Western Real Estate Business

JUN 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/993830

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Page 16 of 50

C A L I F O R N I A 14 • June 2018 • Western Real Estate Business www.REBusinessOnline.com DE VENTURE BUILDING PURCHASES 8,807 SF RETAIL PROPERTY IN LOS ANGELES FOR $4.1 MILLION LOS ANGELES — De Venture Build- ing LLC has acquired a retail property located at 19216 Ventura Blvd. in the Tarzana neighborhood of Los Angeles. An individual/personal trust sold the property for $4.1 million. The build- ing features 8,807 square feet of retail space. Brandon Michaels of Marcus & Millichap represented the seller and buyer in the deal. EASTERLY GOVERNMENT PROPERTIES TO PURCHASE 90,085 SF VA OUTPATIENT CLINIC IN SAN JOSE SAN JOSE, CALIF. — Easterly Gov- ernment Properties has agreed to ac- quire a Department of Veterans Af- fairs (VA) Outpatient Clinic known as VA – San Jose. Completed in first- quarter 2018, VA – San Jose is part of the VA Palo Alto Health Care System and leased to the VA for an initial, non-cancellable lease term of 20 years through February 2038. The three-sto- ry, 90,085-square-foot facility consists of medical clinic and administrative space, offering primary care, mental healthcare, women's health, audiol- ogy, speech pathology, podiatry, op- tometry and dermatology services. The name of the seller and acquisition price were not disclosed. BASCOM GROUP PURCHASES 123-UNIT APARTMENT COMPLEX FOR $33.3 MILLION COSTA MESA, CALIF. — The Bas- com Group has acquired Sunset Cove Apartments, an infill multifamily community located in Costa Mesa. The company purchased the prop- erty for $33.3 million, or $270,731 per unit. Built in 1970, Sunset Cove features 123 apartments. Brian Eisen- drath, Annie Rice and Brandon Smith of CBRE arranged the debt financing for the acquisition, while Jim Fisher, Jeff Rowerdink, Joe Leon and Mike Smith of Berkadia brokered the trans- action. The name of the seller was not released. CRUZAN, CIGNA INVESTMENT MANAGEMENT ACQUIRE 106,890 SF OFFICE BUILDING IN BEVERLY HILLS BEVERLY HILLS, CALIF. — A joint venture between Cruzan and Cigna Investment Management has pur- chased an office building located at 9171 Wilshire Drive in Beverly Hills. An undisclosed seller sold the prop- erty for $69.2 million. At the time of sale, the six-story, 106,890-square-foot building was 83 percent occupied. Current tenants include Avalon Hold- ings, Kaplan Perrone Entertainment and Mejia & Kaplan. The buyer plans to renovate the building. Andrew Harper, Matthew Fisher and Ryan Gallagher of HFF represented the sell- er and procured the buyer in the deal. Additionally, Paul Brindley, Todd Sugimoto, Steven Paskover and Ryan Ashe, also of HFF, arranged a $51.5 million acquisition loan through Mesa West Capital for the buyer. VOIT REAL ESTATE NEGOTIATES $3.3 MILLION SALE OF INDUSTRIAL ASSET EL CAJON, CALIF. — Voit Real Estate Services has brokered the sale of a two-building industrial property lo- cated at 680 W. Bradley Ave. and 1675 N. Johnson Ave. in El Cajon. Simmons Family Trust acquired the property from Actus Holdings for $3.3 million. The buyer plans to use the property, which totals 21,058 square feet, as a warehouse/distribution center for Bi- cycle Warehouse. The new acquisition will be Bicycle Warehouse's eighth lo- cation and will house the company's corporate offices, distribution ware- house and central service center. Ran- dy LaChance and Greg Marx of Voit represented the seller, while Chris Duncan, also of Voit, represented the buyer in the transaction. The newly constructed 90,085-square- foot outpatient clinic in San Jose, is leased to Veterans Affairs through February 2038. We assemble an integrated team with the right financial and industry expertise across our organization. Together, they shape the best strategies and solutions to help your business realize smart growth. Your SunTrust team members work together — not in silos or in competition with each other. Collaboration is at our core, and we're eager to help you pursue your goals. Take the next step at suntrustcre.com The SunTrust OneTeam Approach. ® Growing your business, is our business. SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of SunTrust Banks, Inc. and its subsidiaries. Securities underwriting and M&A advisory services are provided by SunTrust Robinson Humphrey, Inc., member FINRA and SIPC. | Lending, financial risk management, and treasury and payment solutions are offered by SunTrust Bank. | Deposit products are offered by SunTrust Bank, Member FDIC. ©2018 SunTrust Banks, Inc. SUNTRUST and the SunTrust logo are trademarks of SunTrust Banks, Inc. All rights reserved. Debt & Equity Capital Raising | Mergers & Acquisitions | Financial Risk Management | Treasury & Payment Solutions

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