California

AEG, Regal, Barco Complete First All-Laser Movie Theater on the West Coast

by Nellie Day November 22, 2016

LOS ANGELES — AEG, Regal and Barco have converted all auditoriums at Regal L.A. LIVE: A Barco Innovation Center to 100 percent laser projection. This final phase of installations and upgrades makes the cinema the first all-laser multiplex on the West Coast. AEG owns the theater, which opened in 2009. Regal operates the property, and Barco installed the laser projectors. In addition to improving image quality, Barco’s laser technology reduces costs via lowered energy costs. Additionally, the theater has reduced its carbon footprint by no longer using cardboard standees from movie studios and instead plays the content directly on digital displays in the lobby. Headquartered in Los Angeles, AEG is a sports and live entertainment company.

November 22, 2016

California Multifamily Western

Maroon Town Apartments in Palm Springs Sells for $1M

by Nellie Day November 22, 2016

PALM SPRINGS, CALIF. — A private investor has acquired the six-unit Maroon Town Apartments in the Palm Springs submarket of Bermuda Dunes for $1 million. The community is located at 41560 Maroon Town Road. It was built in 2000. Andrew Irvine and Alexander Garcia Jr. of Marcus & Millichap represented both the buyer and seller, an undisclosed partnership, in this transaction.

November 22, 2016

California Oregon Retail Top Stories Uncategorized Washington Western

CBRE Global Investment Partners Acquires Minority Stake in $1.5B West Coast Retail Portfolio

by John Nelson November 22, 2016

LOS ANGELES AND SAN FRANCISCO — CBRE Global Investment Partners has acquired a 45 percent stake in a $1.5 billion portfolio of 55 retail assets located on the West Coast. The investment was made on behalf of the company’s flagship Global Alpha Fund and various separate account clients and totals roughly $450 million, according to reports by The Wall Street Journal. San Francisco-based Merlone Geier Partners (MGP) is the majority owner in the portfolio, which totals nearly 7 million square feet, and will maintain its position as operating partner. The properties are largely anchored by grocery and necessity-based retailers, and are concentrated in Southern California, Seattle, Sacramento, the San Francisco Bay Area and Portland. “This joint venture gives us a rare opportunity to access for our clients a large diversified portfolio of high-quality retail centers that would be challenging to acquire in scale,” says Ian Gleeson, CIO for CBRE Global Investment Partners. “We are pleased to partner with Merlone Geier because it is a leading operator that has significant experience in the retail sector.” Eastdil Secured advised MGP in the transaction. MGP is a private real estate investment company focused on the acquisition, development and redevelopment of retail and mixed-use …

November 22, 2016

California Market Reports Multifamily Western Western Market Reports

New Jobs Mean More Housing for San Francisco, San Mateo

by Camren Skelton November 22, 2016

San Francisco and San Mateo counties boast above average employment numbers and wages and have been strong all through the current business cycle. Over the past four quarters ending in June, organizations in these counties, along with Marin County, (henceforth referred to as “the metro,”) have created 30,750 new jobs. This expansion of the metro’s labor force by 2.9 percent far exceeds the national average over the same time period. Businesses are expected to create 40,000 new positions this year and employment growth will reach 3.7 percent. Hence, the metro’s economy has created substantial demand for housing and apartments are leading the way, as the high cost of single-family homes, rigorous regulation, and the infill nature within the metro has constrained deliveries during previous years in the cycle. There are multiple major projects that will boost the rate of completions significantly above previous years in the cycle. Builder activity will surge to a multi-decade high with 6,440 apartments slated for delivery, exceeding the 1,488 units brought to market in 2015. The majority of completions will target the South of Market (SoMA) and South San Mateo County submarkets. Vacancy rate in the metro will register a 110-basis-point increase in 2016, rising …

November 22, 2016

California Industrial Western

DivcoWest, Orchard Partners Complete Phase I of Napa Logistics Park

by Nellie Day November 21, 2016

NAPA, CALIF. — DivcoWest and Orchard Partners have completed the first phase of Napa Logistics Park, a 2.9 million-square-foot, master-planned warehouse distribution park in Napa County. It is situated on 218 acres adjacent to Highway 29. The project’s first phase includes a 646,000-square-foot cross-dock logistics facility, which is currently available for sale or lease. Brooks Pedder and Benjamin Conwell of Cushman & Wakefield and Greig Lagomarsino of Colliers International represent the landlords.

November 21, 2016

California Office Western

Dunbar Real Estate Purchases Eight Medical Office Properties at Tustin Corporate Center

by Nellie Day November 21, 2016

TUSTIN, CALIF. — Dunbar Real Estate Investment Management has purchased eight medical office properties at Tustin Corporate Center for an undisclosed price. The center is located at 2492 Walnut Ave. in Tustin. The building is zoned for wet lab medical space. Tustin Corporate Center was built in 1986 and later converted into a mixed-use medical building with individual office condos. The eight office/medical condo units total 31,388 square feet. There are three additional units in the building that are under separate ownership and were not included in this sale. The buyer intends to refurbish and update the building before selling the individual condos.

November 21, 2016

California Industrial Western

Westcore Properties Buys Stockton Industrial Property for $6M

by Nellie Day November 21, 2016

STOCKTON, CALIF. — Westcore Properties has purhcsed a 172,500-square-foot industrial property in Stockton for $6 million. The facility is located at 4545 Qantas Lane. The building is fully leased to PacTiv for three years. JLL’s Robert Taylor and Tim Mustin represented the seller, the Friedman Family, in this transaction.

November 21, 2016

California Office Western

M+D Properties to Open 400,000 SF Retail and Entertainment Complex in The Source Mixed-Use Development in Buena Park

by Nellie Day November 18, 2016

BUENA PARK, CALIF. — M+D Properties will open the 400,000-square-foot retail and entertainment component of The Source, a 600,000-square-foot mixed-use development located in Buena Park, early next year. CGV Cinemas anchors the retail component of the development, which will feature tenants including OOAK Kitchen, Samgeori Butchers Pork Charcuterie, Olympus Screen Golf & Bar, Copley and HoneyMee. Upon completion, the property will also feature a 60,000-square-foot, Class A office building and a four-star Hilton Hotel. JLL’s Jay Nugent and Naomi Rizkowsky have been retained to handle leasing for the office component.

November 18, 2016

California Multifamily Seniors Housing Western

Ray Stone Acquires 102-Unit Independent Living Community in Redding

by Nellie Day November 18, 2016

REDDING, CALIF. — Ray Stone Inc. has acquired River Oaks Retirement Community, a 102-unit independent living community in Redding, approximately 160 miles north of Sacramento. The price was not disclosed. Ray Stone will rebrand the community as River Commons and add it to the Ray Stone Senior Living Portfolio. River Commons was built in 1986 by the Rogers family, which operated the community until the sale. The community featured a stabilized occupancy over 94 percent. The bulk of the apartments have been renovated within two years. Ray Stone, a Sacramento-based investment and management firm, plans to implement $400,000 in aesthetic upgrades during the first two years of ownership. Jason Punzell of Senior Living Investment Brokerage represented the seller, Hartnell Associates, in the transaction.

November 18, 2016

California Retail Western

CBRE Negotiates $8M Sale of Restaurant Property in Hollywood

by Nellie Day November 18, 2016

HOLLYWOOD, CALIF. — CBRE has arranged the sale a restaurant property located at 7001 Santa Monica Blvd. in Hollywood. A private real estate investor and developer acquired the asset from a private family trust for $8 million. The half-acre site features a 5,410-square-foot restaurant occupied by Shakey’s Pizza Parlor. Alex Kozakov, Patrick Wade and Fred Aframian of CBRE represented the seller and the buyers in the deal.

November 18, 2016

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