Western

River Springs Ranch Corporation Buys Utah Industrial Park

by Nellie Day May 7, 2015

SALT LAKE CITY – River Springs Ranch Corporation has acquired a 60,595-square-foot industrial park in Salt Lake City for an undisclosed sum. The park is located at 4030, 4036 and 4050 South 500 West. River Springs is looking to exchange out of its West Coast products and into more stable markets, such as Utah, according to Bryce Blanchard and Zach Anderson of Newmark Grubb ACRES, which represented the California investor. The seller, 4000 S Industrial Park LLC, was represented by Mark Jensen, Jeff Heaton and Robert Kingsford of the same firm.

May 7, 2015

California Retail Western

Planet Fitness Leases 21,257 SF Space in Los Angeles

by Nellie Day May 7, 2015

LOS ANGELES – Planet Fitness has leased a 21,257-square-foot retail location in Downtown Los Angeles. The space is located at 1000 E. Washington Blvd. It was previously occupied by Casa Linda Furniture. The space will undergo significant renovations. Planet Fitness is scheduled to occupy the space this October. Other tenants at the property include Auto Zone, Boost Cellular and Subway. The 10-year lease is valued at $5.7 million. Planet Fitness was represented by SRS Real Estate Partners. The landlord, Miracle Mile Properties, was represented by George Russell of Charles Dunn Company.

May 7, 2015

California Office Western

Getty Images Renews Office Lease in Los Angeles

by Nellie Day May 7, 2015

LOS ANGELES – Getty Images has renewed its lease for 22,557 square feet of office space in Los Angeles. The space is located at 6300 Wilshire Blvd. The still imagery, footage and music provider has leased this Class A space since 2005. Getty was represented by Josh Gorin of Savills Studley. The landlord, Legacy Partners, was represented by CBRE’s Joel Frank.

May 7, 2015

California Hospitality Western

Sunrider International Buys SLS Beverly Hills

by Nellie Day May 6, 2015

LOS ANGELES — Sunrider International has acquired the 297-room SLS Beverly Hills for about $200 million. The hotel is located at 465 S. La Cienega Blvd. The hotel was sold by Sam Nazarian’s SBE, a locally based hospitality company that develops, manages, and operates hotels, restaurants and nightlife venues. SLS Beverly Hills opened in November 2008 as part of the Luxury Collection Hotels & Resorts brand. It was designed by Philippe Starck, and offers a variety of culinary experiences crafted by James Beard award-winning chef Jose Andres. The property has been an AAA Four Diamond Award recipient since 2009. It is managed by Starwood Hotels & Resorts Worldwide. SBE currently has 11 new projects in various stages of development, construction and negotiation, including the recent announcement of five new hotels in Mexico. The new projects include a total of 1,893 hotel rooms and 2,230 residences throughout the world. SBE will remain onboard as the flagship property’s brand operator. The hotel’s ownership group included SBE, the Nazarian family and subsidiaries of SLS Hotels. Sunrider International is a family owned health and beauty company.

May 6, 2015

California Office Western

Pacific Center Office Building in Torrance Sells for $68.5M

by Nellie Day May 6, 2015

TORRANCE, CALIF. — Stream Realty Acquisition has purchased Pacific Center, a 291,711-square-foot office building in Torrance, for $68.5 million. The eight-story building is located at 21250 Hawthorne Blvd. Pacific Center is currently 80 percent leased. Notable tenants include All Nippon Airways, Living Social, Morgan Stanley, Bank of America and Wells Fargo Insurance. The seller, Bixby Land Company, purchased the asset in July 2012 for $52 million. At that time, the building – formerly known as South Bay Tower – was only 63 percent occupied. The building underwent significant renovations and a rebranding. Stream Realty represented itself in this transaction, while Bixby was represented by CBRE’s Kevin Shannon.

May 6, 2015

Arizona Industrial Western

First Industrial, Merit Partners Buy Land Near Phoenix for New Distribution Center

by Nellie Day May 6, 2015

PHOENIX — First Industrial Realty Trust and Merit Partners have joined forces to purchase 21.1 acres of land in Tolleson for a 386,100-square-foot distribution building. The project will be located at the northeast corner of 94th Avenue and Buckeye, just west of Phoenix. The cross-dock distribution building is slated for completion this December. It will be fully owned by First Industrial, which expects to invest about $21.1 million into the Class A facility. Mattress Firm is the first tenant to sign on at the project. Its new 170,000-square-foot lease will allow the mattress store chain to expand from its neighboring location. The building will be constructed by Sun State Builders. The land sale transaction was executed by Payson and Don MacWilliam and Jimmy Leaf of Colliers International.

May 6, 2015

California Retail Western

Juanita Tate Marketplace in Los Angeles Receives $22M Refinance

by Nellie Day May 6, 2015

LOS ANGELES — Juanita Tate Marketplace, a 77,000-square-foot shopping center in Los Angeles, has received a $22 million refinance. The center is located at the intersection of East Slauson and South Central avenues in the city’s South Central neighborhood. Juanita Tate is anchored by CVS and Northgate González Markets. It was recently purchased by the borrowers, Optimus Properties and Infinity Redevelopment, who plan to make minor upgrades and modifications to the newly built property. The 10-year, fixed-rate loan features a 4.1 percent interest rate with two years of interest-only and a 30-year amortization schedule. It was arranged by Shahin Yazdi of George Smith Partners. The center was originally developed in partnership with the City of Los Angeles and the non-profit organization Concerned Citizens of South Los Angeles (CCSCLA) to bring retail options and jobs to the region. The property’s construction loan was a city-funded Section 108 loan. This kind of loan is provided by cities for projects that will help revitalize neighborhoods through new low-income housing or job creation. The deal was made a little easier by the fact that the center’s purchase price “far exceeded” its valuation, according to Yazdi. He notes the property value was estimated in the …

May 6, 2015

California Multifamily Western

Glen Garden Apartments in Los Angeles Sells for $5M

by Nellie Day May 6, 2015

LOS ANGELES – The 32-unit Glen Garden Apartments in Los Angeles has sold to a private investor for $5 million. The community is located at 15225 Victory Blvd. It was built in 1964. The buyer, who also owns the neighboring property, plans to remodel the asset. The unnamed seller was represented by Warren Berzack of Berzack Investment Property Advisors.

May 6, 2015

California Industrial Western

Globe Con Freight System Leases Industrial Facility in Los Angeles

by Nellie Day May 5, 2015

LOS ANGELES – Globe Con Freight System has leased 169,957 square feet of distribution space in the Los Angeles submarket of Rancho Dominquez. The two-building center is located at 18301 and 18420 Broadwick Street. The five-year lease is valued at $5.8 million. The firm provides transportation services, including harbor drayage, transloading services, retail distribution, fulfillment and nationwide trucking. The center is owned by Carson Companies, which was represented in-house by Todd Burnight. Globe Con was represented by Don Smith of Lee & Associates Los Angeles – Long Beach.

May 5, 2015

California Retail Western

Northsight Village Shopping Center in Scottsdale Sells for $11.5M

by Nellie Day May 5, 2015

SCOTTSDALE, ARIZ. – Northsight Village Shopping Center, an 88,031-square-foot retail center in Scottsdale, has sold to Arizona Partners for $11.5 million. The center is located just north of Raintree Drive. It is anchored by Savers. The seller was GDA Real Estate Services. The transaction was executed by Ari Spiro and Sean Stutzman of ORION Investment Real Estate.

May 5, 2015

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