California

Construction is Complete on Phase II of Playa Del Oro in Los Angeles

by Nellie Day September 14, 2015

LOS ANGELES — Construction is now complete on Phase II of Playa Del Oro, a 260-unit addition to the existing 405-unit residential and mixed-use complex in Los Angeles. The community is located at the corner of Manchester Avenue and Lincoln Boulevard in the Westchester district. The original structure was built in 2009. The new addition is a concrete, podium-style structure with 235 units above the podium slab, along with 25 units situated at street level, which also contains 5,000 square feet of retail space. Phase II also adds a variety of lifestyle amenities to the complex, including a lounge, fitness on demand, a video game lounge and resident café. It also received a new landscaped courtyard with water features and outdoor living areas. Decron Properties developed the property, which Bernards build and Van Tilburg, Banvard & Soderbergh designed.

September 14, 2015

California Office Western

Ivanhoé, Callahan Acquire PacMutual Office Property in Downtown LA

by Nellie Day September 11, 2015

LOS ANGELES — Ivanhoé Cambridge and its partner Callahan Capital Properties have acquired a full interest in the PacMutual office property in Downtown Los Angeles for $200 million. The property is located at 523 W. 6th St. The three buildings contain a total of 464,000 square feet. They are interconnected. PacMutual is situated near the 7th Street retail corridor, L.A. LIVE entertainment complex, Staples Center arena, Broadway Theater District, South Park neighborhood, and mixed-use developments like the Bloc and Wilshire Grand.

September 11, 2015

California Loans Office Western

Hines Receives $100M in Financing to Acquire, Redevelop Offices in Irvine

by Nellie Day September 11, 2015

IRVINE, CALIF. — The Quintana office campus, a 421,935-square-foot office campus in Irvine, has received $100 million in financing. The floating-rate debt package will finance the acquisition, redevelopment and re-tenanting of the Class A property, which Hines purchased in August. The four-building Quintana campus is situated at the intersection of Main Street and Von Karman Avenue in the Irvine Business Complex. One of the buildings is fully leased to StrataCare, a wholly owned subsidiary of Xerox Corporation. The remaining three are vacant. Quintana represents the largest block of contiguous office space currently available for a large user in Orange County. It is also the only remaining big block in the airport area, according to New York Life Real Estate Investors, which originated the funds on behalf of institutional investors. HFF’s Kevin MacKenzie worked on behalf of Hines. The floating rate debt package has a total available term of five years.

September 11, 2015

California Life Sciences Office Western

LMU Debuts New $110M Life Sciences Building in Los Angeles

by Nellie Day September 11, 2015

LOS ANGELES — Loyola Marymount University (LMU) in Los Angeles has debuted its new $110 million Life Sciences building. Construction on the 100,000-square-foot project began in June 2013. The new Life Sciences building houses faculty and research staff from the biology, chemistry and biochemistry, health and human sciences, civil engineering, and environmental science departments under the Seaver College of Science and Engineering. It provides modernized laboratories and collaborative research space. The three-story facility contains 35 teaching labs, 40 faculty and staff offices, nine informal student study spaces, a green roof and outdoor laboratory, three conference rooms and a 273-seat auditorium with an adjoining 1,800-square-foot terrace. C.W. Driver constructed the new building, which CO Architects designed.

September 11, 2015

California Loans Retail Western

NorthMarq Capital Arranges $30M Financing for Retail Center in San Diego

by Nellie Day September 11, 2015

SAN DIEGO — NorthMarq Capital has arranged the $30 million refinance of Carmel Mountain Ranch Town Center, a 172,272-square-foot retail property located in San Diego. Michael Dobbins of NorthMarq secured the fully amortizing, 25-year term loan through a life insurance company. Tenants at the center include Trader Joe’s, Ralph’s, Chico’s, Rite Aid, Bank of America and McDonald’s.

September 11, 2015

California Loans Retail Western

NYL REI Originates $35M Loan for the Center at Rancho Niguel

by Nellie Day September 10, 2015

LAGUNA NIGUEL, CALIF. — New York Life Real Estate Investors (NYL REI) has originated a $35 million mortgage loan for The Center at Rancho Niguel, located at 28281 Crown Valley Parkway in Laguna Niguel. The loan has a 20-year term with an opportunity to borrow additional proceeds in the first 10 years of the loan. The borrower was Buie Stoddard Group, an institutional investor. Tenants at the 120,000-square-foot retail property include Wells Fargo, Ralphs Fresh Fare, Jamba Juice, Loehmann’s Shoes, Thomasville Furniture, NY’s Upper Crust Pizza, El Pollo Loco and Precision Fitness.

September 10, 2015

California Multifamily Western

Vista Pointe in Covina Changes Hands

by Nellie Day September 10, 2015

COVINA, CALIF. — Sares Regis Multifamily Value-Add Fund II L.P. has purchased the 216-unit Vista Pointe apartment community in Covina for an undisclosed sum. The community is located at 1400 and 1420 1/2 North Grand Ave. It was 95 percent occupied at time of sale. The seller was an out-of-state party. Margie Molloy, Adrienne Barr and Robin D. Ossenbeck of Berkadia executed the transaction.

September 10, 2015

California Retail Western

County Commerce Bank Acquires Building in Westlake Village for $3M

by Nellie Day September 9, 2015

WESTLAKE VILLAGE, CALIF. — County Commerce Bank has acquired a freestanding bank building located at 2663 Townsgate Road in Westlake Village. The 4,183-square-foot property sold for $3 million, or $621 per square foot. County Commerce Bank plans to open a new branch at the location once the existing lease to Rabobank ends in October. Michael Schiff of NAI Capital represented the seller, Westlake Gateway Properties, in the transaction.

September 9, 2015

California Retail Western

Faris Lee Investments Arranges $4.8M Sale of Single-Tenant CVS/pharmacy

by Nellie Day September 8, 2015

VALLEJO, CALIF. — Faris Lee Investments has arranged the $4.8 million sale of a 16,500-square-foot single-tenant, triple-net lease CVS/pharmacy located in Vallejo. The transaction has a capitalization rate of 4.3 percent, the lowest recorded for a single-tenant CVS/pharmacy-occupied property. Christopher DePierro and Jeff Conover of Faris Lee represented the seller, Rivers Rock Vallejo LLC, and LemRx Realty Advisors represented the buyer, Calpine Corp., in the transaction. The property is currently under construction, and will open in October.

September 8, 2015

California Multifamily Western

TownCentre Commons Apartments in Brentwood Sell for $26.4M

by Nellie Day September 4, 2015

LOS ANGELES — The ConAm Group has acquired the 137-unit TownCentre Commons apartments in the Los Angeles submarket of Brentwood for $26.4 million. The community is located at 1275 Central Blvd. TownCentre Commons is currently 98.5 percent leased. ConAm plans to implement a series of interior and exterior upgrades at the property, including the common area amenities. Seth Siegel and Jason Parr of Cushman & Wakefield represented both ConAm and the seller, Ridge Capital Investors, in this transaction.

September 4, 2015

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