MONROVIA, CALIF. — Calmwater Capital has provided $19.8 million in financing to 723 EHD LLC for the acquisition and lease-up of Shamrock Center, a retail center located at 723-727 E. Huntington Drive in Monrovia. The financing consists of a $9 million senior term loan for the acquisition of the property and $10.8 million in additional potential funding for future leasing and tenant improvements. At the time of sale, the 98,000-square-foot property was 90 percent vacant due, in part, to the loss of its anchor tenant, a 70,000-square-foot Albertson’s that closed as a result of a consolidation strategy.
SANTA ANA, CALIF. — Marcus & Millichap has arranged the sale of Hacienda Plaza, a retail and medical office property located at the corner of West 17th Street and College Avenue in Santa Ana. A private 1031 exchange investor acquired the 77,610-square-foot asset for $16.7 million, or $215 per square foot. The two-building property comprises a 28,800-square-foot retail/medical building on 17th Street and a 29,310-square-foot medical/warehouse building on 19th Street. Built in 1976, the properties are occupied by Northgate Market, Don Roberto Jewelers and Hacienda Restaurant. Michael Lawrence and Michael Woolbright of Marcus & Millichap represented the seller, while Rob Duong, also of Marcus & Millichap, represented the buyer in the transaction.
LAGUNA BEACH, CALIF. — Newmark Realty Capital has arranged $10 million in financing for the acquisition of Gelson Market’s in Laguna Beach. The 34,478-square-foot grocery store is located on Pacific Coast Highway. George Mitsanas and Doug Tisdale of Newmark arranged the fixed-rate, non-recourse financing for the borrower, a Beverly Hills-based developer. The 10-year loan, provided by a life insurance company, features interest-only payments during the first five years and a 30-year amortization schedule.
LOS ANGELES — RCG Ventures has expanded to the West Coast by opening a new office in Los Angeles. The company promoted Scott Tarbet to senior vice president and director of acquisitions – western region. In this role, Tarbet will oversee the new office. RCG Ventures currently owns 90 shopping centers, totaling 10 million square feet in 20 states. The company plans to acquire $250 million in value-add shopping centers.
LOS ANGELES — International developer Oceanwide Holdings has unveiled plans to include a five-star Park Hyatt hotel at Oceanwide Plaza, the company’s $1 billion mixed-use project currently under development in Los Angeles. The project is located adjacent to the Staples Center, home of the NBA’s Los Angeles Lakers and Los Angeles Clippers, as well as the NHL’s Los Angeles Kings. When completed, Oceanwide Plaza will feature three residential and hotel towers and a 166,000-square-foot, open-air galleria for shopping, dining and entertainment. Park Hyatt Los Angeles will be the sixth U.S. location for the luxury hotel brand. CallisonRTKL and Studio Munge designed the 184-room hotel. The property will be connected to the 100-foot retail and amenity area known as The Collection at Oceanwide Plaza. The development’s multifamily component will feature 504 units with concierge services, a private amenity deck and a two-acre outdoor sanctuary. Oceanwide Plaza is scheduled for completion in early 2019. Oceanwide Plaza LLC, a subsidiary of Beijing-based Oceanwide Holdings Co., will own the development. Oceanwide Plaza is the company’s first development in the United States, with projects in New York, San Francisco and Hawaii currently in the planning stages. — Kristin Hiller
ANAHEIM, CALIF. — Bentall Kennedy has purchased Anaheim Concourse, a 965,255-square-foot industrial property, for $188.2 million. The facility is situated on North Miller Street in Anaheim. The seven-building, Class A project was completed last year. The space is currently 86 percent leased. The lease rollover is staggered, with the first lease expiring in January 2021. CBRE’s Val Achtemeier arranged acquisition financing. The firm’s Darla Longo, Barbara Emmons, Michael Kendall, Rebecca Perlmutter, Brad Bierbaum and Ryan Peterson represented the sellers, Panattoni and Clarion Partners, on behalf of a separate account managed by the firm.
FULLERTON, CALIF. — A global fund has purchased the 292-unit Amerige Pointe apartments in Fullerton for $115 million. The Class A community is located at 1001 Starbuck St. within the master-planned community of Amerige Heights. The property also contains 10,300 square feet of retail space. The buyer plans to upgrade the unit interiors, as well as some common area spaces. Joe Leon, Jeff Rowerdink and Dean Zander of Berkadia represented both the buyer and original owner and developer in this transaction.
PALM DESERT, CALIF. — Colliers International has arranged the $19.8 million sale of Town Center Plaza, an 82,000-square-foot shopping center located in Palm Desert. Tenants at the center include Trader Joe’s, Michaels, Banner Mattress, Tuesday Morning, Fisherman’s Market and Grill, The Palms Café and Uncle Don’s Hobbies. Bill Barnett and Doug Hogan of Colliers represented the buyer, Citivest Commercial Investments LLC, in the acquisition of the property from Town Center Plaza LP.
PASADENA, CALIF. — CBRE has arranged the $13.4 million sale of Shops on Hill, a 32,685-square-foot mixed-use center in Pasadena. The two buildings are located on opposite corners of the intersection of East Washington Boulevard and North Hill Avenue, and feature 12 apartments with ground-floor retail. Shops on Hill LLC, an entity controlled by Engine Real Estate, acquired the property.
SALT LAKE CITY — The Kissel Co. has purchased the Sweet Candy Building in downtown Salt Lake City for an undisclosed sum. The historic building is located at 200 West and 224 South. The 97,000-square-foot property was built in two phases between 1911 and 1922. The Sweet Candy Building was renovated in 2001, at which time it was converted into retro tech space. It is fully leased. CBRE’s Marty Plunkett and Craig Thomas represented the seller, Olafson II LLC, in this transaction.