CALABASAS, CALIF. — The Courtyard at the Commons, a Class A retail center in the Los Angeles submarket of Calabasas, has sold to an undisclosed global asset management firm for $50 million. The center is located just off Highway 101 across from The Commons at Calabasas. Notable tenants at the Courtyard include Babies-R-Us, Wells Fargo, Chase, Bank of America, Riviera Wine Bar & Bistro and Sotheby’s. The buyer represented itself in this all-cash transaction, while the seller, an undisclosed public employee pension fund advised by CBRE Global Investors, was represented by CBRE’s Private Capital Group Los Angeles Retail Team, including Sam Alison, Dan Riley and Ben Cherney, as well as by CBRE’s National Retail Investment Group – West, including Todd Goodman, Gleb Lvovich, Prestow Fetrow and Kirk Brummer.
Western
LOS ANGELES — The Metro at Chinatown Senior Lofts, a 123-unit affordable senior housing property, has opened in Los Angeles’ Chinatown district. The $43-million property is located at 808 North Spring Street. The property contains two integrated structures, a seven-story building constructed in the 1920s, and a nine-story building constructed in 1916. The transit-oriented development is adjacent to Los Angeles County Metro’s gold line and it’s Chinatown Station. Leasing commenced this past January. The Metro is already 80 percent occupied. The property was developed by Meta Housing Corporation and Western Community Housing, which also served as the managing general partner.
DENVER — Consumer Capital Partners (CCP) has teamed with FrontRange Capital Partners to invest in the ownership and operation of 35,000 apartment units nationwide. Denver-based CCP is hoping this new partnership will diversify and strengthen its portfolio of brands and investments. CCP currently owns the successful Smashburger chain. FrontRange Capital’s specialty is owning, managing and repositioning apartment complexes.
ONTARIO, CALIF. – The 91-room Hampton Inn & Suites in Ontario has sold to I.O.W., LLC for an undisclosed sum. The hotel is located off Interstate 10 and sits adjacent to the Ontario Mills shopping center. The new owner plans to renovate the property. The seller, MLQ-MLL, LLC, was represented by Michael Blahosky of HREC Investment Advisors.
LOS ANGELES — Alameda Square Campus, a 1.6-million-square-foot creative office, retail and light manufacturing campus in Downtown Los Angeles, has received a $78-million refinance. It is located at 7th and Alameda next to the historic 7th Street Produce Market. The loan will be used to refinance first- and second-lien mortgages that are currently secured by the campus. It will also finance tenant improvement and leasing costs for the 82,000-square-foot headquarters of Splendid and Ella Moss, two subsidiaries of VF Contemporary Brands.The campus is also the world headquarters for American Apparel. Groceries Apparel recently relocated to the campus in late 2012 to expand its operations as well. The three-year, adjustable-rate loan was arranged by HFF’s Paul Brindley and Jeff Sause on behalf of a subsidiary of EVOQ Properties. The loan was provided by Olen Properties.
LOS ANGELES — Peninsula Center, a 300,000-square-foot retail center located in the Los Angeles submarket of Rolling Hills Estates, has sold to a joint venture between Vestar and a fund advised by UBS Global Asset Management for $87.3 million. The center resides on the Palos Verdes Peninsula. It is 88 percent leased. Notable tenants include Vons Pavilions, Rite Aid, TJ Maxx, Spectrum Health Club, Pier 1 Imports and Petco. Vestar represented itself in this all-cash transaction, while the seller, Principal Real Estate Investors, was represented by Christopher Hoffman, Rikki Keating and Thao Tran of Eastdil Secured.
VICTORVILLE, CALIF. – The 220-unit Riverton of the High Desert in Victorville has sold to a private investor for $19 million. The community is located at 14374 Borego Road. It was built in 2008. The buyer was represented by Alexander Garcia, Jr., Shane McConnell and Ron Harris of Marcus & Millichap. Garcia and McConnell also represented the seller, a developer, in this transaction.
DENVER – A 248-unit multifamily community has commenced construction at the Denver Tech Center. The community is scheduled to open in spring 2014 and resides within the Cherry Creek School District. It is being developed by the Picerne Group in partnership with Grand Peaks Properties. It will be built by Colorado Structures and designed by KTGY Group.
LOS ANGELES — Alameda Square Campus, a 1.6-million-square-foot creative office, retail and light manufacturing campus in Downtown Los Angeles, has received a $78-million refinance. It is located at 7th and Alameda next to the historic 7th Street Produce Market. The loan will be used to refinance first- and second-lien mortgages that are currently secured by the campus. It will also finance tenant improvement and leasing costs for the 82,000-square-foot headquarters of Splendid and Ella Moss, two subsidiaries of VF Contemporary Brands. The campus is also the world headquarters for American Apparel. Groceries Apparel recently relocated to the campus in late 2012 to expand its operations as well. The three-year, adjustable-rate loan was arranged by HFF’s Paul Brindley and Jeff Sause on behalf of a subsidiary of EVOQ Properties. The loan was provided by Olen Properties.
LOS ANGELES — Peninsula Center, a 300,000-square-foot retail center located in the Los Angeles submarket of Rolling Hills Estates, has sold to a joint venture between Vestar and a fund advised by UBS Global Asset Management for $87.3 million. The center resides on the Palos Verdes Peninsula. It is 88 percent leased. Notable tenants include Vons Pavilions, Rite Aid, TJ Maxx, Spectrum Health Club, Pier 1 Imports and Petco. Vestar represented itself in this all-cash transaction, while the seller, Principal Real Estate Investors, was represented by Christopher Hoffman, Rikki Keating and Thao Tran of Eastdil Secured.