Western

Pasadena Retail Property Receives $7.8M Loan

by Nellie Day November 3, 2014

PASADENA, CALIF. – A 59,268-square-foot retail property in Pasadena has received a $7.8-million loan. The center is located at 855–875 S. Arroyo Parkway. Notable tenants include Petco, BevMo and Staples. The owner is a large, nationally known owner and developer of commercial and multifamily real estate. Financing was arranged by Amos Smith and Sean Skelton of Johnson Capital’s Irvine office. The permanent, fixed-rate, non-recourse loan was provided by a national life insurance company. It features a 10-year term.

November 3, 2014

California Restaurant Retail Western

Black Angus Property in Northridge Sells for $3.9M

by Nellie Day November 3, 2014

NORTHRIDGE, CALIF. – An 8,660-square-foot restaurant in Northridge that is triple-net leased to Black Angus Steakhouse has sold to Jonker 2012 Trust for $3.9 million. The restaurant is located at 9145 Corbin Ave. Black Angus has been the building’s sole tenant since it was built in 1981. The restaurant is situated near Lowe’s, the Northridge Fashion center and the Walnut Grove Shopping Center. The seller, Lot Associates 30 LTD, was represented by Bob Safai and Matt Case of Madison Partners.

November 3, 2014

California Multifamily Western

Van Nuys Apartment Building Sells for $3.6M

by Nellie Day November 3, 2014

VAN NUYS, CALIF. – A 26-unit apartment building in the Los Angeles submarket of Van Nuys has sold to a 1031 exchange buyer for $3.6 million. The community is located at 8165 Langdon Ave. It was built in 1964. The buyer was represented by Yubin Tao of IREA. The seller, a private LLC, was represented by Rick Raymundo of Marcus & Millichap.

November 3, 2014

California Multifamily Western

San Diego Apartment Community Sells for $2.6M

by Nellie Day November 3, 2014

SAN DIEGO – A 13-unit apartment community in the San Diego submarket of Golden Hill has sold to the Barthell Family Trust for $2.6 million. The community is located at 2329 C Street. The property was built in 1928 and recently underwent renovations. The trust was represented by Kevin Kawaoka of NAI Capital Bluechip Investment Group. The seller, the Gagon Family Trust, was represented by Rita Lancaster-Hannah of Colliers International.

November 3, 2014

California Office Western

Barker Pacific Group, Rockwood Acquire Westlake Spectrum in Los Angeles

by Nellie Day October 31, 2014

LOS ANGELES – A joint venture between Barker Pacific Group and Rockwood Capital has purchased Westlake Spectrum, a 107,381-square-foot office property in the Los Angeles submarket of Westlake Village, for an undisclosed sum. The Class A property is situated near the 101 Freeway in an area known as the Technology Corridor. The two-building property is about 85 percent occupied. The main tenant is Securitas USA, a private security services firm. The seller was TA Associates.

October 31, 2014

Multifamily Oregon Western

Arbor Heights Apartment Community in Portland Changes Hands

by Nellie Day October 31, 2014

PORTLAND, ORE. – A fund sponsored by CBRE Global Investors has acquired Arbor Heights, a 348-unit apartment community south of Portland, for an undisclosed sum. The garden-style community is located at 15199 SW Royalty Parkway in Tigard. The community is currently 96 percent occupied. The team will execute a capital improvement program to address deferred maintenance, enhance curb appeal and upgrade certain interior features, as and well as common-area amenities. Unit upgrades will include updated lighting and plumbing fixtures, blinds, stainless steel appliances, new countertops and flooring. Common-area upgrades include clubhouse modernization, fitness center expansion and pool deck enhancements.

October 31, 2014

California Multifamily Western

Bascom Buys San Pedro Bank Lofts for $23.8M

by Nellie Day October 31, 2014

SAN PEDRO, CALIF. – The Bascom Group has acquired the 89-unit San Pedro Bank Lofts for $23.8 million. The loft-style apartment community is located at 407-409 West 7th Street in the Los Angeles submarket of San Pedro. The community is situated three blocks from the waterfront in the city’s Arts District. It was originally built in 2008 as a condominium project. San Pedro Bank Lofts features a fitness center and four public courtyards. This is the ninth multifamily acquisition for Bascom’s second discretionary equity fund. The fund is targeting well-located properties with value-add upside. Bascom plans to upgrade the units. The sale was executed by Brian Russell of Eastdil Secured. Debt financing was arranged by Brian Eisendrath and Brandon Smith of CBRE Capital Markets.

October 31, 2014

California Western

Travers Realty Merges with Cresa’s Southern California Operation

by Nellie Day October 31, 2014

LOS ANGELES – Travers Realty Corporation has merged with the Southern California offices of Cresa. The merger adds 32 brokerage professionals to Cresa’s Los Angeles and Orange County operations. The firm has offices in West Los Angeles, Woodland Hills and Newport Beach. Cresa will maintain the current Travers Realty headquarters in Downtown Los Angeles. It will operate as Travers Cresa. The newly combined firm will have nearly 150 employees within the region. The new iteration will specialize in commercial lease and purchase transactions, including project management, lease administration, capital markets advisory work, site selection and corporate portfolio management.

October 31, 2014

Colorado Western

Lee & Associates Opens Office in Denver

by Nellie Day October 31, 2014

DENVER – Lee & Associates has opened an office in Denver. The new outpost is located at 1610 Wynkoop Street. The office will be headed up by John R. Bitzer, who will act as managing broker. He will be joined by principals JR Bitzer and Ron Webert. Bitzer is a 30-year industry veteran. He founded Bitzer Real Estate Partners in 1995. This is Lee’s 51st office. The firm also recently opened an office in Cleveland as part of its regional and national office expansion strategy.

October 31, 2014

Hawaii Retail Western

Forever 21 to Open at Ka Makana Alii Mall

by Nellie Day October 30, 2014

HONOLULU, HAWAII – Forever 21 has announced plans to open a 12,000-square-foot store at Ka Makana Alii, a 1.4-million-square-foot regional mall being developed in West Oahu. Ka Makana Alii will break ground later this year. The first phase is scheduled to open in 2016. The new mall will feature more than 150 shopping, dining and entertainment options, two hotels and LEED-certified office space. It will be anchored by Macy’s and H&M. This will be the first Forever 21 in West Oahu, and the fifth in Hawaii. The mall is being developed by DeBartolo Development.

October 30, 2014

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