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 8 • July 2018 • Western Real Estate Business www.REBusinessOnline.com VOIT REAL ESTATE NEGOTIATES $1.5 MILLION SALE OF OFFICE BUILDING CHULA VISTA, CALIF. — Voit Real Estate Services has arranged the sale of an office building located at 2090 Otay Lakes Road in Chula Vista. Stars Intervention Inc. purchased the build- ing from Pathfinder Otay Holdings, an affiliate of Pathfinder Partners, for $1.5 million. Located within Eastlake Medical and Professional Center, the property features 6,638 square feet of office space. Tracy Clark and Kimber- ly Clark of Voit Real Estate Services' San Diego office represented the sell- er, while Denisse Sanchez of Remax Clarity represented the buyer in the transaction. BPM REAL ESTATE GROUP TO BUILD 326-KEY RADISSON BLU ANAHEIM, CALIF. — The Anaheim Planning Commission has approved BPM Real Estate Group's plan to de- velop a Radisson Blu on a 3.3-acre site at Interstate 5 and South Anaheim Boulevard. The 12-story hotel will feature 326 guest rooms; a 353-stall garage; an outdoor rooftop deck bar, restaurant and social pool; a fitness facility; small conference facility; gift shop; and game room. Additionally, the property will be within walking distance of Disneyland Resort's main entrance. Designed by GBD Archi- tects, the hotel is slated for completion in spring 2020. ARTISAN REALTY ADVISORS ACQUIRES 40,000 SF RETAIL PROPERTY IN HOLLYWOOD FOR $61 MILLION HOLLYWOOD, CALIF. — Santa Mon- ica, Calif.-based Artisan Realty Advi- sors has purchased Space 15 Twenty, a retail property located at 1520, 1534, 1538 and 1542 N. Cahuenga Blvd. and 1535 Ivar Ave. in Hollywood. Ca- huenga Lofts and Ivar Group sold the property for $61 million. Situated on a 71,000-square-foot land parcel, the property consists of two buildings with an open space area and a surface parking lot. Urban Outfitters, Umami Burgers, Free People and Pharmacy Boardshop, a skate shop, occupy the property. The asset was built in the mid-1920s and renovated in 2007. Cory Stehr of Lee & Associates-LA North/Ventura represented the sell- ers in the transaction. PRIMESTOR DEVELOPMENT BREAKS GROUND ON 115,000 SF SHOPPING CENTER LOS ANGELES — Primestor Devel- opment is breaking ground today on Jordan Downs Plaza, a shopping cen- ter located within the Jordan Downs project in the Watts area of Los An- geles. As part of the Jordan Downs revitalization project, the shopping center will bring 115,000 square feet of retail space to the area. Situated on 9.5 acres, the open-air project will include a full-service supermarket, fitness center and a variety of local and na- tional retailers. Jordan Downs Plaza is a public/private partnership, and the project would not be possible without a financial investment of the federal government through its New Market Tax Credit Program and the convey- ance of property by ground lease from the U.S. Department of Housing and Urban Development and the Housing Authority of the City of Los Angeles. Financing for the project is provided by Federal Realty Investment Trust, Genesis LA, Chase, California State- wide Communities Development Corp. and Los Angeles Development Fund. FRONTIER GROUP ACQUIRES OFFICE, RETAIL BUILDING IN DOWNTOWN SAN FRANCISCO FOR $14.5 MILLION SAN FRANCISCO — Frontier Group has purchased 570 Market Street, a retail and office building located in downtown San Francisco. An undis- closed seller sold the property for $14.5 million. Built in 1922, the two- story building is occupied by a variety of retail and office tenants, including Daiso Japan, Creative Marketing Con- cepts, ABC Cleaners, Lucky Nails, Mercury Maintenance and Jack's Shoe Repair. Frank Chiu of Starboard Com- mercial Real Estate represented the buyer in the deal. KIDDER MATHEWS NEGOTIATES $6.4 MILLION SALE OF APARTMENT BUILDING COSTA MESA, CALIF. — Kidder Mathews has arranged the sale of Casa Del Mar, an apartment building located at 147 E. 18th St. in Costa Mesa. Newport 18th Partners acquired the 16-unit property from a private trust for $6.4 million. Steven Brombal and Joshua Rhee of Kidder Mathews rep- resented the seller and buyer in the deal. The offering is the first time Casa Del Mar has been on the market. NKF CAPITAL MARKETS BROKERS $12.7 MILLION SALE OF MEDICAL OFFICE BUILDING IN METRO LOS ANGELES PALOS VERDES PENINSULA, CALIF. — NKF Capital Markets has facilitat- ed the sale of a medical office building located at 501 Deep Valley Drive in Palos Verdes Peninsula, a city within the South Bay submarket of Los An- geles County. Deep Valley Drive LLC sold the property to Beverly Hills, Calif.-based Dayani Partners for $12.7 million. UCLA Health occupies 77 per- cent of the four-story, 33,770-square- foot building. Sean Fulp, Ken White, Michael Moore and Kevin Shannon of NKF Capital Markets represented the seller, while the buyer was self-repre- sented in the transaction. LEVIN JOHNSTON NEGOTIATES $12.5 MILLION SALE OF MULTIFAMILY PROPERTY SAN JOSE, CALIF. —Levin Johnston, a division of Marcus & Millichap, has arranged the sale of First Street Man- or, a multifamily property located 523-530 N. First St. in downtown San Jose. A private investor acquired the property for $12.5 million. Situated near Google's newest proposed tech campus, Google Village, the prop- erty features 39 apartment units. The buyer plans to perform full façade up- grades to the asset in order to rebrand the property and improve its overall value. Adam Levin and Robert John- ston of Levin Johnston represented the buyer and the seller, a private in- vestor, in the transaction. OFFICE $20,000,000 SUTTER PLAZA SAN FRANCISCO, CA | 120,173 SF LIFE COMPANY OFFICE & MANUFACTURING BTS $172,450,000 CORPORATE CAMPUS PHOENIX, AZ | 617,000 SF CONSTRUCTION LOAN & EQUITY MULTIFAMILY $141,500,000 ALISO CREEK APARTMENTS ALISO VIEJO, CA | 535 UNITS CMBS / B NOTE / MEZZANINE MULTIFAMILY $28,700,000 ORIGIN APARTMENTS SEATTLE, WA | 153 UNITS LIFE COMPANY MULTIFAMILY $13,427,350 COLUMBIA TRAILS APT. GRESHAM, OR | 264 UNITS FREDDIE MAC C O M M E R C I A L R E A L E S T A T E D E B T E Q U I T Y & S E R V I C I N G To speak to your local expert, visit northmarq.com/offices W E S T E R N R E G I O N ALBUQUERQUE | DENVER | LAS VEGAS | LOS ANGELES | PHOENIX SAN DIEGO | SALT LAKE CITY | SAN FRANCISCO | SEATTLE NORTHMARQ CAPITAL, LLC - NEVADA LIC. #3728 RETAIL $37,000,000 SAHARA CENTER LAS VEGAS, NV | 222,883 SF CMBS Urban Outfitters, Umami Burgers, Free People and Pharmacy Boardshop occupy Space 15 Twenty, a 40,000-square-foot retail property in Hollywood.

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