California

JLL Negotiates Sale of 260,000 SF Office Campus in Metro Los Angeles

by Amy Works February 24, 2020

EL SEGUNDO, CALIF. — JLL has arranged the sale of an office campus located at 1960 E. Grand Ave. in El Segundo. Terms of the transaction, including the name of the seller, buyer and acquisition price, were not released. Totaling 5.4 acres, the two-parcel property features a 12-story, 260,000-square-foot office building plus development potential to build up to 94,000 square feet of creative office or hotel space. The building features 21,500-square-foot floor plates, parking for 926 vehicles, a fitness deck, communal outdoor workspace and a plaza. At the time of sale, the property was 79 percent leased. Tom Bohlinger, Andrew Harper and Will Poulsen of JLL represented the seller and procured the buyer in the transaction.

February 24, 2020

Acquisitions California Multifamily Western

Vista Investment Buys Park Winona Apartments, Leeward Apartments in Los Angeles

by Amy Works February 24, 2020

LOS ANGELES — Vista Investment Group has closed on the first two properties in a $50 million portfolio acquisition of four Los Angeles-area, rent-controlled multifamily communities totaling 167 units. The company acquired Park Winona, a three-story building located at 1840 Winona Blvd. in Hollywood. Built in 1963, the property features 50 apartments in a mix of studio, one- and two-bedroom layouts. Vista plans to implement a capital improvement program that includes upgrading apartment interiors with high-end finishes and renovating common areas and amenities. Tony Azzi of Marcus & Millichap represented the undisclosed seller in the deal. Vista also purchased Leeward Apartments, a three-story building located at 2810 Leeward Ave. in Koreatown. Built in 1923, the 19,776-square-foot property features mostly studio apartments, as well as a limited number of one-bedroom units. Bryan Glenn of Kidder Mathews represented the buyer and undisclosed seller in the transaction.

February 24, 2020

California Loans Office Western

Ready Capital Closes $23M Refinancing for Creative Office Portfolio in Metro Los Angeles

by Amy Works February 24, 2020

GLENDALE, CALIF. — Ready Capital has closed $23 million in refinancing for a creative office portfolio in Glendale, a suburb of Los Angeles. The undisclosed sponsor will use loan proceeds to pay off existing debt and acquire additional properties at the 59,000-square-foot property, which consists of 12 industrial/flex buildings that are or will be redeveloped into creative office space. Ready Capital closed the non-recourse, floating-rate loan that features a 36-month term, two extension options, flexible pre-payment. The financing includes a facility to provide future funding for capital expenditures, tenant leasing costs and interest/operating reserves.

February 24, 2020

3001-3175-Mission-Oaks-Blvd-Camarillo-CA

Acquisitions California Industrial Western

STAG Industrial Sells Two Industrial Buildings in Southern California for $88M

by Amy Works February 21, 2020

CAMARILLO, CALIF. — STAG Industrial has completed the disposition of two freestanding industrial buildings in Camarillo for $88 million. An undisclosed Southern California-based real estate investment and development company acquired the assets. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark Knight Frank represented the seller, while DeGrinis, DuRoss, Abraham, Kevin Shannon, Jim Linn, Bret Hardy and Andrew Briner, also of NKF, represented the buyer in the transaction. Located at 3001 Mission Oaks Blvd., the 308,780-square-foot asset features 28- to 30-foot clearances, 23 dock-high positions with the potential for 15 additional doors, a 14,540-square-foot office space, ESFR sprinklers and ample parking. The second property is a 425,039-square-foot building located at 3175 Mission Oaks Blvd. that features 30- to 35-foot clear heights, 31 dock-high loading doors, 19,680 square feet of office space, ESFR sprinklers and parking.

February 21, 2020

Acquisitions California Industrial Western

Ledra Brands Buys Industrial Building in Southern California for $16.6M

by Amy Works February 20, 2020

IRVINE, CALIF. — Ledra Brands, a local lighting manufacturer, has purchased an industrial property located at 88 Maxwell in Irvine. University Medical sold the asset for $16.6 million. Ross Fippinger and Ross Bourne of CBRE represented the buyer, while Gregg Haly and Dave Desper, also of CBRE, represented the seller in the deal. Situated on 3.7 acres within the Irvine Spectrum submarket of Orange County, Calif., the 55,285-square-foot building features 14,684 square feet of office space, four dock-high loading doors, 30-foot clear heights and 125 parking spaces.

February 20, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $12.3M Sale of Multifamily Community in Los Angeles

by Amy Works February 20, 2020

LOS ANGELES — Marcus & Millichap has arranged the sale of an apartment property located at 4325 Berryman Ave. in the Mar Vista neighborhood of Los Angeles. A member of the original builder’s family sold the asset to an undisclosed buyer for $12.3 million. Built in 1972, the community features 41 one-bedroom floor plans in a two-story building situated on 33,890 square feet of land. Paul Darrow and Kevin Green of THG Multifamily of Marcus & Millichap represented the seller in the transaction.

February 20, 2020

Acquisitions California Net Lease Office Western

Drawbridge Realty Buys 253,720 SF Bank of America Office Campus in Westlake Village, California

by Amy Works February 19, 2020

WESTLAKE VILLAGE, CALIF. — San Francisco-based Drawbridge Realty has purchased an office building situated on 19.6 acres at 31303 Agoura Road in Westlake Village. Terms of the transaction were not released. Bank of America occupies the 253,720-square-foot campus on an 11-year, triple-net lease through 2031. The bank employs approximately 1,000 employees at the property. Todd Tydlaska, Sean Sullivan, Mike Longo and Anthony DeLorenzo of CBRE’s El Segundo, Calif., office represented the undisclosed seller in the deal. Drawbridge acquired the asset using a portion of a $240 million equity commitment secured in 2019, providing Drawbridge with discretionary capital to acquire $600 million of additional properties in target markets across the United States. The new equity commitment was led by KKR, which played an important role in procuring the new capital alongside others.

February 19, 2020

California Loans Office Western

Ready Capital Closes $5.4M Refinancing for Office Asset in Tustin, California

by Amy Works February 19, 2020

TUSTIN, CALIF. — Ready Capital has closed a $5.4 million loan for the stabilization of an approximately 43,000-square-foot, Class B office property located in Tustin’s Park Center submarket. The undisclosed sponsor will use loan proceeds to retire existing debt, while continuing its leasing efforts to stabilize the property at market rents. The non-recourse, floating-rate loan features a 36-month term, flexible prepayment and a facility to provide future funding for tenant leasing costs.

February 19, 2020

California Loans Retail Western

Ready Capital Closes $4.6M in Financing for Retail Center in California’s Western San Fernando Valley

by Amy Works February 18, 2020

NORTHRIDGE, CALIF. — Ready Capital has closed a $4.6 million loan for the acquisition, renovation and lease-up of an approximately 12,000-square-foot Class B retail strip center in Northridge in the Western San Fernando Valley submarket. Upon acquisition, the undisclosed sponsor will implement capital expenditures to improve the façade and interiors, while converting a portion of the space into a modern food hall. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. The loan is also inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs and interest shortfalls.

February 18, 2020

Santa-Fe-Springs-Promenade-Santa-Fe-Springs-CA

Acquisitions California Retail Western

SRS Real Estate Partners Negotiates $32M Sale of Santa Fe Springs Promenade in California

by Amy Works February 17, 2020

SANTA FE SPRINGS, CALIF. — SRS Real Estate Partners has arranged the sale of Santa Fe Springs Promenade, a shopping center in Santa Fe Springs. An Orange County, Calif.-based private partnership sold the property to a Los Angeles-based private investor for $32 million. Situated on 8.2 acres at 11452-11568 Telegraph Road, the 111,925-square-foot shopping center was built in phases from 1953 to 1986. At the time of sale, Santa Fe Springs Promenade was 80 percent occupied by a variety of tenants, including 99 Cents Only, AutoZone, Bank of America, Starbucks Coffee and Jersey Mike’s Subs. Chris Tramontano and John Redfield of SRS’ Investment Properties Group, along with WindWater Real Estate, represented the seller. Tanel Harunzade of Kidder Mathews represented the 1031 exchange buyer.

February 17, 2020

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