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.

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C A L I F O R N I A 22 • September 2018 • Western Real Estate Business www.REBusinessOnline.com REALM GROUP BUYS DEVELOPMENT SITE FOR HIGH-RISE MULTIFAMILY PROJECT LOS ANGELES — Realm Group, a joint venture between Realm Estate and The Bascom Group, has purchased a 1.7-acre land parcel located within Los Angeles' Fash- ion District. An undisclosed seller sold the property for $24.2 million. The site is entitled for the development of a 33-story, 452-unit, high-rise multifamily property. Ad- ditionally, the site's existing parking lot, located at the corner of Seventh Street and Maple Avenue, will be re- developed into 13,600 square feet of ground-floor com- mercial space. The concrete, steel and glass tower will feature a rooftop lounge with city skyline views and a one-acre amenity deck on the sixth floor with a pool ter- race and oversized dog park. Charles Halladay, Andrew Hornblower and Jamie Kline of HFF secured a land loan from Ladder Capital for the acquisition of the site. Realm is co-developing the mixed-use property with Urban Of- ferings. COLLIERS ARRANGES $6.4 MILLION SALE OF STUDENT HOUSING COMMUNITY SAN LUIS OBISPO, CALIF. — Colliers International has arranged the $6.4 million sale of Icon SLO, a 26-bed stu- dent housing community located near California Poly- technic State University in San Luis Obispo. The property offers six four-bedroom units and one two-bedroom unit. Each unit is fully furnished. The building also features ground-floor retail occupied by tenants including Soul Yoga and Tiki Hut, a Caribbean restaurant. Dorothy Jack- man and Jamie Swick of Colliers' National Student Hous- ing Group worked with Pat Swanson and Brett Bayless of Colliers Los Angeles to represent the undisclosed seller in the transaction. The buyer was also undisclosed. How's your summer going? Evergreen is still growing! Visit us at ICSC Western Conference | Exhibit Hall Booth 2537 | www.evgre.com Arizona | California | Colorado | Utah California Utah Colorado Arizona Pre-Development Clear Creek Crossing: 100 acre, Mixed Use project Wheat Ridge, CO Pre-Leasing e Point @ Eastmark: Safeway anchored neighborhood center Mesa, AZ Now Leasing Pleasant Grove: 5,600 sf multi- tenant shops Pleasant Grove, UT Now Open Redlands Packing House District: Sprouts/PetSmart anchored center Redlands, CA Evergreen is currently engaged in the development of more than 60 retail and apartment projects in the western US and has completed more than 500 projects nationwide. Realm Group and Urban Offerings is developing a 33-story multifamily property with 13,600 square feet of ground-floor retail space in Los Angeles' Fashion District. HUDSON PACIFIC PROPERTIES SELLS SIX-BUILDING OFFICE CAMPUS FOR $210 MILLION SAN MATEO, CALIF. — Hudson Pa- cific Properties has completed the sale of the remaining six buildings at Peninsula Office Park in San Mateo. The buildings sold for a total consid- eration of $210 million before credits, pro-rations and closing costs. Totaling 447,739 square feet, the assets includ- ed in the sale are Buildings 1 through 5 and 7. As of the end of the first quar- ter of 2018, the buildings were 83 per- cent occupied. Hudson Pacific sold the fully vacant, 63,050-square-foot Building 6 in January for $22.5 mil- lion. Net proceeds from the sale were used to repay amounts outstanding on the company's revolving credit fa- cility, with the remainder held for gen- eral corporate purposes. The name of the buyer was not released. NEW YORK LIFE SELLS 90,715 SF OFFICE BUILDING FOR $32.1 MILLION NEWPORT BEACH, CALIF. — New York Life has sold an office building, located at 1500 Quail Street in Newport Beach. A joint venture between Lincoln Property Co. and an institutional ad- visor acquired the property for $32.1 million. Paul Jones, Kevin Shannon, Blake Bokosky, Brunson Howard, Rick Stumm and Brandon White of NKF Capital Markets represented the seller, while the buyer was self-represented in the deal. Built in 1983 and renovated in 2017, the seven-story, 90,715-square- foot building is situated on nearly five acres and features a revitalized exterior patio area, modernized elevator, flex- ible floor plates and suite sizes, and 357 surface parking stalls. At the time of sale, the property was 91 percent leased to 17 tenants, including North- western Mutual, Ticor Title, Alera Group and BB&T. NKF ARRANGES SALE OF THREE-BUILDING OFFICE CAMPUS MOUNTAIN VIEW, CALIF. — NKF Capital Markets has arranged the sale of Castro Station, a three-building of- fice campus located in downtown Mountain View. TH Real Estate sold the property to Northwestern Mutual Life Insurance and McCarthy Cook for an undisclosed price. Built in phas- es between 2000 and 2014, the three- building, Class A property is located at 100, 150 and 200 W. Evelyn Ave. on about four acres of land. At the time of sale, the 114,809-square-foot asset was 94 percent leased to seven tenants, with Dropbox as its anchor. Addition- ally, the campus features ample park- ing with a three-story, below-grade parking garage that offers 346 stalls. Steven Golubchik, Edmund Najera, Tyler Meyerdirk and Darren Hollak of NKF Capital Markets represented the seller.

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