LOS ANGELES — PB Financial Group Corp. has funded 20 loans throughout California for a total of more than $8.7 million. The Los Angeles-based firm financed a variety of projects, from industrial buildings to multifamily properties. The properties are situated throughout the state, including Los Angeles, San Francisco, Palm Springs and various San Diego submarkets. PB Financial specializes in privately funded transactions for commercial and residential real estate in California.
PHOENIX — Kimco Realty Corp. has acquired Christown Spectrum, an 850,000-square-foot destination power center located in Phoenix, for $115.3 million. The retail center is 94 percent occupied and anchored by Walmart Supercenter, Costco and SuperTarget. Other retailers include Walgreens, Ross Dress for Less, PetSmart, Dollar Tree, Bank of America, Famous Footwear, GNC, Bath & Body Works, Supercuts, Taco Bell, Carl’s Jr. and Wingstop Restaurant.
SEATTLE — Strata Equity Group has received $100 million in acquisition financing for a multifamily portfolio in Seattle. The portfolio contains a total of 1,041 units. The portfolio features five properties that were built between 1986 and 1991. Strata plans to execute a capital improvement program that will upgrade the residential amenities and interior unit finishes. Four of the properties are within five miles of Boeing’s Everett Factory, the region’s largest employer, which is undergoing a large expansion. The other property is in Lynwood, 16 miles north of downtown Seattle. The 10-year loan features full-term, interest-only payments through Freddie Mac. CBRE’s Bill Chiles, Scott Peterson and Brian Cruz arranged the financing.
WEST COVINA, CALIF. — A joint venture between Stillwater Investment Group, Greenlaw Partners and CrossHarbor Capital Partners has acquired The Lakes at West Covina, a 176,843-square-foot office campus, for $34.8 million. The two-building campus is located at 1000 and 1050 Lakes Drive in West Covina. The Class A campus is 73.5 percent leased. Notable tenants include Wells Fargo Bank, Balfour Beatty, State of California and the U.S. Government Services Administration. Taylor Ing, Drew Sanden and Scott Maples of Cushman & Wakefield are the leasing agents for the Lakes at West Covina. This is the JV’s first acquisition. It plans to focus on the Southern California office market, in addition to assets it can purchase well below replacement cost.
SCOTTSDALE, ARIZ. — Buchanan Street Partners has purchased Paradise Valley Corporate Center, a 198,000-square-foot office building in Scottsdale, for an undisclosed sum. The center is located at 4835 East Cactus Road. Paradise Valley Corporate Center was 95 percent leased at time of sale. Buchanan Street plans to upgrade the lobby, landscaping and other common areas. Buchanan Street represented itself in this transaction, while Christopher Toci of Cushman & Wakefield represented the unnamed seller.
LOS ANGELES — Munger, Tolles & Olson LLP has leased 150,500 square feet at a 52-story office tower in Downtown Los Angeles. The building is located at 350 S. Grand Ave. It is referred to as “2 Cal.” The law firm specializes in litigation, corporate, labor and employment, environmental, real estate, financial restructuring and tax. It plans to relocate to the space in early 2017. The landlord is CIM Group.
LOS ANGELES — Elevated Returns has purchased an 80 percent stake in the 81-room Sunset Tower hotel in West Hollywood for $75 million. The hotel is located at 8358 Sunset Blvd. Partial owner and operator Jeff Klein will retain his 20 percent stake in the Art Deco hotel. He will also continue his role in the day-to-day operations of the property. Elevated Returns also recently purchased the St. Regis Resort in Aspen, Colo., as well as the Chefs Club restaurants in Aspen and New York. Stephane De Baets leads the group. The seller was KKHG Sunset Tower LLC, an investment group headed by Peter Krulewitch. JLL’s Jeffrey Davis, John Strauss and Tony Muscio executed the transaction.
DENVER — Gelt Inc. has purchased a 564-unit apartment community in Denver for $74 million from TruAmerica Multifamily. The community is located at its namesake, 3300 Tamarac Drive. The complex was built in 1977. It is situated at the intersection of interstates 25 and 225, near the northern border of the Denver South Business Corridor. This submarket is home to seven of the nine Fortune 500 Companies in the state. This was Gelt’s largest apartment property purchase to date in terms of both the quantity of units and price. It was also its first acquisition in Colorado. Gelt has acquired a total of 1,192 units this year, valued at more than $140 million. The firm hopes to acquire 2,000 additional units in 2016 within high-growth, infill locations throughout the Western U.S. CBRE’s Brian Eisendrath and Ross Moore arranged a $55.6 million acquisition loan Gelt. The 10-year, fixed-rate financing features a five years of interest-only payments. Gelt will continue a renovation program in progress at the community, in addition to executing further capital improvements on the units’ interiors and common areas. This was TruAmerica Multifamily’s first sale. The company acquired the asset in partnership with DVO Real Estate and RCG Longview. It invested about $2.4 billion …
HENDERSON, NEV. — GK Development Inc. has acquired Lake Mead Crossing, a 407,000-square-foot shopping center located in Henderson, for $42.8 million. The center is approximately 85 percent leased to tenants including Target, Ross Dress for Less, Big Lots, PetSmart, Marshalls, Ulta Beauty and Staples. Las Vegas-based Juliet Realty LLC will manage and lease the shopping center. Eastdil Secured represented the seller, Lake Mead Crossing LLC, in the transaction. Nevada State Bank and Wintrust Community Bank provided financing.
LONG BEACH, CALIF. — A joint venture between Ocean West Capital Partners and Singerman Real Estate has acquired a 210,281-square-foot office complex in Long Beach for $35.2 million. The complex is located at 100 West Broadway Ave. within the Central Business and Pine Avenue entertainment districts. The two-tower, six-story property is currently 70.2 percent occupied. Major tenants include the City of Long Beach, Echo Global and Mental Health Association of America, as well as the newly renovated King’s Fish House and George’s Greek Café on the ground floor. CBRE’s Kevin Shannon, Brad Burton and Ken White represented the seller, Adler Realty Investments, in this transaction.