LOS ANGELES — An undisclosed buyer has purchased an 18,885-square-foot distribution and logistics building in the Los Angeles submarket of Inglewood for $5.1 million. The building is situated on Aviation Boulevard. The listing initially began as a lease before converting to a sale. Izzy Eichenstein and Todd LaPlante of CBRE’s LAX Industrial Team executed the transaction.
SAN DIEGO — The Coseo Family Trust has purchased a 26,500-square-foot office property in San Diego for $3.7 million. The building is located at 17075 Camino San Bernardo, within the 4S Ranch Business Park. It was built in 1999. The trust plans to reposition the property before re-leasing. Richard Lebert and Matt Zimsky of Colliers International represented the buyers. JLL’s Tony Russell, Jay Alexander and Tim Olson represented the seller, Wheat Accessories.
HANFORD, CALIF. — Passco Cos. has secured four national retail tenants for Hanford Mall located at 1675 W. Lacey Road in Hanford. The four new tenants are Buffalo Wild Wings, Five Guys, Dunkin’ Donuts and Pieology. Construction for Buffalo Wild Wings, Five Guys and Pieology is underway with planned openings this summer, while Dunkin’ Donuts is set to start construction soon. Kohls, Forever 21, Sears, JC Penney and Cinemark 8 anchor the property.
CARSON, CALIF. — HFF has secured $83.2 million in first lien financing for South Bay Pavilion, a 1.2 million-square-foot super regional mall in the Los Angeles suburb of Carson. James Fowler of HFF worked on behalf of the borrower, Vintage Real Estate, to secure the three-year, floating-rate loan through PCCP. The loan will be used to continue the borrower’s redevelopment, repositioning and expansion of the mall. The 95 percent leased center is home to more than 60 tenants including Cinemark Theatre, Ikea, Old Navy, Olive Garden, Buffalo Wild Wings, Big 5 Sporting Goods, Panera Bread, 24 Hour Fitness, Chili’s Grill & Bar and The Children’s Place. The current expansion plan includes adding several new fashion and restaurant tenants.
MESA, ARIZ. — T&D Alder Creek Equity has purchased the 120-unit Sycamore Square Apartments in Mesa for $10 million. The community is located at 1120 S. Sycamore. It is currently 94 percent occupied. Sycamore Square was built in 1978. The seller was RND6 LLC. Brett Polachek and Jim Crews of Cushman & Wakefield executed the transaction.
ANTIOCH, CALIF. — The San Diego North office of Lee & Associates has brokered the sale of a newly constructed retail property located at the northwest corner of Buchanan Road and Somerville Road in Antioch. The 15,789-square-foot property sold for an undisclosed price. CVS occupies the property under a new 20-year net lease. Ryan Bennett and Ryan Barr of Barr & Bennett Net Leased Investment, a specialty group of Lee & Associates-North San Diego, represented the undisclosed seller in the transaction. The name of the buyer was not released.
HUNTINGTON BEACH, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $3.3 million sale of Hamilton Center, a 6,800-square-foot shopping center located in Huntington Beach. Eric Wohl and Ed Hanley of Hanley Investment Group represented the seller, a local investment company, and Eric Vu of Hanley Investment Group represented the buyer, a local investor in a 1031 exchange, in the transaction. Tenants at the fully occupied center include 7-Eleven, Whatta Lotta Pizza, a dental office and a dry cleaner.
PHOENIX — Mainstreet, a seniors housing developer based in Indiana, has purchased 3.65 acres in Algodon Medical Office Park in West Phoenix for $1.7 million. The company is building a 94-bed rehabilitation and assisted living facility at the location. When completed, the community will comprise 67,697 square feet of space for short-stay rehabilitation and assisted living. Mainstreet expects to finish construction in February 2017. Novo Development, which developed Algodon Medical Office Park and sold the plot to Mainstreet, is currently building 42,000 square feet of new medical office buildings at the site, also due for delivery in 2017. Justin Miller and Kurt Rosene of Novo Development represented John F. Long Properties in the sale of the parcel to Mainstreet. Bob Neil and Sam Pollina with Realty Executives represented the buyer.
LOS ANGELES — Taubman Centers Inc. (NYSE: TCO) has unveiled plans for a $500 million renovation at Beverly Center, an 886,000-square-foot shopping mall located on Beverly Boulevard in Los Angeles. Renovations will include new skylights, a new exterior with a perforated steel façade, a state-of-the-art smart parking system and a new streetscape with refreshed landscaping. Taubman also plans to develop a row of street-level restaurants along West Third Street with an additional valet for quick access to the new dining options. Upon completion, the center will also feature a refreshed tenant mix and a flexible center court featuring a large LED screen, places to sit and room for exhibitions and installations. “In re-envisioning Beverly Center, we are looking to create LA’s signature urban shopping and dining experience, as well as an exciting, pedestrian-friendly anchor to one of the most creative and diverse neighborhoods in the world,” says Robert Taubman, CEO and president of Taubman Centers. “The center is a key asset in our portfolio, and after renovation we believe it will become one of the top ten retail centers in the nation.” The shopping mall opened March 31, 1982, according to Taubman. Sheldon Gordon and E. Philip Lyon originated the …
SIOUX FALLS, S.D. — Cain Brothers has arranged $40 million in taxable bank direct-purchase bonds for The Evangelical Lutheran Good Samaritan Society, a nonprofit operator of seniors housing based in Sioux Falls. Founded in 1922, the society operates skilled nursing facilities, senior apartments, home health services and affordable housing in over 230 locations in the United States. Proceeds from the financing were used to pay down a line of credit that was initially drawn upon to fund the purchase of a home health agency that provides services in New Mexico and Arizona. The acquisition more than doubled the society’s existing home health business. Cain Brothers arranged the financing through an undisclosed bank.