Western Real Estate Business

MAY 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/978056

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Page 16 of 66

C A L I F O R N I A 14 • May 2018 • Western Real Estate Business www.REBusinessOnline.com BELLWETHER ENTERPRISE ARRANGES $22.5 MILLION REFINANCING FOR OFFICE CAMPUS IN LOS ANGELES LOS ANGELES — Bellwether Enter- prise Real Estate Capital, a subsidiary of Enterprise Community Investment, has arranged $22.5 million in refinanc- ing for MDR Truss Campus, an office complex located in the Marina Del Rey submarket of Los Angeles. Situ- ated on 2.7 acres, the property con- sists of six separate buildings totaling 68,693 square feet of creative office space and 179 parking spaces. The 15- year, fully amortizing, fixed-rate loan features a 3.64 percent interest rate. It was used to pay off the construction loan and cover closing costs. Shelley Magoffin and Max Sauerman of Bell- wether secured the loan through one of the company's correspondent life insurance companies. The name of the borrower was not released. L'OCCITANE INTRODUCES TRAVELING RETAIL TRUCK LOS ANGELES — L'Occitane en Provence, a prestige beauty brand based in Los Angeles, has introduced the L'Occi Truck, a traveling shop ex- perience for the brand. The retail store on wheels presents a new direct-to- consumer shopping model. Inspired by the vintage French Citroën H Van, often used by small-town French farmers, the retro truck is cladded in L'Occitane's signature Proven- çal sunshine yellow and is approxi- mately 16 feet long by 7 feet high. Two openings, featured at the truck's side spanning across the entire length and rear, invite customers to view an internal shelving display filled with an assortment of product as well as relevant campaign imagery. A tester- rail and foldable display counter an- chored under the truck's side open- ing will feature an interactive station for passerby to test-and-play with product.A large exterior screen will display video content showcasing the Provençal lifestyle and brand his- tory. At each destination, beauty as- sociates will accompany the truck to guide the guests through demonstra- tions. The truck debuted in Washing- ton, D.C. at the Cherry Blossom Fes- tival in April. The L'Occi Truck will offer support for future store closings due to renovations. CUSHMAN & WAKEFIELD NEGOTIATES $22.9 MILLION SALE OF RETAIL PROPERTY IN WEST HOLLYWOOD LOS ANGELES — Cushman & Wake- field has arranged the $22.9 million sale of a retail property located on Melrose Avenue in West Hollywood. Kazuko Morgan and Carine Mamann of Cushman & Wakefield arranged the transaction on behalf of the buyer, a joint venture between L3 Capital and Guggenheim Real Estate. David Ickovicks of Commercial Asset Group represented the seller, American Com- mercial Equities. The 11,295-square- foot property includes 18 parking spaces and is home to Theory, DASH and Serna & Lily. PACIFIC RETAIL OPENS 1.4 MILLION SF MALL REDEVELOPMENT IN SAN JOSE SAN JOSE, CALIF. — Pacific Retail Capital Partners (PRCP) has reopened Eastridge Center, a 1.4-million-square- foot mall in San Jose. The redevelop- ment of the property includes a full interior remodel, new family areas, a new look for the food court, vehicle charging stations, new entrances, community gathering spaces and four exterior murals by local artists. East- ridge Center is home to tenants such as Macy's, JCPenney, Red Robin, a 15-screen AMC IMAX Theater, Round 1 Bowling & Amusements, H&M, Vic- toria's Secret and Forever 21 RED. SEND YOUR NEWS TO western@francemediainc.com

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