California

3057-W-Pico-Blvd-LA-CA

LOS ANGELES — George Smith Partners has secured $22.3 million in financing for the ground-up development of a workforce multifamily property located in Los Angeles’ Koreatown district. The borrower and property developer is a joint venture between Index Real Estate Investments and Ketter Construction. Located at 3057 W. Pico Blvd., the project will feature 51 workforce apartment units and 3,350 square feet of ground-floor retail space. Construction is underway on the development, with a slated completion in early 2020. Jonathan Lee and Shahin Yazdi of George Smith Partners arranged the transaction. The financing includes a $17.3 million senior loan priced at LIBOR plus 375.5 basis points for the 36-month term, while the $5 million tranche was priced at a 12.25 percent annual interest rate.

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Marymount-Greenhills-Millbrae-CA

MILLBRAE, CALIF. — Cadence Living has acquired Marymount Greenhills Retirement Center, a 158-unit independent living, assisted living and memory care community in the San Francisco suburb of Millbrae. Cadence plans to renovate the property over the next year and rename it Cadence Millbrae. The project will modernize the apartments, corridors and common areas. Greenhills Retirement Center is located adjacent to Greenhills Park and has views of San Francisco Bay. Cadence Living is a developer, owner and operator based in Scottsdale, Ariz. The company’s portfolio includes properties in California, Arizona and Colorado, with plans to further expand in the South and West.

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Natomas-Shopping-Center-Sacramento-CA

SACRAMENTO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of Natomas Shopping Center in Sacramento. A Bakersfield-based private investor sold the property to another private investor for $10.7 million in an off-market transaction. CVS/pharmacy, Ace Hardware and Dollar Tree anchor the 50,168-square-foot property. Built in 2007, the asset is situated on 7.5 acres at 2000-2050 Club Center Drive. At the time of sale, the retail center was 100 percent occupied. Kevin Fryman and Bill Asher of Hanley Investment represented the seller, while the buyer was self-represented in the deal.

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SAN FRANCISCO AND SPOKANE, WASH. — iBorrow, a private direct lender for commercial real estate, has provided two loans totaling $11.7 million for properties in San Francisco and Spokane. The lender funded a $5.6 million loan to refinance a four-story, 9,580-square-foot building, located at 131 Franklin St. in San Francisco. The asset is situated on a 2,395-square-foot lot in the Hayes Valley neighborhood. The name of the borrower was not disclosed. Additionally, iBorrow provided a $6.1 million to an undisclosed borrower for an office building located at 901 N. Monroe St. in Spokane. The three-story property features 76,814 square feet of office space. Brian Good, CEO of iBorrow, handled both transactions.

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East-Washington-Petaluma-CA

PETALUMA, CALIF. — Vestar has purchased East Washington Place, a shopping center located at 401 Kennilworth Drive in Petaluma, for $55 million. The name of seller was not released. Totaling more than 340,000 square feet, East Washington Place shopping center is LEED Silver certified. Current tenants include Target, TJ Maxx/HomeGoods, Sprouts Farmers Market, ULTA Beauty, Dick’s Sporting Goods and PetSmart. With this acquisition, the company’s portfolio crossed the 30 million-square-foot threshold.

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Scotts-Village-Scotts-Valley-CA

SCOTTS VALLEY, CALIF. — Cushman & Wakefield has arranged the sale of Scotts Village, a neighborhood shopping center in Scotts Valley. McNellis Partners acquired the property from The Pratt Co. for $15.3 million. Located at 227-259 Mt Hermon Road, the 121,296-square-foot property was developed in 1984. Current tenants include Safeway, CVS/pharmacy, Chase Bank, McDonald’s and Taco Bell. Dan Wald and Don LeBuhn (The Wald|LeBuhn Team) of Cushman & Wakefield represented the seller, while the buyer was self-represented the in the deal.

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819-N-La-Brea-Ave-LA

LOS ANGELES — Avison Young has negotiated the sale of 819 N. Le Brea Ave., an iconic retail property located in Los Angeles’ La Brea neighborhood. Flora M Kinyon Trust sold the property to Santa Monica Corridor LLC for $4.1 million. Built in 1928 as a ribbon factory and renovated in 2015, the 5,106-square-foot, single-tenant property features an enclosed courtyard and gated parking lot with 19 spaces, as well as 105 feet of frontage along La Brea Avenue. Rick Owens’ currently occupies the property with its West Coast flagship store. Christopher Bonbright and Brandon Mason of Avison Young represented the buyer and seller in the transaction.

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Cress-Capital-Cerritos-CA

CERRITOS, CALIF. — Newport Beach, Calif.-based Cress Capital has purchased a five-building office portfolio, located within Cerritos Town Centre in Cerritos. An undisclosed seller sold the asset for $89.5 million. Built between 1989 and 1998, the 461,920-square-foot portfolio includes two seven-story buildings and three two-story buildings. At the time of sale, the asset was 88 percent occupied by 45 tenants. Cerritos Town Centre is a 124-acre mixed-use development offering more than 1 million square feet of Class A office space, a full-service hotel, the Cerritos Center for the Performing Arts and a 600,000-square-foot, open-air retail center. This transaction puts Cress at nearly $250 million in acquisition volume over the past 18 months and expands the company’s portfolio in Southern California and Colorado to roughly 1.7 million square feet.

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Elk-Grove-Commons-Elk-Grove-CA

ELK GROVE, CALIF. — NKF Capital Markets has arranged the sale of Elk Grove Commons, a 241,926-square-foot shopping center in Elk Grove, a southern suburb of Sacramento. The sales price was not disclosed, but the Sacramento Business Journal reports the asset sold for $59.3 million. Nicholas Bicardo and Brandon Rogoff of NKF Capital Markets arranged the transaction on behalf of the seller, Donahue Schriber. Acadia Realty Trust acquired the center, which was fully leased at the time of sale. Elk Grove Commons houses tenants such as Trader Joe’s, HomeGoods and Kohl’s.

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CULVER CITY, CALIF. — California Landmark Group has purchased a development site located at 3812-3818 Dunn Drive in Culver City. Napa Industries sold the property for $7 million. The 10,040-square-foot property is zoned LAR5 allowing for the development of multifamily and residential space. Fariba Kavian and Sam Monempour of NAI Capital’s West Los Angeles office, along with Arthur Arejian of Vanguard Investments, handled the transaction. Kavian and Monempour represented the seller in the deal.

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