LOS ANGELES — Luxury real estate platform Compass has opened its new Los Angeles headquarters in Beverly Hills. The firm now occupies the fourth floor at 9454 Wilshire Blvd., a 12-story office building on the corner of Wilshire Boulevard and Beverly Drive. The space is situated within the Golden Triangle. The move more than doubles the firm’s footprint in Beverly Hills.
SAN FRANCISCO — R.D. Olson Development has received a $49.8 million construction loan to build the 204-room Residence Inn by Marriott Silicon Valley in the San Francisco Bay Area community of San Carlos. The new hotel will be situated at Industrial Road and East San Carlos Avenue, halfway between San Francisco and San Jose. The four-story, select-service hotel will feature 1,500 square feet of meeting space, a convenience market, fitness center, outdoor pool and spa, sport court and outdoor patio with fire pit. The hotel is slated for completion in 2017. The three-year, floating-rate loan features two one-year extensions through a diversified financial services company. HFF’s James Fowler secured the financing on behalf of the developer.
LOS ANGELES — A private 1031 exchange investor has purchased The Micropolitan at Urban Lights, a 45-unit multifamily community in the Miracle Mile submarket of Los Angeles, for $27.1 million. The community is located at 739 S. Ogden Drive. The Micropolitan was built in 2015. It is situated near the Los Angeles County Museum of Art, and is within a two-minute walk of the Los Angeles Metro Purple Line station, which will soon debut. Ron Harris and Paul Darrow of Institutional Property Advisors represented the seller, Micropolitan, a subsidiary of Psomas, in this transaction.
OAKLEY, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant property in Oakley currently triple-net leased to O’Reilly Auto Parts. An investor from Northern California acquired the asset to complete 1031 exchanges. The 8,037-square-foot store is located at 100 E. Cypress Road. Jeremy McChesney of Hanley Investment Group represented the seller. Dan Diehl of Keller Williams Realty represented the buyer in this transaction.
SAN FRANCISCO — Lennar Urban has won approval for its updated development plans for Candlestick Point, a massive mixed-use development planned for the site of Candlestick Park, former home of the San Francisco 49ers football team. San Francisco’s Commission on Community Investment and Infrastructure and the San Francisco Planning Commission unanimously approved the amended plans for the first phase of the development. Phase I is expected to cost between $2 billion and $3 billion, according to the San Francisco Business Times. The first phase of Candlestick Point includes: 16 city blocks anchored by an outdoor urban outlet retail district. 2,214 housing units, including the transformation and redevelopment of the 256-unit Alice Griffith public housing complex into a mixed-income housing development. The multifamily complex will be completely reconstructed without dislocating current residents. More than 1 million square feet of commercial space including a hotel, offices, a regional outlet shopping center and neighborhood retail, which will feature locally owned shops, a grocery store, restaurants and entertainment. A film and arts center. Sites for community services, including a new community garden for residents of Alice Griffith. Nine acres of parks and open space. Payments to the state for improvements, operations and maintenance at …
SAN DIEGO — Talmadge Gateway LP has acquired a 35,183-square-foot retail center in the San Diego submarket of Talmadge for $2.5 million. Wakeland Housing and Development Corp. will redevelop the site to incorporate a mix of retail and affordable residential units for disabled seniors. Alessio Leasing Corp. sold the property, which includes three parcels. Ricardo Lopez and Keith Courtney of San Diego-based brokerage firm ACI Apartments represented both the buyer and the seller in the transaction. The property was acquired with a mix of public and private financing, including a loan from the San Diego Housing Commission and Wells Fargo bank. Renee Marshal of Chicago Title Co. handled escrow. Chris Ghio of Chicago Title handled the title insurance.
LOS ANGELES — LAU Enterprises has relocated to a 32,356-square-foot warehouse distribution space in the Los Angeles submarket of North Hills. The new space is located at 8321 DeCelis Place. The wholesale picture frame distributor was previously located at Mission Industrial Park in Van Nuys. The new space will serve as the company’s warehouse and corporate headquarters. Matt Ehrlich of NAI Capital represented LAU Enterprises in this transaction.
ONTARIO, CALIF. — Coldwell Banker Commercial Sudweeks Group has completed its merger with Coldwell Banker Commercial Inland Empire. The combined entities will now operate as Coldwell Banker Commercial SC (CBC SC). The new company claims it will be one of the largest commercial real estate firms in Southern California, with offices in San Diego, Ontario, Temecula and Redlands. CBC SC currently houses 40 full-time commercial real estate advisors specializing in industrial, office, retail, multifamily, land and investments. CBC SC plans to expand its market share and recruit heavily in the Southern California markets in the next few years. Dan Richards, the company’s chairman of the board, will help train and recruit new agents.
LOS ANGELES — Lincoln Property Company has purchased a 22-story office tower in Downtown Los Angeles that it had previously sold in 2007. The latest purchase price was not disclosed. The Class A asset is located at 915 Wilshire Blvd. It is situated across the street from the 73-story Wilshire Grand Center. Lincoln plans to renovate 915 Wilshire by updating the ground-floor lobby and valet area. It will also redesign the outdoor patio space, as well as replace elevators and dated building systems. Though the firm previously sold the 390,312-square-foot property to Brickman Associates, it stayed on as the tower’s property manager and leasing agent. The tower was built in 1980. It is currently 88 percent leased. Kevin Shannon of Newmark Grubb Knight Frank executed the deal.
NAPA, CALIF. — JOSS Realty Partners has acquired Napa Square, a 65,848-square-foot mixed-use asset in downtown Napa, for $39.3 million. Originally built in 1957 and redeveloped in 2009, Napa Square is LEED Gold certified and features 41,010 square feet of office space and 24,848 square feet of ground-floor retail. Wells Fargo, Charles Schwab, U.S. Bank and UPS occupy the 92 percent leased center along with anchor tenants Oenotri, a southern Italian restaurant, and The Norman Rose Tavern, a neighborhood pub. Nicholas Bicardo, Scott Pertel, Danny Reddin and Brandon Rogoff of HFF represented the seller, CDI Companies, in the transaction. Jordan Angel of HFF secured a $22.3 million acquisition loan with J.P. Morgan Asset Management on behalf of JOSS.