Western Real Estate Business

AUG 2018

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/1012778

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Page 11 of 42

C A L I F O R N I A www.REBusinessOnline.com Western Real Estate Business • August 2018 • 9 LEVIN JOHNSTON ARRANGES $25 MILLION SALE OF TWO SELF-STORAGE FACILITIES IN SILICON VALLEY LOS GATOS, CALIF — Levin John- ston of Marcus & Millichap has ar- ranged the sale of two institutional- quality self-storage facilities located at 688 University Ave. and 17443 Far- ley Road West in Los Gatos situated within Silicon Valley. A private high- net-worth family acquired the as- sets for $25 million. Constructed in 1999 and 2005, the Stor ' It Los Gatos facilities feature a total of 785 self- storage units, ranging from 25 square feet to 300 square feet, and in a mix of climate-controlled and standard unit offerings. At the time of sale, the 45,287-square-foot asset was 84 per- cent occupied. Adam Levin of Levin Johnston and Jacob Becher of Marcus & Millichap represented the buyer and the seller, a private high-net- worth individual, in the deal. OCEAN WEST CAPITAL ACQUIRES 124,000 SF OFFICE/RETAIL BUILDING AT HOLLYWOOD AND VINE LOS ANGELES — Ocean West Capital Partners has purchased the Taft Build- ing, a 12-story office and retail build- ing located at the intersection of Hol- lywood Boulevard and Vine Street in Hollywood, for an undisclosed price. Originally built in 1923, the historic property features 124,000 square feet of space. The building, which was the first high-rise office building in Hol- lywood, recently underwent an ex- tensive renovation. The buyer plans to complete capital upgrades to the lobby and common areas, convert the ground-floor basement space into an entertainment-focused use, and pro- vide a high-touch level of service to its entertainment industry-focused clientele. The name of the seller was not released. MANI BROTHERS REAL ESTATE ACQUIRES 205-ROOM HOTEL NAPA, CALIF. — Mani Brothers Real Estate Group has purchased the Em- bassy Suites by Hilton Napa Valley, located at 1075 California Blvd. in Napa, for an undisclosed price. The seller was RLJ Lodging Trust. The buyer plans to convert the 205-room hotel into a Curio Collection prop- erty, complete with a refurbishment and overall renovation of the exist- ing property. Upgrades will include a redesign of all guest rooms and restaurant spaces, the addition of a full-service space, new pools and a 54-room expansion. Situated on more than eight acres, the property fea- tures more than 10,000 square feet of indoor and outdoor event space, including a rose garden, chef's gar- den, fire pits, mill pond with resident swans and year-round pool. IN THE INLAND EMPIRE NO MASTER PLAN LIKE IT UNRIVALED NOW DEVELOPING 5.1 MILLION SQUARE FEET Logistically located in the Inland Empire, the emerging Watson Industrial Park Chino features 5.1 million square feet of highly functional 36' Clear distribution centers that are packed with incomparable detail and sustainable design features. See what sets this Master Plan apart: www.watsonipc.com Located in Ontario, Empire Towers V was fully occupied by 11 tenants, including United Health Care Services, Chapman University and CEMEX, at the time of sale. NKF NEGOTIATES SALE OF OFFICE BUILDING FOR $29.9 MILLION ONTARIO, CALIF. — NKF Capital Markets has brokered the sale of Empire Towers V, a five-story office building located at 3990 Concours St. in Ontario. TA Associates sold the property to MGR Realty for $29.9 million. Kevin Shannon, Ken White and Michael Moore of NKF Capital Markets represented the seller, while the buyer was self-rep- resented in the transaction. Built in 2007, the 124,529-square-foot prop- erty is situated on 4.4 acres and within walking distance to vari- ous amenities, including restau- rants, hotels, Ontario Mills Mall, Citizens Business Bank Arena and the Ontario Convention Center. At the time of sale, the property was 100 percent occupied by 11 ten- ants, including United Health Care Services, Chapman University and CEMEX.

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