LOS ANGELES — Somerset West Partners LLC has acquired Woodland Hills Corporate Center, a 230,833-square-foot office campus in Los Angeles, for an undisclosed sum. The property is located at 21021-21031 Ventura Blvd. in the Woodland Hills submarket. It is 85 percent leased to more than 60 tenants. CBRE’s Sean Sullivan, Todd Tydlaska and Michael Longo represented both the buyer and seller in this transaction.
HOLLYWOOD, CALIF. — The first location of Jimmy Buffett’s Margaritaville restaurant has opened its doors at Universal CityWalk. The more than 20-year-old Universal CityWalk, located in Hollywood, recently invested in an extensive revitalization. Enhancements currently underway include new restaurants, shopping experiences and design features to its multi-million dollar Universal Cinema renovation. This undertaking coincides with Universal Studios Hollywood’s recent transformation in which 75 percent of the theme park was reimagined. Margaritaville launched its first restaurant location in Key West, Fla., in 1987. Today, the company features nine resorts/hotels across the Southeast and Caribbean and eight additional locations in development; four gaming locations; and more than 60 food and beverage locations including concepts such as Margaritaville Restaurant, JWB Prime Steak and Seafood, 5 o’Clock Somewhere Bar & Grill and LandShark Bar & Grill, among others.
SAN DIEGO — A local hotel developer has acquired 1.6 acres of land in Escondido for $3.5 million. The undeveloped parcel is located at 200 La Terraza Blvd. It is entitled for a 105-room SpringHill Suites by Marriott hotel. Terry Jackson and Matt Davis of Cushman & Wakefield represented the buyer. The seller was San Bernardino Hospitality LLC.
VICTORVILLE, CALIF. — Progressive Real Estate Partners has sold two outparcels at the entrance to the Mall of Victor Valley in Victorville for $4.2 million. The 575,000-square-foot Mall of Victor Valley has freeway visibility on 1-15 and is anchored by Macy’s, JC Penney, Dick’s Sporting Goods Sears and Cinemark Theaters. The first transaction was for an outparcel at 14390 Bear Valley Road. Big 5 has occupied the 8,000-square-foot building since it was constructed in 1987. A private investor from southern California purchased the property for $1.58 million in an all-cash transaction. Progressive Real Estate Partners brokers Mike Lin and Brad Umansky represented both the buyer and seller in the deal. The second transaction was for a multi-tenant outparcel at 14350 Bear Valley Road. Built in 2005, the 14,120-square-foot retail building includes a 9,200-square-foot former David’s Bridal and four shop spaces totaling 4,920 square feet. A partnership formed by Alan Gottlieb of Real Estate Affiliates purchased the property for $2.65 million. Sit ‘n Sleep recently opened a 9,200-square-foot store at the property. Progressive Real Estate Partners brokers Brad Umansky and Liana Ahdoot marketed the property and represented the seller, a private Los Angeles-based investor.
SANTA ANA, CALIF. — Five new stores are set to open at MainPlace Mall by fall 2017: Paradis Ice Cream, Squiz Up, Miniso, Rocky Mountain Chocolate Factory and Destination XL. Paradis Ice Cream offers low fat desserts. Squiz Up will open in spring 2017 in a 500-square-foot space in the food court. The company offers juices, smoothies and iced beverages. Miniso will open in summer 2017 in a 1,400-square-foot space. Miniso is a Japanese fast-fashion designer selling homeware, bags and electronics. Rocky Mountain Chocolate Factory sells handmade chocolates and confections. The chocolate shop will be located in a 1,100-square-foot space and opens in summer 2017. Destination XL opens in fall 2017 in a 4,800-square-foot store. The company is a men’s retailer offering brands, styles and sizes starting at waist size 38.
LOS ANGELES — Bellwether Enterprise Real Estate Capital has hired 22 new employees for its West Coast platform. The employees will join the newly formed Los Angeles and San Diego offices, as well as the already existent Irvine office. Bellwether’s West Coast expansion is expected to add more than $1 billion in annual loan volume, bringing the total anticipated loan volume to $6 billion in 2017. The expansion includes nine additional producers, four servicing staff and nine support staff. Bellwether Enterprise also has a Northern California office located in San Francisco.
IRVINE, Calif. — HCP (NYSE: HCP) has completed its previously announced sale of 64 Brookdale Senior Living-operated multifamily communities for $1.1 billion. The deal was announced in November 2016. Affiliates of Blackstone Real Estate Partners VIII LP purchased the portfolio, with Brookdale staying on as operator. Specific names and locations of the properties were not disclosed. The properties total 5,967 units, which equates to a sale price of $189,000 per unit. Occupancy for the portfolio was 85.2 percent at the time the sale was announced. KeyBank Real Estate Capital’s Healthcare platform provided a $703 million financing package for the buyers. Charlie Shoop of KeyBank Real Estate Capital’s Commercial Mortgage Group led the financing team for a Fannie Mae credit facility, which accounts for the bulk of the financing. Peter Trazzera of KeyBank Real Estate Capital’s Healthcare Group led the financing team for KeyBank’s balance sheet financing that made up the rest of the loans. At the time the sale was announced, HCP also noted its plans to terminate leases on 25 Brookdale properties totaling 2,031 units over the next year. HCP also plans to transfer eight expiring Brookdale triple-net leases to a RIDEA structure, through a joint venture where Brookdale acquires 10 percent interest in the properties. …
SAN LUIS OBISPO, CALIF. — Life Care Services, as development and marketing consultant, has unveiled plans for Villaggio at San Luis Obispo, a luxury life plan community in San Luis Obispo, located in the Central Coast area between Los Angeles and the Bay Area. The entrance-fee community will feature the full continuum of care on site. When completed, the property will total 350 units. Robert Richmond, an architect, is the founder and executive director of design and development on the project. The property will feature streetscapes and a central plaza with an open-air design, including restaurants, gathering places and many other amenities. California-based RRM Design Group is the design architect. Developers are planning to seek LEED certification for the project. Construction is scheduled to begin in 2019.
SANTA MONICA, CALIF. — HFF has arranged a $12.6 million refinancing for 3202-3212 Wilshire Blvd., a 28,209-square-foot retail building located in Santa Monica. CVS/pharmacy and BevMo fully occupy the property. Jeff Sause, Paul Brindley and Ryan Ash of HFF worked on behalf of the borrower, a local family office advised by The Luzzatto Company Inc., to place the non-recourse, fixed-rate loan with a life insurance company. Loan proceeds were used to supplement the borrower’s planned long-term hold of the asset in their core portfolio.
PASADENA, CALIF. — iHerb has signed a five-year lease for 19,993 square feet of office space in Pasadena. The space is located at 301 N. Lake Ave. iHerb is a California-based retailer with more than 35,000 natural products. It will occupy the entire sixth floor. The Class A building offers access to the 210 and 134 freeways. It is directly adjacent to Lake Avenue Gold Line. Carl Anderson of NAI Capital represented the landlord, pension fund owner Operating Engineers Funds, while the firm’s Robert Stover represented iHerb in this transaction.