California

Centrepointe Plaza in Colton Sells for $22M

by Nellie Day July 12, 2016

COLTON, CALIF. — Centrepointe – JMYL PL has acquired Centrepointe Plaza, located at 1040 S. Mt. Vernon Ave. in Colton, for $22 million. Constructed in 1992, the center features 109,000 square feet of retail space. NorthStar Realty Finance, in conjunction with Wilemon & Associates and JB Resources, provided financing for the acquisition. Mario Alvarez of NAI Capital and Jack Lee of JMYL LP development represented the buyer, while Jamie Harrison of Lee & Associates represented the seller, Chicago-based Centrepointe Plaza, in the deal. The buyer purchased the property as a value-add opportunity.

July 12, 2016

California Retail Western

New Hollywood Park Casino to Open this Fall in Inglewood

by Nellie Day July 12, 2016

INGLEWOOD, CALIF. — Hollywood Park Casino Co. has announced the new Cary Grant Pavilion at Hollywood Park Casino (HPC) will open this fall in Inglewood. The casino will be situated on nearly 11 acres that face the newly expanded Century Boulevard, just a few miles from downtown Los Angeles and minutes from Los Angeles International Airport (LAX). Cary Grant Pavilion at HPC will be built just steps away from the former site of Hollywood Park Casino. The new iteration will contain 110,000 square feet, with 125 card game tables, simulcast wagering, Century Bar & Grill, a lounge and a gourmet café. Developers broke ground in July 2015. JCJ Architecture designed the property.

July 12, 2016

California Multifamily Western

Greystar Equity Partners Buys Two LA Apartment Communities for $178M

by Nellie Day July 11, 2016

LOS ANGELES — Greystar Equity Partners has purchased two apartment communities in Los Angeles for a total of $178 million. The properties contain a total of 374 units. The assets were purchased through Greystar Equity Partners IX LP (GEP IX). The transactions include the 195-unit Gardens at Wilshire Center at 3675 Wilshire Blvd. in Koreatown, along with the 215-unit Villas at Rancho Palos Verdes at 6600 Beachview Drive in Ranchos Palos Verdes. The communities were purchased from two different sellers, which were not disclosed. GEP IX is part of Greystar’s flagship, value-add fund series.

July 11, 2016

California Loans Retail Western

Meridian Capital Secures $19.6M Acquisition Loan for Pear Tree Center in Ukiah

by Nellie Day July 11, 2016

UKIAH, CALIF. — Meridian Capital Group has secured $19.6 million in acquisition financing for the purchase and repositioning of Pear Tree Center in Ukiah. The three-year loan, provided by a debt fund, features full-term, interest-only payments and two one-year extension options. Seth Grossman and Sarah Kuebler of Meridian Capital arranged the financing for the undisclosed borrower. Located at 504 E. Perkins St., the 199,565-square-foot Pear Tree Center is occupied by JCPenney, Ross Dress For Less, Big 5 Sporting Goods and Lucky Supermarket.

July 11, 2016

California Loans Retail Western

IPA Capital Markets Arranges $12M Loan for Auto Shopping Center in San Jose

by Nellie Day July 11, 2016

SAN JOSE, CALIF. — Institutional Property Advisors Capital Markets has arranged $12 million in financing for a 13-acre auto shopping center located at 740-750 Capital Expressway in San Jose. Anita Paryani and Jake Roberts of IPA Capital Markets arranged the debt placement. The loan features a 50 percent loan-to-value ratio and three years with no prepayment penalty.

July 11, 2016

California Retail Western

Vestar Retained to Manage 487,807 SF Shopping Center in San Diego

by Nellie Day July 11, 2016

SAN DIEGO — Stockbridge Capital Group has selected Vestar as the property management firm for Mira Mesa Marketplace, a regional shopping center in San Diego. The Home Depot, Barnes & Noble, Old Navy, Ross Dress For Less and CVS/pharmacy occupy the 487,807-square-foot retail center. Vestar is currently managing nearly 2 million square feet of retail space in the San Diego area, including Clairemont Town Center, Marketplace at Windingwalk, Penasquitos Village and Rancho San Diego Towne Center.

July 11, 2016

California Hospitality Loans Top Stories Western

Next Century Partners Receives $1B in Construction Financing for Century Plaza Mixed-Use Project in Los Angeles

by Nellie Day July 11, 2016

LOS ANGELES — Next Century Partners has received $1 billion in construction financing for the Century Plaza mixed-use project in Los Angeles. The $2.5 billion project will include two residential towers, restaurants and retail shops. The existing, five-star Century Plaza Hotel on the site will also undergo a renovation. The project is located at 2025 Avenue of the Stars in the Century City submarket. Construction is scheduled to commence later this summer. The hotel closed for renovations in March, and is set to reopen in early 2018. It will include a redesigned open-air lobby that connects public plazas and fountains to a two-acre garden surrounded by restaurants and retail. The hotel has hosted a number of notable events over its 50-year run, including the Grammy Awards and the “Dinner of the Century” in 1969, which honored the first astronauts to reach the moon. The full, mixed-use project will feature about 100,000 square feet of retail. The 46-story residential towers will include 290 luxury residences. A variety of loans provided the $1 billion in financing, including a $446 million senior loan from J.P. Morgan Chase; $120 million mezzanine financing from an investment vehicle managed by Colony Capital; and $450 million of …

July 11, 2016

California Loans Retail Western

Cohen Financial Secures $5M Acquisition Loan for Retail Property in Redding

by Nellie Day July 8, 2016

REDDING, CALIF. — Cohen Financial has secured $5 million for the acquisition of a retail property in Redding. Paul Schroeder of Cohen Financial secured the fixed-rate, non-recourse loan with Wells Fargo for the undisclosed borrower. The 94,000-square-foot property is leased to Green Bay, Wis.-based Shopko Stores. Shopko operates 363 stores in 24 states.

July 8, 2016

California Retail Western

NAI Capital Negotiates $2.1M Sale of Retail Property in Corona

by Nellie Day July 8, 2016

CORONA, CALIF. — NAI Capital has arranged the sale of a freestanding, 9,000-square-foot retail property located within a grocery-anchored shopping center located at 1187 E. Magnolia Ave. in Corona. Boca Raton, Fla.-based KC Propco sold the property to Newport Beach, Calif.-based Corona Temescal Village5 for $2.1 million, or $235 per square foot. By the end of escrow, the property was fully leased. Mario Alvarez and Lidia Talavera of NAI Capital represented the seller.

July 8, 2016

California Retail Western

Lee & Associates Brokers 12,945 SF Lease for Black Plague Brewing in Oceanside

by Nellie Day July 8, 2016

OCEANSIDE, CALIF. — Lee & Associates has completed a lease for 12,945 square feet of retail space at 2550 Jason Court within the Jason Court Business Park in Oceanside. Black Plague Brewing plans to open in the location sometime in the next six months. Monique Medley of Lee & Associates – North San Diego County represented Black Plague Brewing, while Bob Willingham of Kidder Mathews represented the landlord, Southwest Greene International Inc. The lease was valued at approximately $724,000.

July 8, 2016

Newer Posts

Older Posts