER — A partnership between Investcorp and Griffin Partners has purchased a 10-building office/flex portfolio in Denver for $78.5 million. The portfolio includes 345 Inverness Drive S. and Arapahoe Business Park, comprising a total of 484,737 square feet. The Inverness property is a three-building, 175,287-square-foot complex that was built in 2001. Arapahoe Business Park is a seven-building complex that was completed in two phases from 1998 to 2001. The park contains a total of 309,450 rentable square feet and is situated at the entrance to Centennial Airport Center. Both projects sit east of Interstate 25. The assets are 95 percent leased to 15 tenants. The tenant roster is composed of companies within the technological, research and development, laboratory testing, light manufacturing, distribution and automotive fields. NGKF’s Dave Tilton, David Lee and Jason Addlesperger represented the seller, Hines REIT, in this transaction. The NGKF team was retained to lease and manage the portfolio.
ONTARIO, CALIF. — Marcus & Millichap has arranged a $7 million refinancing for Ontario Village, a shopping center located in Ontario. The loan was structured with a five-year term amortized over 25 years with an adjustable interest rate of 4.75 percent. The 97,384-square-foot property is 75 percent occupied. Sharone Sabar of Marcus & Millichap’s Encino, Calif., office secured the debt placement for the undisclosed borrower.
LOS ANGELES — Shammas Group is developing a new Toyota dealership at the corner of Figueroa Street and Washington Boulevard in downtown Los Angeles. The four-story, 290,000-square-foot facility will feature a 22,600-square-foot, two-story showroom with a vehicle display, a 40-bay below-grade service department, and a wholesale and retail parts boutique. The project is slated for completion in fall 2017. Trammell Crow Co. is developing the building, PDS Architects is serving as project architect, ConAm Building Co. is serving as the contractor and Ware Malcom is overseeing interior design and tenant improvement.
VALENCIA, CALIF. — NAI Capital has arranged the $3.6 million sale of a Red Lobster property located at 27524 The Old Road in Valencia. Simonian Family 2008 Trust acquired the 9,487-square-foot property as a single-tenant, net-leased, fee-interest investment from Marquis Valley View LLC. Situated on 1.1 acres, Red Lobster has occupied the property since 1986. Yair Haimoff, Randy Cude and Steve Body of NAI Capital represented the seller in the transaction.
ROLLING HILLS ESTATES, CALIF. — Two restaurants have joined Peninsula Shopping Center at 67 Peninsula Center in Rolling Hills Estates. Habit Burger Grill and Chipotle Mexican Grill both opened 2,500-square-foot restaurants across from the Pavilions. The fast-casual chain Habit Burger Grill focuses on its signature Charburgers, salads, sandwiches, shakes and french fries. Chipotle Mexican Grill specializes in Mission burritos, tacos, bowls and salads. Peninsula Shopping Center features more than 45 stores and eateries.
NEW YORK CITY — Delshah Capital has acquired a portfolio of five buildings, totaling 205,000 square feet, from Mount Sinai St. Luke’s for $111.5 million, or $543 per square foot. Eastern Consolidated arranged a $60 million first mortgage bridge loan to finance the acquisition of the portfolio. Bank of the Ozarks provided the $60 million loan to the borrower, which also received a $17.5 million mezzanine loan from Square Mile Capital. The properties are located at 401 West and 411 W. 113th St. and 400 West and 408 W. 114th Street in Manhattan’s Morningside Heights. The buildings formerly housed numerous hospital services that are in the process of being relocated to alternate space within the remainder of the Mount Sinai St. Luke’s campus. Paul Massey, Hall Oster, Teddy Galligan and Andrew Berry of Cushman & Wakefield represented the seller in the transaction. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the bridge loan for the borrower.
MANCHESTER, N.H. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Countryside Village, a multifamily apartment community in Manchester. Merion Realty Partners acquired the asset from Fairfield Residential for $46 million. Located at 60 Village Circle Way, the 448-unit apartment property consists of 17 three-story buildings and a clubhouse. The unit mix features one- and two-bedroom apartments, with an average unit size of 894 square feet. Community amenities include lighted tennis and basketball courts, a swimming pool, a playground, a dog park, and a two-story sundeck and patio. Richard Robinson and Jennifer Athas of IPA represented the seller and procured the buyer in the deal.
