REDWOOD CITY, CALIF. – The 30-unit Jefferson Apartments in the San Francisco Peninsula submarket of Redwood City has sold to an unnamed buyer for $10 million. The community is located at 1331 Jefferson Ave. It was built in 1963. Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office represented both the buyer and seller in this transaction.
SANTA ANA, CALIF. — Westfield MainPlace has added two new retailer to the its ongoing revitalization program. Round 1 Bowling & Amusement and 24 Hour Fitness Santa Ana Super Sport are slated to join the center as anchors and open this week, May 29 and 30, respectively. The 40,000-square-foot Round 1 Bowling & Amusement facility will feature bowling, billiards, arcade games and private karaoke rooms. The 50,000-square-foot 24 Hour Fitness Super Sport Club will feature cardio, strength and functional training equipment, Cycle and Group X classes, a rooftop basketball court, an outdoor pool and balcony, an indoor whirlpool, steam room and sauna, personal and group training services, Kids’ Club and towel service. Additionally, two new restaurants are scheduled to open at the center. Lucille’s Smokehouse Bar-B-Que will open in this summer and Wokcano is slated to open this fall.
LOS ANGELES – Jersey Mike’s Subs has signed three leases in the Los Angeles area. The fast-casual sandwich chain will open a 1,200-square-foot location at 801 Hope Street in Downtown Los Angeles; a 1,200-square-foot space at 1603 Wilshire Blvd. in MacArthur Park; and a 1,700-square-foot restaurant at 1197 E. Los Angeles Ave. in Simi Valley. The leases were executed by Michael Pakravan of Kennedy Wilson’s Brokerage Group. The firm has been hired to represent Jersey Mike’s Subs in its expansion efforts throughout Greater Los Angeles. The chain is specifically targeting Sherman Oaks, Studio City, Granada Hills, Los Feliz – Silver Lake, Echo Park, Burbank, Toluca Lake and Glendale.
SAN DIEGO – SR Commercial has purchased a 35,335-square-foot R&D/flex office complex in the Sorrento Valley submarket of San Diego for an undisclosed sum. The two-building complex is located at 10505 Roselle Street and 3770 Tansy Street. SR Commercial plans to make significant improvements to the buildings, which are currently vacant. They will then be marketed for lease, both together and separately.
LOS ANGELES — JH Real Estate Partners has acquired the 60,930-square-foot retail portion of NoHo Commons in the Los Angeles submarket of North Hollywood for $43 million. The center is located at 5300 Lankershim Blvd. The retail space is almost fully leased. Notable tenants include 24 Hour Fitness, Coffee Bean & Tea Leaf, Daphne’s California Greek, Panera Bread, Panda Express, Wells Fargo, Fish Dish and Big Wangs. NoHo Commons also includes apartment units and lofts that were developed by JH Snyder Co. in 2004. How’s Grocery was the anchor at this time. It was later replaced with 24 Hour Fitness. The property is situated across the street from the Magnolia/Lankershim Red Line Metro Station. JH Real Estate Partners was represented by Jim Fisher, Mike Smith and Cory Stehr of Lee & Associates. The seller, Redrock Noho Retail LLC, was represented by CBRE’s Curtis Palmer. Fisher and Smith also recently assisted the buyer with the $481.2 million disposition of a 14-building Southern California multifamily portfolio. The Noho Commons acquisition is part of JH Real Estate’s ongoing portfolio repositioning that has the firm transitioning into retail holdings.
LOS ANGELES – Health and fitness company Beachbody has opened a new technology center in Westlake North Business Park, which is located in the Westlake Village submarket of Los Angeles. The park’s address is 30699 Russell Ranch Road. The new 16,000-square-foot space will house the company’s Beachbody On Demand offering, which provides streaming access to the company’s world-class fitness programs. The Westlake Village location is Beachbody’s third outpost in Southern California. Its world headquarters are located in Santa Monica, with additional operations based out of El Segundo. The company was represented by JLL’s Jordan Kissel, Tony Acerra and Tom Turley. The landlord was represented by the firm’s Jim Lindvall and Dan Sanchez, along with David Saeta and David Smith of IDS Real Estate.
CORONA, CALIF. – Magnolia Point, a 201,345-square-foot industrial building in Corona, has sold to Padma Laxmi LLC for $20 million. The facility is located at 1560 E. 6th Street. It was built in 2014. The buyer plans to occupy most of the building. It will lease the remaining space. The LLC was represented by Ted Sawyer and Jim deRegt of Lee & Associates-Newport Beach. The seller, CT Corona Partners I LLC, was represented by Jeff Ruscigno of Lee & Associates-Riverside and CBRE’s Ben Seybold.
TEMECULA, CALIF. – SR Commercial has purchased a 100,600-square-foot industrial property in the Riverside submarket of Temecula for $6.9 million. The facility is located at 26201 Ynez Road. It is fully occupied by Get Air of Temecula and Mountain View Community Church. SR Commercial will make exterior improvements to the property, including roof repairs and exterior paint. It will also update the landscaping and freeway façade. CBRE’s Rob Guiness and Scott Stewart represented both the buyer and seller, Liberty Advisors LLC, in this transaction.
LOS ANGELES – A 16-unit apartment building in Los Angeles has sold to a private local investor for $5 million. The community is located at 1263 and 1267 Barry Ave. It was built in 1959. The buyer represented itself, while the seller, another local private investor, was represented by Hamid Soroudi of Charles Dunn Company.
SAN DIEGO — Strategic Hotels & Resorts and its joint venture partner have sold the 417-room Hyatt Regency La Jolla for $118 million. The hotel was purchased by affiliates of Walton Street Capital LLC and JMA Ventures LLC. The hotel is located at 3777 La Jolla Village Drive. It is situated near a variety of healthcare, retail and dining services. Hyatt Regency La Jolla is located directly across the street from the UCSD Radiology at La Jolla center, the University Ambulatory Surgery Center and Pacific Lipo. Strategic Hotels formerly owned a 53.5 percent stake in the asset. The joint venture retired $89.2 million of debt secured by the hotel at closing. The company will use the proceeds from the sale to reduce outstanding debt on its revolving credit facility.
