Western

Albanese Cormier Enters California Market with Acquisition of Retail Center in Susanville

by Nellie Day August 4, 2017

SUSANVILLE, CALIF. — Albanese Cormier Holdings has acquired a retail community center located at 2545 Main St. in Susanville. Phillips Edison Co. sold the 79,187-square-foot property for an undisclosed price. At the time of sale, the property was 93 percent occupied by a variety of retailers, including Aaron’s, Anytime Fitness, Big 5 Sporting Goods, the California Department of Motor Vehicles, Dollar Tree, Ross Dress for Less and Verizon Wireless. Eric Wohl of Hanley Investment Group represented the buyer, while CBRE represented the seller in the deal.

August 4, 2017

California Office Western

Marcus & Millichap Brokers $5M Sale of 19,500 SF Net-Leased Property in Yucca Valley

by Nellie Day August 4, 2017

YUCCA VALLEY, CALIF. — Marcus & Millichap has negotiated the sale of a net-leased property located at 56845 29 Palms Highway in Yucca Valley. A Fortune 200 company sold the 19,500-square-foot property to an in-state 1031 exchange buyer for $5 million. DaVita High Desert occupies the property. Valerie Cook, Sean Sharko, Austin Weisenbeck and Cody Cannon of Marcus & Millichap represented the seller in the deal.

August 4, 2017

California Loans Retail Western

PSRS Closes $3M Refinancing for Two-Tenant Retail Building in Westwood

by Nellie Day August 4, 2017

WESTWOOD, CALIF. — Pacific Southwest Realty Services (PSRS) has closed a $3 million loan for the refinancing of a two-tenant retail center located at 1055-1059 Broxton Ave. in Westwood. The property is designated as a restaurant property. Kostas Kavayiotidis of PSRS arranged the 10-year refinancing with a long-term correspondent life company.

August 4, 2017

California Retail Western

Retail California Arranges Three Leases Totaling 14,492 SF

by Nellie Day August 4, 2017

PORTERVILLE, FRESNO AND LAMONT, CALIF. — Retail California has arranged three retail leases in Porterville, Fresno and Lamont totaling 14,492 square feet. In the first transaction, HFN CA Inc. leased 1,045 square feet at 600 N. Prospect Ave. in Porterville from Terry Schuler and Juan Castillo. Nick Frechou of Retail California was the agent. In Fresno, Pardeep and Ashmeer Singh leased 1,405 square feet of space at 3752 W. Shields Ave. from Sterling Real Estate Partners II. Frechou, along with Rick Amerine of Pacific Commercial Realty Advisors, arranged the transaction. In the third deal, Family Dollar leased 12,042 square feet of space from C&C Acquisition Group. Lewis Smith and John Lee of Retail California, along with Garrett Tucker of Colliers International, brokered the transaction.

August 4, 2017

California Retail Top Stories Western

Federal Realty Investment Trust Acquires Seven Retail Properties in Southern California for $345M

by Kristin Harlow August 4, 2017

SOUTHERN CALIFORNIA — Federal Realty Investment Trust has formed a joint venture with Primestor Development Inc. to acquire seven retail properties in Southern California. The shopping centers total over 1.3 million square feet. Federal Realty’s investment in the venture is approximately $345 million, which includes a $20 million commitment to complete the redevelopment of one of the centers. Primestor will continue to lease and manage the properties with oversight from Federal Realty’s investment committee. The assets are located in trade areas where demand exceeds supply, according to Federal Realty. The properties include Azalea in Southgate; Bell Gardens in Bell Gardens; La Alameda in Walnut Park; Olivo at Mission Hills in Mission Hills; Plaza del Sol in South El Monte; Plaza Pacoima in Pacoima; and Sylmar Town Center in Sylmar. Marshalls, Ross and CVS occupy space at several of the properties. Olivo at Mission Hills is currently under redevelopment and is 87 percent pre-leased. The joint venture has a 25 percent interest in La Alameda. Federal Realty owns, operates and redevelops retail properties primarily in coastal markets. The company’s portfolio includes 96 properties and approximately 22 million square feet. Los Angeles-based Primestor is a developer and owner-operator of retail properties, and …

August 4, 2017

Multifamily Nevada Western

Farnam Realty Acquires 430-Unit Veritas Apartments in Las Vegas

by Nellie Day August 3, 2017

LAS VEGAS — Farnam Realty has acquired the 430-unit Veritas Apartments in the Las Vegas submarket of Henderson for an undisclosed sum. The Class A community is located at 3370 St. Rose Parkway. Veritas Apartments was built in 2010. It offers one- to three-bedroom units. The building features four swimming pools, a covered patio with an outdoor kitchen, barbecue grills, a fitness center with a yoga room, and a clubhouse with gaming room and cyber café. JLL’s John Cunningham and Charles Steele represented executed the sale. The seller was Monogram Residential Trust.

August 3, 2017

Hawaii Hospitality Western

Kapolei Hotel Partners to Build $60M Residence Inn by Marriott in Hawaii

by Nellie Day August 3, 2017

KAPOLEI, HAWAII — Kapolei Hotel Partners II has purchased 3.9 acres of land on Fort Barrette Road in Kapolei for an undisclosed sum. The LLC plans to build a 183-room Residence Inn by Marriott on the site, which is situated within the 40-acre Leihano mixed-use development. The four-story, extended-stay hotel will feature full kitchens, free breakfast and family-friendly amenities. Construction will commence later this year, with an estimated cost of more than $60 million. The Leihano development is a master-planned, mixed-use commercial and residential community.

August 3, 2017

California Multifamily Western

Property West Residential Buys Encinitas Heights Apartments Near San Diego for $53M

by Nellie Day August 3, 2017

ENCINITAS, CALIF. — Property West Residential has purchased the 120-unit Encinitas Heights apartment building just north of San Diego for $53 million. The community is located at 1100 Garden View Road in Encinitas. Encinitas Heights was built in 2002. The property features one- to three-bedroom apartments with washers and dryers, central air conditioning and gourmet kitchens. Community amenities include a 24-hour fitness center, a solar heated pool and a rentable clubhouse. Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen of Berkadia represented the seller in this transaction.

August 3, 2017

California Industrial Western

Dedeaux Properties Breaks Ground on $38M Echelon Business Park in the City of Industry

by Nellie Day August 3, 2017

CITY OF INDUSTRY, CALIF. — Dedeaux Properties has broken ground on Echelon Business Park, a 246,543-square-foot warehouse facility in the City of Industry. The $38 million development will be located at 821 Echelon Court. Echelon Business Park’s seven free-standing buildings range between 27,438 square feet and 43,166 square feet. They include two-story office space, ample dock-height loading and configurations for loading shipping containers, all inside a modern, secured campus. Construction is scheduled for completion in the first quarter of 2018.

August 3, 2017

California Multifamily Seniors Housing Western

CBRE Brokers $6.8M Sale of 28-Unit Seniors Housing Community in Brea

by Nellie Day August 3, 2017

BREA, CALIF. — CBRE has arranged the sale of Williams Senior Apartments, a 28-unit age-restricted community in the Los Angeles suburb of Brea, for $6.8 million. Restoration Enhancement acquired the property from a private seller in a 1031-exchange transaction. The property was recently upgraded and is located near the Brea Downtown entertainment center, which features 350,000 square feet of retail, shops, restaurants, entertainment and nightlife.

August 3, 2017

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