California

Soft Surroundings to Enter California Market with Four New Retail Stores

by Nellie Day March 8, 2018

WALNUT CREEK, CALIF. — Soft Surroundings, a lifestyle brand committed to providing clothing, accessories, beauty and home goods to women, has plans to open 16 locations in 2018, including entering the California market. The St. Louis-based company is opening locations in Santa Rosa, Mission Viejo, Rancho Cucamonga and Walnut Creek, Calif., as well as Marlton, N.J., Columbia, Md., Orlando and Harrisburg, Pa. Additional markets will be announced in the near future. The new locations will feature the merchandise found in Soft Surroundings’ catalogs and website, in addition to some store-exclusive items.

March 8, 2018

California Multifamily Western

HCP to Transition Operations of 24 Seniors Communities from Brookdale to Atria

by Nellie Day March 7, 2018

IRVINE, CALIF. — Irvine-based REIT HCP (NYSE: HCP) and Louisville-based operator Atria Senior Living have agreed to transfer operations of 24 HCP-owned seniors housing properties to Atria. Brookdale Senior Living currently operates the properties. The transitions will begin this month and are expected to be completed by September, as the required regulatory approvals are obtained.

March 7, 2018

California Multifamily Student Housing Western

Campus Advantage Awarded Management of Two Student Housing Communities in California

by Nellie Day March 7, 2018

DAVIS AND FULLERTON, CALIF. — Campus Advantage has been awarded management of two student housing communities in California.bThe properties include College Square, a 448-bed community located within walking distance of the University of California, Davis; and University Village, a 305-bed community located near California State University, Fullerton. Both properties are garden-style. College Square offers shared amenities including three swimming pools, a fitness center, grilling and picnic area, 24-hour laundry facilities, study lounge and business center. Shared amenities at University Village include onsite food service, a swimming pool, fitness center, laundry facilities, bicycle storage, package lockers, Wi-Fi hotspots throughout common areas and a recreational room with billiards, foosball, a big screen TV and lounge areas. Renovations are planned for common areas and units, and Catalyst is set to perform full rebrands at both properties.

March 7, 2018

California Industrial Loans Western

Bellwether Enterprise Closes $15.5M Refinancing for Two Industrial Buildings in Metro Los Angeles

by Nellie Day March 7, 2018

REDONDO BEACH AND HAWTHORNE, CALIF. — Bellwether Enterprise has closed $15.5 million in refinance loans for two industrial properties in metro Los Angeles. The refinancing included a 10-year, $10.3 million loan for the Northrop Grumman industrial building in Redondo Beach and an 11-year, $5.2 million loan for the Van Ness Commerce Center in Hawthorne. Shelley Magoffin and Max Sauerman of Bellwether Enterprise arranged the loans, which both featured fixed interest rates in the upper 3 percent range and life insurance company lenders. The 112,000 square-foot Northrop Grumman industrial building is occupied by a single tenant that has more than five years remaining on its lease. Van Ness Commerce Center features 63,000 square feet of warehouse space with a 24-foot minimum clear height. The building was 100 percent leased to two tenants when the financing was arranged, and both tenants had near-term rollover risk.

March 7, 2018

California Retail Western

Haagen Co. Acquires 215,000 SF Mall in California, Plans Redevelopment

by Nellie Day March 6, 2018

INDIO, CALIF. — Haagen Co. has acquired the Indio Fashion Mall, a 215,000-square-foot shopping mall in Indio, for an undisclosed price. REO Property Group LLC sold the asset, according to the Desert Sun. Haagen Co. plans to redevelop and expand the property, which was 30 percent leased at the time of sale, into a retail, dining and entertainment destination. The design will include public gathering spaces, areas reserved for community events and landscaping throughout. In addition, Haagen Co. plans to incorporate the adjacent 20 acres of land, owned by the City of Indio, into the new development. Current retailers at the mall will remain open for business while design plans are in progress. Haagen Co. plans to begin the first phase of redevelopment in 2019.

March 6, 2018

California Industrial Western

Maple DTLA Purchases 102,859 SF Industrial Portfolio in Los Angeles for $15.5M

by Nellie Day March 6, 2018

LOS ANGELES — Maple DTLA LLC has acquired the Rosenthal Property Portfolio in Los Angeles for $15.5 million The 102,859-square-foot industrial portfolio is situated in the East Los Angeles/Boyle Heights area. Iqbal Hassan of the Quantum Associates represented the buyer. Jon Reno, Robert Thornburgh, Tom Holland and Trevor Gale represented the seller, Rosenthal Property Owners, in this transaction.

March 6, 2018

California Office Retail Top Stories Western

Hudson Pacific, Macerich to Redevelop Westside Pavilion Mall in Los Angeles to Office Space for $450M

by Jeff Shaw March 6, 2018

LOS ANGELES — Hudson Pacific Properties (NYSE: HPP) and Macerich (NYSE: MAC) have formed a joint venture to redevelop Westside Pavilion, a 600,000-square-foot shopping mall located in west Los Angeles, into creative office space. The project is expected to cost between $425 and $475 million. At completion, the development will be home to 500,000 square feet of state-of-the-art creative office space, while retaining 100,000 square feet of existing entertainment retail space. The 12-screen Landmark Theatres, Westside Tavern restaurant and other shops primarily located on the ground floor will remain in the reconfigured space, according to reports by the Los Angeles Times. Anchor Macy’s is set to close at the end of this month, and Nordstrom left the property last year to open at Westfield Century City. Project completion is scheduled for summer 2021. Hudson Pacific will hold a 75 percent stake in the property, and will act as managing member, day-to-day operator and developer. Macerich will hold the remaining 25 percent. “Westside Pavilion is a perfect opportunity for us to reposition a marquee asset in a premier location,” says Victor Coleman, chairman and CEO of Hudson Pacific. “The project is poised to capture the strong demand from tenants for creative office …

March 6, 2018

California Industrial Western

Bixby, AXA Plan $400M Industrial Acquisition Pipeline in Western States

by Nellie Day March 5, 2018

NEWPORT BEACH, CALIF. — A joint venture between Bixby Land Co. and institutional partner AXA Investment Managers has planned to acquire approximately $400 million of core industrial properties in the Western United States. Bixby contributed an initial portfolio of seed assets to the venture as the partners seek to expand the relationship through the pursuit of additional acquisition opportunities. Bixby Land Co. currently owns more than 6 million square feet of office and industrial space in the West. The new venture will pursue middle-market properties, preferably one-off assets, between 100,000 square feet and 400,000 square feet in markets from San Diego to Seattle and as far east as Dallas. HFF’s Kevin MacKenzie, Michael Joseph, Doug Bond, Tom Mizo and Ryan Megowan represented Bixby in the joint venture arrangement.

March 5, 2018

California Mixed-Use Multifamily Retail Western

JV Opens Mixed-Use Property with 286 Apartments, 70,000 SF Retail Space in Corona, California

by Nellie Day March 2, 2018

CORONA, CALIF. — A joint venture between Wermers Properties and Watermarke Properties has developed The Metro, a mixed-use property located in the center of the Main Street Corridor in Corona. The transit-oriented development features 286 residential units and more than 70,000 square feet of retail space. Currently signed retailers include Starbucks Coffee, Z-Pizza Tap Room, Poke Cat, Burgerim, America’s Best Eyeglass, Citibank, Organic Junkie, Paws at Main, Nail & Spa Today, D’Vine Mediterranean, Meraki Salon and Union Barber.

March 2, 2018

California Retail Western

Coda Equities Acquires Three-Building Retail Plaza in Los Angeles for $6.2M

by Nellie Day March 2, 2018

LOS ANGELES — Coda Equities has purchased Verdugo Plaza, a three-building asset located at 3322 Verdugo Road and 2614 Arthur St. in Northeast Los Angeles. A private trust sold the retail plaza for $6.2 million. The buyer was not disclosed. The asset consists of three freestanding buildings totaling 21,885 square feet. At the time of acquisition, the property was 53 percent occupied. Karol Le of CBRE represented the buyer and seller in the deal.

March 2, 2018

Newer Posts

Older Posts