California

Pasadena Retail Property Receives $7.8M Loan

by Nellie Day November 3, 2014

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.

November 3, 2014

California Restaurant Retail Western

Black Angus Property in Northridge Sells for $3.9M

by Nellie Day November 3, 2014

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.

November 3, 2014

California Multifamily Western

Van Nuys Apartment Building Sells for $3.6M

by Nellie Day November 3, 2014

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.

November 3, 2014

California Multifamily Western

San Diego Apartment Community Sells for $2.6M

by Nellie Day November 3, 2014

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.

November 3, 2014

California Office Western

Barker Pacific Group, Rockwood Acquire Westlake Spectrum in Los Angeles

by Nellie Day October 31, 2014

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.

October 31, 2014

California Multifamily Western

Bascom Buys San Pedro Bank Lofts for $23.8M

by Nellie Day October 31, 2014

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.

October 31, 2014

California Western

Travers Realty Merges with Cresa’s Southern California Operation

by Nellie Day October 31, 2014

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.

October 31, 2014

California Office Western

Trailer Park Expands in Hollywood

by Nellie Day October 30, 2014

LOS ANGELES – Global marketing agency Trailer Park has leased 86,271 square feet of office space in Hollywood. The Class A space is located at 6922 Hollywood Blvd. The agency leased an additional 15,171 square feet at the building. It will occupy six of the building’s 12 stories, beginning next year. Trailer Park has leased two floors at the property since 2001. The 205,000-square-foot property is fully leased. Trailer Park was represented by Andy Lustgarten of Savills Studley. The landlord, Hudson Pacific Properties, was represented by Steve Salas of Madison Partners.

October 30, 2014

California Multifamily Western

Redwood City Apartment Building Sells for $3.3M

by Nellie Day October 30, 2014

REDWOOD CITY, CALIF. – A 12-unit apartment complex in Redwood City has sold to a private investor in a 1031 exchange for $3.3 million. The community is located at 1550-1570 Ebener Street. The property was recently renovated and offered significant upside in potential rent income. Robert Johnston and Mitchell Zurich of Marcus & Millichap’s Palo Alto office represented both the buyer and seller, a private investor, in this transaction.

October 30, 2014

California Retail Western

Blue Line Pizza Opens at the Westlake Shopping Center in Daly City

by Nellie Day October 30, 2014

SAN FRANCISCO – Blue Line Pizza recently opened its fifth San Francisco Bay Area restaurant at the Westlake Shopping Center. The center is located at 511 Westlake Center, just south of San Francisco. The restaurant will occupy 2,978 square feet. The center is anchored by Trader Joe’s, Safeway, Walgreens, Home Depot and Cost Plus World Market. Blue Line Pizza also has restaurants in Burlingame, Campbell, Mountain View and San Carlos. The restaurant was represented by Ross White of SRS Real Estate Partners.

October 30, 2014

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