Los Angeles
A 44-unit apartment community called Simpson Avenue Apartments at 7526 Simpson Ave. in North Hollywood has sold for $5.8 million or $132,000 per unit. Melinda Russell of the North Los Angeles office of Hendricks & Partners represented both the buyer, IPX, IQ for 8353 Cedros Partners LLC, and the seller, 7526 Simpson Ave. Apartments LP. According to a prepared statement, this was an attractive investment for the buyer as it was a fully rehabbed property and closed with 100% occupancy after obtaining a new 70% Fannie Mae loan—which took 90 days—and closed at a 7.7% cap rate and 8.2 GRM.
Evergreen Development Co. has completed the development of three Fresh & Easy Neighborhood Market stores in Southern California and all three are scheduled to open in February. The stores are in Rialto, Los Angeles and Whittier. The Los Angeles store is a mixed- use project in South Central Los Angeles at 1025 E. Adams Blvd. and is set to open Feb. 24. The Fresh & Easy store is 14,796 square feet and is located on the ground level, along with two spaces for future retail tenants and three levels of apartments above the retail that are expected to be move-in ready in early March. “The neighborhood is underserved by traditional retailers and grocery stores,” says Bruce Pomeroy, Evergreen managing partner. “The project was part of a community redevelopment project with goals of improving the area and providing affordable housing.” The Rialto store was scheduled to open for business on Feb. 17 and is located in the Shoppes at Creekside at 2015 N. Riverside Ave. The 15,030-square-foot store includes an energy efficient design with skylights to bring in more natural light, LED lighting, increased insulation and energy-efficient refrigeration systems. The 14,480-square-foot Whittier location includes similar energy efficiency design elements and is located at 13301 Whittier Blvd. The location is also scheduled to open Feb. 24.
A private investor sold Aaron Brothers, a 9,940-square-foot single-tenant net-leased property located in Santa Monica, CA for $4.15 million. Marcus & Millichap Real Estate Investment Services had an exclusive listing to market the property.
Orange County
Olson Trust purchased two Newport Beach multifamily properties for a combined nearly $3 million: Bedford Apartments (six units), located at 1601 Bedford Lane for $1.46, and Buckingham Apartments (six units), located at 1069 Buckingham Lane for $1.5 million. The selling cap rates were 4.14% for Bedford and 4.09% for Buckingham respectively. The seller, through Farmers & Merchants Bank, provided a 60% LTV, seven-year interest only loan at 6% on each building to facilitate closing. The buyer was represented by the Newport Beach office of Hendricks & Partners. The seller, represented by CB Richard Ellis Inc., was Farmers & Merchants Trust Co. of Long Beach.
[IMGCAP(2)]Voit Real Estate Services has transacted a 10-year lease on a 25,000-square-foot building for the expansion of the Costa Mesa location of Mother’s Market & Kitchen. Mother’s Market & Kitchen is a health food market and lifestyle retailer with six locations throughout Orange County. Mother’s will be using this new location on the corner of Newport Boulevard and 19th Street as its flagship store, relocating from its current Costa Mesa address. “We were able to find a high-visibility corner at the entrance to downtown Costa Mesa and structure a lease that allowed Mother’s Market to build a store that better serves the shopping needs of their customers,” explains Jeffrey Simonds of Voit Real Estate Services Irvine office, who handled the transaction for Mother’s Market. “The new location, owned by BW Associates, was a former Border’s Books space. Mother’s Market & Kitchen is anticipated to open in its new location at 1890 Newport Blvd. in late spring of 2010.
Inland Empire
Centro Properties Group revealed that a 1,950-square-foot lease has been executed with Super Frame & Art at Vail Ranch Center, located approximately two miles east of Interstate 15, on the southwest corner Temecula Parkway South and Redhawk Parkway in Temecula. Centro Properties Group is the owner of Vail Ranch Center and was represented by Gavin Gray of Centro Properties Group.
San Francisco
Alpha & Omega Semiconductors Inc. leased 57,310 square feet of R&D space at 475 Oakmead Pkwy. in Sunnyvale from OA Oakmead II LLC. Cornish & Carey Commercial/ONCOR International represented Alpha & Omega.
Las Vegas
Euphoria Salon and Day Spa at Galleria Commons, located west of Interstate 515 on Stephanie Street between Warm Springs Road and Sunset Road in Henderson, has leased 9,000 square feet. Centro Properties Group is the owner of Galleria Commons and was represented by Brian Baker with Centro Properties Group.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
