Western

Private Buyer Acquires 76-Unit Multifamily Property in Los Angeles’ Koreatown for $12.6M

by Amy Works March 5, 2019

LOS ANGELES — 1057 S Western LLC, a private buyer, has purchased Western Arms, an apartment property located at 1057 S. Western Ave. in the Koreatown neighborhood of Los Angeles. Prana Growth Fund 1, an entity of Prana Investments, sold the property for $12.6 million. Cole Martens and Cory Stehr of Lee & Associates-LA North/Ventura represented the buyer and seller in the transaction. Originally built in 1926 as a hotel, Western Arms features 76 studio and one-bedroom units. The buyer plans to update the property with tech and service amenities.

March 5, 2019

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $6.9M Sale of University Gardens Apartment Building in Northridge, California

by Amy Works March 5, 2019

NORTHRIDGE, CALIF. — Marcus & Millichap has arranged the sale of University Gardens, a multifamily property located in Northridge. A foreign investor sold the property to an undisclosed buyer for $6.9 million. University Gardens features 29 apartments. Paul Darrow, Gregory Harris, Kevin Green and Joe Grabiec of THG Multifamily in Marcus & Millichap’s South Bay office represented the seller in the deal.

March 5, 2019

Acquisitions Arizona Multifamily Western

Bascom Arizona Ventures Buys 423-Unit Multifamily Complex Near Phoenix for $89.2M

by Amy Works March 5, 2019

PHOENIX — Bascom Arizona Ventures, a subsidiary of Irvine, Calif.-based The Bascom Group, has acquired Tempo at McClintock Station Apartments, a Class A, mid-rise multifamily property in Tempe. P7 McClintock Station Owner LLC sold the asset for $89.2 million, or $210,377 per unit. Constructed in 2017, the gated community features 423 apartments in a mix of one-, two- and three-bedroom layouts. On-site amenities include a barbecue/picnic area, cyber/tech lounge, two resort-style pools with surrounding cabana areas, volleyball court, rentable storage closets, self-service bike repair, private garages, package concierge service, dog park with a self-service dog grooming area, community clubhouse and a 24/7 fitness center with separate yoga and spin studios. The buyer plans to invest in capital improvements, including upgraded finishes to the leasing office, clubhouse, pool and other common areas, as well as unit interiors. Oaktree Real Estate Finance II provided debt financing, which Brian Eisendrath, Brandon Smith and Annie Rice of CBRE arranged for the acquisition. Stephen Peters of Melody West advised the buyer and seller in the transaction. Arizona-based MEB Management Services will manage the property.

March 5, 2019

Acquisitions California Multifamily Western

IPA Arranges $57.1M Sale of 208-Unit The Dylan Apartment Complex in Oceanside, California

by Amy Works March 1, 2019

OCEANSIDE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Dylan Apartment Homes, a multifamily property located in Oceanside. Fowler Property Acquisitions sold the property to Chicago-based 29th Street Capital for $57.1 million, or approximately $274,639 per unit. Located at 550 Los Arbolitos Blvd., the complex features 208 apartments, two swimming pools, two spas, a gym and a business center. Christopher Zorbas and Alexander Garcia Jr. of IPA, along with Tyler Martin of Marcus & Millichap, represented the seller and procured the buyer in the deal.

March 1, 2019

Acquisitions California Office Western

Joint Venture Purchases 111,268 SF Mesa View Plaza in San Diego for $39.1M

by Amy Works March 1, 2019

SAN DIEGO — A joint venture between San Diego-based Coast Income Properties and Washington Capital Management has purchased Mesa View Plaza, a mid-rise office building located at 9350 Waxie Way in San Diego’s Kearny Mesa neighborhood. Stockbridge sold the property for $39.1 million. Situated on 9.8 acres, the five-story, multi-tenant building features 111,268 square feet of Class A office space. At the time of sale, the property was 100 percent leased to a mix of professional services and tech companies. Brian Paul & Associates designed the building, which was completed in 2003. Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets group in San Diego represented the seller in the transaction.

March 1, 2019

Acquisitions Multifamily Washington Western

Goldman Sachs Buys 372-Unit Bailey Farm Apartments in Metro Seattle

by Amy Works March 1, 2019

BOTHELL, WASH. — Goldman Sachs Asset Management Private Real Estate has purchased Bailey Farm Apartments in Bothell, a suburb of Seattle. Terms of the transaction were not disclosed. Built in 2013, Bailey Farm Apartments features 372 units with nine-foot ceilings, direct-access garages, quartz countertops, vinyl plank flooring and stainless steel appliances. This transaction is the buyer’s 24th multifamily investment. The company currently owns approximately 6,450 multifamily units across the country.

March 1, 2019

Acquisitions California Retail Western

Agora Realty & Management Acquires 33,708 SF Office Depot Plaza in Thousand Oaks for $14.4M

by Amy Works March 1, 2019

THOUSAND OAKS, CALIF. — Los Angeles-based Agora Realty & Management has purchased Office Depot Plaza, a shopping center located at 11-25 E. Hillcrest in Thousand Oaks. An undisclosed seller sold the property for $14.4 million. At the time of acquisition, the 33,708-square-foot shopping center was 96 percent occupied. Major tenants include Office Depot, Bank of the West, AT&T, Habit Restaurant and Wescom Credit Union. Agora Realty plans to remodel the center’s parking lot with new asphalt and striping, install new LED parking lot lights and upgrade the center’s landscaping.

March 1, 2019

Acquisitions California Office Retail Western

Pacific Coast Commercial Negotiates $2.3M Sale of Retail/Flex Building in La Mesa

by Amy Works March 1, 2019

LA MESA, CALIF. — Pacific Coast Commercial has arranged the sale of a 12,215-square-foot retail/flex building located at 7575 University Ave. in La Mesa. La Mesa Retail LLC sold the property to MY & RY Enterprises LLC for $2.3 million. Constructed in 1993 for Fountain’s Aquarium, the showroom that was dedicated to tropical fish was remodeled and re-sold to an owner-user. Tommas Golia and Jason Vieira of Pacific Coast Commercial represented the seller, while Brandon Keith of Voit Real Estate represented the buyer in the deal.

March 1, 2019

California Retail Top Stories Western

Gap Inc. to Close 230 Stores, Spin Off Old Navy

by Taylor Williams March 1, 2019

SAN FRANCISCO — Gap Inc. (NYSE: GPS) will close approximately 230 Gap specialty stores within the next two years, the San Francisco-based apparel chain announced in its fourth-quarter and 2018 fiscal year reports, released Thursday. Gap Inc. also revealed plans to spin off Old Navy, a brand it established in 1994, into a separate publicly traded entity, as well as to rebrand itself under a yet-to-be-determined name. In explaining their reasoning behind the split, company leaders cited a growing divergence between the customer bases, operating strategies and value-creation mechanisms of Gap and Old Navy, with the latter outperforming the former. According to The Wall Street Journal, Old Navy accounted for nearly half of Gap Inc.’s total 2018 sales of $16.6 billion. The new company will carry Gap-brand apparel in addition to clothing lines from sister brands like Athleta and Banana Republic. The two companies will trade under different ticker symbols and have separate management and leadership structures, as well as distinct financial profiles, company executives said. The company estimates that the closures of the 230 stores — roughly 20 percent of its total global store count— will result in approximately $625 million in annualized sales losses. Additionally, the company estimates …

March 1, 2019

Acquisitions California Hospitality Western

Ashford Hospitality Trust Buys 178-Key Hilton Santa Cruz/Scotts Valley for $50M

by Amy Works February 28, 2019

SANTA CRUZ, CALIF. — Ashford Hospitality Trust has acquired the Hilton Santa Cruz/Scotts Valley in Santa Cruz from The Arden Group for $50 million. Located at 6001 La Madrona Drive, Hilton Santa Cruz/Scotts Valley features 178 guest rooms, including 21 suites. The hotel, which opened in 1999, also features a full-service Stonehouse Bar & Grill, 7,900 square feet of flexible meeting space, an outdoor pool, fitness center, business center, gift shop and guest laundry facility. To fund the acquisition, the company used cash on its balance sheet and issued as consideration to the seller approximately 1.5 million Operating Partnership Units valued at $7.00 per unit, a premium of approximately 31 percent yesterday’s closing price. The company also assumed a non-recourse mortgage loan at closing with a current balance of approximately $25.3 million. The loan matures in March 2025 and has a fixed interest rate of 4.7 percent. Mark Fraioli and Melvin Chu of JLL represented the seller in transaction.

February 28, 2019

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