(Save the dates: RealShare Apartments East comes to the Hyatt Regency in Miami, FL, on February 26, and RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27.)
LOS ANGELES-CIM Group has sold the Market Lofts Retail, an approximately 55,000-square-foot property located Downtown at 645 W. 9th St., to MDC Realty Advisors USA Inc. The ground-floor retail portion of the development known as Market Lofts sold for $18.95 million, according to Hanley Investment Urban Retail Advisors, a division of Hanley Investment Group Real Estate Advisors, which represented both the buyer and the seller in the transaction. The mixed-use retail development was built in 2007 and is anchored by a 50,000-square-foot Ralphs Fresh Fare supermarket and six other retail stores: Coffee Bean & Tea Leaf, Quiznos, Robeks, Simply Salad, Supercuts and the UPS Store. In other HIG news, William B. Asher and Edward B. Hanley represented the buyer and seller in the sale of Bernardo Heights Plaza, a Sprouts-anchored shopping center in the master- planned community of Rancho Bernardo in San Diego, for $12.45 million. The buyer was ROIC BHP LLC of San Marcos, CA, and the seller was MPC Bernardo Heights L.P. of Anaheim, CA.
SAN DIEGO-SR Commercial has completed its 10th acquisition in the San Diego market. The firm has acquired a 125,000-square-foot, class-A industrial warehouse for $10 million at 2611 Business Park Dr. in Vista from Dimension One Spas and a 32,842-square-foot industrial building at 1935 Avenida Del Oro in Oceanside from Seaside Development LLC for $2.9 million. Joe McDermott, Ron King, and Bob Willingham of Cushman & Wakefield represented both parties in the first transaction, while Justin Beattie and Jim Benson of Cassidy Turley represented both parties in the second.
WEST LOS ANGELES, CA-A private family trust has sold the 9-unit Iowa Apartments here, for $1,645,000 to a private LLC. The property is a classic, mid-century apartment building constructed in 1958. Located on the North side of Iowa Ave., just south of Santa Monica Blvd. and west of the 405 freeway, the property is in close proximity to UCLA, several high-rise office buildings, and high-end businesses on Wilshire Blvd. Investment Real Estate Associates' Clark Everitt, SVP, and William Everitt, VP, represented both parties.
LEASES
WEST LOS ANGELES, CA-Tishman Speyer has completed two lease transactions totaling nearly 75,000 square feet at Wilshire Courtyard here, which the firm acquired less than two months ago. The transactions bring the property's occupancy to 94%. Katz Communications has signed a 10-year lease for 45,500 square feet at the property's 5700 Building, and E! Entertainment Network has signed for a 28,124-square-foot expansion at the 5750 Building. The owner plans to update the '80s-era property by renovating the outdoor plaza along with various internal common areas.
SAN DIEGO-American Duty Free LLC has leased 13,618 square feet of retail space for eight years, four months, at El Toreador Plaza at 601 E. San Ysidro Blvd., suites 105-130, here, from El Toreador Properties Group LP. The $2-million lease was negotiated on behalf of the tenant by Joe Yetter and Mike Clark of Cassidy Turley San Diego, while Javier Serhan of Cedar Realty Group represented the lessor.
CULVER CITY, CA-London-based entertainment company Frame Store has signed a long -term lease with landlord Industry Ltd. to occupy 12,500 square feet at a 16,000-square-foot industrial and warehouse building at 3500 Helms Ave. here in a transaction valued at approximately $7 million. Jim Jacobsen and Scott Rigsby of Industry Partners represented the landlord in the transaction.
LAUNCHES
IRVINE, CA-RealtyTrac has launched the RealtyTrac Network, a licensed network available to leading independent and franchised brokerage companies across the nation. Through RTN, RealtyTrac will extend its brand awareness, media presence, real estate content, real estate data, varied sources of consumer leads, and advertising resources to brokerages, helping them build an exclusive and sustainable competitive advantage in their local markets.
FINANCING
LOS ANGELES-Chesapeake Lodging Trust has closed on a $32-million fixed-rate mortgage loan secured by the 188-room Hilton Checkers Los Angeles. The 10-year loan was provided by Goldman Sachs Mortgage Co. and carries a fixed interest rate of 4.11% per annum, with principal and interest based on a 30-year amortization. Proceeds from the loan will be used to invest in future acquisitions of hotels and for general corporate purposes.
SEATTLE-HFF has arranged $8.4 million in joint-venture equity for the development of REO Flats, a 108-unit multifamily property with ground-floor retail at 1515 14th Ave. between Pike and Pine in the Pike Pine urban neighborhood of Seattle's Capitol Hill here. The firm worked on behalf of Madrona Real Estate Services and Rick Moses Development to secure the equity through Glenmont Capital Management LLC, a New York-based real estate investment firm. Equity proceeds will be used for construction of the property, which is anticipated to take 16 months. Upon completion, the seven-story property will have 68,723 square feet of residential space and 7,200 square feet of retail space plus 78 parking spaces. The HFF team representing the owner was led by director Christopher Vittetoe.
EXECUTIVE MOVES
LOS ANGELES-ReadyCap Commercial LLC, a new, non-bank, direct portfolio lender, has hired Joel Covington as VP, commercial real estate lending, Greater Los Angeles region. Covington has more than 14 years of experience in commercial real estate lending with an expertise in origination, credit analysis and underwriting. Most recently, he served as VP, loan originations at Business Partners LLC in Chatsworth, CA.
LOS ANGELES-Safarian, Choi & Bolstad LLP has hired real estate transactional lawyer Jessica Pink. Her practice includes representing lenders, investors, owners, developers and property managers in connection with acquisitions, dispositions, financing, leasing and development. Before joining the firm, Ms. Pink was senior counsel in the real estate department at Seyfarth Shaw LLP, working for institutional investors, REITS, pension funds, banks and developers in transactions for office, industrial, retail and mixed-use properties.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
