By Matthew M. May, President, May Realty AdvisorsA bird's-eye look at the Los Angeles metro prior to the coronavirus outbreak reveals that the area was already beginning to soften as it worked its way through more than 1.26 million square feet of new retail space that was delivered to neighborhood and community shopping centers over the past five years. According to REIS, about 35 percent of that, or 443,000 square feet, came online in 2018.Vacancy rates increased every year for the …
LONG BEACH, CALIF. — C.W. Driver Cos., as general contractor, has broken ground on a multi-disciplinary facility located at Long Beach City College’s Liberal Arts Campus in Long Beach.The $48.2 million property is the first design-build project at the school funded by the state of California and will house a variety of academic programs, including language arts, career technology education, computer studies, office studies, student success center and support programs.The project …
DENVER — PepsiCo Beverages North America has signed a 283,500-square-foot lease at Pecos Logistics Park, an infill logistics business park currently under construction in Denver.Denver-based Westfield Co. is developing the project, which will feature a total of 1.2 million square feet of Class A industrial space situated on 66 acres at the northwest corner of 56th Avenue and Pecos Street at full build-out.Totaling 391,600 square feet, the first phase includes three front-park, …
TUSTIN, CALIF. — Walker & Dunlop has secured a $8 million loan for the refinancing of Pointe Red Hill, a single-tenant office building located in Tustin. The borrower is Fortland Inc.Symetra Life Insurance Co. provided the 10-year, fixed-rate loan, which allowed the borrower to refinance the property’s existing debt and implement property improvements, including the installation of solar carports. Grant Robertson and Kevin Dinneen of Walker & Dunlop’s Los Angeles-based team …
GARDENA, CALIF. — CenterPoint Properties has purchased a distribution facility located at 230 W. Rosecrans Ave. in Gardena. Todd Kirshner of Punch Studio sold the asset for an undisclosed price.Situated on 3.22 acres in the South Bay region of Los Angeles County, the last-mile, 60,115-square-foot property features higher-than-market-average trailer parking, eight dock-high positions and immediate access to California’s freeway system, as well as excess yard space and port
LONGMONT, COLO. — Nexus Commercial Realty has arranged the sale of a two-building multifamily portfolio located in Longmont. An undisclosed buyer acquired the portfolio for $2.4 million.Located at 710 Emery St. and 1637 Kimbark St., the properties offer a total of 20 units in a mix of four two-bedroom units and 16 one-bedroom units. The buyer plans to install a new roof on the Kimbark property, as well as renovate and improve all units in both buildings.Brandon Kaufman and Nik …
NEW YORK CITY AND FREMONT, CALIF. — The list of apparel retailers to file for Chapter 11 bankruptcy grew longer over the weekend as the parent companies of Lord & Taylor and Men’s Wearhouse both filed petitions for Chapter 11 bankruptcy protection in an effort to restructure their debt loads.Le Tote Inc., a New York City-based e-commerce firm specializing in the clothing sector that owns Lord & Taylor, filed its petition in the U.S. Bankruptcy Court for the Eastern District of …
HENDERSON, NEV. — TRU Development, in partnership with capital partner and real estate operating company MultiGreen Properties, has acquired a 19-acre land parcel at the southeast corner of Galleria Drive and Boulder Highway in Henderson. Terms of the acquisition were not released.The partnership plans to develop theAPEX @galleria, a 336-unit apartment community with 3.8 acres of retail development available for sale, ground lease or build to suit. Apartments will be available for lease …
LOS ANGELES — CIT Group and its Healthcare Finance unit has funded a $25 million loan supporting Seavest Healthcare Properties’ acquisition of the MLK Community Hospital Medical Office Building in South Los Angeles.Established in 2015, MLK Community Hospital is part of a public-private partnership with Los Angeles County created to meet the needs of the South Los Angeles community, including the uninsured and underinsured. The private, nonprofit hospital provides healthcare services for …
LONG BEACH, CALIF. — Atlantic Pearl Investments has completed the disposition of a multi-tenant office property located at 1501 Hughes Way in Long Beach. A private 1031-exchange investor purchased the asset for $16 million.Recently renovated, the 78,404-square-foot building is 96 percent occupied by six tenants, including Daylight Transport, Stars Behavioral Health, DB Schenk and CraneMorley.Sean Fulp, Ryan Plummer, Mark Schuessler and Ryan Tetrault of Newmark Knight Frank represented …
