California

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

California Industrial Western

JV Acquires Bay Area Data Center Development Site

by Nellie Day August 10, 2017

SAN FRANCISCO — A joint venture between CIM Group and fifteenfortyseven Critical Systems Realty (1547) has acquired a 7.3-acre site at 400 Paul Ave. in the Portola neighborhood of San Francisco for an undisclosed sum. The site will soon be home to a 187,000-square-foot data center with 24 megawatt power capacity. The acquisition also includes two 1930s-era buildings that total 54,225 square feet. The facilities will undergo improvements to serve as office and support space for data center tenants.

August 10, 2017

California Office Western

Digital Map Products Leases Office Space at University Research Park in Irvine

by Nellie Day August 10, 2017

IRVINE, CALIF. — Digital Map Products has leased 22,000 square feet of office space at University Research Park in Irvine. The cloud-based location technology and data solutions provider will occupy an entire floor that was formerly home to chipmaker Broadcom. The research park is situated next to UC Irvine. Digital Map Products is working with local universities like UC Irvine to provide free access to the company’s technology. The campus also houses Irvine Co.’s tech incubator, The Vine, where startups have generated more than $24 million in funding, and UCI Applied Innovation.

August 10, 2017

California Loans Western

Business Finance Capital Services $148M in SBA 504 Funding in LA

by Nellie Day August 10, 2017

LOS ANGELES — Business Finance Capital (BFC) has serviced more than $148 million in SBA 504 funds in Los Angeles so far in 2017. The certified development company has completed a total of 106 SBA loans, which are designed to assist businesses seeking finance mechanisms such as real estate and machinery. The program works by distributing the loan across three parties: a conventional lender (50 percent), a nonprofit certified development company such as BFC (40 percent) and the buyer (10 percent). BFC also services the 504 Refinance Program. BFC services a range of industries, including wholesalers and distributors, manufacturers, assisted living facilities, hotels, law practices, medical and dental offices, car washes, construction companies and more.

August 10, 2017

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