LOS ANGELES — A joint venture between Alcion Ventures and Genton Property Group has received $239 million in financing to develop the Four Seasons Private Residences Los Angeles. Construction has already begun for the luxury project, which features 59 for-sale units. It is scheduled for completion in mid-2019. The Four Seasons Private Residences will be situated across from the Four Seasons Los Angeles at Beverly Hills, near the intersection of Third Street and Wetherly Drive. The property will be near Cedars-Sinai Hospital, Beverly Hills’ Golden Triangle and the North Robertson Boulevard shopping district. The 12-story, LEED-certified tower will feature custom residences with interiors inspired by California-modern designer Richard Neutra. Architecture firm CallisonRTKL designed the property. The units will offer a variety of floorplans with luxury features and amenities, including floor-to-ceiling, retractable glass walls, open-concept indoor/outdoor living and dining spaces, professional-grade gourmet kitchens, spa bathrooms with soaking tubs, separate glass-walled showers with dual-sinks, marble-topped vanities, rooftop gardens, and views from the Hollywood Hills to the downtown skyline. Property features include a heated outdoor lap pool and poolside cabanas, state-of-the-art fitness center with spin, cardio, weight equipment and private training and yoga rooms, private spa treatment rooms, an IMAX theater for private …
California
ONTARIO, CALIF. — Rexford Industrial Realty has purchased Safari Business Center, a 1.1 million-square-foot industrial park in Ontario, for $141.2 million. The park is located at 1910 S. Carlos Ave. Safari Business Center contains 16 Class A buildings that are 97 percent leased. CBRE’s Darla Longo, Barbara Emmons Perrier, Rebecca Perlmutter Finkel and Michael Kendall represented the seller, ARA | American Realty Advisors, on this transaction. JLL’s Jeff Bellitti and Mac Hewett will serve as the center’s leasing agents, and assisted the CBRE team on the sale.
NORTHRIDGE, CALIF. — Encino-based Investment Real Estate Associates (IREA) has arranged the $54.7 million sale of the Northridge Plaza Shopping Center in Northridge. The property had been family owned for 37 years and this transaction is the first time it has changed hands since being built in 1980. The 235,000-square-foot shopping center is located at 8741-8840 Corbin Ave. on a 16.5-acre tract. Anchor tenants include Target, Kohls and Wells Fargo. Yubin Tao of IREA and Greg De Rubeis of LBPM represented both the buyer, Paragon Commercial Group, and the seller, NLSR LP.
CHULA VISTA, CALIF. — Mike Dobbins of NorthMarq Capital’s San Diego office has arranged $44.5 million in financing on behalf of Sudberry Properties. The borrower is using the capital to build Millenia Town Center, a 128,177-square-foot retail property located at the southeast corner of Highway 125 and Birch Road in Chula Vista. The capital consisted of a construction loan from a bank and preferred equity from a life insurance company for whom NorthMarq is a correspondent. Major tenants on the property will include Buy Buy Baby, Ross Dress for Less, Homegoods and Cost Plus.
FONTANA, CALIF. — Construction has commenced on the 598,000-square-foot Sierra Lakes Commerce Center in Fontana. A joint venture between Trammell Crow Co. and Clarion Partners is developing the Class A speculative logistics center. The space is scheduled for completion in the first quarter of 2018. Fullmer Construction will build the property, which RGA Architecture designed. JP Morgan Chase provided financing for the project. Bill Heim and Michael Chavez of Lee & Associates will lease and market the building.
GLENDALE, CALIF. — Kennedy Wilson has purchased a 437,000-square-foot office campus in Glendale for $144 million. The campus contains two Class A office buildings located at 400 and 450 N. Brand Blvd. The property was purchased through Kennedy Wilson Real Estate Fund V. It is currently 88 percent leased to 21 tenants, including Cigna, DineEquity and Learner’s Digest International.
LOS ANGELES — A joint venture between Roxborough Fund I and the Ruth Group LLC has purchased a 304,821-square-foot office tower in Los Angeles for $12.5 million. The 15-story tower is located at 9841 Airport Blvd. near Los Angeles International Airport (LAX). The asset is currently 62 percent occupied.
GLENDORA, CALIF. — Three new tenants are set to open at 655 S. Grand Ave., a 70,500-square-foot shopping center currently undergoing redevelopment in the Los Angeles suburb of Glendora. Creamistry, an ice cream shop, signed a lease for 1,271 square feet; Oke Poke, a fast-casual poke restaurant, signed a lease for 1,289 square feet; and Orangetheory Fitness, a fitness center franchise, signed a lease for 3,497 square feet. All new locations will open in October. Shauna Mattis and Blake Kaplan of JLL represented the landlord, Champion Real Estate Co., in each leasing transaction. Scott Simcik and Shaun Kennedy of FGP Commercial Leasing represented Creamistry. Minerva Baral represented Oke Poke. Jesse Rehmeier of Retail Select Services represented Orangetheory Fitness. The redevelopment is set for completion in July.
ESCONDIDO, CALIF. — A family trust has acquired the 78-unit Villa Quixote apartments in Escondido for $11.8 million. The community is located at 400-408 E. Mission Ave. It was built in 1969. Community amenities include controlled-access entry, a swimming pool, spa and covered parking. Christopher Zorbas and Joseph Berkson represented both the buyer and the seller, another family trust, in this transaction.
LOS ANGELES — According to Westfield Corp., Jonathan Waxman’s NYCA Restaurant Group will be bring the chef’s cuisine back to Southern California with a restaurant to open in spring 2018. Waxman first gained fame with Alice Waters at Chez Panisse in Berkeley, and later worked at Michael’s in Santa Monica and Jams in New York City. Today, he is the chef and owner of Manhattan’s Barbuto restaurant, where he earned the 2016 James Beard Award as Best Chef – New York City. Waxman and NYCA Restaurant Group have now made the decision to open their first restaurant in Los Angeles at Westfield Century City. The restaurant will be located alongside the property’s front façade on Santa Monica Boulevard. Westfield Century Center is preparing for its grand opening in fall 2017. The redeveloped center will include more than 200 stores and restaurants including a new Nordstrom, new Macy’s, completely remodeled Bloomingdale’s and an Equinox fitness club. In addition to the new restaurant (which has yet to be named), other new dining options at Century City will include the West Coast’s first Eataly, Din Tai Fung, Javier’s Finest Foods of Mexico, Petros Benekos (Petros fine Hellenic cuisine, The Kafe and Kafe Bugatsa), Tender Greens, …