BRENTWOOD, CALIF. — The Streets of Brentwood, a 305,428-square-foot lifestyle center in the West Los Angeles submarket of Brentwood, has sold to a partnership between DRA Advisors and RED Legacy for $72.1 million. It is located at 2565 Sand Creek Road. The acquisition also included a parcel of land approved for Phase II development and 110,000 square feet of additional retail space. Notable tenants at the center include REI, Banana Republic, DSW, Ulta Cosmetics, Ann Taylor and Jos. A. Bank. It is anchored by a 14-screen Rave Theater. Alfred Hackbarth of SRS Real Estate Partners represented both the buyer and the seller, Brentwood Specialty Center, LLC, in this transaction.
Western
ANAHEIM, CALIF. — Arcturus Group, Avenue Capital and Elliott Management have purchased Anaheim GardenWalk, a 450,000-square-foot, open-air retail center, for an undisclosed sum. The center was built in 2008 and went through a foreclosure in 2010. It has achieved only a 50 percent occupancy rate over the past two years. Notable tenants include UltraLuxe Cinemas, The Cheesecake Factory, P.F. Chang's, California Pizza Kitchen, McCormick & Schmick's, Roy's Hawaiian Fusion and Bubba Gump Shrimp Co. The investor group plans to renovate the center and completely revamp its operations and marketing strategies.
MARINA DEL REY, CALIF. – The 205-unit Bay Club apartments in Marina Del Rey has sold to an Archstone-sponsored partnership for $43.95 million. The community, which is also home to an on-site marina with more than 200 boat slips, will undergo a major renovation and rebranding in 2013. It will be renamed Archstone Marina Bay.
AURORA, COLO. – The 320-unit Vistas at Saddle Rock apartment community in Aurora has sold to Advenir for $45.2 million. This is the highest price per unit ever paid for a multifamily asset in Aurora, according to ARA, which represented the seller, Bascom Group, in this transaction. The community was built in 2002 and updated in 2009 and 2010. It is currently 95 percent leased. Bascom was represented by principals Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks.
ANAHEIM, CALIF. — Arcturus Group, Avenue Capital and Elliott Management have purchased Anaheim GardenWalk, a 450,000-square-foot, open-air retail center, for an undisclosed sum. The center was built in 2008 and went through a foreclosure in 2010. It has achieved only a 50 percent occupancy rate over the past two years. Notable tenants include UltraLuxe Cinemas, The Cheesecake Factory, P.F. Chang's, California Pizza Kitchen, McCormick & Schmick's, Roy's Hawaiian Fusion and Bubba Gump Shrimp Co. The investor group plans to renovate the center and completely revamp its operations and marketing strategies.
MARINA DEL REY, CALIF. – The 205-unit Bay Club apartments in Marina Del Rey has sold to an Archstone-sponsored partnership for $43.95 million. The community, which is also home to an on-site marina with more than 200 boat slips, will undergo a major renovation and rebranding in 2013. It will be renamed Archstone Marina Bay.
AURORA, COLO. – The 320-unit Vistas at Saddle Rock apartment community in Aurora has sold to Advenir for $45.2 million. This is the highest price per unit ever paid for a multifamily asset in Aurora, according to ARA, which represented the seller, Bascom Group, in this transaction. The community was built in 2002 and updated in 2009 and 2010. It is currently 95 percent leased. Bascom was represented by principals Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks.
LOS ANGELES — Kilroy Realty Corporation (KRC)has purchased Columbia Square, a historic Hollywood media campus, and Tribeca West, a West Los Angeles entertainment-oriented office property, for a total of $138 million. Columbia Square sold for $65 million, while the acquisition of Tribeca West is expected to close early in the fourth quarter for $73 million. Tribeca West is a 151,000-square-foot, three-story office campus that is currently 96 percent leased.The Columbia Square acquisition included a 96,000-square-foot campus that contained three historic office buildings. It was the former home of the CBS network’s Los Angeles radio and television operations. The 4.7-acre site is fully entitled for an office, retail and multifamily mixed-use project under a 15-year development agreement. KRC is planning a multi-phase redevelopment and development that would upgrade its existing office buildings and add 550,000 square feet of office, retail and residential space to the campus. The $300-million project is scheduled to begin in mid-2013. Phase I is expected to be complete in 2015.
PHOENIX, AVONDALE, MESA, ARIZ. — The Bascom Group has purchased three apartment complexes in Arizona for $77.1 million. The acquisition includes 301-unit Coldwater Springs Apartments at 12115 W. Van Buren Ave. in Avondale for $27.2 million; 256-unit Madera Point at 445 S. Dobson Road in Mesa for $14.3 million; and the 528-unit Foothills at 4424 E. Baseline Road in Phoenix for $35.5 million. Bascom was represented in these transactions by Jim Crews, Brett Polachek and Tara Lewis of Cushman & Wakefield of Arizona.
MESA, ARIZ. — Village Square at Dana Park, a 310,979-square-foot community center in Mesa, has sold to Whitestone REIT for $50.5 million. This represents a 45 percent discount to estimated replacement cost. The center contains 292,714 square feet of open-air retail space, as well as 18,265 square feet of office space. It is currently 71 percent leased. Notable retail tenants include AJ’s Fine Foods, Barnes & Noble, Z Gallerie, Anthropologie, Coldwater Creek, Jared Galleria of Jewelers, Chico’s, California Pizza Kitchen, White House Black Market, Bath & Body Works, Talbots, Ann Taylor Loft, Five Guys Burgers and Fries, RA Sushi, Sauce and Pei Wei.