Western

Sony Pictures Leases 225,200 SF at Wilshire Courtyard Office Building in Los Angeles

by Amy Works February 7, 2023

LOS ANGELES — Sony Pictures Entertainment has signed a long-term, multi-floor lease to occupy 225,239 square feet of office space at Wilshire Courtyard, a two-building, Class A office campus on Los Angeles’ Miracle Mile. The company is relocating select divisions from Culver City to the new offices at 5750 Wilshire Blvd. Josh Bernstein, Peter Collins, Scott Menkus and Alexa Delahooke of Cushman & Wakefield represented the landlord, Onni Group, while Josh Gorin and Mike Catalano of Savills represented Sony in the lease negotiations. Neal Linthicum of Onni managed the transaction on the company’s behalf. Wilshire Courtyard comprises two six-story office buildings, located at 5700 and 5750 Wilshire Blvd., totaling 1 million square feet. The buildings were originally developed in the late 1980s and underwent significant interior and exterior renovations in 2015. The asset features 125 tiered outdoor balconies for indoor/outdoor work, an onsite Equinox Fitness, renovated common areas and plazas, and a park with jogging trails. Additionally, Onni is adding an amenity center to the property with a golf simulator, multi-screen entertainment center, tenant lounge and conference facility.

February 7, 2023

Acquisitions California Retail Western

Progressive Real Estate Partners Brokers $11.9M Sale of Retail Property in Norco, California

by Amy Works February 7, 2023

NORCO, CALIF. — Progressive Real Estate Partners has arranged the sale of a gas station, car wash and multi-tenant retail space at 996 Mountain Ave. in Norco. A Los Angeles private investor sold the asset to a Los Angeles-based private investor that operates gas station properties for $11.9 million in an all-cash transaction. Built in 2000 and fully remodeled in 2020, the property features 18 Chevron fueling positions, a self-service express car wash with a 150-foot tunnel, a 22,000-square-foot ExtraMile convenience store and two retail spaces that Valvoline and a window tinting company occupy. Victor Buendia of Progressive Real Estate represented the seller, while Grace Sue of Meiguo Realty represented the buyer in the deal.

February 7, 2023

Acquisitions Multifamily Washington Western

Brinkman Real Estate Buys Two Apartment Communities in Spokane, Washington

by Amy Works February 7, 2023

SPOKANE, WASH. — Colorado-based Brinkman Real Estate has acquired two multifamily properties in Spokane: The Flats on Liberty and The Flats on Foothills. 4Degrees sold the assets for an undisclosed price. Brinkman’s capital markets team, in partnership with Jason Bond of Berkadia, led the financing for the portfolio. Coastal Community Bank provided the capital. Situated three miles apart, the two communities offer a total of 120 units. The Flats on Liberty was completed in 2022, and The Flats on Foothills was completed in 2023. The company’s business plan for the properties focuses on tenant-centric improvements, including a more active property management platform for residents’ convenience and minor interior upgrades such as smart-home packages and enhanced lighting.

February 7, 2023

Acquisitions California Office Western

CBRE Negotiates $6M Sale of 23,524 SF Office Building in San Diego

by Amy Works February 7, 2023

SAN DIEGO — CBRE has arranged the sale of an office building located at 10200 Willow Creek in San Diego’s Scripps Ranch submarket. Espten Grinnell & Howell APC sold the asset to a private buyer, completing a 1031 exchange, for $6 million. Matt Pourcho, Jeb Bakke, Anthony DeLorenzo, Matt Harris and Nick Williams of CBRE Private Capital Partners represented the seller, while the buyer was self-represented in the transaction. Built in 1980 on 2.2 acres, the one-story property features 23,524 square feet of office space and 92 parking spaces. At the time of sale, the building was fully leased.

February 7, 2023

Michael Klein Lending Freedom Financial Funds

Acquisitions Content Partner Features Loans Midwest Northeast Southeast Texas Western

In Spite of Higher Capital Costs, Successful Deals Can Still be Achieved with Diligence and Solid Underwriting

by Sarah Daniels February 7, 2023

Prospective investors can finance acquisitions even when equity is scarce, explains Michael Klein, CEO and founding principal of Freedom Financial Funds. “The scarcity of equity is an old phenomenon; it’s a relatively new phenomenon that made equity plentiful. For most of history, it was hard work to find equity. However, even in a tight market, if there’s a compelling case for a project to result in success and there are multiple ways of protecting the equity and the debt, that deal will get done.” This is the outlook Klein brings to the 2023 MBA Commercial/Multifamily Finance Convention & Expo. Klein’s company, Freedom Financial Funds, LLC is a private REIT based in Los Angeles and operating in the western United States. The REIT specializes in providing capital to real estate professionals adding value to projects. Debt, Equity and Protecting Value Klein explains that with any type of financing, whether it be debt or equity, it is key to have a compelling story and facts to indicate that the borrower is going to provide a fair amount of value. “Protecting the investor from potential downside risks is an essential part of financing,” explains Klein. This sort of forethought requires thorough due diligence …

February 7, 2023

Acquisitions California Retail Western

IRA Capital Sells 157,322 SF Poinsettia Plaza Shopping Center in Ventura, California for $66M

by Amy Works February 6, 2023

VENTURA, CALIF. — IRA Capital has completed the disposition of Poinsettia Plaza, a shopping center located at 4220-4360 E. Main St. and 4687-4731 Telephone Road in Ventura. An undisclosed buyer acquired the property for $66 million. At the time of sale, the 157,322-square-foot Poinsettia Plaza was 96.5 percent occupied. Current tenants include Ross Dress for Less, Office Depot, Petco, FedEx, Lamps Plus and Aldi. Recent renovations at the property include modernizations of existing facades, new landscaping and parking lot upgrades. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal.

February 6, 2023

Acquisitions California Retail Western

Hanley Investment Group Brokers $21.2M Sale of El Dorado Shopping Center in Long Beach, California

by Amy Works February 6, 2023

LONG BEACH, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of El Dorado Shopping Center, a retail property located at 8105-8195 E. Wardlow Road in Long Beach. A partnership managed and represented by Orange-based Milan Capital Management acquired the asset from El Segundo-based DPI Retail for $21.2 million. Grocery Outlet and Dollar Tree anchor the 74,500-square-foot shopping center. Built in 1965 and renovated in 2003, the asset was 93 percent occupied at the time of sale. Kevin Fryman and Ed Hanley of Hanley Investment Group represented the seller in the transaction.

February 6, 2023

Acquisitions California Retail Western

Dunbar Real Estate Holdings Buys 92,640 SF Retail/Industrial Portfolio in Los Angeles County

by Amy Works February 6, 2023

GARDENA, CALIF. — El Segundo, Calif.-based Dunbar Real Estate Holdings LLC has acquired two freestanding retail and industrial buildings from T.A. Properties LTD for $22.7 million in an off-market transaction. The buildings are located at 1355-1361 W. 190th St. in Gardena. AutoZone, 3 Day Suit Broker, Off Broadway West and 4 Wheel Parts are tenants at the 92,640-square-foot asset. The property consists of two concrete tilt-up buildings situated on 3.7 acres. The buildings offer 18-foot and 19-foot clear heights, fire sprinklers, dock-high loading doors, private security fenced yards and ample grade-level parking. Chuck Brill of DAUM Commercial represented the buyer, while The Altemus Co. represented the seller in the deal.

February 6, 2023

Acquisitions Colorado Industrial Western

Matrix Group Acquires 138,500 SF Industrial Property in Denver

by Amy Works February 6, 2023

DENVER — Matrix Group has purchased an industrial property, located at 4590 Jason St. in Denver, from The West 45th Warehouse for $12.5 million. The asset features 138,500 square feet of industrial space. Evan Makovsky and Matt Emmons of NAI Shames Makovsky represented the seller in the deal.

February 6, 2023

Acquisitions Colorado Healthcare Net Lease Office Western

Blue West Capital Arranges $5.6M Purchase of UCHealth-Occupied Medical Office Building in Erie, Colorado

by Amy Works February 6, 2023

ERIE, COLO. — Blue West Capital has negotiated the acquisition of a single-tenant medical office building located at 2970 Arapahoe Road in Erie, approximately 25 miles north of downtown Denver. An Arizona-based family in a 1031 exchange acquired the asset from a local developer for $5.6 million. UCHealth occupies the medical office building on a net-lease basis. Tom Ethington of Blue West Capital represented the buyer in the deal.

February 6, 2023

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