REBusinessOnline

Dornin Investment Group Sells Office Building in California’s Inland Empire for $16M

RIVERSIDE, CALIF. — Orange County, Calif.-based Dornin Investment Group has completed the disposition of an office building located in Riverside. A Chicago-based institutional buyer acquired the asset for $16 million, or $361 per square foot.CBRE’s Anthony DeLorenzo, Sammy Cemo, Gary Stache, Doug Mack and Bryan Johnson represented both the seller and the buyer in the deal.Located at 3480 Vine St. in the Inland Empire, the 44,354-square-foot office building was originally built in …

CBRE Negotiates $2.6M Sale of Inland Empire Multifamily Community in California

FONTANA, CALIF. — CBRE has arranged the sale of Juniper Apartments, a multifamily property located in Fontana. A local private investor sold the complex to another private buyer for $2.6 million.Located at 8945 Juniper Ave., the community offers 18 two-bedroom/two-bath units that average 856 square feet. Additionally, the property features gated access, 25 covered parking spaces, 16 storage units and 15 surface parking spaces. Located south of the historic Route 66, the property is within …

Boston Properties Buys 50 Percent Interest in Beach Cities Media Campus Joint Venture in El Segundo, California

EL SEGUNDO, CALIF. — Boston Properties has acquired a 50 percent interest in an existing joint venture that owns Beach Cities Media Campus, a 6.4-acre site on the Rosecrans Corridor in El Segundo. Continental Development, a developer and owner of Class A properties in the El Segundo and South Bay submarkets of Los Angeles, is another partner in the joint venture.The site is fully entitled to support the future development of approximately 275,000 square feet of Class A creative office …

UC Funds Provides $13M Construction Loan for Student Housing Project in Berkeley, California

BERKELEY, CALIF. — UC Funds has provided a $13 million construction loan for a student housing development in Berkeley.The undisclosed borrower plans to develop a 40-unit student housing project on the site, which is located on University Avenue adjacent to the University of California –

BLT Enterprises Buys 200,000 SF Television Center Office Campus in Hollywood

LOS ANGELES — Santa Monica, Calif.-based BLT Enterprises has acquired Television Center, a creative office and production campus located on 6.4 acres in the Hollywood submarket of Los Angeles. Terms of the transaction, including seller and acquisition price, were not released.The 200,000-square-foot property was the original headquarters of Technicolor and the studio lot for Metro Pictures, a silent filmmaker and forerunner of Metro-Goldwyn-Mayer. The previous owner updated the property …

ACI Apartments Brokers $9.6M Acquisition of Villas Bonita Multifamily Property in El Centro, California

EL CENTRO, CALIF. — ACI Apartments has arranged the purchase of Villas Bonita, a multifamily complex located at 699 Wake Ave. in El Centro. Imperial Properties acquired the asset from Villas Bonita LCC for $9.6 million.Built in 2005, the 71,250-square-foot community features 75 apartments spread across seven two-story buildings. The property offers one-, two- and three-bedroom apartment layouts ranging from 730 square feet to 1,130 square feet, each with an in-unit washer/dryer and …

CBRE Reports $25M in COVID-Related Expenses, 6 Percent Revenue Decline in Second Quarter

LOS ANGELES — CBRE Group Inc. (NYSE: CBRE) released its financial results for the second quarter, ending June 30, showing a six percent decline in revenue, down to $5.4 billion from $5.7 billion in second-quarter 2019. The COVID-19 pandemic impacted second-quarter results across all major markets, including CBRE spending $25 million in COVID-related costs and a $16 million donation to a COVID relief fund.“The overall impact [of COVID-19] was cushioned by our diverse business mix, …

Levin Johnston Arranges $34.3M Sale of Three-Property Multifamily Portfolio in Bay Area

SUNNYVALE, LOS GATOS AND SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sales of three apartment properties located in the Bay Area for a total consideration of $34.2 million.Adam Levin and Robert Johnston of Levin Johnston of Marcus & Millichap represented the seller and procured the buyer for the sales. Details on the buyer and seller were not disclosed.The transactions include:The $15.3 million sale of 1234 Sunnyvale Saratoga Road in …

A Hollywood Ending for LA Retail?

By Matthew M. May, President, May Realty AdvisorsA bird's-eye look at the Los Angeles metro prior to the coronavirus outbreak reveals that the area was already beginning to soften as it worked its way through more than 1.26 million square feet of new retail space that was delivered to neighborhood and community shopping centers over the past five years. According to REIS, about 35 percent of that, or 443,000 square feet, came online in 2018.Vacancy rates increased every year for the …

C.W. Driver Breaks Ground on $48.2M Academic Building at Long Beach City College in California

LONG BEACH, CALIF. — C.W. Driver Cos., as general contractor, has broken ground on a multi-disciplinary facility located at Long Beach City College’s Liberal Arts Campus in Long Beach.The $48.2 million property is the first design-build project at the school funded by the state of California and will house a variety of academic programs, including language arts, career technology education, computer studies, office studies, student success center and support programs.The project …

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