SAN FRANCISCO – A five-unit apartment building in San Francisco has sold to an unnamed buyer for $3.1 million. The community is located at 59 Collingwood Street. The seller, a private investor, was represented by Joseph Levy and Mark Mason of Marcus & Millichap’s San Francisco office.
LOS ANGELES – Ergobaby has leased 16,378 square feet of office space in Downtown Los Angeles. The space is located at 617 West 7th Street. The consumer baby products company will occupy an entire floor. The company will be relocating from its existing headquarters at nearby 888 Figueroa early next year. Ergobaby was represented by Andrew Lustgarten and Sonya Schmidt of Studley. The landlord, The Swig Company, was represented by CBRE’s John Zanetos, Chris Penrose and Mark O’Brien.
With the scarcity of vacant land in Orange County and the need for antiquated properties to be updated, the trend seems to be redevelopment with an eye on mixed-use retail, including a multi-story residential component. There are currently several new development projects either in the planning or construction phase. Los Olivos Marketplace – Irvine The Irvine Company plans to build Los Olivos Marketplace, a new 120,000-square-foot retail center across from its Los Olivos Apartment Community on Irvine Center Drive near the 405 Freeway in Irvine. This development would be situated adjacent to its existing 62,000-square-foot retail center, and just minutes from the firm’s Irvine Spectrum Cente. Whole Foods Market has already signed a lease for 40,000 square feet at the center. It plans to open in spring 2016. The Source – Buena Park On a more international scale, M+D Properties is building a 400,000-square-foot, mixed-use center known as The Source in Buena Park. It would include world-class, high-end retailers and restaurants, a 150-room Hyatt Place, a seven-story office building, a 1,200-seat movie theater, and a 54,000-square-foot performing arts center called YG Land, from South Korea-based entertainment company YG Entertainment. The project is expected to be complete early next year. Pacific …
PASADENA, CALIF. – A 59,268-square-foot retail property in Pasadena has received a $7.8-million loan. The center is located at 855–875 S. Arroyo Parkway. Notable tenants include Petco, BevMo and Staples. The owner is a large, nationally known owner and developer of commercial and multifamily real estate. Financing was arranged by Amos Smith and Sean Skelton of Johnson Capital’s Irvine office. The permanent, fixed-rate, non-recourse loan was provided by a national life insurance company. It features a 10-year term.
NORTHRIDGE, CALIF. – An 8,660-square-foot restaurant in Northridge that is triple-net leased to Black Angus Steakhouse has sold to Jonker 2012 Trust for $3.9 million. The restaurant is located at 9145 Corbin Ave. Black Angus has been the building’s sole tenant since it was built in 1981. The restaurant is situated near Lowe’s, the Northridge Fashion center and the Walnut Grove Shopping Center. The seller, Lot Associates 30 LTD, was represented by Bob Safai and Matt Case of Madison Partners.
VAN NUYS, CALIF. – A 26-unit apartment building in the Los Angeles submarket of Van Nuys has sold to a 1031 exchange buyer for $3.6 million. The community is located at 8165 Langdon Ave. It was built in 1964. The buyer was represented by Yubin Tao of IREA. The seller, a private LLC, was represented by Rick Raymundo of Marcus & Millichap.
SAN DIEGO – A 13-unit apartment community in the San Diego submarket of Golden Hill has sold to the Barthell Family Trust for $2.6 million. The community is located at 2329 C Street. The property was built in 1928 and recently underwent renovations. The trust was represented by Kevin Kawaoka of NAI Capital Bluechip Investment Group. The seller, the Gagon Family Trust, was represented by Rita Lancaster-Hannah of Colliers International.
LOS ANGELES – A joint venture between Barker Pacific Group and Rockwood Capital has purchased Westlake Spectrum, a 107,381-square-foot office property in the Los Angeles submarket of Westlake Village, for an undisclosed sum. The Class A property is situated near the 101 Freeway in an area known as the Technology Corridor. The two-building property is about 85 percent occupied. The main tenant is Securitas USA, a private security services firm. The seller was TA Associates.
SAN PEDRO, CALIF. – The Bascom Group has acquired the 89-unit San Pedro Bank Lofts for $23.8 million. The loft-style apartment community is located at 407-409 West 7th Street in the Los Angeles submarket of San Pedro. The community is situated three blocks from the waterfront in the city’s Arts District. It was originally built in 2008 as a condominium project. San Pedro Bank Lofts features a fitness center and four public courtyards. This is the ninth multifamily acquisition for Bascom’s second discretionary equity fund. The fund is targeting well-located properties with value-add upside. Bascom plans to upgrade the units. The sale was executed by Brian Russell of Eastdil Secured. Debt financing was arranged by Brian Eisendrath and Brandon Smith of CBRE Capital Markets.
LOS ANGELES – Travers Realty Corporation has merged with the Southern California offices of Cresa. The merger adds 32 brokerage professionals to Cresa’s Los Angeles and Orange County operations. The firm has offices in West Los Angeles, Woodland Hills and Newport Beach. Cresa will maintain the current Travers Realty headquarters in Downtown Los Angeles. It will operate as Travers Cresa. The newly combined firm will have nearly 150 employees within the region. The new iteration will specialize in commercial lease and purchase transactions, including project management, lease administration, capital markets advisory work, site selection and corporate portfolio management.