Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/732258
C A L I F O R N I A & H A WA I I www.REBusinessOnline.com Western Real Estate Business • October 2016 • 23 WESCO PROPERTIES ACQUIRES TWO BUILDING RETAIL PROPERTY IN ORANGE COUNTY FOR $13.7 MILLION IRVINE, CALIF. — Wesco Properties Inc. has acquired a two building retail site located in Irvine for $13.7 million. The buildings total 12,577 square feet, and are leased to Mimi's Café and Islands Restaurant. Jeff Conover of Faris Lee represented the seller, VR Irvine Pad LLC, and Tony Dorn of Beitler Commercial Realty Services represented the buyer in the 1031 ex- change transaction. SHEA PROPERTIES ADDS FOUR RETAILERS TO DEL SUR TOWN CENTER IN SAN DIEGO SAN DIEGO — Shea Properties has added four new retailers to Del Sur Town Center, the specialty dining and retail center in the master-planned Black Mountain Ranch in San Diego. The new tenants are Sprouts Farm- ers Market, Orangetheory Fitness, Just Run, a specialty boutique catering to walkers and runners, and Ogden's Cleaners, an eco-friendly dry-clean- ing company. Additional tenants at Del Sur Town Center are Target, Cür- Bar, The Bike Shop and Del Sur Ranch Dental. CSU MONTEREY BAY ACQUIRES STUDENT HOUSING COMMUNITY FOR $68.5 MILLION SEASIDE, CALIF. — The University Corporation at Monterey Bay — an auxiliary corporation of California State University, Monterey Bay — has acquired a 579-bed student housing community located adjacent to the university's campus in Seaside for $68.5 million. The project, called The Promontory, was acquired from AMCAL Equities LLC. The university had a 20-year master lease on the community with an option to purchase after the first 12 months, which it chose to exercise. Community amenities at the property include an internet café; a basketball half-court; a community clubroom; 24-hour study areas; bicycle storage; a fitness center; and outdoor grills and seating areas. VISTA INVESTMENT GROUP BUYS WOODLAKE MANOR APARTMENTS IN BALDWIN HILLS FOR $44 MILLION BALDWIN HILLS, CALIF. — Vista Investment Group has purchased the 276-unit Woodlake Manor Apart- ments in the Los Angeles submarket of Baldwin Hills for $44 million. The community is located at 4555 W. Mar- tin Luther King Jr. Blvd. Woodlake Manor is one mile from both the Farmdale and Ethel Bradley Metro Expo line stations, which pro- vide access to key Los Angeles em- ployment hubs, including Downtown, Culver City, Santa Monica and the South Bay. The University of Southern California (USC) is a 10-minute train ride away. This was the first time Woodlake Manor Apartments had been on the market in more than 34 years. Select units were upgraded to a mid-luxury standard last year. Greg Harris, Kevin Green and Jo- seph Grabiec of Institutional Property Advisors represented both the buyer and seller, Jones & Jones Management Group, in this transaction. STERLING ORGANIZATION ACQUIRES RALEY'S PLAZA IN METRO SAN FRANCISCO FOR $22.8 MILLION FAIRFIELD, CALIF. — Sterling Orga- nization has acquired Raley's Plaza, a 95,441-square-foot shopping center located about 40 miles northeast of Downtown San Francisco in Fairfield, for $22.8 million. Raley's anchors the 94 percent occu- pied center, which is also home to ten- ants including JP Morgan Chase Bank, Starbucks Coffee, Round Table Pizza and Panda Express. The property was purchased from a subsidiary of San Diego-based Gerrity Group. HARRISON COACHELLA SELLS 85,035 SF RETAIL CENTER FOR $10.6 MILLION COACHELLA, CALIF. — NAI Capi- tal has brokered the sale of Coachella Plaza, a retail center located at 50249 Harrison Street in Coachella. Harrison Coachella 26 LLC sold the property for $10.6 million, or $124.65 per square foot. Built in 1991, the 85,035-square-foot plaza was 78 percent occupied at the time of sale. Tenants include 99 Cents Only, Planet Fitness and WSS Shoes. Fariba Kavian of NAI Capital repre- sented the seller in the deal. The name of the buyer was not released. The Promontory is located adjacent to the California State University, Monterey Bay campus in Seaside. Credit products offered by U.S. Bank National Association and are subject to normal credit approval and program guidelines. See a banker for details. Deposit products offered by U.S. Bank National Association. Member FDIC. ©2016 U.S. Bank. 160485 8/16 The best way to build is with the support you need. At U.S. Bank, we believe in helping businesses grow into the places they were meant to be. Our custom financial solutions may provide the tools for your business and your clients' to start growing faster. Contact a U.S. Bank Business Banker to get started. A 2016 World's Most Ethical Company ® – Ethisphere Institute, March 2016 usbank.com/quickloan Direct Sales 866.280.3751