California

The Pendry San Diego Receives $95M Construction Loan

by Nellie Day October 29, 2014

SAN DIEGO – The new 317-room Pendry San Diego has received $95 million in construction financing. The Montage-branded hotel will be located on 5th and J streets in Downtown San Diego’s Gaslamp Quarter. The hotel will be situated three blocks from the San Diego Convention Center. Pendry San Diego will mark the launch of the new Pendry hotel brand. The development site originally housed a condemned cigar store and parking lot. It was initially considered by another developer as the site for a new Marriott Renaissance hotel. Interest waned during the recession, however, and an eminent domain issue emerged with the site’s former cigar shop owner, according to Malcolm Davies of George Smith Partners, which arranged the construction loan. The Pendry San Diego will be a 12-story hotel with several restaurants and bars, an outdoor pool, spa, grill, fitness area, ballroom and various meeting rooms. It is scheduled for completion in summer 2016. Davies also notes the development partners were seeking financing that would provide 70 percent of the proceeds necessary for the construction of this luxury hotel. The non-recourse financing features a 36-month term. The capital stack includes both debt and equity. The structure allows the loan to subordinate …

October 29, 2014

California Multifamily Western

American Realty Advisors Buys The Millennium Del Rey Apartment Complex

by Nellie Day October 29, 2014

LOS ANGELES – American Realty Advisors has acquired The Millennium Del Rey, a 196-unit apartment community in the Los Angeles submarket of Marina Del Rey, for an undisclosed sum. The community is located at 5550 Grosvenor Blvd. The Millennium Del Rey is situated in the Silicon Beach region of Los Angeles, which consists of Playa Del Rey, Playa Vista, Marina Del Rey, Venice and Santa Monica. The area is also set to receive the Runway, a 221,000-square-foot, mixed-use development, by the end of the year. Runway will be anchored by Whole Foods, Cinemark Theatres, and CVS. It will also include Veggie Grill, Panini Café and Sol Cocina. The Millennium’s community amenities include a fitness center, resort-style pool, barbeque courtyards, a dog area, a business center, surfboard storage and a bicycle maintenance room. The community has been built to LEED-Gold standards. Residents are also able to opt for a technology package that includes built-in Apple TVs that provide easy access to iTunes, iCloud, the Apple Store, Netflix and Hulu. The Monarc Tree System is another optional feature that allows residents to control lighting, thermostat settings, built-in speakers and entertainment options from anywhere in the world. Construction on The Millennium was just …

October 29, 2014

California Restaurant Retail Western

GPI Buys Brentwood Restaurant Space for About $25M

by Nellie Day October 29, 2014

LOS ANGELES – GPI Cos. has acquired a 12,000-square-foot restaurant space in the Los Angeles submarket of Brentwood. The property traded close to the list price of $25 million, according to CBRE, which represented GPI. The Class A space is located at 11770 San Vincente Blvd. The building is situated on a 20,022-square-foot lot with 29 parking spaces. It is fully leased to First Republic Bank, Peet’s Coffee & Tea, Chase Bank (ATM), Gaucho Grill, Subway, Pizzicotto and Radco Realty. The space previously operated as Mezzaluna, an Italian restaurant that became famous for its link to the O.J. Simpson murder trial. It was the last restaurant Nicole Brown Simpson was seen dining at before she lost her life in June 1994. GPI was represented by CBRE’s Tim Kuruzar and Ken McLeod. The seller was a family trust that had owned the property for more than 40 years.

October 29, 2014

California Retail Western

7-Eleven Property in Wildomar Sells for $2.4M

by Nellie Day October 28, 2014

WILDOMAR, CALIF. – A 7-Eleven property that anchors the Shops at Clinton Keith in Wildomar has sold to an unnamed buyer for $2.4 million. The 7-Eleven is located on a separate parcel at the center. There are 13 years remaining on that lease. Scott Hook of Coldwell Banker Commercial (CBC) Alliance Orange County represented both the buyer and seller in this transaction.

October 28, 2014

California Industrial Market Reports Western Western Market Reports

OC Industrial Base Looks for New Strategies

by Nellie Day October 28, 2014

No one will deny that the Orange County industrial market is tight, boasting a 4.1 percent vacancy. If you are an industrial user looking for 100,000 square feet or more, your options are extremely limited, as supply and demand are not working in your favor in terms of rental rates and landlord concessions. According to CoStar, positive net absorption was just above 900,000 square feet for the second quarter of 2014. Compare that with the 978,000 square feet currently under construction and it is easy to see why most believe these rate and scarcity trends will continue. A number of large warehouse and industrial buildings in Orange County are also being raised and converted to high-density residential or data center space. These facts beg the question, where will all the industrial users go? Two counterbalances have the potential to cool the decreasing vacancy and create disintermediation to the benefit of Orange County industrial users. As rental rates continue to rise in Orange County, more and more companies are being lured to the Inland Empire where they can still make two port trips a day and consolidate into a much more efficient and affordable building. Companies that grew by necessity in …

October 28, 2014

California Retail Western

The Shops at Clinton Keith in Wildomar Sells for $4.7M

by Nellie Day October 27, 2014

WILDOMAR, CALIF. – The Shops at Clinton Keith, a 15,000-square-foot retail center in Wildomar, has sold to a private investor for $4.7 million. The fully leased center is located off Interstate 15. Notable tenants include D’Canters, Bear Creek Eye, Stew’s Barber Shop and Tijuana Tacos. A 7-Eleven and Starbucks also exist on separate parcels. Scott Hook of Coldwell Banker Commercial (CBC) Alliance Orange County represented the seller. Hook also co-represented the buyer, along with David Girty of CBC Alliance.

October 27, 2014

California Industrial Western

Newbury Park Industrial Facility Sells for $2.1M

by Nellie Day October 27, 2014

NEWBURY PARK, CALIF. – An 11,508-square-foot industrial facility in Newbury Park has sold to People Creating Success for $2.1 million. The facility is located at 2585-2587 Teller Road, just northwest of Thousand Oaks. People Creating Success is an organization that provides services to the developmentally disabled. The organization was represented by Keith Mathias of KAM Commercial. The seller, a family trust, was represented by Mike Tingus and Cheri Blessing of Lee & Associates-LA North/Ventura.

October 27, 2014

California Mixed-Use Western

Ellis Partners Buys The Pruneyard Mixed-Use Property in Campbell

by Nellie Day October 24, 2014

CAMPBELL, CALIF. – Ellis Partners has acquired The Pruneyard, a 27-acre, mixed-use property in Campbell. Though the sales price was not released, reports put it as high as $300 million. The Pruneyard contains more than 365,000 square feet of office space, more than 250,000 square feet of retail space and a 171-room Doubletree hotel. It is located at the intersection of Campbell and Bascom avenues in Silicon Valley. The property initially opened in 1969. An 18-story office tower was added in 1970, while a second made its debut in 1972. The hotel component, which was formerly known as the Pruneyard Inn, opened in 1989. It was renovated and expanded in 1998. Ellis plans to complete the hotel’s most recent renovation. Seller Equity Office Properties began those renovations in 2013 when the hotel was being converted into the Hilton DoubleTree. Notable retail tenants at The Pruneyard include Marshall’s, Sports Basement, Trader Joe’s and Camera Cinemas.

October 24, 2014

California Office Western

Cypress West Partners Buys Glendale Medical Office Building for $29M

by Nellie Day October 24, 2014

GLENDALE, CALIF. – Cypress West Partners has acquired a 76,758-square-foot medical office building in Glendale for $29 million. The four-story building is located at 1500 E. Chevy Chase Drive. The facility was built in 2008. It sits on the Glendale Adventist Medical Center campus. Cypress West was represented by DAUM Commercial Real Estate Services.

October 24, 2014

California Office Western

Mission Health Center in Rancho Santa Margarita Sells for $7.8M

by Nellie Day October 24, 2014

RANCHO SANTA MARGARITA, CALIF. – Mission Health Center, a 23,289-square-foot medical office building in the Orange County submarket of Rancho Santa Margarita has sold to Cypress West Realty Partners LLC for $7.8 million. The center is located at 22032 El Paseo within the Rancho Santa Margarita Town Center. Mission Health Center was built in 2001. It was 77 percent leased to six medical and dental tenants. The largest tenant is Mission Hospital Regional Medical Center. Dan Vittone and Alan Pekarcik of Avison Young represented both the buyer and the unnamed seller in this transaction.

October 24, 2014

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