California

Macerich, Simon to Build 566,000 SF Outlet Mall in Los Angeles County

by John Nelson September 11, 2018

CARSON, CALIF. — Macerich (NYSE: MAC) and Simon Property Group (NYSE: SPG) have formed a 50/50 joint venture to develop Los Angeles Premium Outlets, a new outlet mall in Carson, about 13 miles south of downtown Los Angeles. The first phase will span 400,000 square feet, and the second phase will include 166,000 square feet. “Our city is thrilled that this exciting project is moving forward,” said Carson Mayor Albert Robles in a prepared statement. “We see this high-quality outlet project as one that will add value to our community for many years to come, attracting locals and tourists from all over the world.” The outlet mall will feature 2,500 linear feet of frontage along the Interstate 405 Freeway. Roughly 515,000 cars pass the site each day along I-405 and the Interstate 110 Freeway. The site has roughly 2.5 million residents within a 10-mile radius and is situated about 11 miles south of Los Angeles International Airport (LAX). As currently planned, the project’s shops and restaurants will be elevated above street level and sit atop a ground-level parking deck. Site work is expected to begin immediately. Macerich and Simon plan to open the Los Angeles County property in fall 2021. …

September 11, 2018

California Loans Multifamily Western

Buchanan Street Partners Provides $4.1M Acquisition Loan for Apartment Complex in Los Angeles

by Amy Works September 10, 2018

LOS ANGELES — Newport Beach, Calif.-based Buchanan Street Partners has provided $4.1 million in short-term bridge financing for the acquisition and repositioning of Pacific Apartments, a multifamily property located in the Mar Vista neighborhood of Los Angeles. The borrower plans to renovate and reposition the 13-unit property, which was vacant at the time of sale and financing. Renovations will include all new kitchens, plank flooring, modern lighting, energy-efficient air conditioning, landscaping, paint and façade improvements. Additionally, the borrower plans to add more rental units to the property.

September 10, 2018

California Development Mixed-Use Multifamily Office Retail Western

San Francisco Giants Selects Partner for 28-Acre Waterfront Mixed-Use Development

by Amy Works September 7, 2018

SAN FRANCISCO — The San Francisco Giants has selected Tishman Speyer as its joint venture partner to develop Mission Rock, a waterfront mixed-use neighborhood near AT&T Park in San Francisco. The development is a public-private partnership with the Port of San Francisco and the City and County of San Francisco. Serving as the centerpiece of the emerging Central Waterfront neighborhood, Mission Rock will span 28 acres and feature approximately 1,400 residential rental units, with 40 percent affordable to low- and moderate-income families; eight acres of parks and open space, including a waterfront park; up to 1.4 million square feet of office space; 250,000 square feet of retail and local manufacturing space; a parking structure to serve ballpark and neighborhood needs; rehabilitation of the historic Pier 48; and public waterfront access and improvements, including a segment of the Blue Greenway trail connection from Embarcadero to Hunters Point.

September 7, 2018

California Development Multifamily Western

CIM Group Delivers 525-Unit Apartment Tower in Downtown Los Angeles

by Amy Works September 7, 2018

LOS ANGELES — CIM Group has completed the construction of 888 at Grand Hope Park, a 34-story apartment tower located at 888 S. Hope St. in downtown Los Angeles. The property features 525 apartment units, 6,000 square feet of ground-floor retail space and a public park. Additionally, the apartment tower features a 30,000-square-foot rooftop deck with thousands of plants and more than 132 trees; an indoor lounge; and a large outdoor terrace. The tower is adjacent to a seven-story, 650-stall parking structure and a 5,000-square-foot Petco.

September 7, 2018

California Development Office Western

Amazon Opens 85,000 SF Office Expansion in San Diego

by Amy Works September 7, 2018

SAN DIEGO — Amazon has opened an 85,000-square-foot office within Alexandria Real Estate Equities’ Campus Pointe, located in the University Town Center neighborhood of San Diego. The new space will house the company’s expanded San Diego Tech Hub, which will include 300 new high-tech jobs in fields in the software development, machine learning, cloud computing and digital entertainment. Amazon’s San Diego Tech Hub is one of 17 Tech Hubs outside of Seattle that employ more than 17,500 people across North America who invent and build new products and services for Amazon customers. Employees at the San Diego Tech Hub develop software systems for AmazonFresh, Prime Now, Amazon Web Services, supply chain tech, and preventing fraud and abuse on Amazon. Additionally, San Diego-based engineers and scientists recently played a key role in the launch of Whole Foods Market pickup and delivery via Prime Now, Alexa features for grocery shopping, and data-drive and machine-learning innovations. This expansion more than doubles Amazon’s tech workforce in the San Diego area.

September 7, 2018

Acquisitions California Office Western

StarPoint Properties Buys 12-Story Beverly Hills Office Building for $193M, Plans Renovations

by Amy Works September 6, 2018

BEVERLY HILLS, CALIF. — StarPoint Properties has purchased an office building, located at 433 N. Camden Drive in Beverly Hills. The original owner sold the 12-story asset for $193 million. StarPoint plans to renovate the property, which was built in 1972 and is known as Wells Fargo Building due to the banking tenant’s rooftop signage. The 207,432-square-foot building has not been renovated in 15 years and falls 25 percent below the market’s average rent of $48.24 per square foot — creating an opportunity for StarPoint, which specializes in acquiring and repositioning undervalued properties. Renovation plans, although not finalized, include transforming a 6,500-square-foot deck on the fourth floor into an open-air lobby that emphasizes natural light and features sculpture gardens and an improved façade.

September 6, 2018

Acquisitions California Development Industrial Western

Dermody Properties Acquires 14-Acre Parcel in Northern California for Industrial Development

by Amy Works September 6, 2018

VACAVILLE, CALIF. — Dermody Properties has purchased a 14-acre land parcel on Icon Way in Vacaville for an undisclosed price. The company plans to develop LogistiCenter at Vacaville on the site, with construction scheduled to begin in October and finish in June 2019. The facility will feature 252,160 square feet of Class A space for industrial and logistics tenants, featuring 36-foot clear heights, and extra trailer and car parking to accommodate e-commerce companies. LogistiCenter at Vacaville will be located midway between the San Francisco Bay area and the Sacramento markets, offering access to interstates 550 and 80. Jason Ovadia of JLL represented Dermody in the land transaction, which was facilitated by Tom Schaal of Schaal Realty Advisors. The name of the seller was not released.

September 6, 2018

Acquisitions California Retail Western

PacWest Management Purchases 89,473 SF Shopping Center Near Los Angeles for $16.4M

by Amy Works September 6, 2018

NORTHRIDGE, CALIF. — PacWest Management has purchased Northridge Promenade, a neighborhood shopping center located at 19510-19530 Nordhoff St. in Northridge. The buyer acquired the property for $16.4 million through the Ten-X online auction platform. The seller was LNR Partners. Situated on 4.9 acres, the 89,473-square-foot property was 82 percent occupied by 25 tenants at the time of sale. Guitar Center is the anchor tenant. Additionally, the property sold as a “covered land play,” which provides the opportunity for potential residential and/or mixed-use development while receiving a definable income stream in the interim. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller, while the buyer was self-represented in the deal.

September 6, 2018

Acquisitions California Multifamily Seniors Housing Western

Cadence Living Acquires Seniors Housing Community in Bay Area, Plans Renovations

by Amy Works September 5, 2018

MILLBRAE, CALIF. — Cadence Living, a senior living development and management company based in Arizona has acquired Marymount Greenhills Retirement Center an undisclosed price. The independent living, assisted living and memory care community is located in Millbrae, a suburb near the San Francisco International Airport. The new owner has rebranded the property as Cadence Millbrae and plans extensive renovations for the next year. The project is part of the city’s plans to redevelop areas into hubs for commercial and residential activity. The renovation project will include fully modernized apartments and common-area corridors, as well as renovation of all common area spaces such as the dining room, activity spaces, and lobby. Cadence Living currently owns and operates communities in California and is expanding its footprint throughout the South and West.

September 5, 2018

Acquisitions California Development Mixed-Use Multifamily Retail Western

Charles Dunn Co. Arranges $2.8M Sale of Land Parcel for Multifamily Development in Los Angeles

by Amy Works September 5, 2018

LOS ANGELES — Charles Dunn Co. has arranged the sale of a development site located at 729 S. Park View St. in Los Angeles. Salem Missionary Baptist Church sold the asset to Safeco LLC for $2.8 million. The 18,000-square-foot site features a 4,100-square-foot building, which the seller formerly occupied. The buyer, which owns an adjacent parcel, plans to develop 150 residential units and potentially ground-floor retail at the site. Chris Giordano, Chris Steck and John Anthony of Charles Dunn Co. represented the seller and buyer in the deal.

September 5, 2018

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