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 24 • May 2017 • Western Real Estate Business www.REBusinessOnline.com BARAK INVESTORS GROUP, MIP INVESTMENT SELL UNIVERSAL CITY OFFICE BUILDING LOS ANGELES — A joint venture be- tween Barak Investors Group and MIP Investment has sold a 103,154-square- foot office building in the Los Angeles submarket of Universal City. Though the price was not disclosed, the JV noted the building "traded in the high $30s." The Class A building is located at 3330 Cahuenga. It is 92 percent leased to tenants like Extreme Reach, Pana- sonic, EPSCineworks and Abomina- ble Pictures. The buyers are Cahuenga Invest- ment LLC and Cahuenga Equity LLC. NGKF's Kevin Shannon Team repre- sented the JV in this transaction. NEW HYATT PLACE EMERYVILLE/SAN FRANCISCO OPENS IN EAST BAY EMERYVILLE, CALIF. — A new 175- room Hyatt Place Emeryville/San Francisco hotel has opened in East Bay. The hotel is located at 5700 Bay Street in Emeryville. The new Hyatt has been a part of Emeryville's ongoing downtown expansion and restoration initia- tive. It serves as the flagship hotel in Bay Street Emeryville, a three-city- block-long development. The retail mega-center features 65 stores, 10 res- taurants, a movie theater and 400 resi- dential units. The hotel's development was led by Ensemble Real Estate Investments. COLDWELL BANKER COMMERCIAL SC COMPLETES OFFICE EXPANSION IN SAN DIEGO'S UTC AREA SAN DIEGO — Coldwell Banker Com- mercial SC (CBC-SC ) has completed its expansion into a 4,000-square-foot space at the newly revamped Execu- tive Square Plaza in the UTC (Univer- sity Towne Center) area of San Diego. CBC-SC's president, Brandon Sud- weeks, says this expansion is part of the firm's larger strategy within the San Diego region. The firm has grown from three agents just a few years ago to more than 30 agents in three offic- es. CBC-SC plans to add a few more agents to its newly expanded UTC of- fice. PALMDALE APARTMENTS SELLS FOR $3.1 MILLION LONG BEACH, CALIF. — The 24-unit Palmdale Apartments in Long Beach has sold to Forward 6th Street Invest- ments LLC for $3.1 million. The com- munity is located at 845 E. 6th Street. It was built in 1924. The property was recently renovated to include hard- wood floors and granite countertops in all units. The LLC plans to carry out additional renovations to the exterior common areas, as well as further unit upgrades. Robert Stepp and Michael Toveg of Stepp Commercial represent- ed both the buyer and private seller in this transaction. GEMINI ROSEMONT RECEIVES $33 MILLION TO REFINANCE SAN DIEGO OFFICE TOWER SAN DIEGO — Gemini Rosemont has received $33 million to refinance a 177,400-square-foot office tower in San Diego's Little Italy submarket. The 19-story tower is located at 610 West Ash. It is 97 percent occupied with 13 tenants that include an in- ternational cyber security firm and the General Services Administration. A10 Capital is refinancing a short- term loan that funded the building's acquisition in 2016. A10 structured its financing with a 10-year maturity that included a $2 million rollover reserve for tenant improvements. APARTMENT COMPLEX IN RESEDA SELLS FOR $4.4 MILLION LOS ANGELES — A 14-unit apart- ment complex in the Los Angeles submarket of Reseda has sold to June Quest One LLC for $4.4 million. The community is located at 7122 Amigo Ave. The property features high-end finishes and appliances in the units, gated parking, secure entrance and an elevator. It was built in 2013. The buy- er was represented by Robert Stepp and Mark Witksen of Stepp Commer- cial. The seller, Amigo Properties, was represented by the Agency. BEMER USA BUYS INDUSTRIAL BUILDING IN CARLSBAD FOR $2.5 MILLION CARLSBAD, CALIF. — Bemer USA has purchased a 19,601-square-foot in- dustrial flex building in Carlsbad for $2.5 million. The building is located at 1989 Palomar Oaks Way. It includes 5,000 square feet of warehouse space. Bemer USA was represented by Jeff Abramson of Lee & Associates. NG- KF's Brent Bohlken represented the seller, RM-USE LLC, in this transac- tion. INTEGRAL SENIOR LIVING TO MANAGE UPCOMING 136-UNIT COMMUNITY IN OXNARD OXNARD, CALIF. — Integral Senior Living has been selected to manage Laurel Riverpark, a 136-unit indepen- dent living community currently un- der construction in Oxnard, located midway between Los Angeles and Santa Barbara. The Wolff Company, a private equi- ty firm based in Arizona, is developing the property. Pre-leasing is currently open. This will be the third commu- nity Integral operates for Wolff. Laurel Riverpark will be located within the larger Riverpark master- planned community, putting it direct- ly adjacent to dining, shopping and entertainment. Integral Senior Living, headquar- tered in Carlsbad, operates 58 inde- pendent living, assisted living and memory care properties throughout California, Arizona, Utah, Idaho, Tex- as, Colorado, Oregon, Washington, Il- linois, Michigan, Missouri, Alabama, Oklahoma, Tennessee, Florida and Indiana. CHAMPION REAL ESTATE CO. BEGINS CONSTRUCTION ON SPROUTS FARMERS MARKET GLENDORA, CALIF. — Champion Real Estate Co. has begun construc- tion on a Sprouts Farmers Market at 655 S. Grand Ave. in Glendora. The grand opening of the 30,000-square- foot Sprouts is scheduled for May 18. Champion Real Estate acquired the freestanding former grocery prop- erty in 2016 and is investing $32 mil- lion in the reconfiguration of the 85,615-square-foot property into a 70,500-square-foot, grocery-anchored retail center. There are two new re- tail pads in the existing parking field, plus additional supporting retail to expand the tenant base. Completion is planned for July. The center has received commit- ments for 93 percent of the space with tenants including Marshalls, Coffee Bean and Tea Leaf. JLL's Shauna Mat- tis, Elizabeth Hewson and Blake Ka- plan are handling leasing at the center. S E L E C T R E TA I L S I T E S Apple Valley, California Economic Development Office (760) 240-7915 select@applevalley.org S e l e c t A p p l e Va l l e y. c o m Apple Valley offers golden opportunities for retail businesses. JESS R ANCH MARKE TPL ACE Located at Bear Valley Road and Apple Valley Road Weingarten Realty owns and manages this 969,000-square- foot regional center which includes Cinemark Theatres, 24 Hour Fitness, Burlington, WinCo Foods, Red Robin, and Buffalo Wild Wings. Ulta Beauty and Jersey Mike's Subs opened their first stores in the region here. Chase Bank is resuming development of a new branch office at the SEC of Bear Valley and Apple Valley Roads. A limited number of inline spaces are available as well as an adjacent 10-acre parcel for entertainment and hospitality opportunities. APPLE VALLEY COMMONS Located at State Highway18 and Dale Evans Parkway Lewis Retail Centers developed this 469,000-square- foot center at the heart of Apple Valley's Civic Center and includes Super Target, Ross Dress for Less, Dollar Tree, Round Table Pizza, Starbucks, Union Bank and more. Recently opened or coming stores include Juice It Up, WaBa Grill, 76, and Les Schwab Tire Center. A limited number of pads and inline spaces are available for lease as well as a 140,000-square-foot former Lowe's building across Dale Evans Parkway. APPLE VALLEY GATE WAY CENTER Interstate -15 and Dale Evans Parkway In 2016, the Apple Valley Planning Commission approved Apple Valley Gateway Center, a 10-acre, 80,480-square- foot project at the northeast corner of I-15 and Dale Evans Parkway. Belco Development, of Murrieta, is proposing to construct a hotel, retail shops and restaurants. Hotel and tenant interest is now being accepted. QUAIL RIDGE PL A Z A Nor theast corner of Apple Valley Road and Yucca Loma Road Mal Riley and Associates, developer of the highly successful Jess Ranch Marketplace II and III, has returned to Apple Valley to design and develop the site formerly known as The Fountains. Riley has already assembled a remarkable development team and in a rare move signifying the intensity of the project, is bringing in two of the largest commercial brokerage firms, Jones Lang LaSalle and CBRE, to assist in leasing. Located near the strongest median income demographics in the region, the project will be designed as a mixed-use concept including retail, restaurants, office, townhomes (or multi-family) and senior living. Yucca Loma Bridge is now open. Jess Ranch Marketplace Apple Valley Commons Quail Ridge Plaza