California

NewMark Merrill Cos. Completes First Phase of $15M Retail Redevelopment in Inglewood

by Nellie Day January 6, 2017

INGLEWOOD, CALIF. — NewMark Merrill Cos. has completed the first phase of the $15 million redevelopment of Crenshaw Imperial Plaza in Inglewood. The 304,755-square-foot shopping center is located on the southwest corner of Crenshaw Boulevard and Imperial Highway. The first phase includes the remodel of the dd’s Discount and 99¢ Only Stores; converting the ground floor of the office building into retail space; and infrastructure improvements. The second phase will include the remodel of the remainder of the retail center and office building, which will be home to the 15,000-square-foot Mission View Charter School. The second phase is slated for completion by February. The firm has also started on the final phase of redevelopment, which includes the demolition of an obsolete two-story building and the construction of a Planet Fitness and a 14,215-square-foot building that is 100 percent pre-leased. Additionally, NewMark Merrill has secured a $34.4 million senior loan for the recapitalization of the project. PCCP provided the loan, which David Pascale of George Smith Partners arranged.

January 6, 2017

California Multifamily Seniors Housing Western

Elder Care Alliance Acquires 135-Unit Independent Living Community in Bay Area

by Nellie Day January 6, 2017

SAN MATEO, CALIF. — Elder Care Alliance has acquired The Villa at San Mateo, a 135-unit independent living community in San Mateo, located between San Francisco and San Jose, for an undisclosed price. The community is located on a 4.5-acre campus. Elder Care partnered with Rockwood Pacific, CBRE and HJ Sims to complete the deal. The transaction marks the first acquisition by Elder Care Alliance, a Bay Area nonprofit operator. The company now serves nearly 700 seniors in five communities throughout California.

January 6, 2017

California Mixed-Use Western

Keegan & Coppin Brokers $5.6M Sale of Mixed-Use Property in San Rafael

by Nellie Day January 6, 2017

SAN RAFAEL, CALIF. — Keegan & Coppin Co./ONCOR International has arranged the sale of a mixed-use property located at 1435 and 1447 Fourth St. in downtown San Rafael. A local investment company acquired the 15,431-square-foot property for $5.6 million. The four-building property features ground-floor retail and apartments on the second floor. At the time of sale, the property was fully leased. Retail tenants include California Sewing and Vacuum and Brazil Marin Café. An adjacent 5,000-square-foot, 27-care parking lot on E Street was included in the sale.

January 6, 2017

California Office Western

Blue Bottle Coffee Co. Signs 10-Year Lease at Robertson Plaza in Los Angeles

by Nellie Day January 6, 2017

LOS ANGELES — Blue Bottle Coffee Co. has signed a 1o-year lease at 120 Robertson Blvd. within Robertson Plaza in Los Angeles. The coffee roaster will occupy 1,400 square feet of ground-level space at the 100,000-square-foot, mixed-use center. Matthew Fainchtein, Carter Magnin, Kazuko Morgan and Carine Mamann of Cushman & Wakefield, along with Jay Luchs and Genny Chang of NGKF, represented the landlord, Robertson Properties Group, in the deal.

January 6, 2017

California Retail Western

Fabletics To Open 12 New Stores in 2017

by Nellie Day January 6, 2017

LOS ANGELES — Fabletics, an activewear brand co-founded by Kate Hudson in 2013, will open 12 new locations in 2017. Following the openings, Fabletics will have 30 locations. The new stores will average just over 2,200 square feet and will open before fall 2017. The first opening will take place in Frisco, Texas, in March 2017 followed by Indianapolis; Lexington, Ky.; Schaumburg, Ill.; Boulder, Colo.; and Portland, Ore., in second quarter 2017. Beginning in July 2017, additional Fabletics stores will open in Scottsdale, Ariz.; Cerritos, San Jose, San Francisco and San Diego, Calif.; and Paramus, N.J.

January 6, 2017

California Office Western

Coretrust Capital Partners Buys Citigroup Center in Downtown LA

by Nellie Day January 5, 2017

LOS ANGELES — Coretrust Capital Partners has purchased Citigroup Center, a 914,000-square-foot office tower in downtown Los Angeles, for an undisclosed sum. The 48-story tower is located at 444 S. Flower St. in the Central Business District. Notable tenants at Citigroup Center include Citigroup, Morgan Stanley, Wells Fargo and Arco. The building also includes Equinox, Starbucks, Mendocino Farms and a Citibank branch. Rockefeller Group developed the project in 1981. AC Martin Partners was the designer. Coretrust plans to upgrade the building’s common areas and outdoor space. The property was purchased through Coretrust Value Fund I. The seller was a partnership advised and led by Hines.

January 5, 2017

California Multifamily Western

Interstate Equities Corp. Acquires Verdugo Village in Glendale for $54.2M

by Nellie Day January 5, 2017

GLENDALE, CALIF. — Interstate Equities Corporation (IEC) has acquired the 126-unit Verdugo Village apartment community in Glendale for $54.2 million. The community is located at 1717 N. Verdugo Road. The property will be renamed Towne at Glendale. It was built in 1965 and renovated in 2007 to condo specifications, featuring high-end finishes and central air conditioning. The Towne at Glendale is currently 96 percent occupied. It will undergo a series of capital improvements to enhance and expand its existing amenities. Planned renovations include a major redevelopment of the main lobby and entrance, the installation of a new fitness center, upgrades to the movie theater and additional storage for residents. Adrienne Barr and Shane Shafer of Berkadia executed the transaction. HFF’s Peter Smyslowski arranged the acquisition loan, which CIT Bank provided. This is the seventh acquisition to date using IEC’s Institutional Fund III.

January 5, 2017

California Multifamily Western

Candlewood North Multifamily Community in Northridge Sells for $43.5M

by Nellie Day January 5, 2017

NORTHRIDGE, CALIF. — Waterton has acquired the 189-unit Candlewood North apartment community in Northridge for $43.5 million. The community is located at 9830 Reseda Blvd. The property contains three buildings totaling 166,910 square feet situated on 3.2 acres. Community amenities include an outdoor gazebo, two swimming pools, jacuzzis and a barbecue/picnic area. Notable employers in the area include Boeing, Rocketdyne, the Walt Disney Co., Anheuser-Busch, Nestlé and Health Net. Greg Harris, Kevin Green and Joseph Grabiec represented both the buyer and seller, Essex Property Trust, in this transaction.

January 5, 2017

California Office Western

Lincoln Property Co. Sells Research Center Plaza in Carlsbad for $15.3M

by Nellie Day January 4, 2017

CARLSBAD, CALIF. — An entity of Alvarez & Marsal Capital Real Estate has purchased Research Center Plaza, an 81,118-square-foot office/R&D campus in Carlsbad, from Lincoln Property Co. for $15.3 million. The center is located at 2232, 2234 and 2236 Rutherford Road. Research Center Plaza is 90 percent occupied. Lincoln Property upgraded interior and exterior spaces at the property and created office lofts with collaborative features, open ceilings and natural lighting. The buyer represented itself in the transaction, Rick Reeder and Aric Starck of Cushman & Wakefield represented Lincoln.

January 4, 2017

California Office Western

GPI Cos. Buys Media Center North in Burbank

by Nellie Day January 4, 2017

BURBANK, CALIF. — GPI Companies has purchased Media Center North, a 95,000-square-foot office building in Burbank, for an undisclosed sum. The Class A building is located at 2835 N. Naomi St. The building serves as Entertainment Partners’ corporate headquarters. This was one of the largest office building transactions in Burbank in 2016, according to Greg Barsamian of Coldwell Banker Commercial Advisors, who represented the seller.

January 4, 2017

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