LOS ANGELES — Umhofer, Mitchell & King LLP signed a 4,500-square-foot lease at ROW DTLA, a 32-acre, 1.4 million-square-foot mixed-use retail and office destination in downtown Los Angeles. The new space represents a new office for the law firm. JLL’s Jaclyn Ward, Cassie Trosclair and Sarah Hancock are overseeing office leasing at ROW DTLA.
MISSOULA, Mont. — CBRE Hotels has arranged the sales of the AC Hotel by Marriott, Residence Inn by Marriott and the Mercantile retail center in downtown Missoula. The buyer was a partnership between Evermore Partners and New Castle Hotels & Resorts. AC Hotel Missoula Downtown is located at 175 N. Pattee St. Built in 2021, the 105-room, six-story hotel has three food and beverage options, including a rooftop bar. The hotel also has a fitness center, meeting space and valet parking. Residence Inn Missoula Downtown and the Mercantile are located at 125 North Pattee St. Built in 2019, the 175-room, five-story hotel has two event spaces, a fitness center, valet parking, rooftop deck, indoor pool and breakfast area. The Mercantile, which is directly connected to the Residence Inn, is a retail center with restaurants, shops and an indoor cycling studio. Chris Burdett led CBRE’s Pacific Northwest hotel team in the transaction. Matthew Behrens represented the seller, HomeBase Partners. The price was not disclosed.
LONG BEACH, CALIF. — Advanced Real Estate has acquired The Edison, a 12-story former office tower in downtown Long Beach. The property was originally built in 1960. It was converted to apartments in 2016. The space formerly served as the headquarters of the Edison Co., the Long Beach Police Department and city hall. The property was divided into 156 apartment units, with six added penthouses and a rooftop pool when it was converted. All electrical, mechanical, and plumbing systems were overhauled and structural enhancements were made. While the price was not disclosed, the acquisition required around $30 million of equity. Cushman & Wakefield’s Marc Renard represented both the seller and buyer in the transaction. Greystone provided a Freddie Mac loan in conjunction with the transaction.
SANTA FE, N.M. — Meridian has purchased 18 acres in Santa Fe where it plans to build a 95,000-square-foot, multi-specialty medical office building and comprehensive cancer care center. The land is located at 4200 Beckner Road, near Presbyterian Santa Fe Medical Center in the Las Soleras Master Plan district. The overall investment in the site exceeds $100 million, according to Meridian. This is the company’s first project in Santa Fe. Completion is scheduled for July 2024.
SEATTLE — Gantry has arranged $53.5 million of permanent financing for Cypress Apartments in Seattle’s Yesler Terrace community. The 237-unit, Class A apartment complex was completed in 2019 as part of the Yesler public housing redevelopment, which created a 30-acre public housing community that includes 5,000 new housing units for all income types. Gantry’s Michael Taylor and Alex Saunders worked in conjunction with Russ Cree of Glacier Real Estate Finance to secure the financing on behalf of the borrower, a private real estate entity that Gantry has worked with for more than 20 years. The five-year, fixed-rate loan was secured through a credit union.
CHATSWORTH, CALIF. — Two cosmetic manufacturing sites in Chatsworth that were previously home to the Classic Cosmetics brand have sold to the company’s previous employees for a total of $20 million. The sites are located at 9530 De Soto Ave. and 9533 Irondale Ave. They contain two freestanding buildings. The employees purchased the sites through ISAM LLC and BRI & ISA LLC. They plan to revitalize the company, which gave Gilberto Amparo, a chemical engineer from Mexico, his start in the U.S. cosmetics manufacturing industry. Amparo and the Classic Cosmetics brand will occupy the contiguous sites. Scott Caswell and Erica Balin of Lee & Associates – LA North/Ventura represented the buyers, along with Mike Hooker of Delphi Business Properties as a co-representative. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark represented the sellers, 9526 MYOB and NPP 9533.
LOS ANGELES — KBS has sold Union Bank Plaza, an office tower totaling 675,945 square feet in downtown Los Angeles. The buyer, Waterbridge Capital, purchased the asset for $104 million and assumed approximately $6 million in committed capital obligations to existing tenants. Designed by local architect A.C. Martin and built in 1967, Union Bank Plaza comprises a 40-story office tower, two-level retail center, two-acre landscaped outdoor plaza and four-level parking structure. Amenities include electric vehicle car charging stations, storage areas, an onsite bank and carwash. Located at 445 S. Figueroa St., the asset is named for anchor tenant Union Bank, which has occupied the building since its construction and leases 30 percent of the property. At the time of sale, the building was 62 percent leased. The property recently underwent a $22 million renovation, including a remodeled lobby with upgraded elevator cabs as well as improvements to the outdoor plaza that include fire pits, workspaces and new seating. Union Bank Plaza is the first skyscraper in Los Angeles to become an historical landmark nominated by the Los Angeles Conservancy. It also recently achieved The Outstanding Building of the Year (TOBY) recognition from the Building Owners and Managers Association (BOMA) Greater …
SAN DIEGO — Kearny Real Estate Co. has started site work for the 26-acre final phase of the 311-acre Otay Crossings Commerce Park in the San Diego submarket of Otay Mesa. Plans for the final phase call for four industrial buildings ranging in size from 45,000 square feet to 205,500 square feet. The development site is located at the southernmost point of the industrial park at the intersection of Siempre Viva and Paseo Del La Fuente Roads, immediately adjacent to the future U.S.-Mexico Point of Entry. The buildings will provide divisible suites down to 25,000 square feet. They will feature dock-high and grade-level doors, 32- to 36-foot minimum clear heights and truck courts with depths up to 180 feet. The $90 million final phase will also include a 3.6-acre trailer lot with 47 stalls serving as an amenity feature for users seeking additional area for storge of materials and/or trailers. Delivery of the first building, totaling 45,100 square feet, is scheduled the fourth quarter of this year, with the remaining buildings to be delivered early 2024.
LOS ANGELES — BKM Capital Partners has purchased the Valley East Industrial Park in North Hollywood for $25.3 million. Situated on two acres at 7041 Vineland Ave., the 84,388-square-foot asset will be renamed Backlot NoHo as part of BKM’s repositioning plan. Valley East sits adjacent to Burbank Airport and is near the largest concentration of studio production and entertainment operations in the world. The asset was built in 1969. It consists of 36 units across two rear-loading industrial buildings, with an average suite size of 2,411 square feet. BKM is implementing a $6.3 million capital improvement plan over the first year of its three-year hold period to improve the asset’s performance, costs and efficiency, while adhering to the firm’s ESG standards, and driving new leasing and residual value. The upgrades also call for the reconfiguration and consolidation of some units, to provide larger suites that modern tenants are seeking. BKM acquired the asset through its third institutional fund, BKM Industrial Value Fund III LP. Mark Detmer at JLL arranged the transaction on behalf of both BKM and the seller, LAIS Equities.
RANCHO CUCAMONGA, CALIF. — CBRE has arranged the $25 million sale of Foothill Village Plaza, an 88,000-square-foot retail center located roughly 40 miles east of Los Angeles in Rancho Cucamonga. John Read of CBRE represented the seller, Raymond Arjmand of RA Centers, in the transaction. The property was fully leased at the time of sale to tenants including Chuck E. Cheese, NAPA Auto Parts, Brands for Less and Beauty Club. Tenants at the center also include 10 restaurants. A local private investor purchased the property.
