BEVERLY HILLS, CALIF. — Premier Business Centers has opened its third flexible U.S. workspace in the Wilshire/Palm building in Beverly Hills. The company has signed an 8.5-year lease with John Hancock Life Insurance Company to create a new flexible, shared office space center on the building’s fifth floor. The 14,950-square-foot space is located at 9171 Wilshire Blvd. It will occupy the former Rothstein Kass and Company accounting firm space.
LOS ANGELES — The City of Los Angeles has selected Angels Landing Partners LLC, a partnership between the Peebles Corp., MacFarlane Partners and Claridge Properties, to manage development of the Angels Landing site, a $1.2 billion mixed-use project. The group will build the tallest building in the western United States as part of the development, according to a news . All three firms are 100 percent minority owned. Construction of the 2.2-acre site at 4th and Hill streets in Los Angeles is slated to last 41 months with a completion date scheduled for late 2024. “Our team is inspired by the opportunity to transform the Los Angeles skyline with our iconic building, enhance residential life and change how large buildings are constructed by ensuring all residents and businesses receive equal access to career and business opportunities,” says Don Peebles, chairman and CEO of the Peebles Corp. Handel Architects is designing the two-tower project. The development will include a 192-room SLS hotel and a 289-room Mondrian hotel, both to be operated by SBE Entertainment Group. Other project plans call for 425 apartments (including affordable housing), 250 condominiums, 45,000 square feet of retail and restaurant space, an elementary charter school and a …
TORRANCE, CALIF. — Wilson Torrance LLC has purchased a freestanding retail property located at 2255 S. Western Ave. in Torrance. The Shorestein Co. sold the property for $47.5 million. Lowe’s Cos. fully leases the property, which is occupied by Lowe’s Home Improvement Warehouse. Situated on 12.7 acres, the 127,400-square-foot building features a 30,000-square-foot garden center and 750 parking spaces with six street access points. Christopher Sheldon, Andrew Bogardus, Douglas Longyear and Stephen Algermissen of Cushman & Wakefield represented the seller, while the buyer represented itself in the transaction.
LAGUNA HILLS, CALIF. — Retail Opportunity Investment Corp. (ROIC) has acquired The Village at Nellie Gail Ranch, located at 26532-62 Moulton Parkway in Laguna Hills. Vintage Real Estate sold the property for $46 million. The 88,486-square-foot, grocery-anchored shopping center was developed in 1987 and renovated in 2015. At the time of sale, the property was 98.3 percent occupied by a variety of tenants, including Smart & Final Extra, MOD Pizza, Chuck E. Cheese’s, Cycle Bar and BLS Nail Resort. Dave Monahan, Geoff Tranchina and Cameron Pittman of JLL represented the seller in the sale.
SPOKANE, WASH. — The Wolff Company has started construction of Revel Spokane, a 132-unit independent living community in Spokane. The development is slated to open in 2018. This project is the seventh senior living community developed by Wolff since 2016. The Arizona-based private equity firm intends to invest $300 million to $400 million annually in the development of independent living communities, in addition to purchasing existing communities.
TEMECULA, CALIF. — CBRE has arranged the all-cash sale of a freestanding restaurant property located at 29540 Rancho California Road in Temecula. New World LP acquired the property from a private Arizona-based limited liability company for $3.7 million. Claim Jumper occupies the 11,200-square-foot property. Reg Kobzi and Jeff Pion of CBRE represented the seller and buyer in the deal.
CORCORAN, CALIF. — Retail California has arranged the sale of a retail building located at 1100 Whitley Ave. in Corcoran. HD Corcoran LLC purchased the 4,800-square-foot property from Reedley Community Hospital for an undisclosed price. John Lee of Retail California brokered the transaction.
BEVERLY HILLS, CALIF. — Douglas Emmett Inc. (NYSE: DEI) has acquired the Beverly Hills Financial Center, a 146,300-square-foot, Class A office property located at 9401 Wilshire Blvd. in Beverly Hills. Located at the corner of Wilshire and Canon Drive in Beverly Hills’ Golden Triangle, the property was initially constructed in 1972 and renovated in 1999. The building is home to tenants including Ervin Cohen & Jessup LLP, Citibank, Bank of the West, Momentum Talent Agency and Mozaic LLC. As part of the transaction, Douglas Emmett received an acquisition loan with a principal balance of approximately $32.3 million and a 4.55 percent interest rate, which matures on June 1, 2038. The provider was undisclosed. To fund the remainder of the purchase price, Douglas Emmett used cash and issued approximately 2.6 million units in its operating partnership to the undisclosed seller at an equivalent price of $40.60 per common share. Paul Hastings LLP represented the seller, a partnership between Cando Partners and Wilshire-Canon Properties LLC, in the transaction. The company’s portfolio now consists of 71 office properties totaling approximately 18.4 million square feet, along with 10 apartment communities. The company is also developing residential buildings in Los Angeles and Honolulu. Douglas Emmett’s stock price closed on Wednesday, …
LAS VEGAS — LivCor has purchased a two-property multifamily portfolio in Las Vegas for $115 million. The portfolio includes the 350-unit Broadstone Talavera and the 324-unit Broadstone Flamingo West. Broadstone Talavera features a fitness center, two pools and a spa. It is situated near restaurants and retail outlets, and is less than eight miles from the Las Vegas Strip. Broadstone Flamingo West features a fitness center, two pools and a dog park area. It is situated near some of the largest employers in the area, and less than seven miles from the Strip. JLL’s Capital Markets team executed the transaction on behalf of the seller, a partnership between AEW Capital Management and Alliance Residential Co. AEW worked on behalf of one of its separate account clients.
DENVER — NexMetro Communities and Trez Capital have partnered to develop five of NexMetro’s Avilla Homes communities in a deal worth more than $100 million. The communities will debut in 2018 in Denver, Phoenix and Dallas. NexMetro Communities is a developer of luxury leased housing communities, while Trez Capital is a private non-bank lender. NexMetro, which currently has more than 2,600 units either built, under construction or under contract, has already closed on two of the initial five Class A projects with Trez. This endeavor was inspired by the National Multifamily Housing Council’s announcement that about 4 million new apartments will be needed by 2030 to keep up with demand.