California

Herald Examiner Building in LA to Undergo Redevelopment

by Nellie Day September 4, 2015

LOS ANGELES — The Herald Examiner Building in downtown Los Angeles will soon undergo redevelopment. to turn the historic space into a mix of creative office space, retail and restaurants. The Herald Examiner Building was originally constructed in 1914 between South Park and the Broadway Corridor. The two-story lobby will also undergo a restoration as part of the renovation. The Georgetown Company has partnered with the Hearst Corporation on this project. The Herald Examiner Building was initially designed by Julia Morgan, the same architect who designed Hearst Castle. Carl Muhlstein of Jones Lang LaSalle will lead the leasing efforts.

September 4, 2015

California Office Western

NGKF Arranges $27M Loan for Downtown Los Angeles Office Building

by Nellie Day September 4, 2015

LOS ANGELES — Newmark Grubb Knight Frank has arranged a $27 million loan for a 151,013-square-foot office building in downtown Los Angeles. The Class A building is located at 626 Wilshire Blvd. The property features ground-floor retail atop two below-grade parking levels. It was originally built in 1966 as the headquarters for State Mutual Savings & Loan, one of Southern California’s leading financial institutions at the time. The borrowers, Barker Pacific Group and Golden Boy Enterprises, will use these funds to retire existing debt. The financing will also be used for property upgrades. Jordan Roeschlaub, Daniel Fromm and Scott Selke of NGKF Capital Markets team arranged and restructured the loan.

September 4, 2015

California Retail Western

Landmark Buys Bancroft Center Near UC Berkeley for $18.5M

by Nellie Day September 4, 2015

BERKELEY, CALIF. — Landmark Properties has acquired The Bancroft Center, a mixed-use site that sits adjacent to UC Berkeley, for $18.5 million. The property is located at 2580 Bancroft Way. The center currently houses nine retail tenants. It also contains the Fred Turner Building, a city-designated landmark that will be preserved in any future development. Frank Wheeler, Brandon Geraldo, Tony Crossley and Tim Maas of Colliers represented the seller, Bancroft Center Company.

September 4, 2015

California Multifamily Western

Sienna Springs Apartments in Phoenix Sells for $20.5M

by Nellie Day September 3, 2015

PHOENIX — Liv Biltmore LLC has acquired the 395-unit Sienna Springs apartment complex in Phoenix for $20.5 million. The Class B community is located at 5120 N. 16th St. It was built in 1973 and renovated in 2006. The seller was P.B. Bell. Brad and Cindy Cooke of Colliers International executed the transaction

September 3, 2015

California Industrial Western

LA Opera Leases Industrial/Flex Space in Downtown Los Angeles

by Nellie Day September 3, 2015

LOS ANGELES — The LA Opera has leased a 27,500-square-foot industrial/flex building in downtown Los Angeles. The opera production organization will use the space as a costume design shop. It is located at 1655 E. 14th St. The company will relocate from the nearby Arts District. The 10-year lease is valued at $4.6 million. Chris Steck, Chris Giordano and John Anthony of Charles Dunn Company represented LA Opera. Major Properties represented the landlord, Danjon Realty.

September 3, 2015

California Loans Multifamily Western

NorthMarq Arranges $93M Financing for Silicon Valley Apartment Buildings

by Nellie Day September 2, 2015

SANTA CLARA, CALIF. — NorthMarq Capital has arranged $93 million in financing for Timberleaf Apartments and Alderwood Apartments, a pair of apartment buildings in the Silicon Valley submarket of Santa Clara. The funds will allow the borrower, Prometheus Real Estate Group, to lock in low interest rates. Prometheus will also enjoy a period of interest-only payments for part of the loan term. Prometheus built both properties in the late 1980s. The company has made substantial upgrades to both assets over the past 10 years. Jeffrey Weidell, Nate Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco office arranged the new senior mortgage loans were arranged by through the firm’s correspondent relationship with a life insurance company.

September 2, 2015

California Civic Western

Bernards to Upgrade Health Facilities at Two California State Prisons

by Nellie Day September 2, 2015

BAKERSFIELD, CALIF. — Construction management company Bernards will build new prison healthcare facilities and renovate the existing buildings at two state prisons situated just north of Bakersfield. The contract through the Department of Corrections and Rehabilitation pertains to the North Kern State Prison (NKSP) in Delano and the Wasco State Prison in Wasco. The prisons are about 20 minutes from one another. Improvements to healthcare facilities at these prisons are part of the state-mandated Health Care Facility Improvement Program. This program was implemented following a 2006 decision by the U.S. District Court for the Northern District of California to place the state’s prison healthcare system in receivership. The decision came after several inmates were successful at raising lawsuits against the State of California alleging the healthcare provided to prisoners violated their constitutional rights.

September 2, 2015

California Retail Western

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

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