CULVER CITY, CALIF. — Niki Properties has completed the disposition of a single-tenant, 32,873-square-foot retail building located at 5660 W. Sepulveda Blvd. in Culver City. An undisclosed buyer acquired the property for $23.5 million. Situated on 2.6 acres, the property is triple-net leased to Sprouts Farmers Market through 2025. Gleb Lvovich, Nick Foster, CJ Osbrink and Bryan Ley of HFF represented the seller in the transaction.
LOS ANGELES — Buchanan Street Partners has provided a $12.9 million loan to Cadence Capital Investments for the purchase of five buildings on Sunset Boulevard in Hollywood. The borrower is in pre-development to deliver a multi-story building on the property that is pre-leased to Gelson’s Market, an upscale regional grocer. Scheduled to open in first quarter 2018, the new store location will be Gelson’s second in Hollywood.
PLAYA VISTA, CALIF. — CBRE Group has arranged a 20,682-square-foot lease for clothing retailer Fred Segal in Playa Vista. Located at 12751 W. Millennium with the Runway Playa Vista project, the new flagship store will join Whole Foods Market, Studio MDR and Yogaworks at the mixed-use development. Runaway Playa Vista includes 217,000 square feet of retail space, 33,000 square feet of office space and 420 apartments. Zachary Card of CBRE represented the landlord, while Jay Luchs of Newman Grubb Knight Frank represented the tenant in the transaction.
LAGUNA NIGUEL, CALIF. — In a joint venture with Fremont Realty Capital, Steadfast Cos. is developing Crestavilla, a luxury 201-unit independent living, assisted living and memory care community in the Los Angeles suburb of Laguna Niguel. The three-story, Spanish Colonial-style building will house 61 independent living units, 115 assisted living units and 25 memory care units. The building is situated on 11.5 acres. Holliday Fenoglio Fowler L.P. (HFF) arranged $27.9 million of joint equity venture capital and a $67.7 million construction loan through a local bank for the project. James Fowler, Ryan Maconachy an Chad Lavender led the HFF team in the financing.
SAN DIEGO — Jonathan Segal FAIA & Development Co. has received $12.5 million in permanent financing for Mr. Robinson, a newly constructed mixed-use residential and retail project in San Diego’s Hillcrest neighborhood. HFF secured the 15-year, fixed-rate loan for the borrower and developer through Aegon USA Realty Advisors. Completed in 2016, the 42,923-square-foot Mr. Robinson features 36 apartment units, two ground-floor retail units with large outdoor patio spaces and a parking garage. The two- and three-bedroom residential units average 1,080 square feet. Aldon Cole of HFF secured the financing for the borrower.
PEORIA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Lamplight Inn, a 114-unit assisted living community in the Phoenix suburb of Peoria, for $5.4 million. The seller was a private ownership group looking to divest non-core assets. The buyer was not disclosed. The sales price equates the $48,000 per unit. Jacob Gehl and Ben Firestone were lead advisors on the transaction.
AGOURA HILLS, CALIF. — Lee & Associates-LA North/Ventura has brokered a 45,000-square-foot lease for a built-to-suit LA Fitness at 29431 Agoura Road in Agoura Hills. Selleck Development Group (SDG) is developing the LA Fitness facility, along with a 4,000-square-foot freestanding pad, which was approved by the Agoura Hills City Council in January. The full service health club will feature a pool, racquetball courts, basketball and volleyball courts, free weights, cardio, spinning and a kid’s club. The 4,000-square-foot retail portion of the development can be divided to accommodate units as small as 1,000 square feet. Mike Tingus and Grant Fulkerson of Lee & Associates represented the owner and developer, Selleck Development Group, in the transaction.
VISALA AND SALINAS, CALIF. — DSW Inc., a footwear and accessories retailer, plans to open two new stores in Northern California. The stores will be situated in Visala and Salinas. The new outposts are part of a nationwide 14-store expansion. The stores will open between March and May of this year. As of February 22, 2016, DSW operated 468 stores in 42 states.
MCLEAN, VA — Hilton Worldwide (NYSE: HLT) has announced plans to spin off the majority of its real estate business into a publicly traded REIT. The company also plans a second spinoff, putting its Hilton Grand Vacations timeshare business into a third publicly traded company. The company hopes the spinoffs will help focus Hilton Worldwide’s model on its core business. “The transactions we announced today will result in three pure-play companies, enabling dedicated management teams to fully activate their respective businesses,” says Christopher Nassetta, president and CEO of Hilton Worldwide. “We intend to have the appropriate leadership, strategies and capital structures in place to set up all three companies for further success.” If approved by the Securities and Exchange Commission (SEC), Hilton’s new REIT will include about 70 properties and 35,000 rooms, comprising one of the largest and most geographically diversified publicly traded lodging REITs. The REIT’s portfolio will contain luxury and upper-upscale assets in high-barrier-to-entry urban and convention markets, top resort destinations, select international regions and strategic airport locations. The new timeshare company will contain nearly 50 club resorts in the United States and Europe. The company will have a long-term license agreement with Hilton Worldwide to market, sell …
SAN FRANCISCO — A joint venture between SKS Partners LLC and ProspectHill Group has purchased the McGuire Building, a 140,000-square-foot industrial property in San Francisco, for $47 million. The building is located at 1201 Bryant St., within the South of Market (SOMA) district. The JV plans to redevelop the space to re-introduce it in “like-new” condition, per the facility’s production, distribution and repair zoning. Tim Mason and Gerald Norton of Binswanger represented the seller, Kohler Co., in this transaction.
