Western

CGI+, Megdal Investments to Develop 31,000 SF Lazy Acres Market in Los Angeles

by Amy Works May 6, 2021

LOS ANGELES — CGI+ Real Estate Investment Strategies, in partnership with Megdal Investments, has acquired the third and final piece of a 1.7-acre land assembly at the southwest corner of Franklin and Western avenues in Los Angeles’ Los Feliz neighborhood. The single-tenant, 24,000-square-foot property, which Rite Aid formerly occupied, will be redeveloped into 31,000-square-foot Lazy Acres Market, a division of Good Food Holdings. The organic grocery store signed a long-term lease with CGI+. The new store is scheduled to open by year’s end. CGI+ has started renovations and redevelopment, which include reducing the building to its shell and core and increasing the building footprint by 30 percent, or 8,500 square feet. Additionally, the development team will create a new façade and install new electrical and plumbing systems.

May 6, 2021

Acquisitions California Retail Western

CBRE Brokers $5.4M Sale of Eagle Plaza Shopping Center in California’s Inland Empire

by Amy Works May 6, 2021

HESPERIA, CALIF. — CBRE has arranged the sale of Eagle Plaza, a shopping center located at 15776 Main St. in Hesperia. A Texas-based private buyer acquired the asset for $5.4 million. Alan Krueger and Vanessa Haddad of CBRE represented the seller, a private local investor, in the deal. Totaling 39,877 square feet, Eagle Plaza is occupied by five tenants, including a donut shop, laundromat and sandwich store that have occupied the property since it opened in 1989. The other two tenants are government-funded school district operations.

May 6, 2021

Acquisitions Colorado Restaurant Retail Western

Marcus & Millichap Arranges $5.1M Sale of Pecos Square Retail Property in Denver

by Amy Works May 6, 2021

DENVER — Marcus & Millichap has arranged the sale of Pecos Square, a multi-tenant retail property located at 1777 and 1717 W. 38th Ave. in Denver. A private investor acquired the asset from a private partnership for $5.1 million. Built in 1988, Pecos Square features 10,729 square feet of retail space and was 100 percent occupied at the time of sale. The property consists of 81 percent corporate leases with an average occupancy of 18 years. The asset also features a standalone Burger King restaurant. Drew Isaac and Ryan Bowlby of Marcus & Millichap represented the seller, while Austin Snedden of Marcus & Millichap represented the buyer in the deal.

May 6, 2021

California Development Office Western

Bain Capital, BARDAS Plan $450M Echelon Studios in Hollywood

by Amy Works May 5, 2021

LOS ANGELES — Bain Capital Real Estate, the real estate investing business of Bain Capital, and BARDAS Investment Group, a boutique real estate development and investment firm, have submitted plans to the City of Los Angeles for the development of Echelon Studios. The five-acre site is located at 5601 Santa Monica Blvd. in Los Angeles’ Hollywood neighborhood. The $450 million urban studio campus will feature four 19,000-square-foot sound stages, a 15,000-square-foot flex stage and a 90,000-square-foot creative village of high-end bungalows. Additionally, the project will include 350,000 square feet of creative office space spread across two mid-rise office buildings. Campus amenities will include food and beverage, a central courtyard, shared specialized production space and collaboration areas, as well as outdoor decks, patios and other exterior common areas to maximize available square footage and create filming and event space. In conjunction with the development plans, the partnership announced the launch of Echelon, the real estate industry’s first dedicated content media real estate platform. The new platform will serve as the brand for the joint venture’s investments.

May 5, 2021

Acquisitions California Office Western

BH Properties Buys 128,266 SF Freeway Corporate Park in Santa Ana, California

by Amy Works May 5, 2021

SANTA ANA, CALIF. — BH Properties has purchased Freeway Corporate Park, a multi-tenant office complex located within Orange County Greater Airport Area/Irvine Business Park in Santa Ana. Terms of the transaction were not released. Totaling 128,266 square feet, the two-building property is located at 2501 Pullman St. and 1700 E. Carnegie Ave. At the time of sale, the property was 56 percent leased to two tenants – Iteris and Orange County Head Start Inc. The two buildings are connected by a skywalk, and the property has undergone capital enhancements over the course of the previous owner’s tenure. Bob Caudill of Colliers International represented the buyer, while Kevin Shannon, Paul Jones, Brunson Howard and Brandon White of Newmark represented the undisclosed buyer in the deal.

May 5, 2021

Acquisitions California Industrial Western

Thor Equities Acquires 196,300 SF Industrial Facility in Southern California in a Sale-Leaseback Deal

by Amy Works May 5, 2021

CARSON, CALIF. — New York-based Thor Equities Group has purchased a last-mile warehouse facility located at 2575 El Presidio in Carson. An undisclosed seller sold the asset in an off-market, sale-leaseback transaction. Marc Schillinger and Keith Rosso of JLL Capital Markets arranged $15.9 million in acquisition financing for the buyer. National Life Group provided the seven-year, fixed-rate, interest-only loan. Built in 1972 on six acres, the 196,300-square-foot building features 22-foot clear heights, nine loading positions, office and mezzanine space and ample parking. The seller/tenant fully occupies the property.

May 5, 2021

Towne-Square-Retail-Center-Port-Orchard-WA

Acquisitions Retail Washington Western

Marcus & Millichap Brokers $9.4M Sale of Towne Square Retail Center in Port Orchard, Washington

by Amy Works May 5, 2021

PORT ORCHARD, WASH. — Marcus & Millichap has arranged the sale Towne Square Retail Center, a retail property located at 1700 S.E. Mile Hill Drive in Port Orchard, approximately 24 miles west of Seattle. A private investor sold the asset to an undisclosed buyer for $9.4 million. Grocery Outlet, Goodwill and Ace Hardware are anchor tenants at the 154,604-square-foot retail property, which also includes a two-story interior mall space with more than 100 tenants. The buyer plans to renovate the asset, increase occupancy levels and improve management systems. Clayton Brown and Ruthanne Romero of Marcus & Millichap represented the seller in the deal.

May 5, 2021

Acquisitions New Mexico Retail Western

Quantum Real Estate Negotiates $6.6M Sale of Multi-Tenant Shopping Center in Albuquerque

by Amy Works May 5, 2021

ALBUQUERQUE, N.M. — Quantum Real Estate Advisors has arranged the sale of The Shoppes at Alameda, a retail property located at 3410 Highway 528 in Albuquerque. A Florida-based private real estate investor acquired the asset from a California-based private real estate investment firm for $6.6 million. At the time of sale, the property was 100 percent occupied. Current tenants include Jason’s Deli, Starbucks Coffee, The Joint, Baskin Robbins, uBreakiFix, Minerva Canna and other local retailers. Chad Firsel and Jason Lenhoff of Quantum represented the seller in the transaction.

May 5, 2021

California Development Life Sciences Loans Office Western

Phase 3 Real Estate, Bain Capital Receive $400M Construction Loan for Life Sciences Campus in Brisbane, California

by Amy Works May 4, 2021

BRISBANE, CALIF. — Phase 3 Real Estate Partners and Bain Capital Real Estate have received a more than $400 million construction loan for Genesis Marina, a waterfront life sciences campus in Brisbane. Located on 8.7 acres within South San Francisco’s life sciences cluster, Genesis Marina will offer 570,000 square feet of Class A life sciences space. Tim Wright, Todd Sugimoto and Daniel Pinkus of JLL Capital Market arranged the financing through Barings LLC for the borrower.

May 4, 2021

Loans Multifamily Oregon Western

Cushman & Wakefield Arranges $55M Refinancing for Heartline Apartments in Portland

by Amy Works May 4, 2021

PORTLAND, ORE. — Cushman & Wakefield has secured a $55 million loan for Security Properties to refinance Heartline Apartments, an apartment community located at 1250 NW Kearney St. in Portland. Dave Karson, Keith Padien, Chris Moyer, Alex Lapidus and Emily Johansen of Cushman & Wakefield Equity, Debt & Structured Finance arranged the financing for the borrower. Constructed in 2018, the 15-story Heartline Apartments features 218 apartments, a full suite of amenities and a shared parking garage with 131 dedicated parking stalls.

May 4, 2021

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