California

Forever 21 To Open Three New F21 Red Stores Nationwide

by Nellie Day December 22, 2015

LOS ANGELES — Forever 21 continues its expansion of its new concept, F21 RED, with three new stores in Brooklyn, N.Y., San Diego, and Kendall, Fla. F21 RED is a new concept store for Forever 21, which launched the first location in first quarter 2014, and currently operates more than 20 locations in the U.S. The Fulton Street store, located in the heart of Brooklyn, is 35,000 square feet, while the San Diego and Kendall locations are more than 20,000 square feet. F21 RED, headquartered in Los Angeles, is a fashion retailer of women’s, men’s and children’s clothing and accessories.

December 22, 2015

California Multifamily Student Housing Western

FPA MultiFamily Acquires 942-Bed Student Housing Community Near San Diego State for $69.5M

by Nellie Day December 21, 2015

SAN DIEGO — FPA MultiFamily LLC has purchased Fifty Twenty-Five, a 260-unit, 942-bed Class A luxury student housing community serving San Diego State University, for $69.5 million. HFF marketed the asset exclusively on behalf of an undisclosed seller. Directors Hunter Combs and Zack Holderman led the HFF team. Completed in 2010, Fifty Twenty-Five is a LEED Gold-certified property offering a mix of studio, two- and four-bedroom floor plans averaging 951 square feet each. Amenities include flat-screen televisions, high-speed Internet, modern furnishings, full-size washers and dryers, walk-in closets and fully equipped kitchens. The community also features a resort-style swimming pool, 24-hour fitness center, study rooms, 24-hour computer center, coffee bar, tanning bed, shuttle service and 598-space parking garage. The property is situated less than one mile from campus.

December 21, 2015

California Industrial Western

Commerce Plaza One Buys Industrial Park in San Diego for $5M

by Nellie Day December 21, 2015

SAN DIEGO — Commerce Plaza One has acquired a 32,717-square-foot industrial park in the San Diego submarket of Chula Vista for $5 million. The park is located at 925 Hale Place. It was built in 1987. Tracy and Kimberly Clark of Voit represented the seller, Hudson WP Partners, in this transaction.

December 21, 2015

California Industrial Western

EcoSense Acquires Journée Lighting

by Nellie Day December 21, 2015

LOS ANGELES — EcoSense, an LED technology company, has acquired the assets of Journée Lighting for an undisclosed price. Journée Lighting is a privately owned, California-based lighting company that specializes in the design and development of specification grade lighting and focuses its efforts in the office, retail and hospitality segments. EcoSense and Journée both share similar product development and innovation philosophies. Journée was founded in 2005 by entrepreneur Clayton Alexander. This acquisition allows EcoSense to enter the downlight and track lighting market and leverage Journée’s IP for future product development efforts.

December 21, 2015

California Loans Multifamily Western

IPA Secures $107M for Two Multifamily Complexes in California

by Nellie Day December 18, 2015

LOS ANGELES — IPA Capital Markets has arranged a total of $107 million in financing for two multifamily properties in California. The properties include the Emerald Terrace Apartments in Los Angeles and Fiori Estates in the Northern California submarket of Rohnert Park. The communities received $52 million and $55 million, respectively. The Emerald financing was structured as an interest-only, floating-rate loan. The loan-to-total cost value, including rehab dollars, is 72 percent. Fiori’s financing was structured with an interest-only floater of less than 3 percent. The loan-to-value is 65 percent and the loan-to-cost is 92 percent. Jake Roberts and Anita Paryani of IPA Capital Markets arranged the financing.

December 18, 2015

California Retail Western

HFF Arranges More Than $50M in Financing for Retail Development

by Nellie Day December 18, 2015

PLEASANTON, CALIF. — HFF has arranged equity and debt capital in excess of $50 million for Pacific Pearl Shopping Center, a shopping center under development in Pleasanton. HFF worked on behalf of the developer, BHV Centerstreet Properties, to arrange a joint venture equity partnership with a fund advised by UBS Asset Management. Additionally, the firm secured a construction loan for the partnership through Wells Fargo Bank. Situated at the intersection of Stonebrige Drive and El Charro Road, Marina Food, an Asian foods supermarket, will anchor the 112,000-square-foot retail center. The development will feature an international food court and dim/sum banquet restaurant, as well as a mix of traditional and Asian-oriented tenants. Bruce Ganong, Nicholas Bicardo, Brandon Roth and Danny Reddin of HFF secured the financing for the developer.

December 18, 2015

California Retail Western

Progressive Real Estate Brokers $3.1M Sale of Tustin Village Center

by Nellie Day December 18, 2015

TUSTIN, CALIF. — Progressive Real Estate Partners has arranged the sale of Tustin Village Center, a retail center located at 15761 Tustin Village Way in Tustin. The 15,367-square-foot center, which was recently built, sold for $3.1 million in an all-cash transaction. The 100 percent vacant multi-tenant center was sold in rough shell condition allowing the buyer the opportunity to complete improvements to its requirements and lease up the center. Victor Buendia and Brad Umansky of Progressive Real Estate Partners represented the seller, a Santa Ana, Calif.-based private investor, while Dennis Zhang of CBRE represented the buyer, an Alhambra, Calif-.based private investor, in the transaction.

December 18, 2015

California Loans Mixed-Use Multifamily Western

CBRE Arranges $47M Loan for The New Californian Mixed-Use Site in Berkeley

by Nellie Day December 16, 2015

BERKELEY, CALIF. — CBRE has arranged $47 in non-recourse financing for The New Californian, a mixed-use development in Berkeley. The property contains 148 apartment units and 15,700 square feet of retail space. The New Californian is located at 1988 Martin Luther King Jr. Way, about three blocks from UC Berkeley. The project was originally developed in 2010 by Hudson McDonald, the borrower. John Nelson, Michael Walker and Erik Franks of CBRE’s San Francisco office arranged the 10-year, fixed-rate loan.

December 16, 2015

California Loans Office Western

Ready Capital Provides $6.1M Loan to Acquire Office Property in Los Angeles

by Nellie Day December 16, 2015

LOS ANGELES – Ready Capital has provided a $6.1 million loan for a 16,000-square-foot office property in Los Angeles. The property is located at 515 Shatto Place in the Koreatown neighborhood. The funds will be used to acquire, renovate and stabilize the property, which will be converted to creative office space. The loan features a two-year term with a one-year extension option. It also comes with a funding facility that can provide future capital expenses, tenant improvement and leasing commissions, with an advance of up to 75 percent loan-to-cost. The borrower was not named.

December 16, 2015

California Multifamily Western

Newark Family Trust II Acquires 10-Unit Apartment Building in San Diego for $5.5M

by Nellie Day December 16, 2015

SAN DIEGO — Newkirk Family Trust II has acquired Ten on Columbia, a 10-unit apartment building in the San Diego submarket of Little Italy, for $5.5 million. The community is located at 2104 Columbia St. The loft-style property debuted this past October. It achieved full occupancy by December. Peter Scepanovic and Corey McHenry of Colliers International’s Multi-Family Advisory Group represented both the buyer and seller, BAIA Vista LLC, in this transaction.

December 16, 2015

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