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 24 • October 2016 • Western Real Estate Business www.REBusinessOnline.com MARCUS & MILLICHAP ARRANGES $13.5 MILLION SALE OF THREE-PROPERTY RETAIL STRIP IN SAN CARLOS SAN CARLOS, CALIF. — Marcus & Millichap has arranged the sale of a three-property retail strip center locat- ed at 633, 727 and 1199 Laurel Street in San Carlos. A 1031 exchange investor acquired the about 13,860-square-foot property for $13.5 million, or $974 per square foot. Mark One Capital arranged $6.85 million in financing for the acquisition of the property. Fabio Sangiorgi of Marcus & Mil- lichap represented the buyer, while David Campbell of Mark One Capital arranged the fixed-rate interest-only financing for the undisclosed buyer. WNC CLOSES $102 MILLION INSTITUTIONAL LIHTC FUND IRVINE, CALIF. — WNC, an Irvine- based national investor in real estate and community development, has closed WNC Institutional Tax Credit Fund 42 L.P., a $102 million institu- tional low-income housing tax credit (LIHTC) fund. The fund is estimated to include 1,504 affordable housing units in to- tal, and is comprised of 17 multifam- ily and seniors housing communities scheduled for new construction and rehabilitation. The properties will be located in 12 states, including Arkan- sas, California, Iowa, Idaho, Louisi- ana, Massachusetts, Minnesota, New Jersey, South Dakota, Tennessee, Tex- as and Wisconsin. This is the second national fund and third multi-investor fund WNC has closed in 2016, totaling $329.7 million. THOR EQUITIES DIVESTS PHELAN BUILDING IN SAN FRANCISCO SAN FRANCISCO — Thor Equities has sold the Phelan Building, an 11-story office building in San Francisco, to the Hong Kong-based Hotung family for a reported $375 million. The building is located at 760 Market Street. The Phelan Buiding contains 250,000 square feet of office space and 52,000 square feet of retail space. Thor paid $130 million for the asset when it was purchased in 2008. Notable tenants at the property in- clude Credit Karma and Medium. The retail portion includes Starbucks, Orogold Cosmetics,Walgreens, Veri- zon and Marshalls. The building was originally constructed in 1907. C.W. DRIVER COS. BREAKS GROUND FOR FIVE LAGUNAS IN LAGUNA HILLS LAGUNA HILLS, CALIF. — C.W. Driv- er Cos. has broken ground for Five Lagunas, a rebranding and renova- tion of Laguna Hills Mall in Laguna Hills. Plans for the 68-acre site include 300,000 square feet of newly built-out retail space, 45,000 square feet of retail pad construction and extensive inte- rior and exterior renovations that will upgrade and modernize the shopping center. The 846,885-square-foot lifestyle center is slated to open in summer 2018. Current tenants include JCPen- ney, Macy's and Nordstrom Rack. The property is owned by Merlone Geier Partners. ACRE SHAKE EVENT WELCOMES MORE THAN 200 TOP INDUSTRY PROFESSIONALS IN SOCAL HUNTINGTON BEACH, CALIF. — ACRE SoCal and California Centers co-hosted their annual Party of the Year event in August at the Hyatt Regency Resort & Spa in Huntington Beach. The event welcomed more than 200 top industry professionals from the Southern California retail market for an evening packed with networking opportunities. Ben Terry, senior leasing/sales associate with Coreland Cos., noted that the evening was a huge success and they're looking forward to upcoming events this year. "We're looking forward to our Annual Retail Tenant Expo on October 18 at the Long Beach Grand Events Center, where more than 300 brokerage professionals are expected to take advantage of our deal-making event that features in excess of 60 tenants. It's sure to be a successful event for busi- ness growth," he says. W H A T ' S B U G G I N ' Y O U ? Pest Control for Professionally Managed Properties OFFICE RETAIL INDUSTRIAL RESIDENTIAL Eco-Friendly Solutions | Serving Southern California Pest Control Pigeon Control Termite Control Rodent Control Bee Control Gopher Control 1.877.522.2377 | www.AccessExt.com Allow Us To Be Part of Your 2017 Budgets!

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