ORANGE COUNTY AND LOS ANGELES, CALIF. — Marcus & Millichap Capital Corp. has secured a total of $50.5 million in capital to refinance two multifamily properties in Southern California. In the first transaction, the firm arranged $27.5 million to refinance a 136-unit apartment asset in Orange County. The low-leverage loan, 55 percent loan-to-value, was structured with five years of interest-only payments. For the second transaction, Marcus & Millichap Capital Corp. secured $23 million for the refinancing of a 69-unit multifamily property in Los Angeles. The loan was leveraged at 65 percent and structured with a five-year fixed interest rate.
LAS VEGAS — Panattoni Development Co. has completed the construction of Centennial Commerce Center, a speculative industrial facility in North Las Vegas. Located at 6405 E. Centennial Parkway on 10.4 acres, the cross-docked 213,000-square-foot facility features 32-foot clear heights, ESFR sprinklers, LED warehouse lighting and flexible office build-outs. Valued at $16 million, the project will designed with flexibility to accommodate up to four 51,000-square-foot tenants. Speedway10 Industrial, a joint venture between LaSalle Investment Management and Panattoni Development, owns the industrial asset. Alston Construction served as general contractor, and Greg Tassi and Donna Alderson of CBRE are handling the leasing of the property.
LOS ANGELES — Allstate Electric, a division of Regency Lighting, has purchased an industrial property, located at 9240 Jordan Ave. in the Chatsworth submarket of Los Angeles. SDG Jordan Associates LLC sold the property for $9.6 million. Allstate Electric, the buyer, has occupied the 55,000-square-foot property since 2016. Mike Tingus and Grant Fulkerson of Lee & Associates-LA North/Ventura, while Matthew Dierckman of CBRE represented the buyer in the transaction.
COLORADO SPRINGS, COLO. — A private investor has completed the disposition of a neighborhood shopping center located at 3730-3770 Astrozon Blvd. in Colorado Springs. An undisclosed California-based buyer acquired the property for $2.1 million in a 1031 exchange. The newly renovated property features 18,410 square feet of retail space. Cory Gross and Jake Shirek of Marcus & Millichap’s Denver represented the seller, while Brian Smith, also of Marcus & Millichap’s Denver, represented the buyer in the deal. Phillip Gause, also of Marcus & Millichap Capital Corp. in Denver, facilitated the loan for the buyer.
BURBANK, CALIF. — Entertainment and media giant Warner Bros. has inked a deal to purchase a portion of The Burbank Studios, a new 35-acre film, TV, broadcast media and new media campus in Burbank formerly known as NBC Studios. The purchase includes office space, eight soundstages, a mill building and a commissary. The seller is Worthe Rea Estate Group, a Los Angeles-based office developer. Additionally, Warner Bros. inked a lease to be the sole and long-term tenant of a planned two-building office campus adjacent to The Burbank Studios. The Los Angeles Times is reporting the combined value of the studio acquisition and new office space exceeds $1 billion. The co-developers of the office campus are Worthe and San Francisco-based Stockbridge Real Estate, which plan to break ground on the project this fall. The office development will be known as the Second Century Project, named in honor of Warner Bros.’ 100th anniversary in 2023, which is the expected completion date of the design and construction phases. Second Century will include a seven-story building spanning 355,000 square feet and a nine-story building spanning 445,000 square feet. “This is an opportunity to reimagine not only our workspace but our future,” says Kim Williams, …
LOS ANGELES — Meta Housing Corp., a Los Angeles-based developer, in a joint venture partnership with Western Community Housing, a Southern California-based nonprofit corporation, has broken ground on Vermont Corridor Apartments. The six-story, transit-oriented, affordable community is located in the Koreatown neighborhood of Los Angeles. The $51.4 million project will provide affordable housing for seniors age 62 and older earning between 25 and 60 percent of area median income. Of the 72 units to be built at the property, 36 will include supportive services funded through the County of Los Angeles’ Measure H and subsidized rents for residents experiencing varying levels of homelessness. These units were constructed with funding from Proposition HHH from the City of Los Angeles and a partnership with the Housing Authority of the City of Los Angeles (HACLA), the Los Angeles Housing and Community Investment Department (HCID) and the County of Los Angeles. “Affordable seniors housing is extremely difficult to find in Los Angeles,” says Kasey Burke, president of Meta Housing. “Los Angeles needs more affordable alternatives for older residents, and we are delivering that alternative in this project. This is a great example of public-private partnership working together to improve the community and the lives …
MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Modern on Gilbert, a multifamily community located at 1800 E. Covina St. in Mesa. S2 Capital acquired the property from a joint venture between Modern Residential Co. and Henley USA for $30 million, or $113,208 per unit. Developed in 1980, Modern on Gilbert is situated on more than 19 acres and features 265 apartments, a new clubhouse, fitness center, business center and package delivery center. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.
CITY OF INDUSTRY, CALIF. — DAUM Commercial Real Estate Services has brokered the sale of an industrial warehouse facility located at 15240-15250 Nelson Ave. in City of Industry. South El Monte, Calif.-based Art Weiss Industrial Properties sold the property to Max Sales Group for $11.5 million. The buyer is a wholesale manufacturer of products, including consumer electronics and home, auto, kitchen and pet accessories. The seller built the 64,000-square-foot asset in 1979. The warehouse features 24-foot interior clearance, nine loading docks, two ground-level doors, 4,000 square feet of office space and the option for a two-tenant layout. Charles Johnson II of DAUM handled the transaction.
SCOTTSDALE, ARIZ. — ORION Investment Real Estate has arranged the sale of a newly developed retail center in North Scottsdale. A partnership between Jeff Kitchen and Tiny Cap LLC, Jim Mullin’s wholly owned investment firm, sold the asset for $6.1 million. Mullin360 developed the 14,280-square-foot retail center. At the time of sale, four tenants occupied the property: Bashas’ supermarket, The Whining Pig, Banfield Pet Hospital, and 9Round Fitness and Rehab Plus. There was one vacant storefront. Jennifer Eggert and Michael Achtman of ORION handled the property’s lease-up and assisted Ari Spiro and Sean Stutzman, also of ORION, with the off-market sale transaction. Eric Termansen and McKenna Boyle Wesley of Western Retail Advisors represented the buyer in the deal.
BELL GARDENS, CALIF. — Partners Capital has purchased an industrial asset, located at 6855 Suva St. in Bell Gardens, for an undisclosed price. Situated on 2 acres, the property features two buildings totaling approximately 36,000 square feet. Remy Moses of Lee & Associates represented the buyer in the deal. Additional terms of the deal were not disclosed.