California

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

California Office Top Stories Western

Hudson Pacific Closes on $311 Million Office Acquisition in Los Angeles

by Jeff Shaw July 8, 2016

LOS ANGELES — Hudson Pacific Properties (NYSE: HPP) has closed on its previously announced $311 million acquisition of 11601 Wilshire Boulevard, formerly known as the Wells Fargo Center, in Los Angeles. 11601 Wilshire was built in 1983 and serves as the gateway to the Brentwood/Westside office market, with its location at the corner of San Vicente and Wilshire boulevards. The building has 25 floors totaling 500,475 square feet. HPP bought the property from funds managed by The Blackstone Group. The building was 83 percent occupied at the time of closing. Blackstone bought the building in 2006 for $164 million, according to the Los Angeles Business Journal. HPP plans to renovate and increase occupancy at the building. “We intend to further elevate this asset within the marketplace, spending capital wisely to facilitate lease-up and create value for our stockholders,” says Victor Coleman, chairman and CEO of HPP. HPP is among the tenants in the building, where the REIT has had its headquarters since the company’s initial public offering in July 2010. To build capital for the acquisition, HPP sold One Bay Plaza, a 195,739-square-foot office tower in Burlingame, for $53.4 million in early June. The company also received $28.5 million in proceeds from …

July 8, 2016

California Loans Office Western

Sidra Montgomery Receives $98M Loan to Buy Bank of the West Building in San Francisco

by Nellie Day July 7, 2016

SAN FRANCISCO — Sidra Montgomery LLC has received $98 million in acquisition financing to purchase the Bank of the West building in San Francisco. The 25-story office property is located at 180 Montgomery St. in the Financial District. The property recently underwent a $9 million renovation and holds LEED-Gold Certification. Bank of the West occupies 40 percent of the space. JPMorgan Chase & Co. provided the 10-year loan. It features a fixed rate below 4 percent and full-term, interest-only payments. Tal Bar-Or, Raj Khatiwala and Kyle Kite of Meridian Capital Group negotiated the transaction.

July 7, 2016

California Office Western

Lincoln Property Co. Buys Wateridge Office Campus in Los Angeles

by Nellie Day July 7, 2016

LOS ANGELES — Lincoln Property Co. has purchased Wateridge, a Class A office campus in West Los Angeles, for an undisclosed sum. The six-building campus is situated on the corner of La Cienega Boulevard and Slauson Avenue. The property was originally constructed in 1989. Notable tenants include Kaiser Permanente, the L.A. County Department of Children and Family Services and Evolve Media. The space also contains a multi-tenant retail building and a standalone 24 Hour Fitness. LPC Realty Advisors I LP, an affiliate of Lincoln Property Company, arranged the acquisition.

July 7, 2016

Newer Posts

Older Posts