Western Real Estate Business

SEP 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/1027244

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Page 12 of 82

C A L I F O R N I A 10 • September 2018 • Western Real Estate Business www.REBusinessOnline.com GEORGE SMITH PARTNERS ARRANGES $22.3 MILLION IN FINANCING FOR MULTIFAMILY DEVELOPMENT LOS ANGELES — George Smith Partners has secured $22.3 million in financing for the ground-up devel- opment of a workforce multifamily property located in Los Angeles' Ko- reatown district. The borrower and property developer is a joint venture between Index Real Estate Invest- ments and Ketter Construction. Lo- cated at 3057 W. Pico Blvd., the project will feature 51 workforce apartment units and 3,350 square feet of ground- floor retail space. Construction is un- derway on the development, with a slated completion in early 2020. Jonathan Lee and Shahin Yazdi of George Smith Partners arranged the transaction. The financing includes a $17.3 million senior loan priced at LIBOR plus 375.5 basis points for the 36-month term, while the $5 million tranche was priced at a 12.25 percent annual interest rate. RED MOUNTAIN GROUP ACQUIRES 560,000 SF REGIONAL POWER CENTER INDIO, CALIF. — Red Mountain Group has purchased Indio Towne Center, a regional power center locat- ed at 42100 Jackson Street in Indio, for an undisclosed price. WinCo Foods, The Home Depot, 24 Hour Fitness, Party City, Petco, CVS/pharmacy, Taco Bell, KFC, Panda Express, Jack in the Box, McDonalds, Subway and Starbucks Coffee are tenants at the 560,000-square-foot center. The prop- erty also features a recently vacated 46,827-square-foot Toys R Us store- front and an undeveloped anchor building and shop pads, which will support an additional 141,000 square feet of building area. While in escrow, Red Mountain Group signed leases with Marshalls and Burlington. Bill Bauman and Kyle Miller, formally of Savills Studley, brokered the transac- tion. CBRE ARRANGES $7.8 MILLION SALE OF THREE-BUILDING RETAIL CENTER YORBA LINDA, CALIF. — CBRE has brokered the sale of The Shops at Yorba Linda, a three-building center located at 4846-4854 Valley View Ave. in Yorba Linda. Solana Beach-based Midtown National Group sold the property to Los Angeles-based San Jose Central Travel for $7.8 million. At the time of sale, the property was fully occupied by a mix of quick-serve restaurants, service tenants, unique retailers and a Dunkin Donuts drive- thru. Sam Alison, Mike Philbin, Amar Goli and Patrick Larimore of CBRE represented both the seller and buyer in the transaction. SAFEWAY TO ANCHOR 100,000-SQUARE-FOOT RETAIL CENTER SAN JOSE, CALIF. — Safeway will an- chor a 100,000-square-foot retail cen- ter in the North Village of Market Park San Jose, a mixed-use project under development in San Jose. The transit- oriented development is located ad- jacent to the soon-to-open Berryessa BART station. At full build-out, Mar- ket Park will include 4,000 residential units, 1.5 million square feet of office space, retail space, a park and walk- ing/bicycle paths. In addition to the 65,000-square-foot Safeway, the North Village's Market Place shopping cen- ter will house a drugstore, restau- rants and service-oriented businesses. Borelli Investment Co. is handling the project management and leasing, and The Schoennauer Co. is handling per- mitting. The project team expects to break ground on the shopping center in the fall of 2019, with the Safeway store scheduled to open in 2020. Southern California most Important Regional Hub for Trucking, logistics, Housing & Retail Opportunities. The Right ty at the Right Time The scal Times ranking of U.S. Cities with populations over 200,000: #1 Irvine, CA #2 Fontana, CA #9 Washington, DC #29 Las Vegas, NV #115 New York, NY FONTANA CALIFORNIA Come See Us in Los Angeles ICSC Western Conference & Deal Making October 9 & 10, 2018 • Booth: 537 Jerry Edgett (909) 350-6741 • jedgett@fontana.org www.fontana.org At the time of sale, the three-building The Shops at Yorba Linda retail center was fully occupied.

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