California

Menlo Equities Buys Office Building in Lake Forest

by Nellie Day March 5, 2015

LAKE FOREST, CALIF. – An affiliate of Menlo Equities LLC has purchased a 76,841-square-foot office building in Lake Forest for an undisclosed sum. The building is located at 26250 Enterprise. It is situated near the 241 toll road and Interstate 5 via Bake Parkway.. The building is 87 percent occupied by four tenants, with a majority of the space occupied by Panasonic Avionics Corporation. The seller, Bixby Land Company, was represented by Jeffrey Cole, Jeffrey Chiate, David Dowd and Ed Hernandez of Cushman & Wakefield’s Irvine office.

March 5, 2015

California Multifamily Western

Essex Property Trust Buys 8th+Hope Apartment Building in LA for $200M

by Nellie Day March 4, 2015

LOS ANGELES — Essex Property Trust has acquired 8th+Hope, a 290-unit high-rise apartment complex in Downtown Los Angeles, for $200 million. The luxury community is located at 801 S. Hope Street, at the intersection of its namesake, 8th and Hope streets. The glass complex is one of the first high-rise apartment buildings to be built and listed for sale in Downtown Los Angeles since the recession, according to the seller, Wood Partners. The company also notes 8th+Hope sold for a higher price per square foot than any previous multifamily project in Downtown Los Angeles. 8th+Hope opened last summer. It is currently 55 percent occupied. The community is anticipated to reach stabilized occupancy by the third quarter of 2015. Common-area amenities include a 10,000-square-foot rooftop deck and club room with retractable glass walls that lead to an outdoor social/dining area, spa, fire pit and garden. It also includes a private film theater, guest suites, in-unit salon and spa services, 24/7 concierge service, car sharing and covered parking. Housecleaning, pet care, grocery delivery and porter services are also available. Units feature floor-to-ceiling glass, expansive balconies, and high-end interior finishes like wood flooring, granite countertops and stainless steel appliances.

March 4, 2015

California Office Western

Brookwood Receives $90M Loan to Acquire Office Portfolio in San Diego

by Nellie Day March 4, 2015

SAN DIEGO — Brookwood Financial Partners has received an $89.9-million loan to acquire a 484,573-square-foot office portfolio in San Diego. The portfolio contains three properties in seven Class A and B buildings. The Newport National Portfolio includes Civic View Corporate Centre at 300 Rancheros Blvd. in San Marcos; Ventana Real at 2173, 2175 and 2177 Salk Ave. in Carlsbad; and The Campus at 5962, 5964 and 5966 La Place Court, also in Carlsbad. Acquisition financing was arranged by CBRE’s Charles Foschini, Christian Lee and Christopher Apone. Blackstone provided the two-year, interest-only loan.

March 4, 2015

California Mixed-Use Western

Venice Beach Mixed-Use Building Sells for $11.5M

by Nellie Day March 4, 2015

LOS ANGELES – A joint venture between BLVD Partners LLC and Arris Investments has acquired a 25,000-square-foot, mixed-use building in the Los Angeles submarket of Venice Beach for $11.5 million. The two-story building is located on Lincoln Boulevard at Rose Avenue. It is divided between retail and office space, with a 30 percent occupancy rate at the time of closing. The creative office space will be marketed by Industry Partners. The acquisition also included an adjacent 55-stall surface parking lot. CBRE’s Jeff Pion represented both the buyer and seller, a private partnership, in this transaction. Acquisition financing was provided by Latitude Real Estate Investors. Sklar Kirsh attorney Andrew Kirsh also advised the JV on the purchase and acquisition financing.

March 4, 2015

California Industrial Western

Irvine Industrial Building Sells for $7.2M

by Nellie Day March 3, 2015

IRVINE, CALIF. – A 44,800-square-foot industrial property in Irvine has sold to 17392 Daimler LLC for $7.2 million. The building is located at 17392 Daimler Street, near the 55 and 405 freeways. The property includes three ground-level loading doors and a dock-high truck well-located at the rear of the building. The LLC was represented by Doug Killian of VRES. The seller, Burke Daimler LLC, was represented by Alan Pekarcik and Dan Vittone of Avison Young and Sam Olmstead of Voit Real Estate Services.

March 3, 2015

California Office Western

Occupational Therapy Training Program Renews at Harbor Gateway Garden Office Park

by Nellie Day March 3, 2015

TORRANCE, CALIF. – Occupational Therapy Training Program (OTTP) has signed a five-year lease renewal at Harbor Gateway Garden Office Park in Torrance. The 94,112-square-foot, nine-building office property is located at 19401 S. Vermont. The lease is valued at $1.5 million. The non-profit agency that offers comprehensive life skills training, work readiness training, job placement and support services is a division of Special Service for Groups. OTTP was represented by Chris Runyen of Charles Dunn Company. The landlord, Harbor Gateway, LLC, was represented by Dwight Everest of Sunny Hills–Palladium.

March 3, 2015

California Office Western

Meridian Property Company Purchases Medical Office Building in Berkeley

by Nellie Day March 3, 2015

BERKELEY, CALIF. – Meridian Property Company has acquired a 15,915-square-foot medical office building in Berkeley for an undisclosed sum. The building is located at 2920 Telegraph Ave. It was built in 1971 and was vacant at the time of sale. Meridian plans to invest $2.6 million into the building. The company also plans to reduce the building’s footprint to 12,900 square feet. It will use that space to create internal, secure parking behind the ground floor, which will meet the conditional use permit requirement and allow medical use at this location. The renovation is scheduled this fall. The seller was Gambro. Dave McCarty of Lee & Associates of Oakland serves as the building’s exclusive leasing agent.

March 3, 2015

California Industrial Western

American Realty Advisors Buys Santa Fe Springs Industrial Complex

by Nellie Day March 2, 2015

LOS ANGELES – American Realty Advisors has acquired Shoemaker Distribution Center, a 175,000 square-foot warehouse space in the Los Angeles submarket of Santa Fe Springs, for an undisclosed sum. The space is located at 15050-15066 Shoemaker Ave. It is fully leased to tenants like J.B. Hunt Transport Services, Altaquip LLC, Pacific Diving Academy USA Inc., Spartech Corporation and Sysonic USA. American Realty Advisors represented itself in this acquisition. The seller, an entity controlled by Lincoln Property Company, was represented by CBRE’s Barbara Emmons, Darla Longo, Rebecca Perlmutter and Laird Perkins.

March 2, 2015

California Office Western

ValueRock Buys Mission Viejo Garden Plaza for $13.3M

by Nellie Day March 2, 2015

MISSION VIEJO, CALIF. – ValueRock Realty Partners has acquired Mission Viejo Garden Plaza, a 67,000-sqiare-foot office and retail property in the Orange County submarket of Mission Viejo, for $13.3 million. The center is located at the northwest corner of La Paz Road and Marguerite Parkway. The space was built in 1975 and renovated in 2009. Peter D. Beauchamp, Brian Corrigan, and Mark Sigler of Voit Real Estate Services represented both ValueRock and the unnamed seller in this transaction.

March 2, 2015

California Office Western

Jump LA Renews at Culver City Creative Office Campus

by Nellie Day March 2, 2015

LOS ANGELES – Jump LA has renewed its lease for 7,000 square feet of creative office space at Blackwelder in the Los Angeles submarket of Culver City. The space is located at 3123 S La Cienega Blvd. Other tenants at the campus include Hungry Man, Bandito Brothers and Gentlemen Scholar, as well as visual-effects firms like The Mill. The creative editorial boutique firm was represented by Avison Young’s Jeff Vertun. The landlord, a joint venture between Alcion Ventures and Genton Property Group, was represented by Lincoln Property Company.

March 2, 2015

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