California

BARDAS, Bain Capital Plan $600M Redevelopment of Hollywood TV Studio

by Taylor Williams October 3, 2022

LOS ANGELES — A joint venture between two developers, locally based firm BARDAS Investment Group and Boston-based Bain Capital Real Estate, has unveiled plans for the $600 million redevelopment of a former TV studio at 6311 Romaine St. in the Hollywood neighborhood of Los Angeles. The facility, which currently spans 6.4 acres and two full city blocks, was originally constructed in phases between 1930 and 1966. Over the years, the site, which currently features 183,000 square feet of creative office and studio space, has housed the headquarters operations of Technicolor and Metro Pictures Corp. The redevelopment would convert the facility into an urban studio campus totaling 620,000 square feet. As part of the redevelopment, the joint venture plans to preserve several of the facility’s buildings that were originally constructed at the height of Technicolor’s success. New production facilities will be meshed with reimagined office space, and the facility will be rebranded as Echelon Television Center. More specifically, the original art deco facade on the northern block will enclose a studio lot. This space will be bookended by a new mid-rise creative office building with private outdoor terraces framing views of the Hollywood Hills. The new construction will also replace a …

October 3, 2022

Grocery-Outlet-French-Valley-Marketplace-French-Valley-CA

Acquisitions California Restaurant Retail Western

SRS Brokers $17.3M Sale of Three Retail Outparcels at French Valley Marketplace in California

by Amy Works September 30, 2022

FRENCH VALLEY, CALIF. — SRS Real Estate Partners has arranged the portfolio sale of three retail properties that are outparcels to French Valley Marketplace, located at 35958 Winchester Road in French Valley, located in the Inland Empire. A Southern California-based private developer sold the assets to a Southern California-based private investor for $17.3 million in an all-cash transaction. The three properties are: A 16,000-square-foot Grocery Outlet-occupied property that opened in late 2021. An 11,115-square-foot new construction property, which Rite Aid will occupy in late 2022. A 5,559-square-foot building currently under construction that Chipotle and Quick Quack Car Wash will occupy in spring 2023. Matthew Mousavi, Patrick Luther and Jack Cornell of SRS Real Estate Partners’ National Net Lease Group represented the seller and sourced the buyer in the deal.

September 30, 2022

California Development Mixed-Use Top Stories Western

Anaheim City Council Approves $4B ocV!BE Mixed-Use Entertainment District Surrounding Honda Center

by Jeff Shaw September 30, 2022

ANAHEIM, CALIF. — The Anaheim City Council has approved plans for the $4 billion ocV!BE mixed-use entertainment district to surround the Honda Center, home of the NHL’s Anaheim Ducks. With this approval, construction of the project is scheduled to begin before the end of the year. Plans for the 95-acre development call for a 5,700-seat concert hall, 50,000-square-foot market hall, 20 acres of public space, two hotels totaling 650 rooms, approximately 1.1 million square feet of office space and 1,500 apartments with a 15 percent affordable housing component. The site is already home to the Anaheim Regional Transportation Intermodal Center (ARTIC), offering rail, bus, taxi and other transportation services to surrounding areas. The development will also include several sustainability features such as rooftop solar panels on all the parking garages and a central utility plant which will provide energy efficiency throughout the campus, providing a 25 percent savings in power usage. As a result, ocV!BE will seek LEED certification for all office, hotel and concert hall buildings. It will also seek WELL Building Standard certification for all commercial and residential buildings. The Samueli Family, which currently owns the Anaheim Ducks and manages the Honda Center, is leading the development team. …

September 30, 2022

Acquisitions California Multifamily Western

OpenPath Investments Sells The Eleven Hundred Multifamily Community Near Sacramento for $119M

by Amy Works September 29, 2022

ARDEN-ARCADE, CALIF. — Northern California-based OpenPath Investments has completed the disposition of The Eleven Hundred, a 45-building apartment property in the Arden-Arcade submarket of Sacramento. Beverly Hills, Calif.-based KR Properties acquired the asset for $119 million. Located at 1100 Howe Ave., The Eleven Hundred features 565 studio, one-, two-, three- and four-bedroom apartments averaging 775 square feet. OpenPath invested extensive capital in exterior and community upgrades for the property, which was built in 1963. Community amenities include a clubhouse, fitness center, swimming pool, hot tub, garden, tennis and basketball courts, playground, and a grilling and picnic area. Marc Ross of CBRE’s Sacramento Multifamily Investment Properties group represented the seller in the transaction.

September 29, 2022

Acquisitions California Multifamily Western

Gelt Buys 149-Unit Apartment Property in Studio City, California for $76M

by Amy Works September 29, 2022

STUDIO CITY, CALIF. — Los Angeles-based Gelt has purchased Avalon Studio 4121, a multifamily community located at 4041-4121 Radford Ave. in Studio City. Avalon Bay sold the asset for $76 million. Built in 2009, the four-story, two-building property features 149 apartments in a mix of one- and two-bedroom layouts. The units feature nine-foot ceilings, in-unit washers/dryers and private sundecks or patios in select units. On-site amenities include a fitness center, game/recreation room, lounge room with TV, courtyards and leasing office. At the time of sale, the property was 98 percent occupied. Gelt plans to rename and renovate the property, including installation of stainless steel appliances, quartz countertops with undermount sinks, vinyl plank flooring, tile backsplashes, cabinets, modernized hardware and recessed lighting and fixtures. Gelt will also make upgrades to the common area amenities.

September 29, 2022

Acquisitions California Life Sciences Western

CBRE Brokers $11M Sale of Life Sciences Building in Irvine, California

by Amy Works September 29, 2022

IRVINE, CALIF. — CBRE has negotiated the sale of a life sciences facility located at 6 Thomas in the Irvine Spectrum Center neighborhood of Irvine. MP Biomedicals LLC acquired the property for $11 million. Ross Bourne and Chip Wright of CBRE represented the undisclosed seller in the deal. Situated on approximately 1.5 acres, the 28,835-square-foot building was converted from a light manufacturing property to a lab in 2005. Previous tenants of the building include Eagle Pharmaceuticals, Enevate Corp., BIT Group and Planet Innovation.

September 29, 2022

Acquisitions California Net Lease Restaurant Retail Western

SBH Real Estate Group Divests of Pollo Campero-Occupied Restaurant Property in Covina, California

by Amy Works September 29, 2022

COVINA, CALIF. — SBH Real Estate Group has completed the disposition of a triple-net-leased restaurant asset located at 1477 N. Azusa Ave. in Covina. HB Property Management acquired the asset for $4.6 million. Pollo Campero, a fast-casual restaurant chain, signed a 15-year ground lease to occupy the restaurant property, which is slated to open for business at the end of September. Matt Schwartz of Newmark represented Eric Silverman of SBH Real Estate Group, while Moon Lim of JLL represented the buyer in the deal.

September 29, 2022

Marymount-California-University-Rancho-Palos-Verdes-CA

Acquisitions California Civic Office Western

UCLA Agrees to Acquire Former Marymount California University Campus in Southern California for $80M

by Amy Works September 28, 2022

RANCHO PALOS VERDES, CALIF. — The University of California Los Angeles, under the advisory of the University of California Board of Regents, has agreed to purchased the former Marymount California University campus in Rancho Palos Verdes for $80 million. The acquisition, which was under a mandate by the University of California Board of Regents for the state’s public universities to educate more students, is slated to close in October. Mike Condon Jr., Kimberly Brown, McKenna Gaskill, Erica Finch, Jacob Kovner and Connor Martin of Cushman & Wakefield represented UCLA in the transaction. Adrienne Barr and Steffan Braunlich of Berkadia represented Marymount California University in the deal. Overlooking the Pacific Ocean and Catalina Island, the coastal property comprises 24.6 acres of developed campus and vacant land, plus a neighboring vacant 86-unit student apartment complex situated on 11 acres in San Pedro. Located at 30800 Palos Verdes Drive East, the campus consists of 10 existing academic buildings totaling 92,268 of gross building area previously used for classroom, administrative and other campus functions. The included apartment complex spans 18 buildings. Known as The Villas, the complex is covenanted for education use that supplements the campus’ academic use. The property also features a pool, tennis …

September 28, 2022

Acquisitions California Hospitality Western

Washington Holdings Sells Hyatt Place El Segundo to Welcome Group for $49M

by Amy Works September 28, 2022

EL SEGUNDO, CALIF. — Washington Holdings has completed the disposition of Hyatt Place Los Angeles/LAX/El Segundo, a select-service hotel located at 750 N Nash St. in El Segundo. El Segundo-based Welcome Group acquired the asset, which was sold unencumbered by management, for $49 million. Renovated in 2020, Hyatt Place El Segundo features 143 guest rooms, The Placery bar and restaurant, The Market grab-and-go outlet, a fitness center, an outdoor pool and electrical vehicle charging stations. Additionally, the pet-friendly hotel offers a business center and 1,054 square feet of meeting or event space. John Strauss, James Stockdale and Melvin Chu of JLL Hotels & Hospitality represented the seller in the transaction.

September 28, 2022

Acquisitions California Multifamily Western

Kidder Mathews Brokers $15.9M Sale of Multifamily Building in Los Angeles’ Koreatown

by Amy Works September 28, 2022

LOS ANGELES — Kidder Mathews has arranged the sale of a 54-unit apartment community located at 340 S. Kenmore Ave. in Los Angeles’ Koreatown neighborhood. ROM Residential sold the asset to Landmark Global Management for $15.9 million. Built in 1965, the building features nine studios, 33 one-bedroom/one-bath units and 12 two-bedroom/two-bath units. Robin Ossenbeck of Kidder Mathews represented the seller in the deal.

September 28, 2022

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