LOS ANGELES — SunCal is set to develop 6AM, a 14.5-acre mixed-use development located in the downtown Los Angeles Arts District. The project will feature public and private outdoor space; art creation space and exhibition space; creative offices; space allocated for use by a school; fitness centers; two 58-story residential towers offering live/work residences; outdoor pools and spas; hotel; grocer; food hall; retail space; and parking. Architectural firm Herzog & De Meuron is designing the project. A timeline for the development — located at the intersection of 6th and Alameda streets — has yet to be announced.
FREMONT, CALIF. — Vestar has announced plans to renovate Pacific Commons, a 1.2-million-square-foot regional power center located in Fremont. The refresh — set to begin this month — will include the addition of indoor-outdoor dining areas with exterior tables and umbrellas; new seating areas; gathering space with fire pits; new landscaping and trellis elements; stone and wood seating walls; cobble and concrete pavers; a fountain; lighting; steel awnings; and upgraded signage. The property is home to tenants including Target, Lowe’s, Costco, Dick’s Sporting Goods, Kohl’s, Toys R Us, Nordstrom Rack, DSW, Old Navy, T.J. Maxx, Ulta Beauty, Tilly’s, Total Wine, Men’s Wearhouse and Century Theatres.
BURBANK, CALIF. — The International Economic Development Council (IEDC) has awarded the City of Burbank and Visit Burbank with Excellence in Economic Development Awards for projects in 2016. The City of Burbank received a Silver Award for General Purpose Print Promotion, while Visit Burbank received a Bronze Award for Special Purpose Website. The accolades were presented at an awards ceremony on Sept. 27, during the IEDC Annual Conference, which was held in Cleveland.
SANTA MONICA, CALIF. — CBRE has arranged the sale of a retail property located at 1227 3rd St. Promenade in Santa Monica. A joint venture between KLM Equities and Harlington Realty acquired the 3,000-square-foot property for $15.6 million. The property is currently occupied by Tesla Motors. Constructed in 1938, the building underwent a complete revamp in 2012 to become a state-of-the-art showroom for Tesla. Timothy Bower, Ken McLeod and Tim Kuruzar of CBRE represented the undisclosed seller and the buyer in the deal.
WEST HOLLYWOOD, CALIF. — NAI Capital has arranged the sale of a retail property located at 8126 Beverly Blvd. in West Hollywood. Los Angeles-based investor Arash Denialifar acquired the property from Hamilton Properties for $7.5 million, or $852 per square foot. Previously occupied by Environment Furniture, the 8,800-square-foot property features a private parking lot. Ian Strano of NAI Capital’s Westwide office represented the seller and buyer in the transaction.
OXNARD, CALIF. — Marcus & Millichap has brokered the sale of ground lease for 480 N. Rose Ave. in Oxnard. A limited liability company sold the property to a private investor for $2.82 million. The 3,000-square-foot property is net-leased to Carl’s Jr. Lior Regenstreif of Marcus & Millichap represented the seller and buyer in the transaction.
CHINO, CALIF. — Progressive Real Estate Partners has arranged the sale of a mixed-use building located at 4774 Riverside Drive in Chino. A private investor based in Orange County, Calif., sold the 8,000-square-foot property for $2.2 million, or $278 per square foot. A private Chino Hills-based investor acquired the retail/office property, which is fully occupied by Mother’s Nutritional Center, WIC, T-Mobile Cell Tower and two medical office tenants. Frank Vora of Progressive Real Estate Partners represented the seller, while Leo Gao of Reno Business Investment Group represented the buyer in the deal.
SAN FERNANDO VALLEY, CALIF. — Colliers Retail Foresight has arranged a lease for restaurant space at North Hills Vallarta Center in San Fernando Valley. Stinkin Crawfish will occupy 3,750 square feet of space at the 61,000-square-foot neighborhood shopping center. James Rodriguez, Michael Bohorquez and Bradley Pagnone of Colliers Retail Foresight represented the undisclosed landlord in the lease.
LOS ANGELES — An affiliate of Swig Co. has acquired Sepulveda Center, a 178,157-square-foot office tower in West Los Angeles, for $68.2 million. The Class A tower is located at 3415 S. Sepulveda Blvd. The 12-story property is 83 percent leased to a mix of media, technology and financial tenants. The new owner will implement a capital improvement plan that will update the lobbies, bathrooms and outdoor facilities. The plan will also expand the common building amenities. The seller was KBS Capital Advisors. HFF’s Ryan Gallagher, Andrew Harper and Michael Leggett executed the sale. The firm also worked on behalf of the new owner to secure a three-year, floating-rate loan through MetLife Real Estate.
SAN DIEGO — McEwen-Otay LLC and MP McEwen I LLC have acquired Cornerstone Centre, a 43,423-square-foot multi-tenant flex industrial property in the San Diego submarket of Rancho Bernardo, for $7.4 million. The facility is located at 10840 Thornmint Road. Cornerstone Centre was built in 1990. The building was fully occupied by six tenants at the time of sale. Mark McEwen of Colliers International represented the buyers. Randy LaChance, Brian Mulvaney and Josh West of Voit Real Estate Services represented the seller, CRP – 2 San Diego, in this transaction.