IRVINE, CALIF., AND SALT LAKE CITY — Irvine-based Faris Lee Investments, a national retail advisory and investment sales firm, and Salt Lake City-based MTN Retail Advisors, a grocer-specialized data collection and analytics provider, have entered into a partnership agreement. The collaboration will allow the team to combine Faris Lee’s retail, real estate, finance and investment advisory services with MTN’s predictive analytics and proprietary technology, including artificial intelligence machine learning. “MTN’s retail-specific, fact-based analytics will factor into the valuation, underwriting and assessment of these assets as we examine the real estate in any local market for the benefit of the occupier, investor/developer and lender,” says Rick Chichester, president and CEO of Faris Lee Investments. MTN maintains data records on more than 28,000 active U.S. grocers — a number that will grow to include 40,000 grocers over the next 18 months as the partnership takes shape. “We are not a market research firm, a demographer or an aggregator,” says Doug Munson, principal and founder of MTN Retail Advisors. “We take an analytic approach to retail investment that doesn’t exist anywhere else today. Our methods have been refined over the company’s 15-year history, through physical site visits to every grocery we have on …
LOS ANGELES — Santa Monica-based BLT Enterprises has completed the sale of a former gas station and parking lot in Los Angeles. Wiseman Residential acquired the fully entitled property for $13.7 million. BLT, in partnership with KFA architects, Dale Goldsmith as land-use counsel and other consultants, obtained entitlements through the City of Los Angeles’ Transit Oriented Communities ordinance for a six-story, 119-unit apartment building at the site. Located at 11261 Santa Monica Blvd., the property will feature 17 affordable housing units, a variety of floor plans, a gym, outdoor patios and barbecues, as well as open space and community gathering areas. Anthony Muhlstein and Brian Bowis of Newmark Knight Frank represented BLT Enterprises, while Wiseman Residential was self-represented in the deal.
HESPERIA, CALIF. — Avison Young has brokered the sale of Lemon Street Industrial Center, a multi-tenant industrial business park located at 17229 Lemon St. in Hesperia. Arcadia, Calif.-based Positive Investments sold the property to Los Angeles-based Gofermor LLC for $8.9 million. Built in 1986 on 11 acres, the six-building property totally 102,400 square feet of industrial space, which 17 tenants fully occupy. The asset features 20-foot clear heights, 200 parking spaces, 23 percent office build-out space and prominent monument signage. The business park is located within the High Desert submarket of the Inland Empire. Al Pekarcik and Chris Smith of Avison Young’s Irvine, Calif., office represented the seller in the transaction.
MAMMOTH LAKES, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a retail property located in Mammoth Lakes. A Los Angeles-based private partnership sold the to a San Diego-based private investor for $4.7 million, or $1,065 per square foot. Built in 1984 and renovated in 2018, the 4,435-square-foot, single-tenant building is situated on 1.22 acres at 2935 Main St. Starbucks Coffee occupies the drive-thru property on a long-term lease with rent increases every five years. Bill Asher, Kevin Fryman and Jeff Lefko of Hanley Investments represented the seller, while Blake Tagmyer of Cushman & Wakefield’s San Diego office represented the buyer in the deal.
SAN FRANCISCO — ING Capital LLC, an American subsidiary of ING Groep N.V. (NYSE: ING), has provided a $402 million loan for the acquisition of Market Center, a 753,000-square-foot office complex in San Francisco. Market Center is a two-building, Class A asset located in San Francisco’s Financial District. The 22-story building at 555 Market St. was completed in 1964 and the 40-story building at 575 Market St. was completed in 1975. The complex served as the headquarters of Chevron Corp. until 2001, when the energy giant relocated to San Ramon, Calif. The borrower was a joint venture led by Paramount Group Inc. (NYSE: PGRE), a New York City-based development and investment firm that acquired an interest of about 67 percent in the property. The joint venture partners were not disclosed, but the total price of the sale was $722 million. The acquisition loan was structured with a fixed interest rate and a five-year term with two one-year extension options. Paramount also used proceeds from the sale of Liberty Place, a 172,000-square-foot office building in Washington, D.C., to help pay for the acquisition of Market Center. Paramount’s $153.5 million sale of Liberty Place closed in late September. The seller of the …
POMONA AND RANCHO DOMINGUEZ, CALIF. — Rexford Industrial Realty has purchased two industrial properties for $99.7 million in Southern California. The investments were funded using cash on hand. The names of the sellers were not released. The company acquired Pomona Distribution Center, located at 1601 W. Mission Blvd. in Pomona, for $87.8 million, or $117 per square foot. Situated on 32.2 acres, the 751,528-square-foot property is fully leased to two tenants. Upon expiration of the existing leases, Rexford plans to increase rents and complete value-add functional and cosmetic upgrades. Rexford also purchased a single-tenant industrial asset, located at 2757 E. Del Amo Blvd. in Rancho Dominguez, for $11.9 million, or $207 per square foot. Situated on 3.5 acres with excess land for trailer parking and storage, the fully occupied building features 57,300 square feet of industrial space. Upon expiration of an in-place lease, the buyer plans to implement a value-add repositioning program to drive cash flow and value growth.
EAST PASADENA, CALIF. — Bolour Associates has completed the disposition of an entitled land site in East Pasadena for $8.5 million. Los Angeles-based APPA Real Estate acquired the land parcel for the development of a transit-oriented, mixed-use project. The parcel is the first development under Los Angeles County’s updated zoning supporting high-density development near metro retail sites. From 2015 to 2018, Bolour worked with county officials to re-entitle the site, located at 3768 E. Colorado Blvd., under the new zoning code. Upon completion, the project will feature 5,800 square feet ground-floor commercial space, 100 multifamily units, a private gym, co-working space, rooftop barbecue, decks, courtyards, a dog run and on-site parcel lockers. Additionally, the property will offer two levels of subterranean parking. Construction is scheduled to begin in early 2020, with an opening slated for early to mid-2022. The land transaction was a direct sale between Bolour and APPA, with all details handled in-house by both parties.
SAN DIEGO — Parkview Financial has provided a $7 million loan to San Francisco-based India & Beech for the acquisition of a land parcel and the first phase of construction funding for a high-rise residential and retail tower in downtown San Diego. Located at 1460 India St. within the Little Italy neighborhood, the 10,019-square-foot site is currently being used as a parking lot. The borrower recently acquired the property for $7.1 million, using Parkview’s loan in conjunction with cash on hand. The buyer plans to develop a fully entitled, 28-story, mixed-use urban infill project. The proposed development will feature 150 apartments, 11,724 square feet of retail space and two levels of above-grade parking totaling 150 spots. Construction is slated to begin in 2020, with completion scheduled for 2022.
CHINO, CALIF. — United Trust Realty Corp. (UTRC) has purchased 7.53 acres of commercially zoned land within College Park Master Planned Community in Chino. Lennar Homes sold the land parcel for $2.9 million. The site is the last remaining piece to be developed within the 710-acre community that includes 2,500 residential units featuring a mix of single-family and multifamily residences, a clubhouse, fitness center, picnic areas and trails. Chino Hills, Calif.-based UTRC plans to develop Village Center, a mixed-use project, at the site. The development will include 15,000 square feet of retail and food uses, a day care and a church. In addition to the residents of College Park and neighboring communities, the property is positioned to serve the adjacent Chaffey College satellite campus and the 140-acre Ruben S. Ayala Park. UTRC plans to request development permits from the City of Chino and Chaffey College in the upcoming months. Chris Lindholm of Progressive Real Estate Partners represented the buyer and seller in the deal.
LONG BEACH, CALIF. — West Coast Capital Partners has acquired the leasehold interest of Airport Plaza, two-building office property located at 500 and 5001 Airport Plaza Drive in Long Beach. FRO II Airport Plaza sold the plaza for an undisclosed price. Built in 1983 and 1984, the 121,841-square-foot asset was fully renovated in 2016. Situated on 2.7 acres, the buildings feature remodeled lobbies, modern finishes, new interior signage and lighting upgrades. At the time of sale, the office complex was 90 percent occupied by the Federal Aviation Administration, Embry Riddle and Advanced Medical Management, among others. Kevin Shannon, Scott Schumacher, Ken White, Sean Fulp and Ryan Plummer of Newmark Knight Frank represented the seller, while the buyer was self-represented in the transaction.