California

Nine-Property Retail Portfolio in San Diego Sells for $183.2M

by Nellie Day July 8, 2015

SAN DIEGO — A joint venture between AGC SD Retail Holdings and Citivest Commercial Investments has purchased a nine-property retail portfolio in San Diego for $183.2 million. The portfolio contains a total of more than 520,000 square feet. The properties include retail space within Pacific Coast Plaza and Town Center North in Oceanside; Palm Promenade and Stonecrest Plaza in San Diego; East County Square and East County Village in El Cajon; and EastLake Terraces, Eastlake Village Center East and Southbay Marketplace in Chula Vista. The portfolio’s average occupancy rate was more than 92 percent at the time of sale, with 78 percent of that being credit, national or regional tenants. Notable tenants throughout the portfolio include Best Buy, Stater Brothers, Bed Bath & Beyond, GNC, Supercuts, Payless Shoes, Starbucks, Wells Fargo, Subway, USPS and Massage Envy. The portfolio will be managed by Voit Real Estate Services. Brokerage was handled by Flocke & Avoyer.

July 8, 2015

California Retail Western

Los Angeles County to Receive First-Ever Wellness Village

by Nellie Day July 8, 2015

LOS ANGELES — A 420,000-square-foot, first-of-its-kind wellness village will break ground next summer in the Los Angeles submarket of Palmdale. Dubbed the Oasis, this development will offer a continuum of care adjacent to Palmdale Regional Medical Center. The new project will sit on 17.5 acres that includes multiple districts promoting health and wellness. The Oasis will contain public amenities and public infrastructure improvements that will enhance the project’s look and feel. This will include a public pavilion, parking, circulation amenities, a park, pedestrian areas, signage, decor and landscaping. It will also include services like yoga, a farmer’s market and physical therapy sessions. The $200 million Oasis is being developed by Thomas Partners Properties, which is collaborating with nationally renowned leaders in healthcare to provide safe, reliable and branded healthcare services. It is being designed by HKS architects.

July 8, 2015

California Retail Western

Retail Portion of San Diego Condo Project Sells for $4.5M

by Nellie Day July 7, 2015

SAN DIEGO – The 10,981-square-foot retail portion of a condominium complex at 101 Market Street in San Diego has sold to PREF ATRIA LLC for $4.5 million. The three-unit space is on the ground floor of Atria, a 149-unit residential condo complex that was built in 2002. The commercial space is fully leased to Banfield Pet Hospital, Lion Coffee, Chase ATM, Carrington Real Estate and Simon’s Deli & Catering. Bill Shrader, David Maxwell and Joe Brady of Colliers International’s Urban Property Group represented both the buyer and the seller, 101 Market Partners LLC, in this transaction.

July 7, 2015

California Multifamily Western

Structure PMG Buys Villa Grande in Buena Park

by Nellie Day July 7, 2015

BUENA PARK, CALIF. – Structure Property Management Group (PMG) has purchased the 44-unit Villa Grande apartment complex in Buena Park. The community is located at 7720 Crescent Ave. It was built in 1971. The company plans to improve the property. Structure PMG was represented by Ken Morgan of Morgan-Skenderian Investment Real Estate Group. The seller, Sue Pebley Management LP, was represented by Jay Skenderian of Morgan-Skenderian Investment Real Estate Group.

July 7, 2015

California Industrial Western

Santa Clarita Industrial Building Sells for $2.7M

by Nellie Day July 7, 2015

SANTA CLARITA, CALIF. – A 22,470-square-foot industrial building in the Los Angeles submarket of Santa Clarita has sold to Stanford Avenue Industrial LLC for $2.7 million. The building is located at 27822 Fremont Court. The seller, Neotech Products, will be relocating to a facility in nearby Valencia. The LLC was represented by Joel Hutak of Lee & Associates. The seller was represented by Trevor Gale and Jon Reno of Heger Industrial.

July 7, 2015

California Massachusetts Michigan Northeast Retail

Phillips Edison Grocery Center REIT II Buys Three Grocery-Anchored Retail Centers

by Amy Works July 7, 2015

EASTON, MASS., ANN ARBOR, MICH., AND MODESTO, CALIF. — Phillips Edison Grocery Center REIT II has acquired three grocery-anchored shopping centers in Massachusetts, Michigan and California. The REIT acquired Highlands Plaza, a 112,869-square-foot Hannaford-anchored shopping center in Easton. Additional tenants include TJ Maxx, Liberty Mutual and Supercuts. The company also acquired Crossroads Towne Center, a 102,275-square-foot Kroger-anchored center in Ann Arbor, and Central Valley Marketplace, an 81,897-square-foot PAQ Food 4 Less-anchored center in Modesto. The acquisition price and name of the seller were not released.

July 7, 2015

California Industrial Market Reports Western Western Market Reports

Los Angeles Industrial Market Feels the Pinch

by Nellie Day July 7, 2015

The industrial market in Los Angeles County is extremely tight and shows no signs of letting up as the trend for conversion of industrial property to creative office space by tech and media industries is very prevalent. Many industrial property owners either sell their assets and realize major equity gains with the new buyer planning a conversion, or choose to convert it to creative office themselves, garnering two to four times the rental rate for creative space. The vacancy rate of 3.2 percent in the first quarter of 2015 was parallel to that of the last quarter of 2014. To give some perspective, the downward trend of industrial vacancy has continued since the second quarter of 2013 when vacancy posted at a 5 percent rate. Additionally, the majority of larger industrial development in the region is build-to-suit product, which has virtually no impact on vacancy. The Downtown Los Angeles industrial market continues this trend of industrial property conversion to creative office. The Arts District is ground zero for this. While the rejuvenation and gentrification of Downtown is a welcome sight, the industrial users are now having to relocate, seeking other spaces throughout the LA basin. Many of these users are …

July 7, 2015

California Retail Western

Foremost Companies Acquires Two Retail Centers for $23M

by Nellie Day July 6, 2015

DIAMOND BAR, CALIF. — Foremost Companies has acquired two adjacent shopping centers in Diamond Bar totaling more than 120,000 square feet of leasable commercial space for $23 million. The Ranch Center and Oak Tree Plaza cover 10.4 acres of property with a tenant roster including restaurants, medical offices, a bowling alley and retail. Foremost acquired The Ranch Center in an off-market acquisition from Preferred Bank, which foreclosed on the center in October 2014. Foremost acquired and consolidated the interest of a long-term ground-lease tenant at Oak Tree Plaza while restructuring a new lease with the anchor tenant. Preferred Bank provided acquisition financing, and Stonewood Properties will act as property manager for both centers.

July 6, 2015

California Hospitality Western

Palisades Hospitality Group Buys the Colony Palms Hotel in Palm Springs

by Nellie Day July 6, 2015

PALM SPRINGS, CALIF. — Palisades Hospitality Group (PHG) has purchased the 57-room Colony Palms Hotel in Palm Springs for $24 million. The hotel is located at 572 North Indian Canyon Drive. Colony Palms is situated just one block off the city’s main downtown strip. It was built in the 1930s. Amenities include a full-service spa and the Purple Palm restaurant and bar. PHG plans to upgrade and enhance the property over the next several months. It will also create 1,200 square feet of meeting space for small groups and events that can accommodate up to 50 people. The hotel has a colored past, as it was allegedly once owned by mobster Al Westheimer. At the time, it featured a casino, speakeasy and brothel that attracted famous Hollywood guests like Clark Gable, Carole Lombard and Humphrey Bogart. The hotel was purchased in the 1940s by Robert and Amanda Leeds-Howard, the owners of famed racehorse Seabiscuit. It underwent a substantial $17 million renovation in 2008. That renovation was overseen by Martyn Bullard-Lawrence, who was named one of Architectural Digest’s top 100 interior designers. He is also known for his role on Bravo’s “Million Dollar Designers.” PHG will operate the Colony Palms under …

July 6, 2015

California Multifamily Student Housing Western

Campus Advantage Hires VP of Communications and Marketing

by Nellie Day July 6, 2015

SAN DIEGO — Campus Advantage has hired Rosemary Whaling as vice president of communications and marketing to help continue its growth. Whaling joined Campus Advantage to lead the company’s awareness-building activities, including corporate marketing, public relations and employee communications. Whaling joins the company with more than 20 years of consumer marketing and public relations experience at companies such as Procter & Gamble, Dell, Commemorative Brands and Sweet Leaf Tea. Campus Advantage’s portfolio includes properties in San Diego, Reno, Nev., and Eugene, Ore.

July 6, 2015

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