California

Taubman Centers Completes $500M Redevelopment of Los Angeles Mall

by Taylor Williams November 5, 2018

LOS ANGELES — Michigan-based Taubman Centers Inc. (NYSE: TCO) has completed its $500 million redevelopment of Beverly Center, an 883,000-square-foot shopping mall in Los Angeles. Bloomingdale’s and Macy’s currently anchor the eight-story property, which is home to more than 100 tenants. In terms of design, the redevelopment delivered new and expanded floor openings that allow more natural light into the building, as well as an exterior LED lighting system. The property’s street-level landscaping was upgraded, and more open spaces for hosting events were incorporated into the new design. Italian firm Studio Fuksas designed the project. More than 30 new retail and restaurant tenants have been announced at Beverly Center. Included in the new lineup of retailers are Apple, Brooks Brothers, Kiehl’s, Michael Kors, Polo Ralph Lauren and Zara. Zara will occupy a 28,300-square-foot space, making this location Zara’s largest in Los Angeles. New dining concepts include sit-down, full-service restaurants like Farmhouse Los Angeles and Yardbird Southern Table & Bar, as well as fast casual eateries such as Eggslut, Coffee Commissary and Pitchoun! Bakery & Café. “Even before the renovation was complete, traffic and sales productivity materially improved, and the center continues to perform above our expectations,” said William Taubman, COO …

November 5, 2018

Acquisitions California Retail Western

NAI Negotiates $11.4M Sale of Safeway Grocery Property in Eureka, California

by Amy Works November 2, 2018

EUREKA, CALIF. — NAI Northern California has negotiated the $11.4 million sale of the Eureka Safeway, located at 2555 Harris St. in Eureka. Doug Sharpe of NAI Northern California represented the undisclosed buyer in the deal. Safeway occupies the 49,145-square-foot grocery store on a new 20-year, absolute triple-net lease with fixed rent increases. The name of the seller was not released.

November 2, 2018

Acquisitions California Retail Western

Epsteen & Associates, Progressive Real Estate Broker $4M Sale of Shops at Mission Square in Montclair

by Amy Works November 2, 2018

MONTCLAIR, CALIF. — Epsteen & Associates San Diego and Progressive Real Estate Partners have arranged the sale of Shops at Mission Square, a retail center located at 4467 Mission Blvd. in Montclair. A San Diego-based private investor sold the property to a Yorba Linda-based private investor for $4 million, or $692 per square foot. Built in 2007, the 5,852-square-foot property is fully leased to four national retailers: Panda Express, Little Caesars, Dairy Queen and Boost Mobile. Joe Wojdowski of Epsteen & Associates and Greg Bedell of Progressive Real Estate represented the seller, while Scott Chang of 168 Realty represented the buyer in the all-cash transaction.

November 2, 2018

California Loans Retail Western

CBRE Secures $20M Acquisition Loan for Jamboree Promenade Shopping Center in Irvine

by Amy Works November 1, 2018

IRVINE, CALIF. — CBRE has arranged a $20 million refinancing for Jamboree Promenade, a shopping center located at 2626-2646 Dupont Drive in Irvine. Pole Capital USA, the U.S. division of a Singaporean real estate investment company, is the borrower. The property was purchased earlier this year for $42.5 million in all cash, and the debt financing will recapitalize the site. The 56,878-square-foot shopping center is 97 percent occupied by tenants including CorePower Yoga, The Melting Pot and Daily Grill. Shaun Moothart, Bruce Francis, Dana Summers, Bob Ybarra and Doug Birrell of CBRE’s Debt and Structured Finance team arranged the seven-year loan for the borrower.

November 1, 2018

Acquisitions California Office Western

Dunhill Partners West Acquires 89,457 SF Office Property in Novato, California

by Amy Works November 1, 2018

NOVATO, CALIF. — A buying group led by Mark Hutchinson and Doug Twillman of San Francisco-based Dunhill Partners West has purchased Woodside Office Center, a suburban office property in the Marin enclave of Novato. A joint venture between Artemis Real Estate Partners and Ellis Partners sold the property for an undisclosed price. Whitney Strotz and Steven Leonard of Cushman & Wakefield, in collaboration with Michel Seifer, Rob Hielscher, Kristina Wollan and Erik Hanson of JLL, represented the seller in the deal. Located at 7250 Redwood Blvd., the three-story, 89,457-square-foot property was 92 percent leased at the time of sale.

November 1, 2018

Acquisitions California Industrial Western

Faris Lee Investments Negotiates $1.5M Acquisition of Industrial Property in Costa Mesa

by Amy Works November 1, 2018

COSTA MESA, CALIF. — Faris Lee Investments has arranged the acquisition of an industrial property located within the Mesa West Bluffs Urban Redevelopment Plan in Costa Mesa. A private investor purchased the property for $1.5 million. Thomas Chichester, Joseph Chicester and Matt Brooks of Faris Lee represented the buyer, while Lee & Associates represented the undisclosed seller in the deal. Built in 1961 and located at 789 W. 20th St., the multi-tenant property features 5,228 square feet of industrial space.

November 1, 2018

Acquisitions California Office Western

Newmark Knight Frank Negotiates $106.2M Sale of Gateway Towers in Los Angeles

by Amy Works October 31, 2018

LOS ANGELES — Newmark Knight Frank (NKF) has negotiated the sale of Gateway Towers, an office property located at 970 and 990 190th St. in Los Angeles. Equity Office Properties sold the asset to The Ruth Group, along with Roxborough Group as its capital partner, for $106.5 million. Kevin Shannon, Ken White, Scott Schumacher and Guillermo Boisson of NKF represented the seller in transaction. Additionally, David Milestone and Brett Green, also of NKF, secured financing for the buyer. At the time of sale, the 443,517-square-foot asset was 91 percent leased. Herbalife International of America is the anchor tenant at the twin nine-story towers. The buyer plans to develop the land between the towers, creating restaurant, amenity and creative office space.

October 31, 2018

Acquisitions California Office Western

GM Properties Brokers $12.5M Sale of 104,000 SF Office Park in Santa Fe Springs, California

by Amy Works October 31, 2018

SANTA FE SPRINGS, CALIF. — GM Properties has brokered the sale of Imperial Square, a multi-tenant office park located at 12631 E. Imperial Highway in Santa Fe Springs. An undisclosed buyer acquired the property for $12.5 million. Situated on 5.8 acres, the five-building, 104,000-square-foot office complex features more than 100 suites. At the time of sale, the property was 90 percent occupied. Ben Greer and Dustin Wheelan of GM Properties represented the undisclosed seller in the transaction.

October 31, 2018

Acquisitions California Industrial Western

IDS Real Estate Group Buys 544,864 SF Industrial Portfolio in San Diego

by Amy Works October 30, 2018

SAN DIEGO — An affiliate of IDS Real Estate Group has purchased a four-building industrial portfolio within Siempre Viva Business Park in San Diego’s Otay Mesa submarket, for an undisclosed price. Situated on 28.1 acres, the 99 percent-leased portfolio is located at 8690 Kerns St., 2660 Sarnen St. and 8863 and 9043 Siempre Viva Road. Totaling 544,864 square feet, the properties feature 24- to 32-foot clear heights, wide truck courts, loading via 98 dock-high and 14 grade-level doors, an above-standard parking ratio, and low office built-out. The properties were originally constructed between 2001 and 2003. Nick Frasco, Nick Psyllos and Andrew Briner of HFF represented the undisclosed seller in the deal.

October 30, 2018

Acquisitions California Office Western

Gemdale USA, Lincoln Property Co. Sell 56,179 SF Office Building in Downtown San Francisco

by Amy Works October 30, 2018

SAN FRANCISCO — Gemdale USA Corp. and Lincoln Property Co. have completed the sale of 500 Pine, an office building in downtown San Francisco. Heitman acquired the property on behalf of an affiliate for an undisclosed price. Michael Leggett, Gerry Rohm, Ben Bullock, David Dokko and Thomas Foley of HFF represented the seller and procured the buyer. Completed in 2017, the 56,179-square-foot building is LEED-Gold certified and features open floor plans, floor-to-ceiling window lines, a rooftop balcony and on-site parking with a bike room and showers. CVS/pharmacy and Blend fully lease the five-story building.

October 30, 2018

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