SALINAS, CALIF. — Lee & Associates – North San Diego County has arranged the sale of a retail property, located on 0.3 acres in Salinas. BEWS Main Street LLC sold the property to Bei-Scott Co. for $2.2 million. 7-Eleven occupies the 2,251-square-foot retail building, which was built in 1987. Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the seller, while Shoemaker Commercial Real Estate represented the buyer in the deal.
LOS ANGELES — Trion Properties, in a joint venture partnership with Ketter Construction, is developing a multifamily property located at 1556-1564 Hi Point St. in Los Angeles’ Mid-Wilshire neighborhood. The company recently acquired the fully permitted and entitled 26,865-square-foot development site for $8.6 million. Slated to break ground this month, the property will feature 45 apartments units. Continental Partners arranged a $15 million construction loan for the project. Richard De La Rosa of KW Commercial Studio City and Christopher Choe of Premier Agent Newmar represented Trion Properties and Ketter Construction.
SAN FRANCISCO — A joint venture between Harbor Group International and Paramount Group has purchased 111 Sutter Street, an office building in San Francisco’s North Financial District. An undisclosed seller sold the asset for $227 million, or $775 per square foot. At the time of sale, the 293,000-square-foot building was 70 percent leased to a variety of technology, media, business services and nonprofit tenants. Paramount will act as property manager for the building and oversee day-to-day operations.
LOS ANGELES — Calmwater Capital has provided a $63 million loan to Relevant Group for the completion of Thompson Hotel in Los Angeles’ Hollywood neighborhood. The hotel is currently under construction, and Relevant Group expects to deliver the luxury boutique hotel in early 2020. Located at 1541 Wilcox Ave., the proposed 188,393-square-foot hotel will feature 190 rooms, a rooftop swimming pool, a rooftop restaurant and bar, and a fitness center, as well as a ground-floor restaurant concept in partnership with Rodrigo Oliveira, one of Brazil’s most celebrated chefs. Two Roads Hospitality will manage the hotel.
TORRANCE, CALIF. — Los Angeles-based Optimus Properties, through an affiliate, has acquired an office building located at 2325 Crenshaw Blvd. in Torrance. The original developer sold the property for an undisclosed price. Built in 1989 and renovated in 2010, the asset features 60,804 square feet and 350 parking spaces on 5.5 acres of land. The Los Angeles Department of Children and Family Services occupies the property.
RIVERSIDE, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Meridian of Riverside, a 109-bed assisted living facility located in the Inland Empire metro of Riverside. A private equity firm based in Florida sold the community to Ventura Park Management for $6.1 million, or $56,000 per bed. The Blueprint transaction team consisted of Jacob Gehl, Humair Sabir and Scott Frazier.
FREMONT, CALIF. — Gadsden Growth Properties has acquired Mission Hills Square, a mixed-used development in Fremont, for $240 million. Slated for completion in October 2019, Mission Hills Square will feature 158 residential apartments above 53,900 square feet of commercial space, including restaurants, retail and casual eateries. In November 2018, Gadsden Growth Properties signed an agreement to merge with FC Global Realty Inc.
SAN DIEGO — HFF has arranged the sale of Liberty Station, an office complex in San Diego. McMillin Cos. sold the property to a partnership between IDS Real Estate Group and Lionstone Investments for $76.8 million. Located at 2280, 2468 and 2488 Historic Decatur Road and 2750 Womble Road, Liberty Station features four buildings offering a total of 181,171 square feet of office space. The buildings were completed between 2003 and 2006 and are 81.1 percent leased to a diverse tenant roster of legal, professional and financial services, aerospace and defense, hospitality, government and media tenants, among others. Nick Psyllos and Kara Mathis of HFF represented the seller in the deal. Tim Wright and Chris Collins of HFF secured a $58.9 million, 72-month, floating-rate acquisition loan with SunTrust Bank for the buyer. Liberty Station is situated within the greater 360-acre Liberty Station master plan, which includes 349 residential units; 347 hotel rooms, with an additional 650 hotel rooms under construction or proposed; nearly 400,000 square feet of office space; more than 30 food and beverage establishments; over 40 retail stores, including grocery anchors; and 16 health and fitness centers. The master-planned community also features 11 event spaces; a luxury movie theatre; …
ALISO VIEJO, CALIF. — Belmont Village Senior Living has opened Belmont Village Aliso Viejo, a 149-unit assisted living and memory care community in the Orange County city of Aliso Viejo. A grand opening celebration was held Feb. 9 for the community, which is Belmont’s 29th overall and 13th in California. Van Tilburg, Banvard & Soderbergh Architects designed the project, which W.E. O’Neil constructed. The three-story, Mediterranean-style building offers views of Saddleback Valley and is near Aliso Viejo Town Center and other neighborhood amenities.
COMMERCE, CALIF. — CapRock Partners has completed the sale of an industrial warehouse in Commerce. The tenant, a packaging solutions supplier, acquired the building and a 4.3-acre property for an undisclosed price. Located at 5331 and 5333 Slauson Ave., the asset features 97,000 square feet of industrial space. Ryan Campbell of NAI Capital and Tony Naples of Lee & Associates represented the seller, while Naples also represented the buyer in the deal.
