Western Real Estate Business

OCT 2016

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A & H A WA I I www.REBusinessOnline.com Western Real Estate Business • October 2016 • 15 IMT WESTLAKE VILLAGE IN LOS ANGELES SELLS FOR $88.2 MILLION LOS ANGELES — The 253-unit IMT Westlake Village in Los Angeles has sold to a 1031 exchange investor for $88.2 million. The community is lo- cated at 603 Hampshire Road in the Westlake Village submarket. IMT Westlake Village was built in 1971. Notable employers in the area include Amgen, the Dole Food Co. Kythera Biopharmaceuticals, General Dynamics Corp., J.D. Power & Associ- ates, Teledyne Technologies Inc., Val- ueClick, Verizon and Volkswagen. Greg Harris, Kevin Green and Jo- seph Grabiec of Institutional Property Advisors represented both the buyer and seller, IMT Capital LLC, in this transaction. BOMEL CONSTRUCTION BUYS IRVINE OFFICE BUILDING FOR $15 MILLION IRVINE, CALIF. — Bomel Construc- tion has purchased a 41,585-square- foot creative office building in Irvine for $15 million. The building is located at 96 Corporate Park. The three-story, multi-tenant building will become the new headquarters for Bomel Con- struction, which is currently located in Anaheim. The firm was represented by Gary Marquis of Coldwell Banker. The building was purchased as a par- tial owner/user investment opportu- nity. JV BUYS LANDING AT OYSTER POINT IN SOUTH SAN FRANCISCO FOR $171 MILLION, PLANS $1 BILLION REDEVELOPMENT SOUTH SAN FRANCISCO — A joint venture between Greenland USA and equity partners Ping An Trust, Agile Group and Poly Sino Capital Limited has acquired The Landing at Oyster Point in South San Francisco for $171 million. A partnership between Shorenstein Properties and SKS Partners sold the 42-acre waterfront property, which will be transformed into an office, re- search and development complex that will support the life sciences industry. The joint venture plans to invest over $1 billion in the project. The property will be renamed Oys- ter Point and will total approximately 2.2 million square feet, including pub- lic space and recreational areas. Development of Oyster Point will be completed in phases, and construc- tion on the 500,000-square-foot Phase I is expected to begin by mid-2018, fol- lowing infrastructure improvements by the city of South San Francisco, including new streets, utilities and grading. Los Angeles-based Greenland USA, a residential and commercial property developer, is the majority shareholder in the joint venture. CBRE NEGOTIATES $12 MILLION SALE OF SHOPS AT STONECREEK PLAZA IN LOS BANOS LOS BANOS, CALIF. — CBRE's Na- tional Retail Investment Group — West has arranged the sale of Shops at Stonecreek Plaza, a retail strip center located at 1363-1451 W. Pacheco Blvd. in Los Banos. Rich Development Co. sold the 52,171-square-foot property to a Northern California-based pri- vate investor for $12 million. Situated on 6.3 acres, the property was 89 percent leased at the time of sale to a variety of tenants, including Petco, Famous Footwear, Dollar Tree, GNC, Metro PCS, Wingstop and Star- bucks Coffee. Philip Voorhes, Jimmy Slusher, Me- gan Wood, Matt Burson, John Read, Kirk Brummer, Preston Fetrow and Richard Rizika of CBRE represented the seller, while a cooperating/selling broker represented the buyer in the deal. Live.Play.Work. Fontana.org | FontanaCA | @CityofFontanaCA Fontana_CSD | KFON TV We are Open for Business! Connect & get involved with the City of Fontana! Fo ntana City of SOUTHERN CALIFORNIA IMT Westlake Village in Los Angeles was built in 1971.

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