OAKLAND, CALIF. — A new food market known as Water Street Market will soon debut at Jack London Square, a mixed-use waterfront development in Oakland. The new market will be developed by Steve Carlin and the Carlin Company, in partnership with Jack London Square Ventures, a joint venture between Ellis Partners and DivcoWest. The market will be located at 55 Harrison Street. Carlin has developed similar projects in the area, including Oxbow Public Market in Napa and the Ferry Building Marketplace in San Francisco. Carlin will serve as master lessor for the 32,000 square feet on the first floor. The second floor will be renovated for additional market-related uses at a later date. The building also contains 110,000 square feet of office space spread among four upper levels. Plank, a food and entertainment venue, opened this past October at Jack London Square, while Steel Rail, a locally owned café, will open this spring. The City of Oakland also recently approved plans for 665 residential units on two parcels near the Market that will help meet the city’s growing demand for urban housing. Jack London Square is Oakland’s only publicly accessible mixed-use waterfront area. It has been a landmark along a …
POMONA, CALIF. – Buchanan Street Partners has purchased University Tech Center, a 100,360-square-foot suburban office complex in Pomona, for an undisclosed sum. The building is located at 3179 and 3191 West Temple Ave. Buchanan plans to complete significant improvements to the property over the next year. The building is 91 percent leased, with the County of Los Angeles occupying one of the buildings. Buchanan represented itself, while the seller, Invesco, was represented by CBRE’s Kevin Shannon and Mike Kendall.
LOS ANGELES – A 40,738-square-foot building in the Los Angeles submarket of La Mirada that is leased to 24 Hour Fitness has sold to a local private investor for $13.9 million. The building is located at 13395 Beach Blvd. It is occupied by a 24 Hour Fitness Sport facility. The space was built in 2002. It is the anchor tenant in a shopping center that also contains CVS, Jack in the Box, Max Muscle and Electric Tan. The gym has eight years remaining on its double-net lease. The buyer is expected to hold the asset long term for passive income. It also assumed existing CMBS debt that was in place at the property. The unnamed seller was represented by Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County.
LOS ANGELES – Bellflower Plaza, a 41,720-square-foot neighborhood retail center in the Los Angeles submarket of Bellflower, has sold to local private investment group for $9.2 million. The center is located at 17600 – 17620 Bellflower Blvd. It was built in 1991. Bellflower Plaza is anchored by Jack in the Box and 7-Eleven. This acquisition marks the fifth highest shopping center purchase per square foot in the Mid-Cities submarket since 2009, according to Joe Penich of Sperry Van Ness Rich Investment Real Estate Partners, who represented the buyer. The unnamed seller was represented by Andrew Awaida of Remax Optima.
LOS ANGELES – A private investor has purchased the 30-unit Trojan Palms Apartments near the University of Southern California (USC) campus in Los Angeles for $8.9 million. The community is located at 1115 W. 30th Street, half a block from USC. It was built in 1957 and remodeled in 2007. The 67-bedroom student housing property is generally fully occupied. Ron Harris, Michael DiSimone and Garrett Nichols of Marcus & Millichap’s Los Angles office represented both the buyer and seller, another private investor, in this transaction.
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.
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.
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.
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.
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.