California

Four New Restaurants to Open at Terminal One at LAX

by Nellie Day September 2, 2015

LOS ANGELES — Westfield has announced that four new restaurants will open at Terminal One at LAX as part of a $508 million overhaul spearheaded by Southwest Airlines in partnership with Los Angeles World Airports. New venues will include Reilly’s Irish Pub, The Coffee Bean & Tea Lead, California Pizza Kitchen and Deli & Co. When complete, Terminal One will include 24 new dining and retail destinations. The new locations are expected to open later this year, with the total terminal redevelopment set for completion in 2018. Westfield’s new retail and dining collection will span 25,242 square feet, and will also be home to Rock & Brews, Be Relax, Quiksilver, Treat Me Sweet, I Love L.A. and Brookstone.

September 2, 2015

California Loans Retail Western

NorthMarq Arranges $4.4M Refinance for California Shopping Center

by Nellie Day September 2, 2015

LA VERNE, CALIF. — NorthMarq Capital has arranged the $4.4 million refinance of a shopping center located at 1400, 1410 and 1480 Foothill Blvd. in La Verne. Michael Elmore and Ory Schwartz of NorthMarq secured financing through a national bank. The loan is structured with a 13-year term and 30-year amortization schedule and features a 4.46 percent fixed rate for 10 years with a floating tail. Tenants at the center include RiteAid, Auto Zone and Carl’s Jr.

September 2, 2015

California Office Western

Porter Ranch Office Building Sells for $4.9M

by Nellie Day September 1, 2015

LOS ANGELES — Papazian-Hirsch Calabasas LP has acquired a 15,798-square-foot office building in the Los Angeles submarket of Porter Ranch for $4.9 million. The building is located at 11260 Wilbur Ave. It was constructed in 1985. Justin Mendelson and Fred Sheriff of Charles Dunn Company represented both the buyer and seller, Wilnaldi Venture L.P. and Wilnaldi Bellisimo LLC, in this transaction.

September 1, 2015

California Office Western

The Honest Company Relocates to Playa Vista

by Nellie Day September 1, 2015

LOS ANGELES — The Honest Company has relocated its headquarters to a Class A office complex in Playa Vista. The new space is located at 12130 Millennium Drive. The company will occupy 83,000 square feet of space at the property. It will relocate from nearby Santa Monica early next year. David Toomey and Matthew Miller of Cresa and Marc Bretter of Travers Cresa represented The Honest Company. The landlord is Clarion Partners.

September 1, 2015

California Mixed-Use Retail Western

Vallco Shopping Mall to Become $3B Development Project

by Nellie Day August 31, 2015

CUPERTINO, CALIF. — Sand Hill Property Co. has announced plans to transform Vallco Shopping Mall into The Hills at Vallco, a mixed-use town center. The $3 billion redevelopment will completely transform the property into 2 million square feet of office space and mixed-use buildings, including 680 market-rate apartments, 80 affordable housing units and 40 apartments for seniors. The development will also be home to a 3.8-mile trail network for jogging and walking, vineyards, orchards, organic gardens and an amphitheater. Retail, restaurants and entertainment, including an AMC Theater, bowling, ice-skating, and fitness and banquet facilities will be part of the project. The Hills at Vallco will also feature a 30-acre rooftop community park with a nature preserve.

August 31, 2015

California Retail Western

Capstone Advisors Acquires San Diego Retail Space for $12.7M

by Nellie Day August 31, 2015

SAN DIEGO — Carlsbad, Calif.-based Capstone Advisors has acquired a retail center located at 10155-10195 Rancho Carmel Dr. in San Diego’s Carmel Mountain Ranch submarket. American Assets Trust sold the 30,421-square-foot property for $12.7 million. Built in 1993, the property is 96 percent leased by tenants, including US Credit Union, Starbucks Coffee, and Oggi’s Pizza and Brewing. Capstone plans to enhance the property by upgrading tenant signage and developing the landscape. Capstone Advisors was represented in-house, while Philip Voorhees of CB Richard Ellis represented American Assets Trust in the transaction.

August 31, 2015

California Multifamily Western

The Tides Apartments in La Jolla Sells for $8.5M

by Nellie Day August 31, 2015

SAN DIEGO — The Tides Apartments, a 30-unit apartment community in the San Diego submarket of La Jolla, has sold to LJ Tides LLC for $8.5 million. The community is located at 7431 La Jolla Blvd. It was built in 1968. The buyer plans to renovate the property. Peter Scepanovic, Corey McHenry and Victor Krebs of Colliers represented the seller, Zwack Trust.

August 31, 2015

California Industrial Western

The Crossings @ 880 Industrial Project Changes Hands in San Francisco

by Nellie Day August 28, 2015

SAN FRANCISCO — A New York-based fund has acquired the Crossings @ 880, a 700,000-square-foot industrial project in San Francisco. The development is located near Interstate 880 and Dixon Landing Road in the Fremont submarket. The price was not disclosed. Construction commenced on the Crossings @ 880 last year. It was completed in the first quarter of this year. Notable tenants include Apple and Living Spaces. CBRE’s Rob Shannon, Darla Longo, Joe Kelly and Bob Ferraro represented the seller, Overton Moore Properties (OMP). OMP’s legal advisor was Elkins Kalt Weintraub Reuben Gartside LLP.

August 28, 2015

California Loans Retail Western

Meridian Capital Arranges $21.1M Acquisition Loan for Shopping Center

by Nellie Day August 28, 2015

SAN DIEGO — Meridian Capital Group has arranged a $21.1 million acquisition loan for the purchase and improvement of Sorrento Court Shopping Center in San Diego. The borrower is The Festival Companies, a Los Angeles-based retail developer. The 36-month loan, provided by a debt fund, features full-term, interest-only payments, a floating interest rate and two 12-month extension options. Located at 9420-9460 Scranton Road, the 55,000-square-foot retail center features 17 quick-service restaurants and a variety of tenants, including Starbucks Coffee, Jamba Juice, Staples, Bank of America and J.P. Morgan Chase. At the time of closing, the center was 96 percent occupied. Seth Grossman and Andy Strauss of Meridian’s Carlsbad office negotiated the financing.

August 28, 2015

California Retail Western

NewMark Merrill Acquires 64,171 SF Portion of Valley Mack Plaza

by Nellie Day August 28, 2015

SACRAMENTO, CALIF. — NewMark Merrill Cos. has acquired the Food Source and Shops portion of the Valley Mack Plaza in Sacramento. Located at 6366 Mack Road, the Food Source and Shops location is a 64,171-square-foot building situated on 4.64 acres. Sands Investment Group sold the property for an undisclosed sum. Additional tenants at Valley Mack Plaza include dd’s discounts, Fallas Paredes, Rainbow Fashions, Auto Zone, Starbucks Coffee and McDonald’s.

August 28, 2015

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