California

BLT Enterprises Buys Four-Property Office, Industrial Portfolio in Orange County for $28M

by Nellie Day June 14, 2016

IRVINE, CALIF. — BLT Enterprises has purchased a four-building portfolio that contains a mix of office, flex and industrial buildings for $28 million. The portfolio contains a total of 170,447 square feet. The assets encompass 11.1 acres and are fully leased. Notable tenants at the facilities include Securitas Security Services USA, Ambry Genetics, Compass Group USA and Exhibitree. The portfolio includes a 73,066-square-foot industrial building at 9700 Toledo Way in Irvine; a 47,662-square-foot industrial building at 12640 Knott St. in Garden Grove; a 41,519-square-foot office/flex building at 15 Argonaut in Aliso Viejo; and an 8,200-square-foot office building in Anaheim. Kurt Bruggeman and Ryan Swanson of Lee & Associates represented BLT. Jeff Chiate and Jeff Cole of Cushman & Wakefield represented the seller, Cordia Capital Management, in this transaction.

June 14, 2016

California Retail Western

Arroyo & Co. Arranges Sale of 90,348 SF Retail Building in Santa Rosa

by Nellie Day June 14, 2016

SANTA ROSA, CALIF. — Arroyo & Co. has arranged the sale of a 90,348-square-foot retail building connected to Santa Rosa Plaza in downtown Santa Rosa. The deal was through Ten-X, and terms of the transaction were not released. Pedro Arroyo and David Kram of San Francisco-based Arroyo & Co. represented the undisclosed buyer. Situated on 3.4 acres, the building is partially leased to Forever 21 and has 47,289 square feet of retail space available for lease. The connected Santa Rosa Plaza is occupied by 120 specialty stores, including Apple, Abercrombie & Fitch, Forever 21, Macy’s, Sears, Eddie Bauer, Gap, Gymboree and Victoria’s Secret, as well as 16 eateries.

June 14, 2016

California Western

Bernards Completes $182.7M Multi-Phase Renovation of Rose Bowl Stadium

by Nellie Day June 13, 2016

PASADENA, CALIF. — Bernards has completed a multi-phase renovation of the Rose Bowl in Pasadena. Beginning in 2005 with the renovation of the media center and locker rooms to the latest phases from 2011 to 2016, the City of Pasadena invested more than $182.7 million in the renovation. Bernards and Barton Malow led the project, in collaboration with Rose Bowl Operating Co., the City of Pasadena and its representatives from Parsons, D’Agostino Izzo Quirk Architects and multiple other design professionals and consultants. Slated for completion this month, the last phase includes a new wireless building and installation of new infrastructure and antennae to support high-speed cell phone service during events. Designed by Myron Hunt, the stadium was originally completed in 1922. Renovations include Terry Donahue Pavilion, which includes 54 luxury suites, 48 loge boxes, 1,200 club seats, state-of-the-art press boxes and new broadcast center, as well as self-contained media area; a brick donor plaza; an updated Court of Champions; and enhancements to all the stadium entry gates.

June 13, 2016

California Retail Western

National Geographic, iP2 Entertainment to Develop Family Entertainment Centers Worldwide

by Nellie Day June 13, 2016

NORTH HOLLYWOOD, CALIF. — North Hollywood-based iP2 Entertainment has partnered with National Geographic Partners LLC, a joint venture between National Geographic Society and 21st Century Fox, to develop a series of indoor, interactive exploration centers worldwide. Each National Geographic-branded family entertainment center will offer themed attractions, interactive demonstrations and hands-on workshops. Content will be geared toward families with school-aged children, ages five to 12-years-old. The partnership has teamed with K11 to develop its first location in Shenyang, China. The branded center will occupy 4,013 square meters in the Shenyang K11 Art Mall. The location is set to open in summer 2017. A portion of the proceeds from the entertainment centers will support the National Geographic Society’s work in conservation, exploration, research and education.

June 13, 2016

California Restaurant Retail Western

Johnny Rockets To Open 14 New Restaurants in Malls in 2016

by Nellie Day June 13, 2016

LAKE FOREST, CALIF. — Johnny Rockets plans to open 14 additional mall locations this year. In honor of its 30th anniversary, Johnny Rockets recently announced a brand refresh, which included a new restaurant design and logo. The new restaurant design, which was first introduced at Destiny USA Mall in Syracuse, N.Y., includes modern technology, a fresh design and enhanced staff uniforms. Since the refresh, the Destiny USA Mall location has experienced a nearly 22 percent growth in sales, according to the company. In addition to its mall franchise program, Johnny Rockets has expanded into outlet centers, which now attract more shoppers with higher-end retail stores and food offerings according to recent trends. The brand currently operates 18 outlet locations and is planning an additional five in the near future. Founded in 1986, Johnny Rockets operates more than 350 franchise and corporate locations in 28 countries around the world.

June 13, 2016

California Office Western

MWest Holdings Buys San Fernando Building in Los Angeles for $37M

by Nellie Day June 10, 2016

LOS ANGELES — MWest Holdings has purchased the San Fernando Building, an 89,500-square-foot building in the Old Bank District of downtown Los Angeles, for $37 million. The historic building was originally constructed in 1907 as an office building. It was converted into 70 large, loft-style multifamily units with about 11,500 square feet of ground-floor retail and restaurant space in 2000. The San Fernando Building is located at 400 S. Main St. It is currently 92 percent leased. The building has also been featured in several films, including Bull Durham and 500 Days of Summer. Fred Cordova, Lee Shapiro, Ryan Eddy, Justin Weiss, Michael Puleo and Jake Sachse of Kennedy Wilson represented the seller, Gilmore Associates, in this transaction. Mesa West Capital provided the $21.6 million acquisition loan for the property. Sklar Kirsh was the legal representation for MWest Holdings, while Shumaker Mallory represented Gilmore Associates in this transaction.

June 10, 2016

California Retail Western

KTGY Unveils Design for Retailer Expansion at SouthBay Pavilion in Metro Los Angeles

by Nellie Day June 10, 2016

CARSON, CALIF. — KTGY Architecture + Planning has unveiled the design for Vintage Real Estate’s retailer expansion at SouthBay Pavilion, a 1.2 million-square-foot enclosed shopping center located in the Los Angeles suburb of Carson. KTGY worked with Vintage Real Estate to redesign the mall’s over-all lease plan to make way for a new 17,000-square-foot F21 RED store, and new retail and food tenants, as well as new flooring, restrooms and other upgrades to the property. The firm adapted Forever 21’s F21 RED brand for the new SouthBay Pavilion store, which includes floor-to-ceiling display window boxes, textured wall treatments and red metal panels. The expansion includes food concepts Wing Stop, Jamba Juice, Chile Verde Mexican Food and health retailer Vitamin World. The anticipated completion date for the redevelopment is early 2017.

June 10, 2016

California Retail Western

Charles Dunn Co. Brokers $2.9M Acquisition of Retail Property in Canoga Park

by Nellie Day June 10, 2016

CANOGA PARK, CALIF. — Charles Dunn Co. has arranged the acquisition of a single-tenant retail property located at 8232 De Soto Ave. in Canoga Park. A private investor from Orange County acquired the 3,139-square-foot property from a Los Angeles-based private investor for $2.9 million, or $948 per square foot. Built in 2001, the property is triple-net leased to Wendy’s. Kyle Gulock and Jason Cope of Charles Dunn Co. represented the buyer, while Sands Investments Group represented the seller.

June 10, 2016

California Retail Western

24 Hour Fitness Opens 17,000 SF Gym at Del Amo Crossing in Torrance

by Nellie Day June 10, 2016

TORRANCE, CALIF. — Irvine, Calif.-based The Muller Company has signed 24 Hour Fitness to Del Amo Crossing, a 422,000-square-foot, mixed-use complex located at 21515 Hawthorne Blvd. Designed by Nadel Architects, the two-story 24 Hour Fitness will be located in a new 44,000-square-foot building, which will be adjacent to the existing office structure. The $22 million, 15-year lease will be the chain’s first super sport club in the area. Construction is slated to begin in the first quarter of 2017, the fitness center is slated to open in late 2018. Bryan Norcott of Savills Studley represented 24 Hour Fitness, and Chris Sinfield and Leslie Mayer of Cushman & Wakefield represented The Muller Company.

June 10, 2016

California Mixed-Use Multifamily Top Stories Western

Century West Partners to Break Ground on $280M Multifamily Development in Metro Los Angeles

by Katie Sloan June 10, 2016

GLENDALE, CALIF. — Century West Partners will break ground today on Next on Lex, a $280 million, mixed-use multifamily development located in the Los Angeles suburb of Glendale. The transit-oriented development, located at 201 Lexington Drive, will occupy a full block and will feature four, six-story buildings that include a mix of one-, two- and three-bedroom units and studio lofts. The property will also offer 10 live-work units, as well as three levels of underground parking with space for 753 cars and 152 bicycles. Next on Lex will include 8,140 square feet of retail space, which will be occupied by a Citibank branch alongside other tenants. Amenities at Next on Lex will include outdoor living areas; pools and hot tubs; landscaped courtyards including a rooftop deck and sky lounge; multiple sun decks; and a variety of community spaces. The property will also feature an onsite business center; yoga studio and fitness center; a media room; game room; private massage room; and party room and kitchen. Demolition on the existing office building on-site took place in April, according to reports by the Los Angeles Times. Santa Monica, Calif.-based Killefer Flammang Architects (KFA) designed the project. Chicago-based W.E. O’Neil Construction is the …

June 10, 2016

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