LOS ANGELES — Nativo has leased 25,051 square feet of office space at Pacific Corporate Towers (PCT) in the Los Angeles submarket of El Segundo. The building is located at 100, 200 and 222 N. Sepulveda Blvd. Nativo will relocate from 9,000 square feet in the 200 building to PCT’s 100 building for its new corporate headquarters. JLL’s Jason Fine represented Nativo in the lease. CBRE represented the landlord, GM Pension Fund / Blackrock.
BEVERLY HILLS, CALIF. — Sterling Organization has received $12.1 million in financing for the acquisition of a vacant 4,700-square-foot retail building located on North Beverly Drive in Beverly Hills. Marc Schillinger, Chris Drew and Ryan Ash of HFF worked on behalf of the borrower to place the non-recourse, fixed-rate loan at $2,583 per-square-foot.
SAN DIEGO — LevitZacks, a public accounting firm, has leased a 14,424-square-foot office space in downtown San Diego. The new space is in 450 B Tower, which is located at 450 B St. The firm will relocate from nearby 701 B St. LevitZacks was looking to upgrade its headquarters, while creating a more efficient floor plan and reducing its real estate costs. JLL’s Joe Bernstein and Bill Fleck represented LevitZacks in the lease. The firm’s Julie Kilpatrick will oversee the build-out for LevitZacks. CBRE represented the landlord, Bollert/LeBeau Inc.
Expect the Orange County retail landscape to be characterized by continued strong fundamentals and high transaction volumes in 2017. The area remains among the most stable markets nationally—attractive to both high-end and affordable retailers thanks to its high median income and population growth. However, a bit of volatility would be welcomed in the coming year to generate leasing opportunities and enhance rental rate growth. Significant store closings, including a selection of Walmarts, Macy’s, Staples and Sears, in addition to Sports Authority and Sports Chalet locations, affected many of our regional malls and shopping centers in 2016. As a result, we will continue to see more space absorbed rather than closed or constructed in the coming year. This type of instability breeds opportunity. From grocers to soft goods to restaurateurs, traditional and non-traditional retailers remain motivated to identify what works best across Southern California. Retailers who have been working to right-size and reconfigure their traditional formats will catch everyone’s attention in 2017. Target recently announced the opening of a flex-format concept with plans for a 41,000-square-foot store in Orange in the fall. Burlington Coat Factory has been evaluating a smaller footprint, while 365 by Whole Foods will soon enter the Orange …
PALO ALTO AND REDWOOD CITY, CALIF. — Natixis has provided a $75 million loan to Pollock Realty Corp. to refinance three office buildings in Silicon Valley. The refinance included an 81,031-square-foot property in the Stanford Research Park in Palo Alto; a separate, 56,279-square-foot building in Stanford Research Park in Palo Alto; and a 34,796-square-foot building in the Redwood Shores region of Redwood City. Gregory Gray of Barry Slatt Mortgage arranged the financing, which was originated out of Natixis’ Los Angeles office.
LAS VEGAS — Hamilton Zanze has purchased the 232-unit Alicante Villa Apartments in Las Vegas for $35.5 million. The community is located at 4370 S. Grand Canyon Drive. Alicante Villa was built in 2001 four miles from downtown Summerlin. CBRE’s Jeffrey Swinger represented the seller, Kislak, in this transaction.
LAKEWOOD, WASH. — Security Properties has acquired the 267-unit Beaumont Grand apartments in Lakewood for $35.2 million. The community is located at 8504 82nd St. SW. It is situated near the Port of Tacoma and Joint Base Lewis-McChord, a U.S. military installation supporting more than 66,000 jobs. The property is 95 percent leased. HFF’s Ira Virden and Chris Ross represented the seller, Grand Peaks Properties, and its finance partner, Pacific Coast Capital Partners, in this transaction.
LAS VEGAS — Alston Construction has completed a 68,875-square-foot, built-to-suit facility for 3G Productions in Las Vegas. The new facility is located on 5.4 acres at the corner of Euclid Avenue and Russell Road. The firm completed a 51,400-square-foot concrete tilt up building with a 16,875-square-foot steel/concrete deck mezzanine to be used in the future by the owner. PFIILP Eastern Russell 70 LLC owns the $9 million project. 3G Production will offer the facility as a corporate event venue.
SACRAMENTO, CALIF. — Monticello Asset Management, through one of its investment vehicles, has participated in a $14.3 million bridge-to-HUD loan to 2200 Gramercy Drive LLC. The borrower will use the funds to acquire an assisted living and skilled nursing facility in Sacramento. Built in 1991, the seller is a private owner planning to retire. The property features 85 assisted living beds and 120 skilled nursing beds. The operator of the facility plans to implement a $2 million capital improvement plan throughout the facility. Improvements include new floors, wallpaper and beds, along with upgrades to technology, the rehabilitation gym, lighting and the dining room, among other improvements.
CULVER CITY, CALIF. — Quantum Capital Partners has arranged $47 million in refinancing for Platform, a 75,000-square-foot office and retail property located in the Hayden Tract district of Culver City. The borrower, Runyon Group, will use the proceeds to retire construction debt and equity on the property, which was completed in late 2016. Mike Yim and Jonathan Hakakha of Quantum arranged the 10-year, non-recourse loan through Wells Fargo for the borrower. The 75,000-square-foot project features approximately 40,000 square feet of office space and 35,000 square feet of retail and restaurant space. The retail portion is currently 98 percent leased to a variety of tenants including Reformation, Magasin, SoulCycle, The Shop, Loqui, Blue Bottle Coffee, Van Leeuwen, Sweetgreen and The Cannibal.
