California

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

California Development Loans Multifamily Western

George Smith Partners Arranges $22.3M in Financing for Multifamily Development in Los Angeles

by Amy Works August 15, 2018

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.

August 15, 2018

Acquisitions California Multifamily Seniors Housing Western

Cadence Living Acquires 158-Unit Seniors Housing Community Near San Francisco

by Amy Works August 15, 2018

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.

August 15, 2018

Acquisitions California Retail Western

Hanley Investment Group Arranges $10.3M Sale of Shopping Center in Sacramento

by Amy Works August 14, 2018

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.

August 14, 2018

California Loans Office Washington Western

iBorrow Provides Two Loans Totaling $11.7M for Properties in San Francisco, Spokane

by Amy Works August 14, 2018

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.

August 14, 2018

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