LAGUNA BEACH, CALIF. — Newmark Realty Capital has arranged $10 million in financing for the acquisition of Gelson Market’s in Laguna Beach. The 34,478-square-foot grocery store is located on Pacific Coast Highway. George Mitsanas and Doug Tisdale of Newmark arranged the fixed-rate, non-recourse financing for the borrower, a Beverly Hills-based developer. The 10-year loan, provided by a life insurance company, features interest-only payments during the first five years and a 30-year amortization schedule.
LOS ANGELES — RCG Ventures has expanded to the West Coast by opening a new office in Los Angeles. The company promoted Scott Tarbet to senior vice president and director of acquisitions – western region. In this role, Tarbet will oversee the new office. RCG Ventures currently owns 90 shopping centers, totaling 10 million square feet in 20 states. The company plans to acquire $250 million in value-add shopping centers.
LOS ANGELES — International developer Oceanwide Holdings has unveiled plans to include a five-star Park Hyatt hotel at Oceanwide Plaza, the company’s $1 billion mixed-use project currently under development in Los Angeles. The project is located adjacent to the Staples Center, home of the NBA’s Los Angeles Lakers and Los Angeles Clippers, as well as the NHL’s Los Angeles Kings. When completed, Oceanwide Plaza will feature three residential and hotel towers and a 166,000-square-foot, open-air galleria for shopping, dining and entertainment. Park Hyatt Los Angeles will be the sixth U.S. location for the luxury hotel brand. CallisonRTKL and Studio Munge designed the 184-room hotel. The property will be connected to the 100-foot retail and amenity area known as The Collection at Oceanwide Plaza. The development’s multifamily component will feature 504 units with concierge services, a private amenity deck and a two-acre outdoor sanctuary. Oceanwide Plaza is scheduled for completion in early 2019. Oceanwide Plaza LLC, a subsidiary of Beijing-based Oceanwide Holdings Co., will own the development. Oceanwide Plaza is the company’s first development in the United States, with projects in New York, San Francisco and Hawaii currently in the planning stages. — Kristin Hiller
ANAHEIM, CALIF. — Bentall Kennedy has purchased Anaheim Concourse, a 965,255-square-foot industrial property, for $188.2 million. The facility is situated on North Miller Street in Anaheim. The seven-building, Class A project was completed last year. The space is currently 86 percent leased. The lease rollover is staggered, with the first lease expiring in January 2021. CBRE’s Val Achtemeier arranged acquisition financing. The firm’s Darla Longo, Barbara Emmons, Michael Kendall, Rebecca Perlmutter, Brad Bierbaum and Ryan Peterson represented the sellers, Panattoni and Clarion Partners, on behalf of a separate account managed by the firm.
FULLERTON, CALIF. — A global fund has purchased the 292-unit Amerige Pointe apartments in Fullerton for $115 million. The Class A community is located at 1001 Starbuck St. within the master-planned community of Amerige Heights. The property also contains 10,300 square feet of retail space. The buyer plans to upgrade the unit interiors, as well as some common area spaces. Joe Leon, Jeff Rowerdink and Dean Zander of Berkadia represented both the buyer and original owner and developer in this transaction.
PALM DESERT, CALIF. — Colliers International has arranged the $19.8 million sale of Town Center Plaza, an 82,000-square-foot shopping center located in Palm Desert. Tenants at the center include Trader Joe’s, Michaels, Banner Mattress, Tuesday Morning, Fisherman’s Market and Grill, The Palms Café and Uncle Don’s Hobbies. Bill Barnett and Doug Hogan of Colliers represented the buyer, Citivest Commercial Investments LLC, in the acquisition of the property from Town Center Plaza LP.
PASADENA, CALIF. — CBRE has arranged the $13.4 million sale of Shops on Hill, a 32,685-square-foot mixed-use center in Pasadena. The two buildings are located on opposite corners of the intersection of East Washington Boulevard and North Hill Avenue, and feature 12 apartments with ground-floor retail. Shops on Hill LLC, an entity controlled by Engine Real Estate, acquired the property.
MORENO VALLEY, CALIF. — Principal Real Estate Investors has purchased March Business Center, a 1.3-million-square-foot industrial portfolio in Moreno Valley, for $93 million. The portfolio includes a recently developed 1.1-million-square-foot industrial distribution facility at 24101 Iris Ave. that is leased to Floor and Décor. The portfolio also includes a newly constructed 277,243-square-foot industrial distribution building at 16415 Cosmos Ave. that is currently available for lease. Both buildings provide easy access to Interstate 215 and neighbor many major industrial corporate users. Chuck Belden, Kyle Kehner and Tim Pimentel of Cushman & Wakefield’s Inland Empire office represented the seller, a joint venture between Penwood Real Estate Capital Management and Western Realco. The team also represented Principal Real Estate Investors in the subsequent lease transaction. CBRE’s Tres Reid and Jay Dick represented Floor and Décor.
SANTA ROSA, CALIF. — Bridge Partners has purchased the 180-unit Sonoma Ridge Apartments in Santa Rosa for $44.6 million. The community is located at 2900 St. Paul Drive. Sonoma Ridge was built in 1974. The property is adjacent to the Bennett Valley Golf Course and Annadel State Park. Stan Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors represented both the buyer and the seller, CORE Realty Holdings Management, in this transaction.
SHAFTER, CALIF. — Distribution and Marking Services Inc. has leased 350,000 square feet of industrial space at Wonderful Industrial Park, a 1,625-acre, rail-served industrial development in Shafter. The park is located at 5000 Capital Road, just north of Bakersfield. The outsourced supply chain management solutions provider will use this facility to provide warehouse and distribution services. JLL’s Mike McCrary, Peter McWilliams, Mac Hewett and Nicole Welch represented the landlord, Wonderful Real Estate, in this transaction.