California

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

Arizona California Multifamily Seniors Housing Western

Grace Healthcare Sells Three Skilled Nursing Facilities for $14.7M, Exits California and Arizona

by Nellie Day June 9, 2016

MORAGA, CALIF., PLEASANT HILL, CALIF., AND PHOENIX — Grace Healthcare has sold Grace Healthcare of Moraga, Grace Healthcare of Pleasant Hill and Grace Healthcare of Phoenix for a total of $14.7 million. The dispositions mark the owner-operator’s exit from the states of California and Arizona. Located 20 miles east of San Francisco, Grace Healthcare of Moraga features 49 beds on 1.9 acres. Built in 1965, the 12,484-square-foot community offers dementia care and rehabilitative care. Grace Healthcare of Pleasant Hill is located 10 miles east of the Moraga community and features 51 beds. The community was built in 1958 on one acre, and underwent renovations in 2012. Grace Healthcare of Phoenix features 100 beds in a 26,621-square-foot facility on three acres. A California-based investor bought both California communities for a total of $8.2 million. The new owner will lease the community to a new operator. A regional investment group bought the Phoenix property for $6.5 million. Evans Senior Investments, a seniors housing brokerage firm, represented Grace Healthcare in the three transactions.

June 9, 2016

California Retail Western

CBRE Arranges $1.7 Million Sale of Retail Property in Tempe

by Nellie Day June 9, 2016

TEMPE, ARIZ. — CBRE has arranged the $1.7 million sale of a 3,288-square-foot, freestanding retail property located at 111 W. University Drive in Tempe. Andrew Fosberg, Max Bippus and Bert Kempfert of CBRE represented the seller, Ehrhardt Investment Properties LLC, in the transaction. Greg Saltz with GPS Retail LLC represented the buyer, SimonCRE Alpha LLC. Ehrhardt Bike Shop has occupied the property for 30 years.

June 9, 2016

California Industrial Western

Thibodo Ranch Business Center Industrial Park in Vista Trades for $7.5M

by Nellie Day June 8, 2016

VISTA, CALIF. — La Mirada Drive LLC has acquired Thibodo Ranch Business Center, a 53,572-square-foot industrial business park in the San Diego submarket of Vista, for $7.5 million. The park is located at 2330, 2332, 2336 La Mirada Drive. The LLC plans to stabilize the project and hold as a long-term investment property. Isaac Little, Marko Dragovic, Matt Weaver and Al Apuzzo of Lee & Associates – North San Diego County represented the buyer. Little, Dragovic and Larry Strickland represented the seller, Thibodo Ranch LLC, in this transaction.

June 8, 2016

California Multifamily Western

IPA Brokers $142.1M Sale of 736-Unit Apartment Community Near Los Angeles

by Nellie Day June 7, 2016

ONTARIO, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Terracina Apartment Homes for $142.1 million or $193,000 per unit. Terracina Apartment Homes a 736-unit garden-style apartment community located in Ontario, approximately 40 miles east of Los Angeles. A joint venture partnership between MG Properties Group and Rockwood Capital sold the property, which is located on two parcels totaling 41.3 acres. The complex, located at 3303 S. Archibald Ave., is situated within Ontario Ranch, an 8,200-acre master-planned community. Terracina Apartment Homes was built in 1988 and features amenities such as a resort-style pool, spa, lounge and fitness center. A team comprised of Greg Harris, Stewart Weston, Kevin Green, Alexander Garcia Jr., Joseph Grabiec, Christopher Zorbas, David Sperling and John Montakab of IPA represented the seller. MG Properties Group is a privately owned West Coast real estate owner and operator specializing in multifamily assets. Rockwood Capital LLC is a real estate investment management firm that provides equity capital combined with real estate operating expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research throughout the United States.

June 7, 2016

California Retail Western

CBRE Arranges $15.3M Sale of the Terrace Shopping Center in Newbury Park

by Nellie Day June 7, 2016

NEWBURY PARK, CALIF. — CBRE has arranged the $15.3 million sale of the Terrace, a two-level, 39,634-square-foot shopping center located in Newbury Park. Tenants at the fully occupied property include Orangetheory Fitness, Hot Yoga 1000, Road Runner Sports and Bottle and Pint. Philip Voorhees, Jimmy Slusher, Megan Wood, Matt Burson, Todd Goodman, John Read and Preston Fetrow of CBRE represented the seller, a Los Angeles-based private investor, in the transaction. A Los Angeles-based private investor partnership acquired The Terrace with funds from the refinancing on a long-held multifamily property in the nearby San Fernando Valley.

June 7, 2016

California Office Top Stories Western

Hudson Pacific Agrees to Acquire Los Angeles Office Tower for $311M

by Christina Cannon June 7, 2016

WEST LOS ANGELES — Hudson Pacific Properties Inc. has agreed to acquire a 500,475-square-foot office tower in West Los Angeles for $311 million. A fund managed by Blackstone is selling the Class A property, known as the Brentwood Center or Wells Fargo Center, which is located at 11601 Willshire Blvd. The building, which is currently 83 percent occupied, has served as Hudson Pacific’s corporate headquarters since 2010. Hudson leases 20,000 square feet in the building, which also includes tenants First Pacific Advisors and Genter Capital, according to CoStar. The office tower was built in 1983 and features a travel agency, Trimana Café, on-site property management and full service gym, according to Loopnet. Hudson Pacific recently sold One Bay Plaza in Burlingame, Calif. for $53.4 million and plans to use the proceeds to help pay for the acquisition. The company also expects to be repaid on a $28.5 million note for the Broadway Trade Center. The company expects to fund the remaining balance with a combination of funds from its revolving credit facility, project financing and private placement proceeds. “Our team’s long history of occupancy and prior ownership of 11601 Wilshire Blvd. provided a competitive edge to understanding the value creation potential for …

June 7, 2016

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