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 18 of 82

C A L I F O R N I A 16 • September 2018 • Western Real Estate Business www.REBusinessOnline.com ASANA PARTNERS BUYS MIXED-USE PORTFOLIO FOR $23.2 MILLION LOS ANGELES — Charlotte, N.C.- based Asana Partners has purchased The Fig Collection @ Highland Park, a three-property mixed-use portfolio in Los Angeles' Highland Park sub- market. Engine Real Estate, a Los An- geles-based private investor, sold the asset for $23.2 million. The portfolio includes: • A two-building multifamily and retail property located at 5900 N. Figueroa St. and 111 S. Avenue 59. The property at 5900 N. Figueroa St. includes 12 studio and one-bedroom apartment units and 11,305 square feet of ground-floor retail space, which is 86 percent leased. Mr. Holmes Bake- house occupies the 4,167-square-foot building located at 111 S. Avenue 59. • A single-story, 2,250-square-foot building located at 5711 N. Figueroa St. The property is fully occupied by Sonomama and Afters Ice Cream. • A two-story, 22,500-square-foot prop- erty, located at 5715-5717 N. Figueroa St. Recently renovated, the property features retail and commercial office space, which is fully occupied. Ten- ants include LemonTree, Blind Bar- ber, Chops Market, Otono Restaurant, Pacific Union and Arrive Enterprises. Dana Brody of JLL represented the sell- er, while Geoff Tranchina of JLL repre- sented the buyer in the transaction. CALBAY ACQUIRES RETAIL PROPERTIES IN ONTARIO ONTARIO, CALIF. — CalBay Develop- ment has completed two acquisitions in Ontario totaling approximately $5.85 million. The company acquired a to-be-vacated restaurant at 2345 S. Grove Avenue for $1.975 million. The 1-acre site was acquired from the owner-user of the site through MGR Real Estate; MidFirst Bank provided financing. Calbay is changing the use of the property from restaurant to ex- press car wash and plans to construct a Fast5Xpress Car Wash. Calbay also acquired the Chevy's Fresh Mex Res- taurant at 4551 Mills Circle for $3.85 million. The 2-acre site is an outparcel to Ontario Mills Mall. CAPRE Broker- age arranged the transaction, while Comerica Bank provided financing on the acquisition. IREA BROKERS $10.1 MILLION SALE OF BONITA TERRACE APARTMENT BUILDING LOS ANGELES — Investment Real Estate Associates (IREA) has arranged the sale of Bonita Terrace, an apart- ment building located at 6900 Bonita Terrace in Los Angeles' Hollywood Hills. A California-based private indi- vidual acquired the property for $10.1 million, or $632,000 per unit. Built in 2014, the property features 16 apart- ments, elevator service and secure subterranean parking garage. Jona- than Krikorian, Clark Everitt and Wil- liam Everitt of IREA represented the buyer and seller, a California-based private individual. PHASE 3 REAL ESTATE RECEIVES $149 MILLION REFINANCING FOR GENESIS CAMPUS POINT SAN DIEGO — Phase 3 Real Estate Partners has received a $149 million refinancing for Genesis Campus Point, a life science campus in the Univer- sity Town Center (UTC) submarket of San Diego. Located at 4224 and 4242 Campus Point Court and 10210 Cam- pus Point Drive, the three-building campus features 314,135 square feet of state-of-the-art life science space. Additionally, the campus includes an underground parking facility; an amenity building featuring a fitness center with lap pool, yoga studio, spin studio and showers/lockers; an on- site restaurant; and conference cen- ters. Current tenants include Poseida Therapeutics, MabPlex USA, Heron Therapeutics, Celgene, Tocagen, Bio- Labs San Diego LLC and AveXis Inc. Tim Wright, Todd Sugimoto and Olga Walsh of HFF arranged the financing for the borrower. XENON INVESTMENTS BUYS 81-UNIT APARTMENT PROPERTY FOR $28 MILLION LOS ANGELES — Xenon Investments, a local multifamily operator, has pur- chased Las Palmas Villa Apartments, located at 2039 N. Las Palmas Ave. and 2026 N. Highland Ave. in Hollywood. Berk Investments sold the property for $28 million. The 67,700-square-foot asset features a mix of studio/junior one-bedroom, one-bedroom and two- bedroom units, controlled access, a swimming pool with sundeck, court- yard with fountain, parking, laundry facilities on each floor and elevator access to all levels. Unit amenities in- clude spacious floorplans and air con- ditioning, with many units featuring a balcony or patio. The buyer plans to upgrade all common areas, including the building façade, and completely renovate all unit interiors with state- of-the-art amenities and convenienc- es. Dean Zander, Stewart Weston and John Montakab of CBRE represented the seller in the deal. MAXIMIMIZING VALUE FOR OUR CLIENTS T HE LE ADING RE TAIL INVE S TMENT S ALE S BROKER AGE FIRM, WIT H OVER 80 OFFICE S NAT IONWIDE . SHOPS AT RIALTO MARKETPLACE SWC RIVERSIDE AVE & SAN BERNARDINO AVENUE INVESTMENT HIGHLIGHTS • Multi "National" tenant pad building(s) to a new Walmart Supercenter. Walmart Supercenter is a relocation of an existing store that has been serving the community successfully for 25 years. Walmart decided to expand their business to serve the customer with a flagship prototype Supercenter (nearly 200,000sf ). • Best of Class tenants on long term NNN leases with attractive rental increases. • New 2017 developments with Roof and HVAC warranties. • Rialto is strategically positioned along Interstate 10, just east of Rancho Cucamonga and Fontana, in the heart of residential growth for Southern California. • Co-tenants to the center which are not a part include, 7-Eleven, Carl's Jr., Les Schwab Tire Center, and Walmart Supercenter - a relocation and expansion of a highly successful existing store for over 20 years just 2 blocks away.. Building 3 & 4 | $9,780,000 includes Boost Mobile, UPS, Sally's Beauty, Menchie's, Sprint, Ono Hawaiian BBQ, and Chipotle. Building 8 | $8,750,000 includes Starbucks, T Mobile, GNC, Juice it Up, Wing Stop, and Pielogy. SCOTT G. HOOK Senior Vice President P: (949) 419.3224 | M: (949) 290.8884 Scott.Hook@marcusmillichap.com Lic# 00914392 F O R M O R E I N F O R M AT I O N O N T H I S L I S T I N G V I S I T W W W. H O O K R E TA I L A D V I S O R S .C O M . The Fig Collection @ Highland Park features three properties along the 5000 block of North Figueroa Street in Los Angeles' Highland Park submarket. Located in Los Angeles' Hollywood Hills, Bonita Terrace features 16 apartments.

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