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/818922
C A L I F O R N I A 10 • May 2017 • Western Real Estate Business www.REBusinessOnline.com NSB ASSOCIATES BEGINS CONSTRUCTION ON ASCEND CREATIVE OFFICE BUILDING EL SEGUNDO, CALIF. — NSB Asso- ciates has commenced construction on Ascend, an 80,000-square-foot cre- ative office building in El Segundo. The building is situated at the Utah Avenue Campus. Ascend will be designed by archi- tect Frank Gehry. It will include high- ly customizable, creative workplaces with 24-foot clear-height ceilings, large glass panel walls, skylights and 16,000 square feet of private outdoor patio space for collaboration. The building sits on a podium over a cov- ered parking structure. The building is just steps away from the LA Metro Green Line and minutes from LAX. It is scheduled for occu- pancy in the fourth quarter of 2017. JLL's Mike McRoskey, Blake Searles, Evan Moran and Jason Fine are lead- ing the property's leasing efforts. HANLEY INVESTMENT GROUP ARRANGES $9 MILLION SALE OF RITE AID MENIFEE, CALIF. — Hanley Invest- ment Group Real Estate Advisors has arranged the $9 million sale of a single-tenant, 17,185-square-foot Rite Aid located in Menifee. Kevin Fryman of Hanley represent- ed the seller, Parkcrest Construction Inc. Ron Duong of Marcus & Millichap represented the buyer, an undisclosed private investor. Rite Aid has nearly 20 years remaining on its initial lease term, with increases every 10 years. MALLARD POINTE NEAR SAN FRANCISCO SELLS FOR $18.2 MILLION SAN FRANCISCO — The 22-unit Mal- lard Pointe apartment complex in the San Francisco submarket of Belvedere has sold to a local unidentified pri- vate investor for $18.2 million. The community is located at 1-22 Mallard Drive. Mallard Pointe was built in 1951 and has been renovated several times dur- ing the past five decades. The prop- erty is situated on Belvedere Lagoon, directly across from Angel Island, a California state park. This is the first multifamily transac- tion in Belvedere, according to Ryan Wagner of Colliers International, who, along with his brother Matt Wagner of Paragon Commercial, represented both parties in the transaction. The seller was a local private investor who had owned the property for almost 80 years. ELLIS PARTNERS, INTERCONTINENTAL REAL ESTATE CORP. PURCHASE OAKLAND LAND PARCEL FOR OFFICE TOWER PROJECT OAKLAND, CALIF. — A joint venture between Ellis Partners and Intercon- tinental Real Estate Corp. has pur- chased a vacant parcel in downtown Oakland known as 1100 Broadway. The acquisition includes the dilapi- dated, historic Key System building, which contains 34,000 square feet across seven floors. The JV plans to restore the vacant building and integrate it into a new Class A office tower it will be building on the site. The Key System building was constructed in 1911 as the head- quarters of the Key System Railway, which transported East Bay residents locally and across the lower deck of the Bay Bridge to San Francisco. The seller, SKS, purchased the lot and vacant building in 2008. JLL's Capital Markets team of Michel Seifer, Rob Hielscher and Erik Hanson bro- kered the transaction. MARINA VISTA APARTMENTS IN NAPA SELLS FOR $10.3 MILLION NAPA, CALIF. — The 42-unit Marina Vista Apartments in Napa has sold to a private investor for $10.3 million. The community is situated less than one mile from Highway 29 and just steps away from the 150,000-square- foot River Park Shopping Center. It was built in 1978. The buyer was represented by Greg Cohn of Capital Realty Group and Ron Karp. Vincent Schwab of Marcus & Millichap represented the seller, a syndicator based in Southern Califor- nia, in this transaction.