California

BLT Enterprises Acquires FedEx Logistics Center in Costa Mesa for $33.4M

by Nellie Day June 26, 2017

COSTA MESA, CALIF. — BLT Enterprises has acquired a 112,000-square-foot logistics property in Costa Mesa for $33.4 million. FedEx occupies the center, which is located at 1650 Sunflower Ave. FedEx’s lease was set to expire next year, but a blend-and-extend lease was built into the sale that will keep the company there until 2028. The property was built in 1976 and repurposed in 2008. The seller was Sovereign Capital Management Group. Colliers’ Institutional Investment Services Group – Western Region executed the sale.

June 26, 2017

California Industrial Western

Rexford Industrial Buys Douglas Park Building in Long Beach for $30.6M

by Nellie Day June 26, 2017

LONG BEACH, CALIF. — Rexford Industrial Realty has purchased a build-to-suit facility at Douglas Park in Long Beach for $30.6 million. The 136,965-square-foot building is occupied by Universal Technical Institute, which signed a 15-year lease. CBRE’s Darla Longo, Barbara Emmons Perrier, Rebecca Perlmutter Finkel and Michael Kendall represented the buyer and seller, Sares Regis Group, in this transaction. CBRE’s John Schumacher, Brian DeRevere and J.B. Green were the local market experts on the deal.

June 26, 2017

California Office Western

Savills Studley Leases Office Space in Newport Beach

by Nellie Day June 26, 2017

NEWPORT BEACH, CALIF. — Savills Studley has signed a long-term lease for 17,675 square feet of office space at 520 Newport Center Drive in Newport Beach. The relocation will combine Savills Studley’s two existing offices at 19100 Von Karman Ave. in Irvine and 610 Newport Center Drive in Newport Beach. The Newport Beach location was the former home of Cresa Orange County which Savills Studley acquired in February. The space will feature a modern aesthetic with an emphasis on simplicity and openness, including a series of strategically located collaborative hubs and flexible meeting areas for internal and external gatherings. Irvine Company Office Properties owns the property. Savills Studley will occupy the building’s eighth floor in September.

June 26, 2017

California Hospitality Western

Lone Oak Lodge in Monterey Changes Hands

by Nellie Day June 23, 2017

MONTEREY, CALIF. — A local, private investor has acquired the 46-room Lone Oak Lodge in Monterey for an undisclosed sum. The hotel is located at 2221 N. Fremont St. The boutique property is near the Monterey Bay Aquarium, Cannery Row, Fisherman’s Wharf and Pebble Beach. Joshua Miehl and Oliver Shah of Atlas Hospitality Group represented the seller.

June 23, 2017

California Industrial Western

Rexford Industrial Buys Two Industrial Properties in Los Angeles for $35.9M

by Nellie Day June 22, 2017

LOS ANGELES — Rexford Industrial Realty has purchased two industrial assets in Los Angeles for a total of $35.9 million. The first acquisition was 4175 E. Conant St. in the Long Beach area for $30.6 million. The Class A asset is fully leased to a single tenant on a triple-net basis with 13 years remaining on the lease term. The second acquisition was 5421 Argosy Ave. in the Orange County West submarket. It is fully leased as a mission-critical facility. Rexford funded the acquisitions with cash on hand.

June 22, 2017

California Retail Western

Hanley Investment Brokers $7.6M Sale of Retail Property in Rosamond

by Nellie Day June 22, 2017

ROSAMOND, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant retail property located at 2938 Rosamond Blvd. in Rosamond. Newmar LLC acquired the property from a private partnership for $7.6 million. Rite Aid occupies the 17,277-square-foot property, which was built in 2016. Bill Asher of Hanley Investment Group represented the seller, while Jim Halferty of Lee & Associates represented the buyer in the deal.

June 22, 2017

California Loans Retail Western

NewMark Merrill Cos. Receives $5.2M Refinancing for 207,000 SF Retail Center in Ontario

by Nellie Day June 22, 2017

ONTARIO, CALIF. — NewMark Merrill Cos. has received $5.2 million in refinancing for The Marketplace on Grove, a 270,000-square-foot shopping center located in Ontario. A 165,643-square-foot Lowe’s Home Improvement Warehouse, which was built in 2007, anchors the center. Additional tenants are Chipotle Mexican Grill, El Pollo Loco, Jersey Mike’s Subs, McDonalds, Panda Express, US Bank and Pizza Pirates. William McPadden, Jeffrey Packard, Tom Treacy and Chris Bingham of John Hancock arranged the financing, which is NewMark’s third completed refinance with John Hancock Life Insurance. Kostas Kavayiotidis of Pacific Southwest Realty helped facilitate the transaction.

June 22, 2017

California Restaurant Retail Western

Flocke & Avoyer Arranges 1,300 SF Restaurant Lease in Pacific Beach

by Nellie Day June 22, 2017

PACIFIC BEACH, CALIF. — Flocke & Avoyer Commercial Real Estate has arranged the lease of 1,300 square feet of restaurant space at 1038 Garnet Ave. in Pacific Beach. Square Bar Café signed a five-year lease for the space from Dayani Partners. Ashley Tiefel and Steve Avoyer of Flocke & Avoyer represented the landlord, while the tenant was self-represented in the transaction.

June 22, 2017

California Multifamily Western

MG Properties Receives $84.9M Loan to Acquire Alexan Melrose Apartments in Vista

by Nellie Day June 21, 2017

VISTA, CALIF. — MG Properties has received an $84.9 million loan to acquire the 410-unit Alexan Melrose in the San Diego submarket of Vista. The Class A complex is located at 1401 N. Melrose Drive. Alexan Melrose was built in 2015. It is 94 percent leased. The garden-style community features one- to three-bedroom units. The buyer plans to rebrand the property as the Preserve at Melrose Apartments. The 10-year loan features a fixed rate through Freddie Mac. CBRE’s Scott Peterson, Bill Chiles and Brian Cruz secured the financing.

June 21, 2017

California Multifamily Western

Van Nuys Apartment Complex Sells for $4.5M

by Nellie Day June 21, 2017

VAN NUYS, CALIF. – An unnamed buyer has acquired a 28-unit apartment building in Van Nuys for $4.5 million. The community is located at 15843 Saticoy St. It recently underwent an upgrade and has little deferred maintenance. Clyde Isaacson of Marcus & Millichap represented the seller, an individual/personal trust, in this transaction.

June 21, 2017

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