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/873170
C A L I F O R N I A & H A WA I I 26 • September 2017 • Western Real Estate Business www.REBusinessOnline.com SAVILLS STUDLEY NEGOTIATES SALE OF CHINO SPECTRUM TOWNE CENTER CHINO, CALIF. — Savills Studley has negotiated the sale of Chino Spectrum Towne Center, a 459,969-square-foot shopping center located in Chino. The property is home to tenants including Walmart, Kohls, Best Buy, Marshalls, Nordstrom Rack, DSW, Party City, Pier One Imports and Aki Home. Bill Bauman and Kyle Miller of Savills Studley brokered the trans- action. MetLife Investment Manage- ment acquired the property from a partnership between Vestar Develop- ment Co. and an institutional entity. MARCUS & MILLICHAP BROKERS $39.6 MILLION SALE OF SHOPPING CENTER FOLSOM, CALIF. — Marcus & Millichap has arranged the sale of Walmart Central Shopping Center located at 1002-1016 Riley Street in Folsom. A private investor sold the property for $39.6 million. Built in 1992, the property features 139,277 square feet of retail space. Tyler Stevens of Marcus & Millichap represented the seller. The name of the buyer was not released. Kent Williams, also of Marcus & Millichap, is the bro- ker of record in California. WESTWOOD FINANCIAL RECEIVES $171 MILLION IN FINANCING FOR 13-PROPERTY RETAIL PORTFOLIO LOS ANGELES — Westwood Finan- cial, a shopping center investment firm based in Los Angeles, has re- ceived $171 million in financing in two separate loan transactions. The company will use the debt to refi- nance or fund acquisitions for 13 retail properties totaling nearly 1.1 million square feet in Arizona and California, among other markets. Nationwide Life Insurance Co. provided a $94 million loan for West- woodFinancial to refinance or acquire seven multi-tenant retail shopping centers, including the 77,043 square- foot Camelback Village anchored by AJ's Fine Foods in Phoenix. An undisclosed, major life insur- ance firm provided a $77 million loan for the refinancing of six proper- ties, including the 89,506-square-foot Mercado del Rancho anchored by Sprouts Farmers Market in Scotts- dale, Ariz., as well as two California centers shadow-anchored by Ralph's. They included the 68,055-square-foot Mercado del Lago in Rancho Santa Margarita in Orange County and the 30,300-square-foot Magnolia Vineland in North Hollywood. The HFF debt placement team rep- resenting Westwood Financial on a national basis included senior manag- ing director Kevin MacKenzie and di- rector Jamie Kline. Regional HFF team members involved in the two loan transactions include Jeremy Womack in Phoenix, Gregg Shapiro in Atlanta, Jason Bond in Chicago, Jim Curtin in Dallas, Nat Scarmazzi in Miami, Cory Fowler in Charlotte and Matthew Put- terman in Houston. Westwood Financial recently re- structured its business model from 280 partnerships into a single $1.5 billion entity. The firm's portfolio now includes 118 grocery-anchored shopping centers spanning more than 10 million square feet in 26 markets across the country. REXFORD INDUSTRIAL REALTY BUYS INDUSTRIAL PROPERTY IN RANCHO CUCAMONGA RANCHO CUCAMONGA, CALIF. — Rexford Industrial Realty has pur- chased a 201,035-square-foot industri- al property in the Inland Empire West submarket of Rancho Cucamonga for $19.8 million. The property is located at 11190 White Birch Drive. The asset is fully leased to a single tenant in the logistics industry on a triple-net basis at below-market rent. The building was originally construct- ed for two tenants, but, upon lease ex- piration, the property has the poten- tial for efficient re-tenanting to two tenants at higher rents. The acquisition was funded utiliz- ing the company's line of credit. The seller was not disclosed. Providing Value To Our Clients By Minimizing Their Property Taxes Pgg gg gigi ug Booth #2651 ICSC Western Division and Deal Making gg gg gggg gggg gggg ggg ggggggg ggggggggg ggg gg Over 40 Years Experience in Property Tax Consulting www.property-taxes.com/RETD Contact Us Today 800-245-3190 Let Us File Your Commercial Real Estate Property Tax Appeal Let PTA Reduce Your Real Property Taxes. We Can Help. Give Us A Call. SEND YOUR NEWS TO western@francemediainc.com