LOS ANGELES — Marcus & Millichap has arranged the sale of a mixed-use property located at 1300 W. 24th St. in Los Angeles. An individual/personal trust sold the asset to an undisclosed buyer for $1.8 million. The property features 6,657 square feet of mixed-use space. Floyd Shaheen of Marcus & Millichap represented the seller, while Sam Liberow, also of Marcus & Millichap, represented the buyer in the transaction.
MONTCLAIR, CALIF. — CIM Group has signed a lease with AMC Dine-in Theatre at Montclair Place, a 1.2 million-square-foot regional mall in the Inland Empire community of Montclair. The new theater will occupy 55,000 square feet of a new 134,000-square-foot, two-level building under construction at the site of the former Broadway department store. The theater will include 12 auditoriums and its signature MacGuffins adult beverage concept. In addition to AMC Theatres, the new building at Montclair Place will include 64,000 square feet of space for restaurant and entertainment concepts, and will provide a new grand entrance to the mall. The project is part of the multi-phased redevelopment and revitalization of the shopping center. A construction timeline for the project was not disclosed.
LOS ANGELES — NKF Capital Markets has arranged the sale of Wedbush Center at 1000 Wilshire Blvd. in downtown Los Angeles for $196 million. Lincoln Property Co. sold the building to Cerberus Capital Management LP. The 476,491-square-foot office building is 86 percent leased. Financial services firm Wedbush Securities anchors the property. Located along Wilshire Boulevard, the Class A office tower is near entertainment destinations such as Staples Center and LA Live. The 21-story building recently underwent a $4 million renovation focused on repositioning the building’s ground-floor lobby, including the addition of a full-service bar and café. Designed by Kohn Pederson Fox Associates, 1000 Wilshire opened in 1987, according to The Skyscraper Center. Kevin Shannon, Rob Hannan, Laura Stumm, Michael Moll and Ken White of NKF represented the seller, while David Milestone and Brett Green of NKF procured financing on behalf of the buyer. Dallas-based Lincoln is a commercial real estate developer and property manager. Cerberus, headquartered in New York City, is a private investment firm. — Kristin Hiller
LOS ANGELES — CBRE has arranged the $17.5 million sale of Triangle Center, a 16,128-square-foot strip retail center. The property, which cuts across the Los Angeles and Culver City boundaries, is home to four single-unit tenants and a freestanding 99 Cents Only store. Alex Kozakov, Patrick Wade and Neal Golub of CBRE arranged the transaction on behalf of the seller, private investor Triangle Center LLC. Mary Cronin of Urban Real Estate Investment represented the buyer, Bastion Development Corp.
SAN DIEGO — Colliers International has arranged the $19.9 million sale of a 17,462-square-foot retail property located in San Diego’s Gaslamp Quarter. Bill Shrader, David Maxwell, Joe Brady and Serena Patterson of Collers arranged the transaction on behalf of both the seller, ASP/Blatteis 665 Urban 5th Venture LLC, and the undisclosed buyer. The three-unit property is home to Ghirardelli Café and Urban Outfitters. Colliers will handle leasing for the 2,692-square-foot unit located between the two retailers, which will become available in March.
BAKERSFIELD, CALIF. — Cushman & Wakefield has arranged $11.6 million in construction financing for The Palms at San Lauren, a 68-unit assisted living and memory care community in Bakersfield. The borrower was a joint venture between development firm Blue Mountain Enterprises Inc. and regional operator Pragma Management. The project is the third development project by the partnership. Pragma will manage the community once completed. PNC provided the capital for the loan. The Palms at San Lauren will be situated on a 3.5-acre site and will feature 44 assisted living units and 24 memory care units in a single-story building. The community will be situated next to a newly constructed skilled nursing facility. The Cushman & Wakefield team involved in the transaction included Aaron Rosenzweig, Jay Wagner, Sam Dylag and Alex Petrosian.
BRISBANE, CALIF. — DHL Global Forwarding has leased a 76,375-square-foot industrial warehouse building in the San Francisco Bay Area submarket of Brisbane. The building is located at 99 S. Hill Drive. The full complex contains 165,000 square feet on seven acres. The building features 22-foot clear height, 15 loading docks, two grade-level openings, sprinklers and trailer/employee parking. There is immediate access to US 101 and to the Bayshore Commuter Rail. The property is close to San Francisco International Airport and the Port of Oakland. Greig Lagomarsino and Mike Davis of Colliers International represented DHL, while Joe Harney of HCM Commercial Properties represented the landlord in this transaction.
TORRANCE, CALIF. — The Wolff Company has unveiled plans for Revel South Beach, a 185-unit independent living community in the coastal Los Angeles suburb of Torrance. Wolff, an Arizona-based private equity firm and developer, plans to break ground on the community before the end of the 2018 and open the community during 2019. The property is located near many of Southern California’s most notable beaches, including Manhattan, Redondo, Torrance and Palos Verdes. The four-story property will be the 10th seniors housing community Wolff has developed since 2016. The company plans to invest $300 million to $400 million annually in seniors housing developments, in addition to seeking acquisition opportunities.
SANTA ANA, CALIF. — A joint venture between Pacshore Partners and Canyon Partners Real Estate LLC has purchased Harbor Corporate Park in Santa Ana for an undisclosed sum. The park is situated on Harbor Boulevard near the central corridor in the SOCO office market. Harbor Corporate Park contains four two-story buildings set on 8.93 acres with 574 parking spaces. A capital improvement plan will include upgrades to enhance the aesthetic of the property, and a spec suite will be built to market to prospective tenants.
NORTH HOLLYWOOD, CALIF. — Regent Commercial Holdings has acquired a 33,505-square-foot industrial building in North Hollywood for $6.1 million. The building is located at 13401-13431 Saticoy St. The asset is fully leased. The property features units ranging from 1,800 square feet to 8,600 square feet along with gated and open parking. It was built in 1975. Scott Caswell of Lee & Associates-LA North/Ventura represented both the buyer and seller in this transaction.
