California

Vestar Acquires 340,000 SF Bay Area Shopping Center for $55M

by Amy Works August 13, 2018

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.

August 13, 2018

Acquisitions California Retail Western

Cushman & Wakefield Arranges $15.3M Sale of 121,296 SF Retail Center in Santa Cruz County

by Amy Works August 13, 2018

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.

August 13, 2018

Acquisitions California Retail Western

Avison Young Brokers $4.1M Sale of La Brea Avenue Property in Los Angeles

by Amy Works August 10, 2018

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.

August 10, 2018

Acquisitions California Office Western

Cress Capital Acquires Five-Building Office Portfolio in Southern California for $89.5M

by Amy Works August 9, 2018

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.

August 9, 2018

Acquisitions California Retail Western

NKF Capital Markets Arranges $59.3 Million Sale of Elk Grove Commons Near Sacramento

by Amy Works August 9, 2018

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.

August 9, 2018

Acquisitions California Multifamily Western

California Landmark Group Buys Multifamily Development Site in Culver City for $7M

by Amy Works August 8, 2018

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.

August 8, 2018

Acquisitions California Multifamily Student Housing Western

Colliers International Arranges $6.4 Million Sale of Student Housing Community Near California Polytechnic State University

by Amy Works August 8, 2018

SAN LUIS OBISPO, CALIF. — Colliers International has arranged the $6.4 million sale of Icon SLO, a 26-bed student housing community located near California Polytechnic State University in San Luis Obispo. The property offers six four-bedroom units and one two-bedroom unit. Each unit is fully furnished. The building also features ground-floor retail occupied by tenants including Soul Yoga and Tiki Hut, a Caribbean restaurant. Dorothy Jackman and Jamie Swick of Colliers’ National Student Housing Group worked with Pat Swanson and Brett Bayless of Colliers Los Angeles to represent the undisclosed seller in the transaction. The buyer was also undisclosed.

August 8, 2018

Acquisitions California Industrial Western

BKM Capital Purchases Multi-Tenant Industrial Park in Metro Los Angeles for $85M

by Amy Works August 7, 2018

BURBANK, CALIF. — BKM Capital Partners has acquired Backlot Burbank, a 12-building industrial business park located at 4100-4210 W. Vanowen Place, 2303-2333 N. Valley St. and 4400-4510 W. Vanowen St. in Burbank. A joint venture between Shubin Nadal Associates and Penwood Real Estate Investment Management, through its Penwood Select Industrial Partners IV value-added investment vehicle, sold the property for $85 million. At the time of sale, the 302,869-square-foot asset was 100 percent occupied by 16 tenants with unit sizes ranging from 6,000 square feet to 100,217 square feet. BKM Capital Partners plans to implement a series of capital improvements to the property, including new roofs, paint and tenant and monument signage. CBRE represented the seller in the deal.

August 7, 2018

Acquisitions California Industrial Western

Terreno Realty Acquires Multi-Building Industrial Property in Bay Area for $36M

by Amy Works August 7, 2018

SAN LEANDRO, CALIF. — Terreno Realty Corp. has purchased a multi-building industrial asset located at 2700 Merced St. in San Leandro. An undisclosed seller sold the property for $36 million. Situated on 14.8 acres, the asset consists of three distribution buildings totaling 209,000 square feet, a 16,000-square-foot office building and an improved land parcel. The property features 12 dock-high and four grade-level loading positions and parking for 374 cars. At the time of acquisition, the asset was 81.6 percent leased to seven tenants, four of which have no renewal options and leases that will expire on or before Dec. 31, 2020. Depending on the leasing outcomes over the next year, Terreno Realty may choose to redevelop part of all of the property.

August 7, 2018

Acquisitions California Office Western

New York Life Sells 90,715 SF Office Building in Newport Beach for $32.1M

by Amy Works August 6, 2018

NEWPORT BEACH, CALIF. — New York Life has sold an office building, located at 1500 Quail St. in Newport Beach. A joint venture between Lincoln Property Co. and an institutional advisor acquired the property for $32.1 million. Paul Jones, Kevin Shannon, Blake Bokosky, Brunson Howard, Rick Stumm and Brandon White of NKF Capital Markets represented the seller, while the buyer was self-represented in the deal. Built in 1983 and renovated in 2017, the seven-story, 90,715-square-foot building is situated on nearly five acres and features a revitalized exterior patio area, modernized elevator, flexible floor plates and suite sizes, and 357 surface parking stalls. At the time of sale, the property was 91 percent leased to 17 tenants, including Northwestern Mutual, Ticor Title, Alera Group and BB&T.

August 6, 2018

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