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

Contents of this Issue

Navigation

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.

Articles in this issue

Links on this page

Archives of this issue

view archives of Western Real Estate Business - SEP 2018