California

Patio Gardens Apartment Complex in Long Beach Sells for $35.3M

by Nellie Day June 21, 2016

LONG BEACH, CALIF. — Jaison Robinson has purchased the 127-unit Patio Gardens in Long Beach for $35.3 million. The community is located at 4874 E. Los Coyotes Diagonal in the Traffic Circle neighborhood. Patio Gardens is situated on nearly six acres that front Los Coyotes Diagonal. It is also less than two miles from California State University of Long Beach, and three miles from the Belmont Shore neighborhood. The property was built in 1958. It contains 19 two-story buildings. The purchase allowed Robinson to complete a 1031 exchange. Robert Stepp of Stepp Commercial represented Robinson in both transactions. Gregory Harris of Marcus & Millichap represented the seller, Patio Gardens LLC, in this transaction.

June 21, 2016

California Industrial Western

Goodman Birtcher Buys Logistics Portfolio in Los Angeles for $240M

by Nellie Day June 20, 2016

LOS ANGELES — Goodman Birtcher has purchased a 130-acre logistics portfolio that spans two infill sites in the Los Angeles submarkets of Santa Fe Springs and El Monte. The sites were purchased for a reported $240 million. The Santa Fe Springs site contains a six-building logistics campus that totals about 1 million square feet of space over 75 acres. The facility includes 18 acres of trailer parking and ambient refrigerated and freezer facilities suitable for food users, last-mile logistics and ecommerce companies. The transaction also includes a 55-acre site in El Monte that will be developed into a 1.2 million-square-foot, Class A logistics facility. It will be constructed with a flexible and sustainable design for logistics and ecommerce customers. The redevelopment efforts will commence once the sites’ current leases expire. JLL’s Louis Tomaselli, Zach Niles and Mark Detmer executed the transaction.

June 20, 2016

California Industrial Western

Bridge Development Partners to Build Warehouse, Office Complex in LA

by Nellie Day June 20, 2016

LOS ANGELES — Bridge Development Partners has announced plans to build a 429,840-square-foot warehouse and office facility in the City of Industry, a submarket of Los Angeles. The facility will be located near the 60 Freeway. The Class A property is scheduled for completion on Dec. 1. A 260,000-square-foot warehouse on the site will be demolished to make way for the new facility. Bridge Development is targeting high-tech tenants. Premier Design + Build will build the facility. HSA & Associates will provide engineering services, while HPA will deliver architectural services. Stuart Milligan of Cushman & Wakefield and Tony Phu of Colliers International will act as the building’s leasing agents. JP Morgan Chase Bank provided financing.

June 20, 2016

California Retail Western

Marcus & Millichap Brokers $10.1M Sale of 22,812 SF Retail Center in Simi Valley

by Nellie Day June 20, 2016

SIMI VALLEY, CALIF. — Marcus & Millichap has arranged the sale of the Shops at Target Center, a retail center in Simi Valley. A 1031 exchange investor acquired the 22,812-square-foot property for $10.1 million, or $445 per square foot. Located at 2931-2941 Cochran St., the retail center features a mix of 12 tenants, including restaurants, a private gym and service-oriented shops. Aria Pournazarian, Mike Malick and Carol Song of Marcus & Millichap represented the seller, a development firm based in Los Angeles, and procured the buyer.

June 20, 2016

California Retail Western

Champion Real Estate Acquires 85,615 SF Retail Center in Glendora

by Nellie Day June 20, 2016

GLENDORA, CALIF. — Champion Real Estate Co. has acquired a grocery-anchored neighborhood retail center in Glendora for an undisclosed price. Located at 655 S. Grand Ave., the existing 85,615-square-foot property is a vacant grocery building. Champion plans to reconfigure and reposition the property as a smaller 70,500-square-foot, grocery-anchored neighborhood shopping center that will include several national credit tenants. Additionally, the center will include two retail pads in the existing parking field, plus additional supporting retail to expand the tenant base and meet community needs. The name of the seller was not released.

June 20, 2016

California Retail Western

Faris Lee Investments Brokers $4.6M Sale of 8,930 SF Single-Tenant Property

by Nellie Day June 20, 2016

VICTORVILLE, CALIF. — Faris Lee Investments has arranged the sale of a freestanding, single-tenant property located at 13615 Bear Valley Road in Victorville. Newport Beach, Calif.-based Giavictor Investments acquired the 8,930-square-foot property from OPT Bear Valley VV for $4.6 million. Built in 2008, KinderCare Learning Centers occupies the property. Shaun Riley of Faris Lee Investments represented the seller, while Diana Kaplan of ReMax FH Commercial represented the buyer in the deal.

June 20, 2016

California Retail Top Stories Western

Two Southern California Shopping Centers Change Hands for $352M

by Nellie Day June 20, 2016

LOS ANGELES AND SAN DIEGO — Savills Studley has arranged the sale of a pair of shopping centers in Southern California for a combined sales price of $352 million. In the first transaction, ROIC California purchased North Ranch Shopping Center, a 146,625-square-foot neighborhood shopping center in the Los Angeles submarket of Westlake Village, for $122.8 million. Ralphs Fresh Fare, Rite Aid, Trader Joes and Petco anchor North Ranch. It is located at 3815-3963 Thousand Oaks Blvd., one block from the 101 Freeway. In the second transaction, Stockbridge Capital Group purchased Mira Mesa Marketplace, a 487,807-square-foot regional shopping center in San Diego, for $229 million. Smart & Final Extra, CVS, Home Depot, Edwards Theatre, Ross, Old Navy and Barnes & Noble anchor Mira Mesa. It is located off Interstate 15 on Mira Mesa Boulevard. Bill Bauman and Kyle Miller of Savills Studley’s National Retail Services Group represented the unidentified seller of the two properties. ROIC California is an entity of the Retail Opportunity Investment Corp., a publicly traded REIT. Stockbridge Capital Group is a real estate investment firm headquartered in San Francisco. — Nellie Day

June 20, 2016

California Loans Retail Western

Marcus & Millichap Arranges $7M Refinancing for Ontario Village Shopping Center in California

by Nellie Day June 17, 2016

ONTARIO, CALIF. — Marcus & Millichap has arranged a $7 million refinancing for Ontario Village, a shopping center located in Ontario. The loan was structured with a five-year term amortized over 25 years with an adjustable interest rate of 4.75 percent. The 97,384-square-foot property is 75 percent occupied. Sharone Sabar of Marcus & Millichap’s Encino, Calif., office secured the debt placement for the undisclosed borrower.

June 17, 2016

California Retail Western

Construction Begins on 290,000 SF Toyota Dealership in Downtown Los Angeles

by Nellie Day June 17, 2016

LOS ANGELES — Shammas Group is developing a new Toyota dealership at the corner of Figueroa Street and Washington Boulevard in downtown Los Angeles. The four-story, 290,000-square-foot facility will feature a 22,600-square-foot, two-story showroom with a vehicle display, a 40-bay below-grade service department, and a wholesale and retail parts boutique. The project is slated for completion in fall 2017. Trammell Crow Co. is developing the building, PDS Architects is serving as project architect, ConAm Building Co. is serving as the contractor and Ware Malcom is overseeing interior design and tenant improvement.

June 17, 2016

California Retail Western

NAI Capital Negotiates $3.6M Sale of Red Lobster Property in Valencia

by Nellie Day June 17, 2016

VALENCIA, CALIF. — NAI Capital has arranged the $3.6 million sale of a Red Lobster property located at 27524 The Old Road in Valencia. Simonian Family 2008 Trust acquired the 9,487-square-foot property as a single-tenant, net-leased, fee-interest investment from Marquis Valley View LLC. Situated on 1.1 acres, Red Lobster has occupied the property since 1986. Yair Haimoff, Randy Cude and Steve Body of NAI Capital represented the seller in the transaction.

June 17, 2016

Newer Posts

Older Posts