CULVER CITY, CALIF. — McCormick Construction has completed the renovation of the 45,000-square-foot Westwood One radio broadcast facility in Culver City. The campus is located at 8935, 8965 and 8944 Lindblade Ave. Cumulus Media recently acquired Westwood One, adding sports, news, talk, music and programming services. McCormick built 21 radio broadcast studios on the property. The CIM Group owns the site.
ESCONDIDO, CALIF. — Faris Lee Investments has arranged the $25 million sale of Gateway Center, an 89,625-square-foot shopping center located in Escondido. The property was 95 percent occupied at the time of sale by tenants including Michaels, Barnes & Noble, Fantastic Sam’s, Firehouse Subs, Dickies and H&R Block. Rick Chichester, Donald MacLellan, Patrick Toomey and Tom Chichester of Faris Lee represented the seller, a partnership led by GDA Real Estate Services. Gene Ventura and Jeff Conover, also of Faris Lee, represented the buyer, a private investor from San Diego County.
SAN DIEGO — Capstone Advisors has signed six leases for tenants at The Presidio, a recently renovated and repositioned retail center located in San Diego’s Linda Vista community. The new tenants include Rip Curl, Luv Bridal, Hopsy, Babe Kombucha, West Coast Veterinary Hospital and Sharetea. Located at 5261-5401 Linda Vista Road, The Presidio is located between Napa Street and the University of San Diego. Capstone completed extensive renovations on the property at the end of 2015. Capstone Advisors originally purchased the property in 2014. For the new lease transactions at The Presidio, Aaron Hill and Justin Wessel of Newmark Grubb Knight Frank represented Capstone Advisors. Luv Bridal and Sharetea represented themselves, Jones Lang Lasalle represented Rip Curl, Newmark Grubb Knight Frank represented Hopsy, Kidder Matthews represented Babe Kombucha and Strategic Real Estate Group represented West Coast Veterinary Hospital.
SAN DIEGO — Colliers International has arranged the $1.3 million sale of a 3,044-square-foot, two-unit retail condominium located in San Diego’s Bankers Hill neighborhood. Bill Shrader, David Maxwell and Joe Brady of Colliers International represented the San Diego-based seller, CR 5th & Nutmeg, and San Diego-based buyer The Cohen Family Trust. Shrader, Maxwell and Brady also secured Brooklyn Bicycles as the tenant for one of the units concurrently with the sale of the property. The shell-condition condominium is located at 2655 Fifth Ave. on the ground floor of Vue on 5th, a recently completed 45-unit residential building.
NORTHRIDGE, CALIF. — Universe Holdings has obtained $23.4 million in financing for the 148-unit Lodge at Porter Ranch in the Los Angeles submarket of Northridge. The community is located at 10631 Lindley Ave. The Lodge was built in 1979 and renovated in 2013. Universe Holdings purchased the property in 2004. The 10-year loan features interest-only payments for the first five years. HFF secured the financing through Freddie Mac. The planned use of the funds was not disclosed.
SANTA CLARITA, CALIF. — Duke Realty has announced plans to build a 37,000-square-foot medical office building in Santa Clarita. The two-story space will be situated on 3.8 acres on the south side of Soledad Canyon Road in the Canyon Country neighborhood of Santa Clarita, about 33 miles northwest of Los Angeles. The space has been fully preleased by Facey Medical Group, an affiliate of nonprofit Catholic health system Providence Health and Services. Duke will break ground early this summer for scheduled completion in June 2018. Snyder Langston will build the property, which Boulder Associates designed.
LOS ANGELES — Manchester Capital Management has purchased the Fine Arts Building, a 115,902-square-foot creative office building in downtown Los Angeles, for $43 million. The historic building is located at 811 W. 7th St. The Fine Arts Building was built in 1927 and renovated in 2016. It is 87.5 percent leased to tenants like WeWork, Pfeiffer Partners Architects, LTK Consulting Services, Hypothesis and SWA. NGKF’s Kevin Shannon, Ken White, Laura Stumm and Gibran Begum represented the buyer and seller, Sorgente Group of America, in this transaction.
MILL VALLEY, CALIF. — Mill Valley-based Four Corners Property Trust Inc. has acquired 16 properties occupied by Bob Evans Restaurants as part of a $35.1 million sale-leaseback transaction. The transaction was completed simultaneously with Golden Gate Capital’s acquisition of Bob Evans Restaurants from Bob Evans Farms Inc. The properties are occupied under a single triple-net master lease with a 20-year initial term. They are primarily based in the Midwest and Northeast.
TORRANCE, CALIF. — A private, locally based commercial real estate entity has acquired the 109,841-square-foot Mariner Court office building in Torrance for $24 million. The Class B building is located at 3625 Del Amo Blvd. Mariner Court is situated near the 405, 91 and 110 freeways, and near to Los Angeles International Airport. Derek Caldwell of Institutional Property Advisors represented the buyer, while the firm’s Michael Lawrence and David Black represented the seller, an Orange County-based private commercial real estate company.
SANTA MONICA, CALIF. — A joint venture between Douglas Emmett and Qatar Investment Authority (QIA) has purchased two office buildings in Santa Monica for $352.8 million. The assets include a 206,000-square-foot building at 1299 Ocean Ave. and an 87,000-square-foot office building at 429 Santa Monica Blvd. The same consolidated joint venture also acquired 12100 and 233 Wilshire Blvd. in 2016. A portion of the purchase price was provided by a $142 million secured, non-recourse, interest-only loan to the joint venture that matures in July 2019 and bears interest at LIBOR plus 1.55 percent. Douglas Emmett provided 20 percent of the equity capital and manages the joint venture.
