Western

22631-22653-Ventura-Blvd-Woodland-Hills-CA

Keller Williams Commercial Arranges $24.5M Sale of Mayhew Plaza Shopping Center in Woodland Hills, California

by Amy Works June 22, 2022

WOODLAND HILLS, CALIF. — Keller Williams Commercial has arranged the acquisition of Mayhew Plaza Shopping Center, a grocery-anchored neighborhood shopping center located at 22631-22653 Ventura Blvd. in Woodland Hills. J Globo LLC and SHWH LLC sold the asset to GNC Properties LLC and Western Prime Holdings LLC for $24.5 million. Built in 1962 and renovated in 1999, Mayhew Plaza features 39,867 square feet of retail space. Smart & Final Extra!, a warehouse-style food and supply store, anchors the property, which was 96.2 percent occupied at the time of sale. Joe Penich of KW Commercial represented the buyer, while Thomas Kim and William Shin of GTR Consulting Group represented the seller in the deal.

June 22, 2022

Acquisitions California Industrial Western

LPC West, Angelo Gordon Acquire 63,000 SF Industrial Building in Carlsbad, California

by Amy Works June 22, 2022

CARLSBAD, CALIF. — A joint venture between LPC West and Angelo Gordon has purchased a single-story industrial building located at 1695 Faraday Ave. in Carlsbad. Situated on 4.1 acres, the 63,000-square-foot building features 26-foot minimum clear heights and 3,000-amp power. According to LPC West, the property is positioned for a life sciences manufacturing tenant. Chris Roth and Rusty Williams of Lee & Associates represented LPC in the transaction. Dennis Visser and Weston Yahn of Cushman & Wakefield also participated in the deal.

June 22, 2022

Acquisitions California Industrial Western

Dunleer Buys Two Outdoor Storage Yards in Southern California for $13M

by Amy Works June 22, 2022

SANTA ANA AND BELLFLOWER, CALIF. — Los Angeles-based Dunleer has acquired two industrial outdoor storage properties for a total consideration of $13 million. The properties are located at 4404 W. First St. in Santa Ana and 10027 Artesia Blvd. in Bellflower. The Santa Ana property features a 2.7-acre outdoor storage yard that includes one 3,826-square-foot office/industrial building. Dunleer purchased the property for $8.6 million. Chad Solomon of JLL represented the buyer in the deal. The name of the seller was not released. The Bellflower property is a 1.1-acre outdoor storage yard that includes improvements totaling 3,792 square feet. Dunleer acquired the asset for $4.1 million. The seller was the current tenant, a pipe and steel fabrication user, which will leaseback the site for six months. John Rendon of INCO Commercial represented the buyer and seller in the deal.

June 22, 2022

California Market Reports Retail Western Western Market Reports

L.A. Retail: A Tale of Two Pandemics

by Jeff Shaw June 22, 2022

By Nellie Day All of Los Angeles County might have been under the same restrictions throughout the pandemic, but their emergence from this period reveals a lot about the localized retail environments. “Los Angeles’ retail market has weathered COVID better than many other markets around the country,” says Matthew May, founder of May Realty Advisors in the Los Angeles submarket of Sherman Oaks, Calif. “However, the recovery has favored a diverse group of suburban markets.” Certain Suburbs Stand Out Markets like East Hollywood/Silver Lake, Inglewood/South LA and Santa Clarita boasted the highest 12-month rolling net absorptions in the county, according to CoStar — something May doesn’t believe was expected. “LA is known as a melting pot and this is reflected in the geographic and ethnic makeup of the top submarkets based on net absorption,” he says. “Vacancies in many of the suburbs were substantially less than in the Central Business Districts and tony retail areas from Beverly Hills to Abbott Kinney. These emerging markets were quite a surprise.” On the other hand, metro markets like Santa Monica, Downtown LA and Koreatown each had more than 100,000 square feet of negative absorption. Santa Monica’s Third Street Promenade has been one of …

June 22, 2022

Acquisitions California Retail Western

CBRE Arranges $52.2M Sale of Tiffany and Shops Retail Property in Pasadena, California

by Amy Works June 21, 2022

PASADENA, CALIF. — CBRE has brokered the sale of Tiffany and Shops, a 28,421-square-foot street-front retail property in Pasadena. Los Angeles-based Blatteis & Schnur and Hayward-based The Felson Cos. acquired the asset for $52.2 million, or approximately $1,838 per square foot. Jimmy Slusher, Philip Voorhees and Trent Steeves of CBRE’s National Retail Partners – West represented the seller, a partnership managed by Los Angeles-based Rockwood Capital, in the transaction. Slusher, Voorhees and Steeves also represented the buyer. Tiffany & Co., Crate & Barrel and House of Hoops anchor the property under corporate-guaranteed leases. The asset is located at 64-68 Colorado Blvd.

June 21, 2022

California Development Hospitality Loans Western

Arriba Capital Closes $40.5M Construction Loan for Two Hotels in Woodland, California

by Amy Works June 21, 2022

WOODLAND, CALIF. — Arriba Capital has closed a $40.5 million ground-up construction loan for two adjacent hotel properties in Woodland. The three-year loan was features an 80 percent loan-to-cost ratio. The two hotel developments include a four-story, 95-room, extended-stay Home2 Suites by Hilton and a five-story, 109-room Courtyard by Marriott. Details of the financing, including the borrower’s name, were not released.

June 21, 2022

Acquisitions Arizona Retail Western

Phoenix Commercial Advisors Negotiates $18.4M Sale of Paloma Village Shopping Center in Tucson

by Amy Works June 21, 2022

TUCSON, ARIZ. — Phoenix Commercial Advisors has arranged the sale of Paloma Village Center, a retail property located within the Catalina Foothills in Tucson. The asset traded for $18.4 million, or $480 per square foot. The names of the seller and buyer were not released. Situated on the 4.5 acres on the southeast corner of Campbell Avenue and Skyline Drive, the 38,347-square-foot property was 94 percent occupied at the time of sale. Current tenants include Starbucks Coffee, CVS/pharmacy and Fleming’s Steakhouse. Chad Tiedeman and Danny Gardiner of Phoenix Commercial Advisors represented the seller in the transaction.

June 21, 2022

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Brokers Sale-Leaseback of 45,214 SF Industrial Property in Vista, California

by Amy Works June 21, 2022

VISTA, CALIF. — Lee & Associates has arranged the sale-leaseback of an industrial asset located at 1280 N. Melrose Drive in Vista. Exeter Property Group acquired the property from an undisclosed seller for $11.5 million. Built in 1982, the 45,214-square-foot property features 12 dock-high doors, two grade-level doors, heavy power and 20-foot clear heights. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates – North San Diego County’s Williams Roth Group represented the buyer. Jim Benson of Kidder Mathews represented the seller in the transaction.

June 21, 2022

Acquisitions California Net Lease Retail Western

Faris Lee Arranges $10.8M Sale of Smart & Final-Occupied Building in Bakersfield, California

by Amy Works June 21, 2022

BAKERSFIELD, CALIF. — Faris Lee Investments has brokered the sale of a single-tenant retail property located at 1725 Golden State Ave. in Bakersfield. A Southern California-based private investor sold the asset to an undisclosed buyer for $10.8 million. Grocery store Smart & Final occupies the 26,237-square-foot building on a long-term, absolute triple-net lease basis with rental increases. Sean Cox and Alex Moore of Faris Lee represented the seller in the deal.

June 21, 2022

Content Partner Features Leasing Activity Midwest NAI Northeast Southeast Texas Western

Cell Tower Leases, Renegotiations Offer Ancillary Income, Options for Landlords

by Sarah Daniels June 21, 2022

What should potential landlords know about leasing space for cell towers or renegotiating their legacy leases? “Landlords need to understand what economic opportunity they have available to them,” says David Moore, CEO and principal at NAI Global Wireless. Involving cell tower lease consultants, especially for existing leases, and considering cell site buyouts are two powerful tools available to cell site landlords today. For decades, Moore explains, property owners have been willing to sign less-than-ideal agreements with carriers and tower companies. Over the years, landlords, thinking that just because these cell tower sites are small and out of the way or because they did not want to turn down “free money,” were willing to sign disadvantageous lease agreements. Landlords often do not understand the impact of signing a lease agreement with a potential term of 30 years (made up of five-year terms), especially when tenants might use leases to constrain certain real estate negotiations (including rights like tenant approval for buyers, rights of first refusal and noncompetition clauses). In many cases, tenants have the unilateral right to terminate their lease without notice, a right about which landlords frequently aren’t aware. Rent escalations, terms and conditions, inflation and more need to be …

June 21, 2022

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