BELL, CALIF. — NAI Capital Commercial has arranged the purchase of Atlantic Center Mini Mall, a 20,909-square-foot retail center located in Bell, just south of Los Angeles. Steven Weiss and Sam Kangavari of NAI represented the buyer, a private investor, in the transaction. The buyer plans to redevelop the property, converting it to a single-tenant retail building. The NAI team also negotiated a new lease with a national tenant.
HUNTINGTON PARK, CALIF. — North Palisade Partners has opened its first self-storage facility, located at 2200 Nadeau St. in Huntington Park, just south of Los Angeles. The three-story, 133,000-square-foot facility sits on two acres and features more than 1,500 units. Extra Space Storage will operate the property, which is named Palisade Nadeau Storage.
LOS ANGELES — Fox Corp. has submitted plans to the City of Los Angeles to expand the historic Fox Studio Lot as part of a project known as “The FOX FUTURE Studio Lot Project.” The plan is expected to cost approximately $1.5 billion and generate $9 million in annual tax revenues. The Fox Studio Lot currently comprises 1.8 million square feet across 96 buildings. The FOX FUTURE Studio Lot Project would add 1.6 million square feet of new development, including nine new soundstages, as well as production facilities and a 24-story media campus office building. The media campus office is intended to receive LEED Platinum certification and will feature shared and private offices designed for film and TV production. Fox is seeking a development partner to construct a 35-story building toward the northeast section of the Fox Studio lot that will directly connect to the studio lot and the Century City subway station, but will function as independent office space. This building will also be designed with LEED Platinum certification in mind. Plans also call for upgrades to existing facilities, a historic preservation plan for key buildings, seismic retrofits of older buildings and a renovation of Fox Sports Studio A. “The Fox …
AVONDALE, ARIZ. — Trilogy Investment Co. and Pinnacle Partners have announced a new $250 million national joint venture. The new JV’s first initiative is to bring more than 105 build-to-rent homes to a Qualified Opportunity Zone in the Phoenix suburb of Avondale. The new development will be situated on a 15-acre site. The propject represents the first combined effort between Trilogy and Pinnacle. Development costs are estimated at $45 million. Construction is scheduled to begin in late third-quarter 2023. Trilogy and Pinnacle have also secured at least six additional development projects and acquisitions, each located in growing and attractive established Qualified Opportunity Zones. A few of the sites will be in metro Denver and Colorado Springs.
LAKE FOREST, CALIF. — La Caze Development has sold Lake Forest Marketplace, a 111,212-square-foot shopping center located in Lake Forest, for $14.2 million. Situated on 10 acres, the property was fully occupied at the time of sale. Tenants include 99 Cents Only, Guitar Center, Island Pacific, Harbor Freight Tools, Bank of America, Del Taco and Dunkin. John Redfield of SRS Real Estate Partners’ Investment Property Group arranged the transaction on behalf of the seller. Jon Davis of SVN represented the buyer, a private investor.
LOS ANGELES — AHF has purchased the historic Insurance Exchange Building in downtown Los Angeles through its Healthy Housing Foundation banner for $21.2 million. The global AIDS organization plans to renovate and convert the 12-story property into housing for the homeless and extremely low-income individuals. The building will be rebranded as Angel Tower. Once renovation is complete, AHF’s total number of affordable rental housing units across Greater Los Angeles will reach 1,666.
ORANGE COUNTY, CALIF. — CBRE has acquired the Los Angeles and Orange County affiliates of Integra Realty Resources (IRR). IRR is a network of commercial real estate valuation, counseling and advisory firms in the United States. IRR-Los Angeles/Orange County specializes in appraisals for right-of-way (ROW) properties, in addition to providing valuation and advisory services across a broad spectrum of property types. The firm has completed about 500 assignments annually for more than 100 regional and national clients. The acquisition complements CBRE’s national Valuation & Advisory Services’ ROW practice, the largest of its kind in the U.S., and expands the firm’s valuation team in Southern California. With offices in Los Angeles and Irvine, the new teams will integrate with CBRE’s existing team. John Ellis and Beth Finestone, principals of IRR-Los Angeles/Orange County, will continue to run the incoming team’s operations in Southern California as executive vice presidents for CBRE.
TARZANA, CALIF. — Oasis Healthcare Center, a 45,000-square-foot open air complex, has opened in Tarzana at 19500 Ventura Blvd. It is one of the first medical structures to open in the San Fernando Valley post-pandemic. The building features filtration systems, open hallways, open-air walkways, valet parking and 4,000 square feet of available ground-floor space dedicated for restaurant use. HED designed the center. Scott Romick and Eugene Kim with Lee & Associates/LA North Ventura are handling leasing.
DENVER — EMBREY has acquired 219,562 square feet of land in the Washington Virginia Vale neighborhood of Denver for the development of a Class A multifamily community. Located at 5231 Leetsdale Drive, the property is currently home to a small retail strip building and a hardwood flooring company. The buildings will be demolished to make way for the new development, which is set to offer 283 units upon completion. Travis Hodge and Tony Bobay of the Capstone Colorado land team represented the buyer in the acquisition of the development site. A timeline and further details on the project were not announced. EMBREY is also currently developing Belaire, a 354-unit multifamily community in Denver’s 40 West Arts District, which is scheduled for completion in 2025. The project is set to offer shared amenities including a pool, spa, outdoor cooking space, bike workshop and racks, ski gear lockers, lounge areas, a fitness and yoga center and dog park. “EMBREY has been part of the Denver community for 23 years, and over the past decade, the population has continued to soar,” says Executive Vice President Jimmy McCloskey. “We expect strong rental demand as the area continues to grow.” San Antonio-based EMBREY owns, develops, …
SIMI VALLEY, CALIF. — Bayview PACE has arranged $13 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the Varenita of Simi Valley seniors housing community in the Ventura County city of Simi Valley. The Class A property, which opened in February 2022, totals 97,000 square feet of space with 102 units of assisted living and memory care. Its location in the heart of Griffin Plaza, an active shopping center, provides opportunities for residents to explore and socialize in nearby retail shops and restaurants. The C-PACE loan is being utilized to pay down senior debt and provide cash-out proceeds to the borrower for future projects. The borrower, Griffin Living, is a privately owned development firm based in Calabasas. The financing features a 29-year term and a loan-to-value ratio of 24.4 percent. It is structured as a bridge refinancing.
