California

Asana Partners Acquires 71,184 SF Shopping Center in Los Angeles for $50.2M

by Amy Works December 6, 2018

LOS ANGELES — Asana Partners has purchased The Balcony at Beverwil, a shopping center located at the corner of Pico Boulevard and Beverwil Drive in Los Angeles. A private partnership sold the asset for $50.2 million. Built in 1996, the two-story property features 71,184 square feet of retail space and underground parking for 262 vehicles. At the time of sale Ralphs, CVS/pharmacy, One West Bank and six other tenants fully occupied the property. Geoff Tranchina of JLL represented the seller in the deal.

December 6, 2018

California Development Multifamily Student Housing Western

ACC, San Francisco State Break Ground on 584-Unit Student Housing Community

by Amy Works December 6, 2018

SAN FRANCISCO — A public-private partnership between American Campus Communities (ACC) and San Francisco State University has broken ground on a 584-bed student housing community with mixed-use components on the university’s campus in San Francisco. The development will offer fully furnished, apartment-style units. Shared amenities will include social and recreational lounges and an academic success center, alongside 15,000 square feet of retail space. The development, located on the southeast edge of campus, is scheduled for completion in 2020.

December 6, 2018

Acquisitions California Retail Western

College Square Shopping Center in Stockton Changes Hands for $20M

by Amy Works December 6, 2018

STOCKTON, CALIF. — A Northern California-based private partnership has completed the sale of College Square, a community shopping center located at 4756 Pershing Ave. in Stockton. A Southern California-based private investor acquired the property for $20 million in a 1031 exchange. Hobby Lobby and Planet Fitness anchor the 126,098-square-foot shopping center, which was built in 1976 and renovated in 2012. Additional tenants include Wienerschnitzel and Outback Steakhouse. Chris Tramontano, John Redfield and Tom Power of SRS Real Estate Partners’ Investment Properties Group represented the seller, while the buyer was self-represented in the deal. Ben Townsend and Matt Marlin, also of SRS’ Debt & Equity team, structured a high-leverage, non-recourse loan with a favorable reserve structure that allowed the new ownership to receive a cash-out return of approximately 10 percent.

December 6, 2018

California Loans Office Retail Western

NKF Arranges $125M to Refinance High-Profile Retail Properties in San Francisco

by Amy Works December 5, 2018

SAN FRANCISCO — Newmark Knight Frank (NKF) has arranged a $125 million, fixed-rate loan to refinance 111 Maiden Lane and 201 Post Street in San Francisco. Ramsey Daya and Jonathan Soffer of NKF, along with Chris Moritz and Travis Bailey of NKF, secured the loan for a high-net-worth family through PGIM Real Estate Finance. Situated at the intersection of Post and Grant streets, the beaux-arts buildings were built in 1908 and 1909. The properties are home to the West Coast flagships of several iconic luxury brands, including Hermès, Yves Saint Laurent, Cartier and Fendi. Additionally, the assets feature 100,000 square feet of creative office space and serve as the headquarters of Venables Bell and Orlando Diaz-Azcuy.

December 5, 2018

Acquisitions California Industrial Western

Terreno Realty Divests 266,000 SF Industrial Property in California for $33.2M

by Amy Works December 5, 2018

FONTANA, CALIF. — Terreno Realty Corp. has completed the sale of an industrial property located at 14605 Miller Ave. in Fontana. An undisclosed buyer acquired the asset for $33.2 million. Situated on 13.1 acres, the 266,000-square-foot property is fully occupied by one tenant on a short-term lease. Terreno originally purchased the property in 2014 for $22.9 million.

December 5, 2018

Acquisitions California Industrial Western

Rexford Industrial Purchases Two Industrial Properties in Southern California for $43.5M

by Amy Works December 4, 2018

LOS ANGELES AND LA PALMA, CALIF. — Rexford Industrial Realty has purchased two industrial properties in Southern California in separate off-market transactions for combined $43.5 million. The names of the sellers were not released. In the first transaction, the company acquired an asset located at 9200-9250 Mason Ave. and 9197 Oso Ave. in the Chatsworth neighborhood of Los Angeles for $29.5 million, or $115 per square foot. Situated on 11.1 acres, the industrial complex consists of four buildings containing 256,200 square feet and is fully leased to three tenants in the cosmetics industry. In the second deal, Rexford Industrial purchased a property located at 5593-5595 Fresca Drive in La Palma for $14 million, or $122 per square foot. Situated on 5.7 acres, the two-tenant industrial building features 115,200 square feet of industrial space.

December 4, 2018

Acquisitions California Restaurant Retail Western

CalBay Development Acquires Restaurant Property in Los Angeles for $1.7M

by Amy Works December 4, 2018

LOS ANGELES — CalBay Development has purchased a restaurant property located in Los Angeles’ Sylmar neighborhood. An undisclosed seller sold the freeway-oriented site for $1.7 million. A Denny’s restaurant occupies the property. Matt LoPiccolo of CBRE brokered the transaction.

December 4, 2018

Acquisitions California Office Top Stories Western

TMG Partners, KKR Acquire Office Building in Downtown Oakland for $255M

by John Nelson December 4, 2018

OAKLAND, CALIF. — TMG Partners and KKR have purchased 1221 City Center, an office tower in downtown Oakland that houses the global headquarters of Clorox. The sales price was not disclosed, but the San Francisco Business Times reports the Swiss financial giant UBS AG (NYSE: UBS) sold the office tower for $255 million. The business publication also reports that this is the third time that the 24-story building has traded in the past six years. In 2012, Clorox Co. sold the asset for $110 million. Located at the intersection of Broadway and 12th Street, the 522,000-square-foot office building was 99 percent leased at the time of sale to various tenants, including Union Bank, Stanford Health Care, Wells Fargo Bank and Parsons Brinkeroff. The LEED-Platinum certified building offers direct access to Bay Area Rapid Transit (BART) in its lobby, one of only three Oakland office buildings with that amenity. The property also features panoramic views of the Oakland skyline and the Bay, as well as onsite retail amenities, bike lockers, showers and parking. This acquisition is the second transaction by TMG and KKR in Oakland this year, following the purchase of 1330 Broadway in July. KKR is making the investment through …

December 4, 2018

California Company News Office Western

SRS Real Estate Partners Adds Mike Rielly to Lead New Signature Group in New LA Office

by Amy Works December 3, 2018

LOS ANGELES — SRS Real Estate Partners has hired Mike Rielly as senior vice president and managing principal in the Dallas-based company’s new Los Angeles office, which is scheduled to open in early 2019. In this role, Rielly will also lead the newly formed SRS Signature Group nationally. The group is a one-of-a-kind service offering that will cater to aspirational and high-end brands targeting coast-to-coast growth in high-street, Class A mall, lifestyle, premium outlet and design/arts district environments. Rielly has nearly 20 years of experience in commercial real estate and an extensive background incubating and serving best-in-class brands in various categories. Additionally, he has expertise in assisting international retailers with U.S. transitions or expansions, as well as early retail template formation for domestic and global brands.

December 3, 2018

Acquisitions California Retail Western

Shea Properties Sells The Dunes on Monterey Bay Shopping Center for $45M

by Amy Works November 30, 2018

MARINA, CALIF. — Shea Properties has completed the sale of the retail component of The Dunes of Monterey Bay, located on 19.3 acres at 101-145 General Stilwell Drive in Marina. A Southern California-based private investor purchased the property for $45 million. Built in 2007, the power center consists of 233,892 square feet of retail space along the Pacific Coast Highway. At the time sale of the property was 100 percent leased to national and regional tenants, including Best Buy, Old Navy, Kohl’s, Bed Bath & Beyond, Michaels, Party City and REI. Kirk Brummer, Megan Wood, James Tyrrell, Jimmy Slusher, Philip Voorhees and Preston Fetrow of CBRE’s National Retail Partners-West represented the seller in the deal.

November 30, 2018

Newer Posts

Older Posts