California

NKF Arranges Sale of Three-Building Office Campus in Mountain View, California

by Amy Works August 20, 2018

MOUNTAIN VIEW, CALIF. — NKF Capital Markets has arranged the sale of Castro Station, a three-building office campus located in downtown Mountain View. TH Real Estate sold the property to Northwestern Mutual Life Insurance and McCarthy Cook for an undisclosed price. Built in phases between 2000 and 2014, the three-building, Class A property is located at 100, 150 and 200 W. Evelyn Ave. on approximately four acres of land. At the time of sale, the 114,809-square-foot asset was 94 percent leased to seven tenants, with Dropbox as its anchor. Additionally, the campus features ample parking with a three-story, below-grade parking garage that offers 346 stalls. Steven Golubchik, Edmund Najera, Tyler Meyerdirk and Darren Hollak of NKF Capital Markets represented the seller in the transaction.

August 20, 2018

Acquisitions California Retail Western

SBH Real Estate Group Acquires Vacant Retail Property in Burbank for $5.2M

by Amy Works August 20, 2018

BURBANK, CALIF. — SBH Real Estate Group has purchased a retail property located at 810-822 S. San Fernando Blvd. in Burbank. Pacific Group sold the property for $5.2 million in an all-cash transaction. Situated on a 29,050-square-foot site, the property includes a 21,447-square-foot building, which was constructed in 1939 and updated in 1985. A market previously occupied the property, but it was vacant at the time of sale. Since the acquisition, SBH has leased the site to Harbor Freight Tools and has started renovating the property, including a new roof and converting the building to a more functional structure measuring approximately 14,500 square feet. Tony Maniscalchi and Mike Maniscalchi of Stevenson Real Estate Services represented the buyer and seller in the transaction.

August 20, 2018

California Development Multifamily Western

Majestic Realty Breaks Ground on Multifamily Component of 110-Acre Mixed-Use Development in Inland Empire

by Amy Works August 17, 2018

REDLANDS, CALIF. — Majestic Realty Co. has broken ground on Summit Apartments, the multifamily component of its 110-acre mixed-use development in Redlands. The property represents the company’s first multifamily project. Located on the northwest quadrant of the Foothill and San Bernardino freeways, the apartment complex will comprise 17 three-story buildings offering a total of 281 garden-style, walk-up apartments. The apartments are available in a mix of one-, two- and three-bedroom layouts, ranging in size from 666 square feet to 1,256 square feet. On-site amenities will include a 4,400-square-foot clubhouse, resort-style swimming pool, gym, dedicated mailroom, dog park and Wi-Fi service throughout the entire 10.5-acre complex. Apartment units are slated for occupancy in July 2019, with the completion of the entire project scheduled for late 2019. Summit Apartments is located within Mountain Grove, Majestic’s 460,000-square-foot retail and entertainment shopping center that opened in 2015, and adjacent to the company’s 520,000-square-foot Citrus Plaza shopping center, which opened in 2005. Combined, the properties offer nearly 1.2 million square feet of retail, restaurant and entertainment, including 24 Hour Fitness, Kohl’s, Banana Republic, Barnes & Noble, Bed Bath & Beyond, buybuy Baby, Chipotle, Cost Plus World Market, Gap, Habit Burger, Harkins, Hobby Lobby, Justice, Petco, …

August 17, 2018

Acquisitions California Retail Western

Red Mountain Group Acquires 560,000 SF Regional Power Center in Indio, California

by Amy Works August 17, 2018

INDIO, CALIF. — Red Mountain Group has purchased Indio Towne Center, a regional power center located at 42100 Jackson St. in Indio, for an undisclosed price. WinCo Foods, The Home Depot, 24 Hour Fitness, Party City, Petco, CVS/pharmacy, Taco Bell, KFC, Panda Express, Jack in the Box, McDonalds, Subway and Starbucks Coffee are tenants at the 560,000-square-foot center. The property also features a recently vacated 46,827-square-foot Toys R Us storefront and an undeveloped anchor building and shop pads, which will support an additional 141,000 square feet of building area. While in escrow, Red Mountain Group signed leases with Marshalls and Burlington. Bill Bauman and Kyle Miller, formally of Savills Studley, brokered the transaction.

August 17, 2018

California Development Retail Western

Irvine Co. Completes $200M Redevelopment of Irvine Spectrum Center

by Amy Works August 17, 2018

IRVINE, CALIF. — Irvine Co. has completed a $200 million reinvestment at Irvine Spectrum Center, a shopping, dining and lifestyle property located at 670 Spectrum Center Drive in Irvine. The capital improvements program included new store openings, extensive outdoor renovations and enhanced restaurant and entertainment options at the 1.2 million-square-foot shopping center. The following 15 tenants are slated to open Aug. 18, 2018: Apple Irvine Spectrum Center Hello Kitty Café H&M STANCE Gorjana 85°C Bakery Café BLKdot Coffee Afters Ice Cream Concrete Rose Falasophy Robata Wasa SoHa Living The Denim Lab Ra Yoga UnAffected Additionally, Brigade LA, Drybar, Sephora and SST&C will join Irvine Spectrum Center later this year.

August 17, 2018

Acquisitions California Multifamily Western

IREA Negotiates $6.8M Sale of Apartment Building in North Hollywood

by Amy Works August 17, 2018

LOS ANGELES — IREA has arranged the sale of an apartment building located at 5543 Case Ave. in Los Angeles’ North Hollywood district. A private individual sold the property to an undisclosed buyer for $6.8 million, or $381,000 per unit. The property features 18 apartments within walking distance to the North Hollywood Metro Red Line Station. On-site amenities include two outdoor resident lounges and a secured and gated dog-walk area. Within the last 12 months, the property underwent renovations including new exterior paint, front door, mailboxes, landscaping, signage, laundry room and LED lighting. Jonathan Krikorian, Clark Everitt and William Everitt of IREA represented the seller in the deal.

August 17, 2018

California Development Retail Western

Lewis Retail Centers Opens First Portion of 430,000 SF Renaissance Marketplace in Rialto

by Amy Works August 16, 2018

RIALTO, CALIF. — Lewis Retail Centers, part of the Lewis Group of Companies, has opened the first portion of Renaissance Marketplace, a 430,000-square-foot shopping, dining and entertainment center located off the 210 Freeway in Rialto. Anchored by a 13-screen Cinemark Theatres, a 38,000-square-foot 24 Hour Fitness and a 43,000-square-foot Burlington, the center features modern architecture, tenanting and marketing specifically for today’s millennials. Additional signed tenants include The Habit, California Fish Grill, Ahi Poke Bowl, Pho ’77, Panera Bread and Septembers Taproom and Grill, Five Below, Ross Dress for Less and a Grocery Outlet. Currently, six tenants are open, and an additional 26 tenants are scheduled to open in September.

August 16, 2018

4846-4854-Valley-View-Ave-Yorba-Linda-CA

Acquisitions California Retail Western

CBRE Arranges $7.8M Sale of Three-Building Retail Center in Yorba Linda

by Amy Works August 16, 2018

YORBA LINDA, CALIF. — CBRE has brokered the sale of The Shops at Yorba Linda, a three-building center located at 4846-4854 Valley View Ave. in Yorba Linda. Solana Beach-based Midtown National Group sold the property to Los Angeles-based San Jose Central Travel for $7.8 million. At the time of sale, the property was fully occupied by a mix of quick-serve restaurants, service tenants, unique retailers and a Dunkin Donuts drive-thru. Sam Alison, Mike Philbin, Amar Goli and Patrick Larimore of CBRE represented both the seller and buyer in the transaction.

August 16, 2018

California Development Hospitality Mixed-Use Office Western

Broadreach, Rockwood Break Ground on $250M Bay Area Mixed-Use Project

by Amy Works August 15, 2018

MOUNTAIN VIEW, CALIF. — Broadreach Capital Partners and Rockwood Capital have broken ground on Ameswell Mountain View, a mixed-use development situated on one of last fully entitled development sites in Mountain View, just northwest of San Jose. Located at the convergence of U.S. 101 and State Route 85, the property is the culmination of four years of planning and land assemblage by Broadreach. Situated on 10 acres, the project will feature a 220,000-square-foot, Class A office building and The Ameswell Hotel, a 255-room luxury hotel. The office building will feature 47,000-square-foot floor plates, ceiling heights up to 16 feet and full-height windows. On-site amenities include a roof deck, terraces and breakout areas to connect tenant space with the outdoor environment. Additionally, parking is structured as three parking stalls per 1,000 square feet of office space. Broadreach has retained Newmark Cornish & Carey as leasing agents for the office building, which is slated for completion in November 2019. Set to open in July 2020, The Ameswell Hotel will feature creative, local design with a strong emphasis on art and technology. The hotel will include more than 6,000 square feet of meeting space, a fitness center, restaurant with outdoor dining, beer garden, …

August 15, 2018

Acquisitions California Multifamily Western

Xenon Investments Buys 81-Unit Apartment Property in Hollywood for $28M

by Amy Works August 15, 2018

LOS ANGELES — Xenon Investments, a local multifamily operator, has purchased Las Palmas Villa Apartments, located at 2039 N. Las Palmas Ave. and 2026 N. Highland Ave. in Hollywood. Berk Investments sold the property for $28 million. The 67,700-square-foot asset features a mix of studio/junior one-bedroom, one-bedroom and two-bedroom units, controlled access, a swimming pool with sundeck, courtyard with fountain, parking, laundry facilities on each floor and elevator access to all levels. Unit amenities include spacious floorplans and air conditioning, with many units featuring a balcony or patio. The buyer plans to upgrade all common areas, including the building façade, and completely renovate all unit interiors with state-of-the-art amenities and conveniences. Dean Zander, Stewart Weston and John Montakab of CBRE represented the seller in the deal.

August 15, 2018

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