AZUSA, CALIF. — Xebec Realty Partners has announced its plans to develop a $33-million, 330,000-square-foot industrial business park in Azusa. The park will be located at 1001 N. Todd Ave. It will be referred to as 10th Street Center. Construction on the Class A office park is set to commence in the fourth quarter of 2013. It is scheduled for completion in the fourth quarter of 2014. Leasing efforts are being handled by Peter McWilliams, Paul Sablock and Nicole Page of Jones Lang LaSalle Los Angeles.
Western
SANTA MONICA, CALIF. – A half-acre land parcel in Santa Monica has sold to Q6 Real Estate, Inc. for $7 million. The parcel is located at 1402 Santa Monica Blvd. The owner, which is an affiliate ofthe Quinn Automotive Group, plans to build a two-story car dealership franchise on the lot. A gas station is currently situated on the property. The 33,700-square-foot MINI of Santa Monica is slated for completion in mid-2016. Joseph Gabbaian of Avison Young’s West Los Angeles office represented both the buyer and the seller, SBZ Partnership, in this transaction.
CORONA, CALIF. — Corona Hills Town Center, a 54,379-square-foot retail center, has received a $5.5-million refinance. The property is located at 107-131 N. McKinley Street in Corona. It is shadow-anchored by Food-4-Less. Financing was secured by Blake Melstrom of Pacific Southwest Realty Services through a local conduit lender.
HONOLULU – The 132-room Aqua Waikiki Pearl in Honolulu has sold to DeBartolo Development, LLC for an undisclosed sum. The hotel is located at 415 Nahua Street just one block from Waikiki Beach. It underwent an extensive 13-month repositioning and rebranding in 2008.DeBartolo is also gearing up to break ground on Ka Makana Ali‘i, a 1.4-million-square-foot, mixed-use regional shopping center in Kapolei.The $350-million project will be the first regional shopping center built on Oahu in more than 30 years. It is expected to break ground early next year
RIVERSIDE, CALIF. — Market Street Corporate Center I & II and Riverside Gateway I & II have sold to Alliance Commercial Partners for $41.5 million. The parks are located at 2190, 2280, and 2300 Market Street and 3480 & 3550 Vine Street, respectively, in downtown Riverside. Market Street contains three Class A office buildings totaling 133,468 square feet. Riverside Gateway includes two Class A office buildings totaling 90,154 square feet. The centers were 92 percent leased at the time of sale. They feature a mix of tenants, including the County of Riverside, American Express, Metro PCS, Caremore Health Plan, Brandman University, FBI, Fidelity National Title, Robert Half International and Merrill Lynch. The sellers, Pacific Coast Capital Partners and the Muller Company, were represented by CBRE’s Michael Kendall, Philip Woodford, Kevin Shannon, Scott Schumacher, Ken White and Rebecca Perlmutter Finkel.
COMMERCE, CALIF. – A 105,000-square-foot building in Commerce that is leased to Home Depot has received a $7.9-million refinance. The property is located at 7015 Telegraph Road. The seven-year loan features a 3.6 percent interest rate and a 25-year amortization schedule. Financing was arranged by Blake Melstrom of Pacific Southwest Realty Services through an undisclosed life insurance correspondent.
NORTH HOLLYWOOD, CALIF. – A 9,856-square-foot office building in North Hollywood has sold to Xtetic World/Mesoestetic USA for $2.5 million. The building is located at 11313 Weddington Street. The transaction includes two additional parcels at 5305 and 5313 Bakman Ave. They will be used for parking. The office building will serve as the medical skin care company’s new U.S. headquarters. Xtetic was represented by Adam Comora and Jeremy Barbakowof NAICapital’s Encino office. The seller, Hurley Properties, LLC, was represented by Marty Agnew and Jessica Kelley of Marcus & Millichap.
HONOLULU – The 132-room Aqua Waikiki Pearl in Honolulu has sold to DeBartolo Development, LLC for an undisclosed sum. The hotel is located at 415 Nahua Street just one block from Waikiki Beach. It underwent an extensive 13-month repositioning and rebranding in 2008. DeBartolo is also gearing up to break ground on Ka Makana Ali‘i, a 1.4-million-square-foot, mixed-use regional shopping center in Kapolei. The $350-million project will be the first regional shopping center built on Oahu in more than 30 years. It is expected to break ground early next year
RIVERSIDE, CALIF. — Market Street Corporate Center I & II and Riverside Gateway I & II have sold to Alliance Commercial Partners for $41.5 million. The parks are located at 2190, 2280, and 2300 Market Street and 3480 & 3550 Vine Street, respectively, in downtown Riverside. Market Street contains three Class A office buildings totaling 133,468 square feet. Riverside Gateway includes two Class A office buildings totaling 90,154 square feet. The centers were 92 percent leased at the time of sale. They feature a mix of tenants, including the County of Riverside, American Express, Metro PCS, Caremore Health Plan, Brandman University, FBI, Fidelity National Title, Robert Half International and Merrill Lynch. The sellers, Pacific Coast Capital Partners and the Muller Company, were represented by CBRE’s Michael Kendall, Philip Woodford, Kevin Shannon, Scott Schumacher, Ken White and Rebecca Perlmutter Finkel.
COMMERCE, CALIF. – A 105,000-square-foot building in Commerce that is leased to Home Depot has received a $7.9-million refinance. The property is located at 7015 Telegraph Road. The seven-year loan features a 3.6 percent interest rate and a 25-year amortization schedule. Financing was arranged by Blake Melstrom of Pacific Southwest Realty Services through an undisclosed life insurance correspondent.