THOUSAND OAKS, CALIF. — Colliers International has brokered the sale of a single-tenant retail property located at 550 N. Ventu Park Road in Thousand Oaks. NewMark Merrill Cos. sold the property to a Los Angeles-based private investor for $15.6 million. The property is triple-net leased to Walgreens with 19 years left on the term. Eric Carlton and Jereme Snyder of Colliers represented the seller in the transaction.
LOS ANGELES — Forest City Realty Trust Inc. has started Phase II of the redevelopment, preservation and adaptive re-use of the Subway Terminal Building, originally built in 1925 by Pacific Electric Railroad in downtown Los Angeles. Renamed Metro 417, Phase I consisted of the development of 277 loft-style apartment homes. For phase two, Forest City will redevelop and transform the ground floor and two subterranean floors into approximately 133,000 square feet of multi-tenant retail space. Lorena Tomb and Danielle Cornwell of Jones Lang LaSalle are marketing the retail space for lease on behalf of Forest City. Metro 417 is located in the Bunker Hill area of Los Angeles adjacent to a station for the Metro Red Line subway. Amenities for the property will include on-site parking, in-unit laundry facilities, a rooftop garden, gym, business center and 24-hour security.
CORONA, CALIF. — Progressive Real Estate Partners has brokered the sale of an 8,000-square-foot retail property located at 4180 Green River Road in Corona. A private investor purchased the property from Olympic Barrington Partnership for $2.1 million, or $263 per square foot. As part of the 120,000-square-foot Green River Promenade, the property is fully leased to St. Christopher Adult Health Care Center. Greg Bedell and Pablo Velasco of Progressive Real Estate Partners represented the seller, while Keith Wichner of Star Real Estate represented the buyer in the 1031 exchange.
SAN MATEO, CALIF. — A joint venture between Seagate Properties and RGA Real Estate Investments has purchased The Atrium, a 163,791-square-foot office building in Silicon Valley, for $61.6 million. The Class A property is located at the intersection of Highway 101 and 92. It is situated 20 miles south of Downtown San Francisco and 15 miles north of Stanford University. The Atrium is currently 90 percent occupied. The largest tenant at the site is Prometheus Real Estate Group. The building was constructed in 1983. It recently underwent a $300,000 renovation. Steven Hinds and Peter Ryan of George Elkins Mortgage Bank helped facilitate the joint venture between Seagate and RGA. Steve Herman, Eric Fox and Bob Gilley of Cushman & Wakefield represented the seller, Prometheus, in this transaction.
SAN DIEGO — CBRE has arranged a $65 million loan for the refinance of The Village at Pacific Highlands Ranch, a 147,716-square-foot shopping center located in the Pacific Highlands Ranch community of San Diego. Bill Chiles, Scott Peterson and Brian Cruz of CBRE secured the 11-year, fixed-rate loan. Tenants at the center include Trader Joe’s, Starbucks Coffee, Panera Bread, Crunch Fitness and Wells Fargo.
NORTHRIDGE, CALIF. — Charles Dunn Co. has arranged the $3.9 million sale of a 6,000-square-foot, single-tenant, triple-net-leased property occupied by Chase Bank in Northridge. Kyle Gulock and Jason Cope of Charles Dunn Co. represented the seller, Balboa Plaza Investments LLC, in the sale of the property to RBS Investments LLC. The transaction closed at a capitalization rate of 4.7 percent.
IRVINE, CALIF. — A real estate fund managed by Ares has made a strategic investment in Montage Hotels & Resorts. The partnership will allow Ares to purchase a minority stake of up to 20 percent in Montage. Ares will also provide up to $200 million in future growth capital to Montage. The funds will focus on the continued expansion of the Montage- and Pendry-branded hotels and resorts portfolio. Jay Glaubach, a managing director at Ares Management and co-portfolio manager of Ares’ opportunistic real estate funds, will join Montage’s Board of Directors. Dentons served as counsel to Montage Hotels & Resorts. This is Ares’ second investment with Irvine-based Montage. It had previously made an investment in Pendry San Diego. This property is part of the company’s new luxury lifestyle brand, Pendry Hotels. The new hotel will debut this fall in San Diego’s Gaslamp District.
LOS ANGELES — The Torres Martinez Desert Cahuilla Indian Tribe has signed a 126-month lease for a 24,408-square-foot office in the Los Angeles submarket of Monterey Park. The lease is valued at $8 million. The tribe will use the space for administrative offices. The property is located at 900 Corporate Center Drive, within the LA Corporate Center. The new lease takes the center to 94 percent occupancy. Steve Seinfeld of Cresa represented the tribe. Linda Lee, Scott Unger and Bill Boyd of Charles Dunn Company’s Glendale office represented the landlord, Los Angeles Corporate Center LLC, in this transaction.
LOS ANGELES — NorthMarq Capital has arranged a $48 million refinancing for Olympic Plaza, a 244,448-square-foot office property in Los Angeles. The property is located at 11500 West Olympic Blvd. The loan features a 10-year term and 25-year amortization schedule. Blake Melstrom of NorthMarq Capital’s Los Angeles office arranged the financing through a life insurance company.
NORTHRIDGE, CALIF. — FSC Realty has purchased The Village at Granada Hills, a 152-unit luxury apartment community in the San Fernando Valley submarket of Northridge, for $34.1 million. The community is located at 10435 Lindley Ave. The property was built in 1970 and renovated in 2008. The seller was Starpoint Properties. Darin Beebower and Bob Safai of Madison Partners brokered the transaction.
