Saturday, February 7, 2026
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Western

CaliforniaOfficeWestern

Kennedy Wilson, Takenaka Corp. Buy San Francisco Office Tower for $135M

by Nellie Day

SAN FRANCISCO — A joint venture between Kennedy Wilson and the Takenaka Corp. has purchased a 247,000-square-foot office tower in San Francisco for $135 million The Class A building is located at 400 and 430 California St. The sale includes a 27,000-square-foot bank branch. MUFG Union Bank is both the seller and the sole occupant of the property. The company will lease the property and vacate the tower over the next two years on a staggered basis. It will vacate the bank branch after four years. The tower will also undergo a complete interior renovation. James Andrew International represented Takenaka in this transaction.

Continue Reading
FacebookTwitterLinkedinEmail
ArizonaIndustrialWestern

Construction Begins on Phase III of Park Lucero Industrial Building in Gilbert

by Nellie Day

GILBERT, ARIZ. — A joint venture between Trammell Crow Co. and Artis REIT has announced the development of the third phase of Park Lucero, a 146,832-square-foot industrial building in Gilbert. The facility will be located at 280 E. Germann Road. The build-to-suit project is fully leased by Silent-Aire USA manufacturing company. This is the third of four phases at Park Lucero. Phase II, a 131,796-square-foot general industrial building, is currently under construction and scheduled for completion in January 2017. Upon full buildout, Park Lucero will consist of nearly 600,000 square feet of industrial space in six buildings. Park Lucero is planned as a Class A industrial park with a combination of buildings situated on 48 acres at the northwest corner of Mustang Drive and Germann Road. Western Alliance Bank is the project lender. Butler Design Group serves as lead architect and D.L. Withers Construction serves as general contractor. Rusty Kennedy of CBRE Phoenix represented Silent-Aire in the lease transaction. JLL’s Pat Harlan and Steve Larsen represented the landlord and handle the leasing and marketing for Park Lucero.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingCaliforniaMultifamilySeniors HousingWestern

Community Preservation Partners Buys 280-Unit Affordable Housing Development in California

by Nellie Day

CATHEDRAL CITY, CALIF. — Community Preservation Partners (CPP) has acquired Mountain View Apartments, a 280-unit affordable seniors housing community in Cathedral City, approximately 100 miles east of Los Angeles. A private trust sold the property for an undisclosed price. In conjunction with the sale, CPP has unveiled plans for $11.3 million in renovations to the community, which includes 70 buildings of four one-bedroom units each on a 20-acre plot. The community was built in 1984, and renovations are slated for completion by late 2017. Planned renovations include replacing all windows and doors, new paint, water efficiency upgrades, new exterior lighting and landscaping, cable television and wireless internet installation, new appliances, and fully remodeled bathrooms. The cost of the upgrades equates to approximately $40,000 per unit. Irvine-based CPP is an affordable housing rehabilitation company that owns more than 4,500 units across the United States.

Continue Reading
FacebookTwitterLinkedinEmail
CaliforniaMarket ReportsMultifamilyWesternWestern Market Reports

Demand Drives Multifamily Development

by Camren Skelton

The Orange County apartment market is currently enjoying strong fundamentals that comes from several sources. These include robust renter demand, strong local economy and historic low interest rates, all of which make for a perfect storm. As more renters enter the market due to strong employment numbers, it gives way to new household formation. While home prices in the region escalate, more would-be homebuyers are being priced out of the market and forced to remain in the rental pool, further driving competition for suitable housing and pushing rents to new levels. Orange County developers are responding to a growing demand for new multifamily housing developments, many of which are Class A projects targeting high-end tenant bases and price points. Many older properties, such as Class C or C+ buildings, are enjoying the blow back from these new developments when tenants seek out lower rents when compared to top-tier projects, resulting in robust rent increases. Investors looking to place capital in today’s multifamily market are taking advantage of strong fundamentals and cheap debt. Transaction volume has increased more than 10 percent in the past 12 months, with notable sales volume in the northern end of Orange County. Confident that upward rent …

Continue Reading
FacebookTwitterLinkedinEmail
CaliforniaLoansRetailWestern

George Smith Secures $34M Refinancing of Crenshaw Imperial Plaza Near Los Angeles

by Nellie Day

INGLEWOOD, CALIF. — George Smith Partners has secured the $34 million refinancing of Crenshaw Imperial Plaza, a 305,000-square-foot mixed-use center located roughly 12 miles outside Los Angeles in Inglewood. The property consists of 238,000 square feet of retail and a 67,000-square-foot office building. The financing will be used to fund renovations at the center and pay off an existing loan. Renovations will include the demolition of obsolete space, new signage and the conversion of ground-floor office space into retail. The converted ground-floor space will be home to tenants including Chipotle Mexican Grill, Five Guys and Ono Hawaiian BBQ. Steve Bram, David Pascale and Ali Akbar of George Smith Partners secured the three-year, interest-only financing on behalf of the borrower, NewMark Merrill Cos. The lender was undisclosed.

Continue Reading
FacebookTwitterLinkedinEmail
CaliforniaRetailWestern

Salon Republic Signs 10-Year Retail Lease in Hollywood

by Nellie Day

HOLLYWOOD, CALIF. — Salon Republic, which provides shared workspace and services to beauty professionals, has signed a 10-year lease for 20,000 square feet of retail space at 6370 W. Sunset Blvd. in Hollywood. The space is located within the 216,238-square-foot Dome Entertainment Center, which is Robertson Properties Group owns. Matthew Fainchtein and Carter Magnin of Cushman & Wakefield represented the landlord in the transaction.

Continue Reading
FacebookTwitterLinkedinEmail
CaliforniaMixed-UseOfficeRetailWestern

Palisades Capital Partners Buys Mixed-Use Property in Santa Monica for $33M

by Nellie Day

SANTA MONICA, CALIF. — Palisades Capital Partners has acquired a mixed-use property located at 631 Wilshire Blvd. in downtown Santa Monica for $33 million. Originally built in 1958, the property has undergone $4 million in upgrades since 2013, including a remodeled lobby, outdoor common areas and locally focused murals. The 40,000-square-foot office and retail property features 11,000 square feet of retail space along Wilshire Boulevard. Mike Long of CBRE and Kevin Shannon, Rob Hannan and Ken White of Newmark Grubb Knight Frank represented the sellers, PacShore Partners and GreenOak Real Estate LP, in the deal.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts