Western Real Estate Business

OCT 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 8 • October 2018 • Western Real Estate Business www.REBusinessOnline.com KELEMEN CO. PURCHASES THE ATRIUM OFFICE PROPERTY FOR $106.7 MILLION IRVINE, CALIF. — Kelemen Co. has purchased The Atrium, an office property located at 19100 and 19200 Von Karman Ave. in Irvine. Barings Real Estate, part of Barings LLC and acting on behalf of institutional inves- tors, sold the building for $106.7 mil- lion. Kevin Shannon, Paul Jones, Ken White, Brunson Howard and Blake Bokosky of NKF Capital Markets rep- resented the seller, while the buyer was self-represented in the transac- tion. Situated on 6.1 acres, the 10-sto- ry building was constructed in 1986 and underwent an extensive renova- tion in 2015. The $5.3 million capital improvement program included up- grades to the atrium lobby, common areas, exterior courtyards, restrooms, elevator cabs and lobbies. At the time of sale, the 302,877-square-foot prop- erty was 90 percent leased to a variety of tenants, including Premier Business Centers and Severson & Werson. The building features a 10-story atrium with interior and exterior balconies, 24/7 security and access, a café and ample surface and structured parking. Additionally, Bistango, a well-known restaurant, has occupied the ground- floor space since 1988. BENDERSON DEVELOPMENT BUYS VACANT RETAIL PROPERTY IN BAY AREA FOR $15.6 MILLION EMERYVILLE, CALIF. — Benderson Development has acquired a retail property located at 3938 Horton Street in Emeryville, a city between Berkeley and Oakland, Calif., for $15.6 million. Toys 'R' Us and Babies 'R' Us for- merly occupied the now-vacant prop- erty. The asset is part of the East Bay Bridge Shopping Center, situated at the convergence of interstates 880, 580 and 80/San Francisco – Oakland Bay Bridge. CHELSEA PACIFIC GROUP ACQUIRES MARIN SQUARE MIXED-USE PROPERTY SAN RAFAEL, CALIF. — Chelsea Pa- cific Group has purchased Marin Square, a retail, office and commercial property located at 75 Bellam Blvd. in San Rafael. Tiburon, Calif.-based Sut- ter Health sold the property. Situated on 11.3 acres, Marin Square was devel- oped in 1984 as a neighborhood shop- ping center. The property was later expanded to include an office and multi-tenant commercial component. Dan Wald, Don LeBuhn and Trevor Buck of Cushman & Wakefield repre- sented the seller, while the buyer was self-represented in the transaction. LEVIN JOHNSTON NEGOTIATES $3.4 MILLION SALE OF WAREHOUSE SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of a vacant industrial/flex ware- house located at 524 E. Brokhaw Road in San Jose. A private local investor sold the property to an undisclosed buyer for $3.4 million. Adam Levin of Levin Johnston represented the seller in the transaction. Situated on 0.73 acres, the 10,000-square-foot facility features 800 ampere, 120-240-volt heavy power, on- site parking and a fenced yard. BUCHANAN STREET PROVIDES $4.1 MILLION LOAN FOR APARTMENT COMPLEX LOS ANGELES — Newport Beach, Calif.-based Buchanan Street Partners has provided $4.1 million in short- term bridge financing for the acqui- sition and repositioning of Pacific Apartments, a multifamily property located in the Mar Vista neighbor- hood of Los Angeles. The borrower plans to renovate and reposition the 13-unit property, which was vacant at the time of sale. Renovations will in- clude all new kitchens, plank flooring, modern lighting, energy-efficient air conditioning, landscaping, paint and façade improvements. Additionally, the borrower plans to add more rental units to the property. HANLEY INVESTMENT GROUP BROKERS $23 MILLION SALE OF RETAIL BUILDING PASADENA, CALIF. — Hanley In- vestment Group Real Estate Advisors has arranged the $23 million sale of a 39,290-square-foot retail building in Pasadena. Carlos Lopez and Lee Csenar of Hanley Investment Group arranged the transaction on behalf of the seller, AEGON USA Realty Advi- sors. John Repstad of Realty Advisory Group Inc. represented the buyer, a private investor based in Beverly Hills. The first and second floor of the free- standing building — totaling 27,025 square feet — are triple-net-leased to Walgreens until 2027. Walgreens sub- leased the 14,057-square-foot second floor to Sit 'n Sleep. The building's 12,265-square-foot basement space is leased to Premier Dental Care Group. The sale also included a portion of the parking lot behind the property and the use of the adjacent reciprocal park- ing managed by the City of Pasadena. VOIT REAL ESTATE SECURES $33 MILLION LEASE FOR INDUSTRIAL PROPERTY ONTARIO, CALIF. — Voit Real Estate Services has arranged the lease of an industrial warehouse located within Shea Center Ontario, a five-building business park located at 5400 Shea Center Drive in Ontario. The lease is valued at $33 million. Canada-based Dorel Home Furnishings, a global manufacturer and distributor of prod- ucts in the juvenile, sports and home furnishings sectors, will occupy the 750,000-square-foot space and utilize it as a distribution center for the com- pany's home furnishings division. Aliso Viejo, Calif.-based Shea Proper- ties owns the business park, which is fully occupied. Other tenants include Emser Tile, Restoration Hardware and Neovia Logistics. Frank Geraci, Juan Gutierrez and Adam Geiger of Voit's Inland Empire office represented the landlord, while Chuck Belden and Kyle Kehner of Cushman & Wakefield represented the tenant. Located at 19100 and 19200 Von Karman Ave. in Irvine, The Atrium features 302,877 square feet of office space.

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