LOS ANGELES – The famous Farmers Market property in Los Angeles has received a $100-million credit facility. The open-air shopping center is located on the northeast corner of 3rdStreet and Fairfax Avenue in the Fairfax District. It is sits adjacent to The Grove and across from CBS Television City. The collateral property contains about 237,300 square feet of retail, restaurant and office space. It was redeveloped in 2001, at which time the A. F. Gilmore Company added four new Class A office and retail buildings on land adjacent to the Original Farmers Market. The new addition totaled about 168,200 square feet. Major Farmers Market tenants include Cost Plus, Zara USA, Planet Dailies LA, Sur La Table, Marmalade Café, Chipotle and Starbucks. The Original Farmers Market was also refurbished in 2001. It currently contains about 68,400 square feet of retail and restaurant space throughout a cluster of buildings. Most of the market’s 100 tenants occupy 1,000 square feet or less. The borrower, an entity controlled by the A. F. Gilmore Company, purchased the site in 1880. The Original Farmers Market opened in 1934. The company’s headquarters is still located in the Gilmore Adobe on the Farmers Market grounds. The credit facility …
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LOS ANGELES – The Clean Tech Manufacturing Center, a 370,000-square-foot industrial campus in Downtown Los Angeles, has broken ground. The Class A campus is located within the Central Industrial Redevelopment Plan area. The brownfield is situated within 0.5 miles of Interstates 5 and 10, as well as the 60 Freeway. The three-building campus will offer the largest contiguous industrial space in Downtown. All three buildings are pursuing LEED for New Construction Silver certification. Construction is expected to be complete later this year. Fashion manufacturer Ambiance USA has agreed to relocate and expand its world headquarters at the new facility. The campus is being developed by a joint venture between Trammell Crow Company and Principal Real Estate Investors. The lender is Wells Fargo Bank.
NORTHRIDGE, CALIF. – The 447-unit Park Parthenia Apartments in Northridge has received a $32-million refinance. The community is located at 19100 Parthenia Street. It was built between 1962 and 1970. The property is owned by a private investor with a substantial portfolio of multifamily investment and development assets. The funds will refinance a maturing CMBS loan. The new fixed-rate loan features a 10-year term, 25-year amortization schedule and an interest rate in the low 4 percent range. It was arranged by Scott Clark and Ted Willis of Pacific Southwest Realty Services through one of the firm’s correspondent life insurance company lenders.
ANAHEIM, CALIF. – Rangar West Two LLC has acquired a 209,715-square-foot industrial building in Anaheim for $27.3 million. The newly built property is located at 2201 E. Cerritos Ave. It was completed this past December. The building was developed by Western Realco and Penwood Real Estate, which were represented by Jeff Read and Greg Osborne of Newmark Grubb Knight Frank. The JV acquired the land parcel from Neville Chemical Corporation in February 2012. The third-party logistics firm was represented by Todd Clarke of Kidder Matthews and Peter Castleton of Voit Real Estate Group.
FRESNO, CALIF. – A 14,820-square-foot retail property in Fresno that is triple-net leased to Walgreens has sold to Maxey Inc. for $8 million. The property is located at 2950 N. Fowler Ave. Walgreens has about 22 years remaining on its lease with 10 five-year options to renew. Maxey was represented by Turner Financial. The seller, Fresno S & F Development, was represented by Jeff Conover of Faris Lee Investments.
ANAHEIM, CALIF. – A 40,000-square-foot industrial building in Anaheim has sold to an unnamed buyer for $6 million. The facility is located at 1369 S. State College Blvd. The seller, The 2013 Diablo Charitable remainder Annuity Trust and Cure International Inc., was represented by Mitch Zehner and Seth Davenport of Voit’s Anaheim office.
SAN DIEGO – Convoy Business Center, a 27,909-square-foot office building in the San Diego submarket of Kearny Mesa has sold to Central Data Services for $3.8 million. The building is located at 7071 Convoy Court. It was built in 1973 and renovated in 2012. It was about 63 percent leased at the time of sale. Central Data was represented by Jon Boland and Garrett Fena of Voit Real Estate Services. The seller, Self Procured Properties, was represented by CBRE’s Paul Lafrenz and Melissa Foster.
DENVER – An 11-unit apartment complex in Denver has sold to an unnamed buyer for $2.7 million. The community is located at 1485 Clayton. It was renovated this past year. The unnamed seller was represented by Jeff Johnson of the Johnson Ritter Team at Pinnacle Real Estate Advisors.
PHOENIX – The 52-unit Missouri Breaks apartment complex in Phoenix has sold to EQ Missouri 51 LLC for $2.1 million. The complex is located at 1637 E. Missouri Ave. The seller was 1637 E. Missouri Avenue LLC. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both parties in this transaction.
The Las Vegas multifamily market is back with a vengeance. The market went into a meltdown in 2009 while the financial crisis was in full swing, delivering the biggest blow to the local economy in Vegas’ history. What had been low unemployment and a development boom to rival all past development cycles quickly turned into a downward spiral. Construction came to a standstill and workers fled the city in search of work elsewhere. Apartment fundamentals dropped to record lows. Asking rents dropped 19.25 percent between 2009 and the second quarter of 2012, while concessions stood at 8.5 percent. Even with all this in play, the Las Vegas market is known for reinventing itself. The market recovery was in full swing last year. Stalled projects were restarted with a whole new set of players, and employment was picking up speed. An exodus from California to Nevada is currently underway, with Penske Truck Rental citing Las Vegas as one of its top 10 places where new residents are moving. Unfortunately, unemployment is still above the national average, but that is changing fast. Fundamentals are improving with concession shrinking to 5.25 percent compared to a high of 8.5 percent in 2009. Asking rents …