California

Mariners Bay Apartments in Marina del Rey Receives $96.4M in Financing

by Nellie Day May 20, 2015

LOS ANGELES — The 379-unit Mariners Bay Apartments in the Los Angeles coastal market of Marina del Rey has received $96.4 million in acquisition financing. The community is located at 14000 Palawan Way. Mariners Bay was built in 1975. It is one of the largest apartment and anchorage properties in Marina del Rey. The community is situated on 19 acres of land. It contains 409 boat slips. The borrower, Legacy Partners Residential, plans to renovate the apartment homes, existing docks, waterfront promenade, common-area amenities and site landscaping. The floating-rate bank loan was secured by CBRE’s Brian Eisendrath and Brandon Smith.

May 20, 2015

California Multifamily Western

The Landing at Walnut Creek Receives $70M in JV Equity

by Nellie Day May 20, 2015

WALNUT CREEK, CALIF. — The Landing at Walnut Creek, a 178-unit apartment development in Walnut Creek, has received $70 million in joint venture equity. The Class A project will be located at the corner of Ygnacio Valley Road and Oakland Boulevard. The Landing will be situated directly across from the Walnut Creek BART station. The transit-oriented development is scheduled for completion late next year. Community amenities will include a fitness center, yoga studio, roof deck with lounge and outdoor resident activity areas. HFF’s equity placement team was led by Bruce Ganong and Adam Simon, who worked on behalf of the Landing’s developer, BHV Centerstreet Properties LLC. The equity was sourced from a U.S.-based life insurance company.

May 20, 2015

California Office Western

M&M Promotes Hessam Nadji to Senior Executive Vice President

by Nellie Day May 20, 2015

LOS ANGELES — Hessam Nadji has been promoted to senior executive vice president of Marcus & Millichap. Nadji joined the firm in 1996. He served as the chief strategy officer and senior vice president. Nadji is responsible for Marcus & Millichap’s specialty brokerage divisions. He also oversees the firm’s research, advisory services and marketing departments. In addition to these duties, Nadji will now oversee the firm’s mortgage brokerage operations and certain corporate functions. He is based in Walnut Creek, Calif. Prior to joining Marcus & Millichap, Nadji was senior vice president at Grubb & Ellis. He received a Bachelor of Science degree in information management and computer science from City University in Seattle.

May 20, 2015

California Industrial Western

Rexford Buys Lynwood Industrial Facility for $22M

by Nellie Day May 20, 2015

LOS ANGELES – Rexford Industrial has purchased a two-building industrial portfolio in the Los Angeles submarket of Lynwood for $22 million. The center is located at 2588 and 2605 Industry Way. It contains a total of 164,662 square feet. Rexford worked with the primary tenant, which had exercised its purchase right of first refusal, to acquire the properties in a long-term sale-leaseback secured by a credit tenant.

May 20, 2015

California Industrial Western

Robinson Pharma Leases Manufacturing Building in Santa Ana

by Nellie Day May 20, 2015

SANTA ANA, CALIF. – Robinson Pharma has signed a 10-year lease for a 126,796-square-foot industrial manufacturing/warehouse building in Santa Ana. The space is located at 2811 So. Harbor Blvd. The building is now fully occupied. This transaction represents one of the largest lease transactions in Orange County this year, according to Marc Belluomini of CT Realty, the building’s landlord. The firm is currently finishing interior and exterior refurbishments to reposition it as a corporate headquarters facility for Robinson Pharma. The supplement and soft-gel manufacturer was represented by CBRE’s Bob Goodmanson. CT Realty was represented by Dale Camera and Jim Snyder of Lee & Associates.

May 20, 2015

California Multifamily Western

Modera Apartments in Concord Sells for $7.3M

by Nellie Day May 19, 2015

CONCORD, CALIF. – The 40-unit Modera Apartments in Concord has sold to a group of local investors for $7.3 million. The community was built in 1969. CBRE’s Keith Manson represented both the buyers and the seller, Graham Chernoff of Cumberland Holdings, in this transaction. The buyers were in a 1031 exchange.

May 19, 2015

California Industrial Western

AREO Renews Manufacturing Space at Irvine Spectrum

by Nellie Day May 19, 2015

IRVINE, CALIF. – AREO Inc. has signed a five-year lease renewal for 44,253 square feet of manufacturing and distribution space in Irvine. The space is located at 15041 Bake Parkway. The home accent products and eco-friendly housewares manufacturing and distribution company was represented by Jeff Saywitz of the Saywitz Company. The landlord, Buckhead Phoenix, was represented by CBRE’s Greg Haly.

May 19, 2015

California Multifamily Western

Long Beach Apartment Community Sells for $3M

by Nellie Day May 19, 2015

LONG BEACH, CALIF. – A 20-unit apartment complex in Downtown Long Beach has sold to a private investor from Egypt for $3 million. The community is located at 765 Cerritos Ave. It was built in 1963 and recently underwent a major renovation. Robert Stepp of Stepp Commercial represented both the buyer and seller, 765 Cerritos LLC, in this transaction.

May 19, 2015

California Retail Western

Stock Building Supply Flagship Sells in Los Angeles

by Nellie Day May 18, 2015

LOS ANGELES – A local private investor has purchased a 31,242-square-foot building in Los Angeles that is net leased to Stock Building Supply Holdings for $15.7 million. The building is located at 3860 Grand View Blvd. Stock Building Supply had occupied the building for more than 20 years before deciding to sell the property in late 2014. The lease was restructured into a 15-year term after the building was purchased. This space is the builder’s West Coast flagship property. Stock Building Supply was represented by Chris Sands of Sands Investment Group.

May 18, 2015

California Retail Western

Tesla Motors Leases Dealership Space in Buena Park

by Nellie Day May 18, 2015

BUENA PARK, CALIF. – Tesla Motors has signed a seven-year lease for 23,000 square feet of space in Buena Park. The dealership is located at 6692 Auto Center Drive, within the Buena Park Auto Center. The space was previously occupied by Premier Chevrolet and General Motors. It served as a temporary location while the company’s five-acre dealership was being developed within the auto center. Jodi V. Meade of Avison Young represented both Tesla and the landlord, RST Associates, in this transaction.

May 18, 2015

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