Western Real Estate Business

JUL 2018

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 www.REBusinessOnline.com Western Real Estate Business • July 2018 • 7 VANBARTON GROUP BUYS 73,835 SF OFFICE BUILDING FOR $37.7 MILLION LOS ANGELES — Vanbarton Group has acquired an office building lo- cated at 6725 Sunset Blvd. in Los An- geles' Hollywood submarket. Crown Realty & Development sold the prop- erty for $37.7 million. The five-story multi-tenant property features 73,835 square feet of office space. At the time of sale, the property was fully leased by 15 tenants. Additionally, the trans- action included an adjacent three-lev- el parking structure. Kevin Shannon, Rob Hannan, Ken White, Michael Moll of NKF Capital Markets, along with John Tronson of Avison Young and Kreg Groat of Crown Realty & Development, represented the seller in the sale. NORTHMARQ CAPITAL SECURES $8.5 MILLION REFINANCING FOR RETAIL CENTER RICHMOND, CALIF. — NorthMarq Capital has arranged $8.5 million in refinancing for Richmond City Center, a shopping center located at 1100-1350 MacDonald Ave. in Rich- mond. Walgreens, FoodCo and Pay- less Shoe Source are tenants at the 73,892-square-foot property. Joe Giordani of NorthMarq Capital's Los Angeles office secured the refinanc- ing, which was structured with an 18-month term on a 30-year amortiza- tion schedule. HANLEY INVESTMENT GROUP ARRANGES $3.5 MILLION SALE OF STARBUCKS NEAR UNIVERSITY OF SOUTHERN CALIFORNIA LOS ANGELES — Hanley Investment Group Real Estate Advisors has ar- ranged the $3.5 million sale of a sin- gle-tenant building triple-net leased to Starbucks Coffee in Los Angeles. The newly constructed building is located less than one mile from the University of Southern California (USC) campus. Bill Asher, Jeremy McChesney and Jeff Lefko of Hanley Investment Group arranged the transaction on behalf of both the seller, an undisclosed private developer, and the buyer, a Los Ange- les-based private investor. Starbucks has 19 years remaining on its lease. NKF NEGOTIATES $49 MILLION SALE OF OFFICE BUILDING IN SAN FRANCISCO'S VAN NESS CORRIDOR SAN FRANCISCO — NKF Capital Markets has brokered the sale of an office building located at 939 Ellis St. in the Van Ness Corridor of San Fran- cisco. A joint venture between Seattle- based Columbia Pacific Advisors and San Francisco-based Long Market Property Partners sold the property to The Seavest Investment Group for $49 million. The seven-story building features 87,190 square feet of rent- able office space, 53 parking stalls and a 4,460-square-foot patio roof deck with views of downtown San Fran- cisco. Kyle Kovac, Michael Taquino, Daniel Cressman and Mandy Lee of NKF Capital Markets represented the seller, while the buyer, assisted by Meridian, was self-represented in the transaction. KIDDER MATHEWS BROKERS $14.1 MILLION SALE OF RIMROCK APARTMENTS LA MESA, CALIF. — Kidder Mat- thews has arranged the sale of Rim- rock Apartments, a multifamily com- munity located at 8420 Buckland St. in La Mesa. Wyoming-based Joehnk LLC acquired the property from Rimrock LP and Partners LLC for $14.1 million. Jim Neil, Eric Comer, Merrick Mat- ricardi and Bryan Calhoun of Kid- der Mathews represented the seller in the transaction. Built in 1974, the garden-style community features 62 value-add apartments. The property features 48 one-bedroom/one-bath and 14 two-bedroom/two-bath floor plans. On-site amenities include a pool, spa and shared laundry room. NEWMARK SECURES $28 MILLION LOAN FOR NORTHPOINTE SHOPPING CENTER MODESTO, CALIF. — Newmark has placed $28 million in long-term, fixed-rate, non-recourse financing for NorthPointe Shopping Center locat- ed on Pelandale Avenue in Modesto. Save Mart Supermarket anchors the 180,300-square-foot shopping center. Additional tenants include Cost Plus World Market, Starbucks Coffee, Jam- ba Juice, Verizon Wireless and H&R Block. Mitchell Zeemont of Newmark arranged the 15-year, fixed-rate term loan with a 30-year amortization schedule. One of the firm's correspon- dent life insurance company lenders, Genworth Life Insurance Co., provid- ed the capital. CBRE ARRANGES $6.5 MILLION SALE OF RETAIL CENTER SAN DIEGO — CBRE has arranged the sale of Torrey Del Mar Plaza, a strip re- tail center located at 13857-13859 Car- mel Valley Road in San Diego. Carmel Valley Plaza LLC sold the property to a local private investor for $6.5 mil- lion. Situated in the Torrey Highlands submarket, the 10,008-square-foot property was 100 percent occupied at the time of sale. Eight service-type tenants occupy the property, includ- ing a dentist, yoga studio, dry cleaner and animal hospital. Reg Kobzi, Sam Alison, Mike Philbin and Amar Goli of CBRE represented the seller, while Jason Richards represented the buyer in the transaction. At the time of sale, the 73,835-square- foot office property located at 6725 Sunset Blvd. in Los Angeles was fully leased by 15 tenants. Located in San Diego's Torrey Highlands neighborhood, Torrey Del Mar Plaza features 10,008 square feet of retail space.

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