Retail

LOS ANGELES — Barker Block, a multifamily community located in the Arts District of Downtown Los Angeles, has broken ground on its final phase. This phase will convert an old warehouse into 68 lofts and townhomes. Once the project is complete, the $150-million Barker Block will boast 309 condo units. They will be the first for-sale homes to hit the market in Los Angeles since the economic downturn. The project was developed by Blackstone and CityView in partnership with the Kor Group. It was designed by Nakada and Associates.

HUNTINGTON BEACH, CALIF. — Sampont Properties has received an $8.4-million acquisition loan for CVS Plaza, a 31,140-square-foot, multi-tenant retail center in Huntington Beach. The center is located on 2.54 acres at 18872-17922 Beach Blvd. It is fully leased to tenants including CVS/pharmacy, Starbucks, O’Reilly Auto Parts, Verizon Wireless and Bank of America.Sampont was represented by Jim Wellbaum of Triwell Properties. The seller, ValCenters, was represented by William B. Asher, Eric P. Wohl and Edward B. Hanley of Hanley Investment Real Estate Advisors. CVS Plaza was built in 2004 and remodeled in 2008. The total sales price for the property was $13.87 million. Financing was provided by Kenny Lim of Farmers & Merchants Bank.

SURPRISE, ARIZ. — Grand Village, a 25,653-square-foot retail center in Surprise, has received $2.15 million in financing. Bealls, the center’s major tenant, is expected to renew its lease shortly. Financing was arranged by Jim Cooper of NorthMarq Capital’s Phoenix regional office.

HONOLULU – A pair of Honolulu-based office buildings have sold to KZ DevCo LP for a total of $15.2 million. The buildings, which are located at 1026 & 1030 King Street, were purchased on behalf of Longs Drugs Stores. Longs plans to develop a 19,960-square-foot drugstore with a drive-thru on the sites. Construction began in April and should be complete by summer 2014.Longs also recently leased an 8,860-square-foot space at the Davies Pacific Center in Downtown Honolulu. This store is currently under construction and is scheduled to open in the fourth quarter of 2013. Finally, Longs is also completing construction on a 23,008-square-foot, free-standing drive-thru location in Waimea on the Big Island. It is scheduled to open this June. KZ DevCo also assisted with these lease negotiations and construction processes.