EL SEGUNDO, CALIF. — Thorofare Capital has funded a $26 million post-acquisition loan for two R&D and office buildings in El Segundo. A single tenant occupies the full 200,220 square feet of the portfolio. The short-term bridge loan features a 50 percent loan-to-cost ratio, pre-development financing and a two-year base loan term with extension options. Felix Gutnikov, David Perlman, Andrew Kim and Jeff Scappini of Thorofare closed the loan for the undisclosed borrower.
HOLLYWOOD, CALIF. — Netflix has acquired the Egyptian Theatre, a historic property that was originally built in 1922 in Hollywood. Netflix and the American Cinematheque, which purchased the theater in 1996, are collaborating to redevelop and continue operations at the theater. The Egyptian Theatre will remain the home of the American Cinematheque, a nonprofit, member-supported cultural organization, with its curation team continuing to autonomously program Friday, Saturday and Sunday events and showings. Netflix will invest in the property’s renovation and will use the revitalized space for special events, screenings and premieres during the week. The movie theater was originally built in during the silent film era and was the site of the first Hollywood movie premiere — Robin Hood, starring Douglas Fairbanks. In 2016, the theater was retrofitted to screen 35mm nitrate films and is now one of only four theaters in the United States capable of showing this rare, ultra-fragile and flammable film stock. Farshad Morè and Scott Sherwood of Gibson Dunn & Crutcher represented American Cinematheque in the transactions. Terms of the acquisition were not released.
SANTA CLARA, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale Marymount Place Apartments, a multifamily property comprising three adjacent buildings in Santa Clara. Adam Levin and Robert Johnston of Marcus & Millichap’s Levin Johnston team represented the undisclosed buyer and seller in the $24.7 million transaction. The portfolio includes: 1962 Bellomy St. — Built in 1961, the 37-unit property features a mix of studio, one-, two- and three-bedroom layouts. The community sold for $15.9 million. 1978 Bellomy St. — Developed in 1964, the 14-unit apartment building offers a mix of one-, two- and four-bedroom floor plans. The property sold for $6.1 million. 1972 Bellomy St. — Constructed in 1951, the eight-unit property features one-bedroom floor plans and sold for $2.7 million. The portfolio offers shared community amenities including on-site laundry facilities, a swimming pool and covered parking.
TUSTIN, CALIF. — CREST Properties has completed the disposition a medical office property located at 721 W. First St. in Tustin. of A Southern California-based private investor acquired the asset for $8.4 million. DaVita Healthcare occupies the entire 11,499-square-foot building. Ian Schroeder, Melissa Ley and Allison McDuffie of CBRE of represented the seller in the deal.
SAN FRANCISCO — Gantry has secured $33.3 million in permanent financing for adjacent office buildings in the East Bay region of San Francisco. The assets include a 70,000-square-foot, special-purpose office building and a 65,000-square-foot medical office building. The borrower, a local developer, built both assets under long-term ground leases. Andrew Mekjavich and Ben Johnson of Gantry’s San Francisco office worked with the owner to structure two 10-year, fixed-rate loans with two unique lenders, both on a non-recourse basis. The borrower used the financing to retire the existing debt and execute a business plan, details of which were not disclosed.
FONTANA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, multi-tenant retail building, located at 16914 S. Highland Ave. in Fontana. Adler Realty, a Woodland Hills, Calif.-based developer, sold the asset to a Sun Valley, Calif.-based private investor for $4.9 million. The 7,500-square-foot property consists of three tenants: a Pacific Dental Services-branded dental office, Arrowhead Credit Union and MJ Nail & Spa. The building is located adjacent to Highland Village Shopping Center, a 30,000-square-foot retail center that was completed in 2019. Tenants at Highland Village include Sprouts Farmers Market, Jack in the Box, Raising Cane’s Chicken Fingers, Jersey Mike’s Subs, Café Rio, Oggi’s Restaurant and Mountain View Tire & Auto Service. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Matt Burnett, also of Hanley Investment Group, represented the buyer in the deal.
LOS ANGELES — NAIOP, the commercial real estate development association, has selected Los Angeles-based Kilroy Realty Corp. as the 2020 Developer of the Year, which is the association’s highest honor. The award will be presented during NAIOP’s CRE.Converge conference in Las Vegas this October. Kilroy is one of the West Coast’s foremost developers and landlords, with a major presence in San Diego, greater Los Angeles, San Francisco Bay Area and the Pacific Northwest. The company owns and manages more than 14 million square feet office, mixed-use, residential and life science projects. with over 7 million square feet of projects under construction or in the development pipeline. In granting the award to Kilroy, NAIOP cited the company’s innovative approach to sustainable, modern work environments that drive creativity, productivity and employee retention for some of the world’s most influential digital media, entertainment, health, research, science and technology companies. This annual award recognizes a developer demonstrating leadership and innovation in commercial real estate. Nominees must be a principal NAIOP member in good standing and are judged by a panel of industry peers.
LOS ANGELES — Shapell Liberty Investment Properties has completed the lifestyle and entertainment portions of The Vineyards at Porter Ranch, a $150 million mixed-use development in Los Angeles’ Porter Ranch neighborhood. AO Architects designed this portion of The Vineyards, which features 273,000 square feet of open-air, mixed-use space at 20000-20250 W. Rinaldi St. The pedestrian-friendly development includes a main street, central green area for community events and a 4,000-square-foot community meeting room. Current tenants of the property include Whole Foods Market, AMC Theaters, Ulta Beauty, Nordstrom Rack, Gus’s Barbeque, Lure Fish House and Finney’s Crafthouse & Kitchen. The project team included Mike Lebeman of JLL’s Project and Development Services group and Moorefield Construction. The full development includes a recently completed, three-story medical office building occupied by Kaiser Permanente, a 100-room Hampton Inn & Suites slated for completion in 2021 and a 266-unit apartment community scheduled to open this fall.
LOS ANGELES COUNTY, CALIF. — Bellwether Enterprise Real Estate Capital has closed a $97.7 million loan for five warehouse and distribution facilities in Southern California. Four of the buildings are located in the South Bay submarket of Los Angeles County and the remaining property is located in the Inland Empire West submarket. Shelley Magoffin and Max Sauerman of Bellwether Enterprise’s Los Angeles office arranged the 25-year, fully amortizing loan with Thrivent Financial for the undisclosed borrower. The planned use of the funds was not released. Ranging in size from 60,000 square feet to more than 500,000 square feet, the five properties offer minimal office build out and minimum clear heights of 18 feet to 36 feet. One building offers refrigerator space. In total, the properties offer nearly 950,000 square feet of warehouse and distribution space. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.
LOS ANGELES — 3650 REIT has originated a $36 million bridge loan for the acquisition and redevelopment of Hollywood Backlot Homes, a 10-acre manufactured housing community in Los Angeles’ North Hollywood submarket. The borrower is Multi Opp, a joint venture between real estate development firms Dugally Oberfeld Capital Partners and Fabulous Five LLC. Situated within an Opportunity Zone at 8250 Lankershim Blvd., the buyers will operate Hollywood Backlot Homes as a detached multifamily rental community aimed at fulfilling demand for attainable housing options in the Los Angeles market. Multi Opp plans to design and install nearly 140 manufactured homes on the site to create a master-planned community. On-site amenities will include an outdoor swimming pool, clubhouse, gym, billiards and gaming center, dog runs, barbeques, outdoor lounging area and gated entry.