Sunday, June 30, 2024
Read the Digital Magazines Subscribe to the Magazines
Subscribe

California

728-W-Vernon-Ave-Los-Angeles-CA
AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Brokers $3.5M Sale of 7-Eleven-Anchored Retail Center in Los Angeles

by Amy Works

LOS ANGELES — Progressive Real Estate Partners has brokered the $3.5 million sale of a 6,300-square-foot retail strip center located at 728 E. Vernon Ave. in Los Angeles. The center is anchored by 7-Eleven, with Boost Mobile and a laundromat serving as the other tenants at the property, which was built in 2000. The buyer and seller were both Los Angeles County-based private investors that requested anonymity. Brad Umansky and Lance Mordachini of Progressive Real Estate represented both parties in the deal.

Continue Reading
FacebookTwitterLinkedinEmail
Rancho-Las-Palmas-Rancho-Mirage-CA
AcquisitionsCaliforniaRetailWestern

DRA Advisors, Paragon Commercial Sell 162,380 SF Shopping Center in Rancho Mirage, California

by Amy Works

RANCHO MIRAGE, CALIF. — A partnership between DRA Advisors and Paragon Commercial Group has sold Rancho Las Palmas, a 162,380-square-foot shopping center in Rancho Mirage, about 120 miles east of Los Angeles. The center sits on 15 acres and was 96.5 percent leased at the time of sale to tenants such as CVS, Hobby Lobby, Starbucks, In-N-Out Burger and a soon-to-be-open Amazon Fresh grocery store. Bryan Ley, Gleb Lvovich, Geoff Tranchina, Tim Kuruzar and Tess Berghoff of JLL represented the partnership in the transaction. Albanese Cormier acquired the asset for an undisclosed price.

Continue Reading
FacebookTwitterLinkedinEmail
The-Superior-Building-Pasadena-CA
CaliforniaLoansOfficeRetailWestern

PSRS Arranges $7M Loan for Refinancing of Retail, Office Building in Pasadena, California

by Amy Works

PASADENA, CALIF. — Locally based financial intermediary PSRS has arranged a $7 million loan for the refinancing of The Superior Building, a 43,916-square-foot historic retail property in Pasadena. Built in 1896 and renovated in 1990, The Superior Building features ground-floor retail space and office suites on the upper two floors. Michael Tanner and Tony Messiah of PSRS arranged the financing for the borrower, Edgewood Realty Partners. The direct lender was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
Canoga-Park-Apts-Los-Angeles-CA
AcquisitionsAffordable HousingCaliforniaMultifamilyWestern

Community Preservation Partners Acquires Affordable Housing Complex in Los Angeles

by Amy Works

LOS ANGELES — Community Preservation Partners (CPP) has acquired Canoga Park Apartments, a 14-unit affordable housing complex in Los Angeles, for $6 million. Built in 1983, the three-story building features 12 two-bedroom units and two three-bedroom apartments that are reserved for households earning 60 percent or less of the area median income. CPP’s total development investment is approximately $11.3 million, which includes the purchase price and an estimated per-unit renovation cost of $142,000. Renovations will includes replacement of HVAC systems, water heaters, lighting, appliances, interior and exterior paint, countertops, cabinetry, flooring and seismic upgrades, along with ADA-compliance upgrades throughout the property. Renovations are slated for completion by December. Partners on the project include the California Tax Credit Allocation Committee, which issued 9 percent Federal Low-Income Housing Tax Credits and CA State Low-Income Housing Tax Credits. WNC & Associates will be providing the tax credits.

Continue Reading
FacebookTwitterLinkedinEmail
7975-7977-8001-Melrose-Ave-Los-Angeles-CA
CaliforniaMarket ReportsRetailWesternWestern Market Reports

Subdued Retail Demand Persists Throughout Los Angeles

by Jeff Shaw

— By Gary Baragona, Vice President of Research, Kidder Mathews — Home to an eclectic mix of local retailers, award-winning restaurants and the world’s most prestigious brands, Los Angeles has long been one of the most dynamic retail markets in the country. However, sector dynamics significantly shifted during the pandemic as retailers began to rely heavily on their online sales to stay in business and remain profitable. While consumer preferences further evolved in 2022 and 2023, there has been a noticeable slowdown in consumer spending, largely due to ongoing economic challenges, reduced buying power, decreased savings and increased credit card debt.  On the surface, overall market fundamentals within the commercial real estate retail sector appear to be relatively stable. Some key indicators illustrate market resiliency, but other trends demonstrate the recent struggles felt by the retail sector and the challenges that may lie ahead. For example, total leasing activity across the Los Angeles region was down 15 percent in 2023 compared to the previous year, and down 25 percent compared to pre-COVID averages.  The total vacancy rate across Los Angeles increased to 5.3 percent during the first quarter of 2024 and has consistently hovered between 5 percent and 5.3 percent …

Continue Reading
FacebookTwitterLinkedinEmail
4982-Hallmark-Pwky-San-Bernardino-CA
AcquisitionsCaliforniaIndustrialWestern

Bixby Land Co. Sells 340,080 SF Industrial Facility in San Bernardino, California

by Amy Works

SAN BERNARDINO, CALIF. — Bixby Land Co., in partnership with a global investment manager, has sold a 340,080-square-foot industrial facility located at 4982 Hallmark Pkwy in the Inland Empire city of San Bernardino. Built in 2018, the building features 32-foot clear heights, ESFR sprinklers, 47 dock-high doors and two grade-level doors. At the time of sale, the property was fully leased to two tenants. Mark Detmer, Patrick Nally, Ryan Sitov and Evan Moran of JLL represented the seller and procured the buyer, Dallas-based Dalfen Industrial, in the transaction. Kevin Mackenzie and Brian Torp, Mike McCrary, Patrick Wood, Ruben Goodsell and Jeff Bellitti of JLL also assisted in closing the deal.

Continue Reading
FacebookTwitterLinkedinEmail
6100-Stevenson-Blvd-Fremont-CA
AcquisitionsCaliforniaOfficeWestern

Northmarq Brokers $23.4M Sale of Three Office, Industrial Buildings in Fremont, California

by Amy Works

FREMONT, CALIF. — Northmarq has brokered the $23.4 million sale of three office and industrial buildings that are located within Stevenson Business Park in Fremont. Built in 1999 and renovated in 2021, the buildings total 116,780 square feet and formerly served as the regional office for the seller, The Men’s Warehouse. Chase Dominguez of Northmarq represented The Men’s Warehouse in the deal. The buyer was a undisclosed, California-based private investor.

Continue Reading
FacebookTwitterLinkedinEmail
2145-Market-St-San-Francisco-CA
AcquisitionsCaliforniaRetailWestern

JLL Arranges $9.3M Sale of San Francisco Retail Property

by Amy Works

SAN FRANCISCO — JLL has arranged the $9.3 million sale of a 29,762-square-foot retail property located at 2145 Market St. in San Francisco. Pacific Capital purchased the property from a private family trust. The site comprises two parcels totaling 0.36 acres and houses a two-story retail building that is fully leased to Walgreens and Live Fit Gym, as well as a subterranean parking garage. Eric Kathrein, Warren McClean, Andrew Spangenberg and Jen Mistretta of JLL represented the seller in the transaction.

Continue Reading
FacebookTwitterLinkedinEmail
Cochrane-Tech-Center-Morgan-Hill-CA
CaliforniaDevelopmentIndustrialWestern

Joint Venture Completes 500,000 SF Cochrane Technology Center Spec Industrial Park in Morgan Hill, California

by Amy Works

MORGAN HILL, CALIF. — Trammell Crow Co. (TCC) and joint venture partner CBRE Investment Management (CBRE IM) have completed construction of Cochrane Technology Center (CTC), a 500,000-square-foot, Class A industrial park in the Silicon Valley city of Morgan Hill. Situated on 30 acres, the speculative development offers five buildings, ranging in size from 73,668 square feet to 138,698 square feet: Chip Sutherland, Rob Shannon and Brian Matteoni of CBRE are handling marketing and leasing of the asset.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts