California

Michaels Organization Receives Financing for Third Phase of Jordan Downs Redevelopment in Los Angeles

by Amy Works April 1, 2020

LOS ANGELES — The Michaels Organization has received financing for the third phase of new housing at Jordan Downs, a redevelopment project in Los Angeles’ Watts neighborhood. This is the latest milestone in a revitalization of the city’s largest public housing community. The Housing Authority of the City of Los Angeles and its private-sector partners, Michaels and BRIGE Housing, are leading the project. The $58 million, Phase 3 development will provide 92 new apartments, affordable to households earning between 30 percent and 80 percent of area median income. The new apartments will include a variety of floor plans in a mix of one-, two- and three-bedroom layouts with sustainable finishes and energy-efficient appliances. Additionally, 17 apartments will be fully accessible to residents with physical disabilities and hearing or visual impairments. Targeting LEED Gold certification, the apartment building will feature solar PV designed to offset all the common area and central hot water heating for the development. Financing for Phase 3 includes equity from Berkadia’s purchase of 9 percent Federal Low-Income Housing Tax Credits and permanent loans through Freddie Mac, the State of California’s Affordable Housing and Sustainable Communities program, and the Housing Authority of the City of Los Angeles. Additionally, …

April 1, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $20.1M Sale of Seville Apartments in Southern California

by Amy Works April 1, 2020

WHITTIER, CALIF. — Marcus & Millichap has negotiated the sale of Seville Apartments, a multifamily property located in Whittier. A private investor acquired the asset for $20.1 million, or $261,039 per unit. Situated 12 miles southeast of Los Angeles, Seville Apartments features 77 units in a mix of one- and two-bedroom floor plans. Built in 1971 on 2.5 acres, the community also features gated carport parking, on-site laundry, a swimming pool and a courtyard with pond, barbecues and picnic area. Tyler Leeson and Matt Kipp of Marcus & Millichap’s Newport Beach, Calif., office represented the seller, a private investor, and the buyer in the deal.

April 1, 2020

Acquisitions California Industrial Retail Western

Colliers Brokers Sale of 6,200 SF Retail, Warehouse Building in National City, California

by Amy Works April 1, 2020

NATIONAL CITY, CALIF. — Colliers International San Diego Region has arranged the sale of a retail and warehouse property located in National City. WestPro Plumbing acquired the asset from Gary R Kitagawa Family Trust for $1.6 million, or $256 per square foot. Built in 1986, the 6,200-square-foot building is situated on a 13,500-square-foot parcel at 712 E. 18th St. The property features 15-foot roll-up doors, 14 parking spaces and a fenced loading and storage area. Chris Holder, Will Holder and Mark Lewkowitz of Colliers represented the seller, while Ron Bement of Newmark Knight Frank represented the buyer.

April 1, 2020

Acquisitions California Multifamily Western

Fore Property Sells Arte Apartment Community in Rancho Cucamonga for $68M

by Amy Works March 31, 2020

RANCHO CUCAMONGA, CALIF. — Santa Barbara, Calif.-based Fore Property has completed the disposition of Arte, a multifamily property located in Rancho Cucamonga. An affiliate of Encinitas, Calif.-based Providence Capital Group acquired the asset for $68 million, or $373,626 per unit. Located at 10130 Foothill Blvd., Arte features 182 apartments in a mix of 10 floor plans, including one-, two- and three-bedroom layouts. Each unit features a patio or balcony, washer/dryer, stainless steel appliances, quartz countertops, hardwood-style flooring and walk-in closets. On-site amenities include an outdoor kitchen and barbecue fireplace; bar area; television entertainment wall; fire tables; a pool and spa; two-story fitness center with spin/yoga room; dog park; and game room. The property was built in 2019 on 4.4 acres. Peter Hauser, Matt Hauser and Masa Ito of Avison Young’s Irvine, Calif., office represented the seller and buyer in the transaction.

March 31, 2020

Acquisitions California Multifamily Western

Universe Holdings Acquires Serena Vista Multifamily Property in Metro San Diego for $34.4M

by Amy Works March 31, 2020

LA MESA, CALIF. — Universe Holdings has purchased Serena Vista, an apartment community located in La Mesa, for $34.4 million. The name of the seller was not released. Located at 5810 Amaya Drive, Serena Vista features 110 apartments in a mix of one- and two-bedroom layouts spread across 17 residential buildings on a 5.2-acre site. Community amenities include a swimming pool, spa, two laundry facilities, fitness center, clubhouse, garages and covered parking with storage. Built in 1971, the property has undergone significant interior and exterior upgrades, with Universe planning to implement a light capital improvement plan to upgrade the property’s common areas. At the time of sale, the property was fully leased and stabilized.

March 31, 2020

Bella-Terra-Medical-Plaza-Huntington-Beach-CA

Acquisitions California Healthcare Office Western

Manhattan Real Estate Holdings Buys Bella TerraMedical Plaza in Huntington Beach for $20M

by Amy Works March 31, 2020

HUNTINGTON BEACH, CALIF. — Manhattan Real Estate Holdings has acquired Bella Terra Medical Plaza, a medical office building located at 7677 Center Ave. in Huntington Beach. Vibe Boutique Office Properties sold the asset for $20 million. Situated on 1.8 acres, the four-story property features 59,354 square feet of recently renovated, Class A medical office space. At the time of sale, the building was 90 percent leased to a variety of medical facilities and providers. Derek Landry, Bob Prendergast, Sach Kirpalani and Lynn LaChapelle of JLL Capital Markets, along with Kellie Hill, Chris Isola and Bryan Lewitt of JLL Healthcare, represented the seller and procured the buyer in the deal.

March 31, 2020

73690-Twentynine-Palms-Hwy-Twentynine-Palms-CA

Acquisitions California Restaurant Retail Western

Hanley Investment Group Arranges $3.1M Sale of Starbucks-Occupied Asset in Twentynine Palms

by Amy Works March 31, 2020

TWENTYNINE PALMS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly built retail property located at 73690 Twentynine Palms Highway in Twentynine Palms. Fountainhead Development sold the asset to a Los Angeles-based private investor for $3.1 million, or $1,722 per square foot. Starbucks Coffee occupies the1,800-square-foot drive-thru property, which was built in this year. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Taesoo Eo and Shirley Kim of RE/MAX Commercial’s Los Angeles office represented the buyer in the deal.

March 31, 2020

California New York Retail Top Stories Wisconsin

Gap, Macy’s, Kohl’s to Furlough Most Employees as Stores Remain Closed During COVID-19 Pandemic

by John Nelson March 31, 2020

SAN FRANCISCO, NEW YORK CITY AND MENOMONEE FALLS, WIS. — Prominent retailers Gap Inc., Macy’s Inc. and Kohl’s have announced separately that they’re planning to furlough a majority of employees at their stores and some distribution centers beginning this week in response to the COVID-19 outbreak. Combined, the total number of affected employees is nearly 290,000, according to the Los Angeles Times. The three retailers have extended their temporary store closures indefinitely to stop the spread of the novel coronavirus. The Centers for Disease Control and Prevention (CDC) reported that the United States has 140,904 confirmed cases of COVID-19 and 2,405 related deaths as of Monday, March 30. Until stores begin to reopen, the companies will pause payments to a majority of their staff while still offering applicable benefits to those affected. Luxury retailer Neiman Marcus is also reportedly furloughing most of its 14,000 employees. Gap (NYSE: GPS) has announced that its leadership team and board of directors will take a temporary reduction in pay. Gap’s brands, which include Gap, Old Navy, Banana Republic, Athleta, Hill City, Janie and Jack and Intermix, will still be available through the company’s online platform. “After taking the extraordinary measures of temporarily closing all …

March 31, 2020

Acquisitions California Retail Western

Kidder Mathews Arranges $20.5M Sale of High-Street Retail Property in West Hollywood

by Amy Works March 30, 2020

WEST HOLLYWOOD, CALIF. — Kidder Mathews has facilitated the sale of a high-street retail property located at 8532 Melrose Ave. in West Hollywood. Blatteis & Schnur, a Century City, Calif.-based real estate investor, acquired the property from a New York-based investor for $20.5 million. Situated in a top-tier commercial corridor of Los Angeles, the building features 4,946 square feet of retail space. The current tenant is Lululemon Athletica. Imperial Capital represented the buyer, while Tanel Harunzade, Darrell Levonian and Brittney McCarthy of Kidder Mathews represented the seller in the transaction.

March 30, 2020

Acquisitions California Lee & Associates Office Western

Fields Investments Sells 15,025 SF Office Building in Los Angeles’ West Hills Submarket

by Amy Works March 30, 2020

LOS ANGELES — Fields Investments has completed the disposition of an office building located at 22736 Vanowen St. in the West Hills neighborhood of Los Angeles. Dunya Properties, a private investor, purchased the asset for $4.3 million. Built in 1981, the three-story building features 15,025 square feet of office space. At the time of sale, the property was 71 percent occupied. Jared Smits and Jonathan Bruce of Lee & Associates-LA North/Ventura represented the seller in the deal.

March 30, 2020

Newer Posts

Older Posts