Western

Condominium Development in Downtown LA Receives $77M in Financing

by Nellie Day January 21, 2015

LOS ANGELES — A new condominium project in Downtown Los Angeles has received $77 million in financing. The 151-unit community will be located at 1050 S. Grand. This will be the first new condominium tower development in Downtown in more than seven years, according to the developer, JLL’s Capital Markets team, which secured the financing. The property is being developed by Trumark Urban. The tower will also feature seven levels of parking and 5,672 square feet of ground floor retail space. The non-recourse construction financing was arranged by JLL’s John Manning, Chris Casey, Reid McGlamery and Alex Witt. It was provided by PCCP. This is the fourth major closing from JLL on behalf of Trumark, totaling $460 million of placed capital over the past two years.

January 21, 2015

California Retail Western

Girard Plaza, Ralph Lauren Building in La Jolla Sell for $26.5M

by Nellie Day January 21, 2015

SAN DIEGO – Girard Plaza and the Ralph Lauren building in La Jolla have sold to RCB Ranch for a total of $26.5 million. The buildings are located at 7833-7851 Girard Ave. and 7830 Girard Ave., respectively. Girard Plaza was originally built in 1950. Tenants include Banana Republic, Lululemon Athletica, Gap, Girard Gourmet and Kore Pilates. The Ralph Lauren building was also built in 1950. It has been continuously occupied by Ralph Lauren since the early 1990s. RCB was represented by Sean Doyle of Mexico Retail Advisors. The seller, Pogapana, was represented by Brian Quinn of Flocke & Avoyer Commercial Real Estate.

January 21, 2015

California Retail Western

Breeze Hill Commercial Center in Vista Sells for $10.2M

by Nellie Day January 21, 2015

SAN DIEGO – Breeze Hill Commercial Center, a 17,855-square-foot retail center in Vista, has sold to Gershman Properties for $10.2 million. The center is located at 620 Hacienda Drive and 251 S. Melrose Drive. It is fully occupied by eight tenants, including Starbucks, FedEx, Jersey Mike’s, Rubio’s, Pick Up Stix, Nutrition Zone and Ohana Hawaiian BBQ. The 1031 exchange buyer was represented by David Lachoff of Newmark Knight Grubb Frank. The seller, Breeze Hill Commercial Center, was represented by Rick Chichester and Nicholas Coo of Faris Lee Investments.

January 21, 2015

California Industrial Western

21st Amendment Brewery Leases Space in San Leandro

by Nellie Day January 21, 2015

SAN LEANDRO, CALIF. – 21st Amendment Brewery has leased 58,648 square feet of space at the Williams Street Industrial Park in San Leandro. The space is located at 2010-2020 Williams Street. The brewery now occupies the entire space. Future plans may include a 5,000-square-foot brewery café/pub. The landlord, Broadreach Capital Partners, was represented by DTZ’s Jeff Starkovich and Michael Karp.

January 21, 2015

California Market Reports Retail Western Western Market Reports

Global Fundamentals Favor OC’s Retail Market

by Nellie Day January 21, 2015

There are many opportunities for Orange County tenants and landlords in this ever-evolving region of more than 3 million residents. The county’s unemployment rate was 6.2 percent in 2013, compared to the nationwide rate of 7.3 percent. Homeowners have also prospered over the past two years as Orange County home values rose a whopping 25.8 percent on average in 2013. The median home price is a stout $560,000 and climbing. What does this spell? Opportunity – for businesses, jobs and investors. Tenants are back full throttle with expansion plans for the Southern California basin. The big issue tenants and developers will have to face is a lack of available entitled land where they can construct and occupy a retail strip center or single-tenant restaurant. Tight governmental regulation and healthy city development fee structures can drive the costs of development too high, thereby stunting development growth. Conversely, if you currently own property, the prospects for continued yield growth are promising due to the lack of supply and a global “uber appetite” to own California commercial real estate. We will see a tremendous transition of generational wealth over the next five years, the magnitude of which we have not seen before. This …

January 21, 2015

Arizona Multifamily Western

Indian Wells Apartments Near Phoenix Sells for $9.6M

by Nellie Day January 20, 2015

PHOENIX – The 176-unit Indian Wells apartment complex near Phoenix has sold to Sonoma Valley LLC for $9.6 million. The community is located at 975 South Royal Palm Road. It was built in 2001. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily Southwest Team, represented both the buyer and seller, CSFB 2004-C5 Apache Apartments, in this transaction.

January 20, 2015

California Retail Western

Komar Desert Center in La Quinta Changes Hands

by Nellie Day January 20, 2015

LA QUINTA, CALIF. – Komar Desert Center, a 77,466-square-foot neighborhood retail center in La Quinta, has sold to an affiliate of Capital Square Realty Advisors for an undisclosed sum. The center is located at 79705-79845 Highway 111. It is 95 percent leased to tenants like Starbucks, BevMo!, Burgers and Beer, Toda Moda, Souplantation, Panda Express and Mimi’s Café. It is shadow anchored by Costco. The seller, AEW Capital Management, was represented by HFF’s Ryan Gallagher and CJ Osbrink.

January 20, 2015

California Multifamily Western

Santa Monica Apartment Building Sells for $6M

by Nellie Day January 20, 2015

SANTA MONICA, CALIF. – A 16-unit apartment building in Santa Monica has sold to Unison Investment Company for $6 million. The community is located at 1901 6th Street. It was built in 1969. Unison was represented by John Chu of New Life Properties. The seller, 1626 North Fuller LLC, was represented by Kimberly Roberts Stepp of Charles Dunn Company.

January 20, 2015

California Industrial Western

Updike Distribution Leases Industrial Facility in Sacramento

by Nellie Day January 20, 2015

SACRAMENTO, CALIF. – Updike Distribution Logistics has leased 96,100 square feet of warehouse/distribution space in the Sacramento Valley. The space is located at 2160 Hanson Way in the submarket of Woodland. The third-party logistics provider will utilize the facility for the supply and distribution of Arizona Iced Tea products. The landlord is Sycamore Hanson & Northland Hanson. It was represented by DTZ’s Ken Reiff and Michael Harris.

January 20, 2015

Arizona Multifamily Western

Midtown on Main Apartments in Mesa Sells for $35M

by Nellie Day January 19, 2015

MESA, ARIZ. — A joint venture between Domain Acquisitions and BH Equities has acquired the 472-unit Midtown on Main Apartments in Mesa for $35 million. The Class B community is located at 2121 West Main Street. Midtown is situated southeast of the Loop 101 and 202 interchange, and west of Dobson Road. It is located directly on the Metro Light Rail line that connects Mesa to Tempe, Sky Harbor International Airport and Metro Phoenix. Common-area amenities include a 10,000-square-foot recreation facility with indoor basketball and racquetball courts, three swimming pools, sand volleyball court, covered children’s play area and gas barbecue facilities. The seller was Bay Club Partners. The transaction was executed by Cindy and Brad Cooke of the Colliers Cooke Team.

January 19, 2015

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