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.

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C A L I F O R N I A 12 • August 2018 • Western Real Estate Business www.REBusinessOnline.com NEXT SPACE DEVELOPMENT BUYS APARTMENT COMPLEX FOR $14.5 MILLION SAN DIEGO — Next Space Develop- ment Realty, a residential and mul- tifamily development company, has purchased 25 on Fifth, an apartment complex, for $14.5 million. Located at 3265 Fifth Ave. in San Diego, the prop- erty features 25 apartment units. May- fair initially developed the building in 2007 but lost the property to Bank of America in the 2008 recession. Paci- fica Cos. provided acquisition equity for the transaction. Eric Comer, Jim Neil and Merrick Matricardi of Kid- der Mathews represented the buyer in the deal. REXFORD INDUSTRIAL REALTY BUYS INDUSTRIAL PROPERTY FOR $22.5 MILLION LOS ANGELES — Rexford Industrial Realty has acquired a single-tenant industrial property located at 12154 Montague St. in the Pacoima neigh- borhood of the Los Angeles-San Fer- nando Valley submarket. An undis- closed seller sold the property for $22.5 million, or $183 per square foot, in an off-market transaction. Situated on 4.9 acres, the fully occupied prop- erty features 122,868 square feet of in- dustrial space. MARCUS & MILLICHAP NEGOTIATES SALE OF 52,388 SF RETAIL PROPERTY REDLANDS, CALIF. — Marcus & Mil- lichap has arranged the sale of Park West Plaza, a retail property located at 415 and 461 Tennessee St. in Redlands. An undisclosed partnership sold the property for $6.2 million. Built in 1978 and situated on 3.8 acres, the retail as- set features four buildings offering a total of 52,388 square feet. Chuck Shil- lington of Marcus & Millichap's On- tario office represented the seller in the deal. JLL BROKERS SALE OF TWO INDUSTRIAL BUILDINGS SAN DIEGO — JLL has arranged the sale of two light industrial buildings located within Scripps Ranch Busi- ness park in San Diego. Carroll Can- yon Properties acquired the properties, which are located at 9965 Carroll Can- yon Road and 9850 Businesspark Ave., from Hill Properties for an undisclosed price in an off-market transaction. At the time of sale, the buildings were ful- ly leased to Kone and Foresight Sports. The two-building asset consists of 27,801 square feet on a 2.1-acre corner lot. Sach Kirpalani, Bob Prendergast and Lynn LaChapelle of JLL represent- ed the seller in the deal. REALTY ADVISORY GROUP BROKERS $24.8 MILLION ACQUISITION OF INDUSTRIAL ASSET SANTA FE SPRINGS, CALIF. — Re- alty Advisory Group has arranged the purchase of an industrial prop- erty located at 9601-9603 John St. in Santa Fe Springs. An undisclosed buyer acquired the property for $24.8 million. Situated on 7.2 acres, the 181,070-square-foot facility features 22- to 28-foot ceiling heights, 16 DH positions and future divisibility. At the time of sale, the building was fully leased to Windsor Fashions. John Rep- stad and Mark Repstad of Realty Ad- visors Group represented the buyer and undisclosed seller in the deal. NKF CAPITAL MARKETS ARRANGES $58.5 MILLION SALE OF SHOPPING CENTER CHULA VISTA, CALIF. — NKF Capi- tal Markets has arranged the $58.5 million sale of Broadway Plaza, a 356,335-square-foot shopping cen- ter in Chula Vista, located nine miles southeast of San Diego. The center was fully leased at the time of sale to tenants including Walmart, Costco, Panda Express, Verizon, Subway, Chase Bank, Petco and GameStop. Pete Bethea, Rob Ippolito and Glenn Rudy of NKF represented the seller, Kimco Realty. The buyer, Protea Prop- erties LLC, was self-represented in the transaction. CHAMPION REAL ESTATE SELLS REDEVELOPED, GROCERY-ANCHORED RETAIL CENTER GLENDORA, CALIF. — Champion Real Estate Co. has completed the disposition of Grand & Alosta, a gro- cery-anchored retail center located in Glendora, to 655 South Grand Av- enue Owner LLC for an undisclosed price. Champion Glendora, an affili- ate of Champion, acquired the vacant 85,615-square-foot building in 2016 and redeveloped it into a smaller, 70,811-square-foot, multi-tenant shop- ping center. Sprouts Farmers Mar- ket and Marshalls anchor the fully occupied property. Bryan Ley, Gleb Lvovich and Justin Kundrak of HFF represented the seller, while the buyer represented itself in the transaction. AVISON YOUNG BROKERS $15.6 MILLION SALE OF APARTMENT COMPLEX LOS ANGELES — Avison Young has arranged the sale of The Culver, an apartment complex located at 3325 S. Canfield Ave. in the Culver City/ Palms neighborhood of Los Angeles. Palm Heights LLC sold the property to Mapleton Culver City LLC for $15.6 million. Built in 2006, the four- story building features 28 apartment units in a mix of studio, two- and three-bedroom floorplans. Each unit features nine-foot ceilings, in-unit washer/dryers and balconies. On-site amenities include a rooftop deck with seating and grills, fitness center, cof- fee station and business center. Peter Sherman of Avison Young's Los Ange- les office represented the seller in the deal. KEYBANK PROVIDES $26.8 MILLION IN CMBS FINANCING FOR RETAIL CENTER SANTA MARIA, CALIF. — KeyBank Real Estate Capital has provided a $26.8 million CMBS first-mortgage loan for Enos Ranch Retail, a shopping center in Santa Maria. Built in 2017, 10 tenants occupy the 119,760-square- foot property. Dick's Sporting Goods is the anchor tenant. John Loshbaugh of Key's Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term and a 30-year amortization scheduled. The undisclosed borrower used the loan to refinance existing debt. Kidder Mathews brokered the sale of 25 on Fifth in San Diego. The property features 25 apartment units. Dick's Sporting Goods, Petco and Old Navy are tenants at Enos Ranch Retail in Santa Maria.

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