LOS ANGELES — California Landmark Group has broken ground on D1, a 68-unit luxury apartment complex in the Los Angeles submarket of Marina del Rey. The $30 million community is located at 4210 Del Rey Ave. within the Marina Arts District. The development will feature a mix of open concept studios, as well as one-, two- and three-bedroom floor plans, ranging in size from 740 square feet to 1,640 square feet. Common area amenities will include a gym, business center, meeting areas, outdoor lounge spaces, and a 3,000-square-foot rooftop pool deck with unobstructed city and ocean views. D1 will be completed in fall 2018. PK Architecture designed the project.
Seattle is on the rise, and companies are thriving in the downtown core and surrounding submarkets. Seattle’s office market is one of the healthiest in the country. Leasing continues to be led by a robust technology sector that’s fueled by both the expansion of homegrown companies and the addition of engineering offices from mostly California-based companies. These companies have established significant footprints in Seattle as they have been able to attract, hire and retain workers from a talented employee pool. Institutions like the University of Washington continue to produce additional engineering graduates from an expanding computer science program, and companies have had great success recruiting talent eager to move from across the country and internationally to the Puget Sound region. Traditional brick-and-mortar companies like Sears, Best Buy and Starbucks are all working in Seattle to monetize the use of electronic devices. Many new companies to the market like Snapchat, Airbnb and, most recently, Pinterest, have opened their first Seattle locations in co-working spaces. The collaborative nature of the co-working environment is also popular among startups. These companies are often created by former employees of some of the region’s longstanding heavyweights. Amazon has had a significant ripple effect on the region, …
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Forecast Survey: What’s Your Take on Real Estate in 2017?
REBusinessOnline.com is conducting a brief online survey of brokers, lenders and the owner/developer/manager community to gauge market expectations for 2017, and we welcome your participation. This survey should only take a few minutes to complete. The results will appear as a news feature story in the January 2017 issues of the regional publications. Questions cover a variety of topics, ranging from the outlook for investment sales and leasing activity in 2017 to development and lending opportunities to interest rates. Note: We prefer to attribute comments we quote from open-ended responses, however you may respond anonymously if you prefer. To take our 2017 broker survey, please click here To take our 2017 developer/owner/manager survey, please click here To take our 2017 lender survey, please click here Thanks for your participation! Matt Valley Editorial Director of Regional Real Estate Publications France Media, Inc.
LOS ANGELES — Los Angeles-based Kayne Anderson Real Estate Advisors has sold a portfolio of seven student housing properties totaling nearly 6,000 beds to Singapore-based Mapletree Investments Pte Ltd. The purchase price was undisclosed. The portfolio includes 13th & Olive, a 1,308-bed community located near the University of Oregon in Eugene; Lofts at City Centre, a 1,225-bed community located near the University of Alabama in Tuscaloosa; Capstone Cottages of San Marcos, an 899-bed community located near Texas State University in San Marcos; The View on 10th, a 718-bed community located near Baylor University in Waco, Texas; One12 Courtland, a 717-bed community located near Georgia State University in Atlanta; The Flats at West Village, a 622-bed community located near the University of Virginia in Charlottesville; and Fuse, a 489-bed community located near Purdue University in West Lafayette, Indiana. Each property in the portfolio was built within the last three years, and features amenities including common rooms, game areas, reading rooms, gyms and swimming pools. Mapletree now owns a total of 32 student housing assets in the U.S. and the U.K.
BOISE, IDAHO — IRET, a REIT based in Minot, N.D., has sold a portfolio of eight seniors housing communities totaling 313 units, all located in Idaho. The current tenants, all affiliates of Edgewood Senior Living, purchased the properties for $43.9 million. After retiring mortgage debt and paying other closing costs, IRET will receive net cash proceeds of approximately $31.2 million. Additionally, IRET intends to redeem all 1.2 million outstanding shares of its 8.25 percent Series A Cumulative Redeemable Preferred Shares (NYSE: IRET PR). The moves are part of what the company calls its “strategic transformation.” As of July 31, IRET owned interests in 146 properties, consisting of 100 multifamily properties totaling 13,012 units, and 47 commercial properties, including 31 healthcare properties, containing a total of approximately 2.8 million square feet of leasable space.
PANORAMA CITY, CALIF.— Meridian Capital Group has secured a $40 million refinancing for The Plant, a 219,922-square-foot retail power center located in Panorama City. Seth Grossman and Jackie Tran of Meridian arranged the five-year balance sheet loan featuring full-term, interest-only payments on behalf of the borrower, Decron Properties. Citibank provided the capital. Tenants at The Plant include Regency Theatres, Ross Dress for Less, Old Navy, Forever 21, PetSmart, Party City, Home Depot and In-N-Out Burger.
SAN DIEGO — Diversified Properties has acquired Bay City Plaza, a shopping center located at 1515-1555 Palm Ave. in San Diego. The Lorah Family Trust sold the property for $8.1 million. At the time of sale, the 34,051-square-foot property was fully leased to a variety of tenants, including Rent-A-Center, Advance America, Subway, Little Caesars Pizza, and St Vincent de Paul. Joe Yetter and Chad Iafrate of Cushman & Wakefield represented the seller in the transaction.
ESCONDIDO, CALIF. — Duhs Commercial has arranged the sale of a shopping center located at 426 W. Second Ave. in Escondido. William and Helen Taylor Trust acquired the 8,694-square-foot asset for $1.9 million. Austin Dias and Scott Duhs of Duhs Commercial represented the sellers, Tom Family Trust and Golden Meadows Investments LLC, while Matt Belshin and Bill Morgan of Morgan Real Estate represented the buyer in the deal.
LONG BEACH, CALIF. — Red Mountain Group Inc. has completed the disposition of The Knolls Shopping Center, a retail center located at 4250 Long Beach Blvd. in Long Beach. An undisclosed buyer acquired the property for $29.1 million in an all-cash transaction. After acquiring the asset in 2015, Red Mountain Group redeveloped and re-tenanted the property with Trader Joe’s, Pet Food Express, Chipotle, Jersey Mike’s Subs, Verizon Wireless, Mob Pizza and Crunch Fitness. Bill Bauman of Savills Studley brokered the deal.
POMONA, CALIF. — Reliable Properties has acquired Foothill & Garey Center, a retail property located at the southeast corner of Foothill Boulevard and Garey Avenue in Pomona, for an undisclosed price. Situated on 10.7 acres, the 124,000-square-foot property is occupied by Superior Grocers, O’Reilly Auto Parts, Chase Bank, Carl’s Jr., Sally Beauty Supply, Fred Loya Insurance and Boost Mobile, among others. The name of the seller was not released.