sales_and_leases

Pacific Reach Properties Buys Blu Beverly Hills Apartment Building

by Nellie Day April 13, 2015

LOS ANGELES – Pacific Reach Properties has acquired the 37-unit Blu Beverly Hills apartment building for an undisclosed sum. The luxury high-rise apartment building is located at 8601 Wilshire Blvd. in Los Angeles. It includes a fitness center, rooftop lounge, media room, business center and 24-hour concierge and valet. The building also includes 650 square feet of ground-floor retail space. Andrew Kirsh, Mark Nicoletti and Michael Floryan of Sklar Kirsh LLP advised Pacific Reach on the purchase, financing and reverse 1031 Exchange associated with this acquisition.

April 13, 2015

California Industrial Western

Intercontinental Real Estate Buys PennySaver Building in Brea

by Nellie Day April 13, 2015

BREA, CALIF. – Intercontinental Real Estate has acquired the 101,420-square-foot corporate headquarters of PennySaver USA Publishing in Brea for an undisclosed sum. The space is located at 2830 Orbiter Street. The facility is adjacent to Imperial Highway, less than 30 miles from Downtown Los Angeles. It contains 52,069 square feet of office space throughout two floors, as well as 49,351 square feet of industrial manufacturing, assembly and distribution space. The facility houses the operations for the weekly PennySaver pamphlet, web-based advertising systems and salesforce. The seller, a joint venture between Cohen Asset Management and American National Insurance Company, was represented by HFF’s Anthony Brent and Ryan Martin.

April 13, 2015

California Industrial Western

Chino Industrial Building Sells for $9.7M

by Nellie Day April 13, 2015

CHINO, CALIF. – An 86,204-square-foot industrial building in Chino has sold to Emare for $9.7 million. The building is located at 4850 Eucalyptus Ave. Emare is a local company that distributes cell phone cases and accessories. It was represented by Stephen Shatafian of Lee & Associates. The unnamed seller was represented by Henry Hong of the same firm.

April 13, 2015

California Office Western

KTLA-TV Renews Studio Space at Sunset Bronson Studios in Hollywood

by Nellie Day April 13, 2015

LOS ANGELES – Independent television station KTLA-TV has renewed its lease for 94,205 square feet at Sunset Bronson Studios in Hollywood. The studio is located on the southeast corner of the Sunset Bronson, with frontage along Sunset Boulevard. The station has been headquartered at this location for nearly 60 years. KTLA plans to renovate its space. The lease renewal will go through 2030. The station is owned by Tribune Media, which was represented by CBRE’s Todd Doney, Paul Stockerll and Adam Seltzer. The landlord, Hudson Pacific Properties, was represented by Blake Mirkin of the same firm.

April 13, 2015

Arizona Retail Western

Nightclub Building in Scottsdale Sells for $2.1M

by Nellie Day April 13, 2015

SCOTTSDALE, ARIZ. – A single-tenant property in Scottsdale that is leased to Red Revolver Night Club has sold to Tornga Family LLC for $2.1 million. The space is located at 7316 E. Stetson Drive in the Old Town district. The buyer was represented by Robert Jones of Torrey Pines Real Estate Investments. The seller, GEM Realty Advisors, was represented by CBRE’s Steve Julius and Jesse Goldsmith.

April 13, 2015

New York Northeast Retail

Cushman & Wakefield Brokers $86M Sale of Manhattan Retail Property

by Amy Works April 10, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail co-op unit at 85 Fifth Ave. in Manhattan’s Ladies’ Mile Historic District. The property sold in an all-cash transaction for $86 million, or $6,643 per square foot. The 12,946-square-foot turnkey retail space features 6,406 square feet of ground floor space with 15-foot ceiling heights and 6,540 square feet of sellable lower level space with 10-foot ceiling heights. The property is currently leased to Anthropologie until April 2021. Bob Knakal and John Ciraulo of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

April 10, 2015

California Retail Western

Prudential Acquires Stake in Bella Terra Shopping Center in Huntington Beach

by Nellie Day April 10, 2015

HUNTINGTON BEACH, CALIF. — Prudential Real Estate Investors (PREI) has formed a joint venture with DJM Capital Partners to own and manage Bella Terra Shopping Center in Huntington Beach. The purchase price was not disclosed. DJM has owned and operated the 840,909-square-foot outdoor retail center since 2005. The Class A property is located at 7777 Edinger Ave. PREI acquired about a 75 percent stake in the center, while DJM will maintain about a 25 percent stake. DJM will continue to lead the property management and leasing aspects of the property. The firm originally purchased Bella Terra in 2005 with its previous partner, an institutional investor advised by Sarofim Realty Advisors. That entity sold its interest to PREI. The asset underwent a transformation shortly after this initial acquisition. The new joint venture between PREI and DJM Capital Partners includes the original shopping center and the new Costco. DJM separately owns and operates the retail underneath Bella Terra’s luxury apartments. Sarofim Realty Advisors and DJM Capital Partners were advised by Eastdil Secured.

April 10, 2015

California Retail Western

The Shops at Palm Springs Marketplace Trades for $3.1M

by Nellie Day April 10, 2015

PALM SPRINGS, CALIF. – The Shops at Palm Springs Marketplace, a 10,301-square-foot, free-standing pad within the Palm Springs Marketplace, has sold to Huntington Beach Partnership for $3.1 million. The center is situated on the southeast corner of East Vista Chino and North Sunrise Way in Palm Springs. The Shops’ tenants include Subway, Little Caesars Pizza, Bank of America, Kaiser Permanente, Genetics Nutrition, David Andrew Salon and USA Taekwondo Center. Palm Springs Marketplace is anchored by Stater Bros. Other notable tenants include Arco, McDonald’s, Taco Bell, AutoZone, O’Reilly Auto Parts, Dollar Tree and Dairy Queen. Huntington Beach Partnership was represented by Harcourts & Freeman. The seller was Ramsey Real Estate Group.

April 10, 2015

Multifamily South Carolina Southeast

URS Capital Partners Buys Charleston Apartment Complex

by John Nelson April 10, 2015

CHARLESTON, S.C. — URS Capital Partners, a private real estate investment firm based in New York, has purchased Palmetto Point, a value-add apartment complex in Charleston. The property is URS Capital’s ninth apartment purchase in the last five years and brings its portfolio to more than 1,100 units. The investor purchased the asset using a combination of bridge financing and equity raised from a network of private investors. URS Capital is planning to invest $2 million to renovate unit interiors and add a new pool with a sundeck and outdoor kitchen. The property will also be renamed Oasis @ West Ashley.

April 10, 2015

Maine Northeast Office

North River Co. Buys Portland Square for $66M

by Amy Works April 9, 2015

PORTLAND, MAINE — North River Co., an affiliate of Waterfront Maine, has acquired Portland Square in downtown Portland for $66 million. Located at One and Two Portland Square, the two-building property features 260,000 square feet of office and retail space as well as adjacent and underground parking areas. Originally constructed in the late 1980s, the property is currently 97 percent leased to a variety of tenants, including TD Bank, Wells Fargo, Prudential and Stone Coast Fund Services. Drew Sigfridson of CBRE | The Boulos Company represented the buyer in the transaction. The seller was a REIT that had owned the property for nearly a decade.

April 9, 2015

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