California

L&B Realty Receives $90M to Refinance South Beach Marina Apartments in San Francisco

by Nellie Day August 15, 2017

SAN FRANCISCO — A state pension fund advised by L&B Realty has received $90 million to refinance the 414-unit South Beach Marina Apartments in San Francisco. The Class A community is located at 2 Townsend St. South Beach Marina Apartments was built in 1989. The mid-rise property contains five buildings and 4,708 square feet of ground-floor retail that is currently occupied by two restaurants and a salon. Amenities include two tennis courts, a luxury lobby/lounge area, community/billiards room, landscaped courtyard, outdoor pool, and spa and fitness center. Grandbridge Real Estate Capital originated the 12-year, interest-only loan.

August 15, 2017

California Loans Office Western

Five Point Holdings Obtains $339M in Financing for Five Point Gateway in Irvine

by Nellie Day August 14, 2017

IRVINE, CALIF. — A subsidiary of Five Point Holdings has obtained $339 million in financing for Five Point Gateway, a four-building office/R&D campus in Irvine. The campus is located at 15101, 15131, 15161 and 15191 Alton Parkway. It is part of the larger 72-acre Great Park Neighborhoods master-planned community in the Irvine Spectrum submarket. The borrower is acquiring the assets through a partial sale-leaseback transaction with Broadcom Corp., the project’s developer. Broadcom plans to lease 15101 and 15191 Alton Parkway, which total 640,944 square feet (64 percent of the total portfolio) on a triple-net basis. Tenants at the other two buildings include Lennar Corp. and Five Point. There is still 232,223 square feet available for lease. The campus will feature open park space with landscaping and extensive amenities. HFF’s Kevin MacKenzie, Lee Redmond and Peter Thompson arranged the financing. Starwood Property Trust provided the five-year, floating-rate loan.

August 14, 2017

California Multifamily Western

Allstate, TruAmerica JV Buys Eagles Point Apartment Community in Escondido for $90M

by Nellie Day August 14, 2017

SAN DIEGO — A joint venture between Allstate and TruAmerica Multifamily has acquired the 519-unit Eagles Point Apartment Community in the San Diego submarket of Escondido for $90 million. The community is located at 1501 E. Grand Ave. Eagles Point includes studio to three-bedroom apartments. The asset has not been updated since it was built in 1985. The JV plans to refurbish all interior units and upgrade the property’s two pools and spas, tennis courts and clubhouse. Plans also call for a new fitness center to be built into the existing clubhouse. CBRE’s Troy Tegeler arranged the project financing through Fannie Mae. The firm’s Kevin Mulhern, Rachel Parsons and Dixie Hall represented the seller in this transaction.

August 14, 2017

California Retail Western

Faris Lee Arranges $20.7M Sale of Southridge Plaza in Fontana

by Nellie Day August 14, 2017

FONTANA, CALIF. — Faris Lee Investments has brokered the sale of Southridge Plaza, a grocery and drug-anchored retail center located at 11617 Cherry Ave. in Fontana. Fortress Investment Group sold the property to Fontana Southridge Partners LP for $20.7 million. Rio Ranch Market, Rite Aid, AutoZone, McDonald’s, Subway, Waba Grill and Cricket Wireless occupy the 119,359-square-foot property, which is nearly 100 percent leased. Donald MacLellan, Nicholas Coo and Joseph Chichester of Faris Lee represented both the seller and the buyer in the deal.

August 14, 2017

California Multifamily Western

Lowe, AECOM Capital, Rockwood Capital Start Construction on $300M Mixed-Use Development in Culver City

by Nellie Day August 11, 2017

CULVER CITY, CALIF. — Lowe, AECOM Capital and Rockwood Capital have begun construction on Ivy Station, a transit-oriented mixed-use development adjacent to the Culver City Station of the Los Angeles Metro Expo light-rail line in Culver City. Situated on 5.2 acres, the $300 million development will feature 200 apartments, 55,000 square feet of ground-floor retail and restaurant space, a 148-room boutique hotel and a 200,000-square-foot office building. Additionally, the project will feature 1,500 spaces of below-grade parking, 300 of which will be dedicated for use by Metro riders. Killefer Flammang Architects and EYRC are providing architectural services for the project, which is slated for completion in fall 2019. Bernards is serving as general contractor for the development.

August 11, 2017

California Restaurant Retail Western

SRS Real Estate Partners Brokers $5M Sale of Restaurant Property in Long Beach

by Nellie Day August 11, 2017

LONG BEACH, CALIF. — SRS Real Estate Partners has arranged the sale of a restaurant property located in Long Beach. An undisclosed buyer acquired the property for $5 million, or $1,685 per square foot. The newly constructed 2,967-square-foot property is occupied by Carl’s Jr., which opened in July. Matthew Mousavi, Patrick Luther, Garrett Colburn and Townsand Cropsey of SRS represented the undisclosed seller in the deal.

August 11, 2017

California Office Retail Western

Avison Young Facilitates $3.7M Sale of Retail, Office Property in Hollywood

by Nellie Day August 11, 2017

HOLLYWOOD, CALIF. — Avison Young has brokered the sale of a retail and office property located at 6501 Hollywood Blvd. in Hollywood. A Los Angeles-based private investor sold the 7,000-square-foot property for $3.7 million. At the time of sale, the two-story property was fully leased. John Tronson and Steven Tronson of Avision Young represented the seller and buyer, a private investor from New York City, in the deal.

August 11, 2017

California Multifamily Western

Progressive Real Estate Arranges 9,776 SF in Leases at Metro at Main in Corona

by Nellie Day August 11, 2017

CORONA, CALIF. — Progressive Real Estate Partners has arranged 9,776 square feet in retail leases at Metro at Main, a mixed-use community located at the corner of North Main and Rincon streets in Corona. Metro at Main features 60,000 square feet of retail space and 868 luxury high-rise residential units. The new tenants include a 1,845-square-foot Coffee Bean & Tea Leaf, a 3,138-square-foot America’s Best Vision, a 1,398-square-foot Poki Cat, an 859-square-foot Organic Junkie, a 1,337-square-foot Meraki Salon and a 1,199-square-foot Union Barber & Beer Lodge. Paul Galmarini and Gretchen Lastra of Progressive Real Estate represented the landlord internally in the lease transactions.

August 11, 2017

California Restaurant Retail Western

Colliers Arranges 2,800 SF Lease for Restaurant Space in Paramount

by Nellie Day August 11, 2017

PARAMOUNT, CALIF. — Colliers Retail Foresight has arranged a lease for restaurant space at Clearwater Crossing, a 12,000-square-foot restaurant development in Paramount. Stinkin’ Crawfish will occupy 2,800 square feet of space at the property. James Rodriguez and Michael Bohorquez of Colliers represented the tenant and undisclosed landlord in the deal.

August 11, 2017

California Loans Multifamily Western

Douglas Emmett Receives $550M to Refinance Multifamily Portfolio in Los Angeles

by Nellie Day August 10, 2017

LOS ANGELES — Douglas Emmett has received a total of $550 million in loans to refinance a four-property multifamily portfolio in Los Angeles. The Class A assets are located in Los Angeles and Santa Monica. About 90 percent of the total loan amount, or nearly $500 million, qualified for Fannie Mae’s Delegated Underwriting and Servicing (DUS) Green Rewards program, making it the largest transaction using Fannie Mae’s Green Rewards to date. The Green Rewards program will fund environmental upgrades to three of the four properties. These improvements allowed the borrower to secure competitive loan terms while ensuring more sustainable operations and cost savings for years to come. Walker & Dunlop closed the four interest-only loans.

August 10, 2017

Newer Posts

Older Posts