Retail Momentum Shows on West Coast

Donahue Schriber purchased the Progress Ridge TownSquare in Beaverton, OR,

LOS ANGELES— Donahue Schriber has acquired the Progress Ridge TownSquare in Beaverton, OR, from Gramor Development for an undisclosed amount. The 213,849-square-foot center has a tenant mix that includes New Seasons Market and Cinetopia, and it was developed in 2011. This acquisition brings the investor’s portfolio in the Pacific Northwest market to 1 million square feet. Capital Pacific brokered the transaction. SALES LOS ANGELES— Madison Partners has sold four multifamily properties in Hollywood, Koreatown and Miracle Mile totaling $25 million. The four properties include the Victoria Apartments, El Rey, 451-465 N. Western Avenue and 1219-1223 N. Vermont Avenue. Darin Beebower of Madison Partners represented the buyers in all four transactions and the seller in three of the transactions. CHINO, CA—An investor operating as Chino Central Group LLC has acquired a CVS-anchored daily needs shopping center in Chino, CA, from tenant-in-common group known as SCI Chino Fund LLC for $32 million. The 117,419-square-foot shopping center includes a Chase Bank and a 24-Hour Fitness along with other tenants. The property was purchased at a 6% cap rate and with a “parcelization” plan that allows the buyer to sell off separate pads in the future to help maximize returns. Colliers International ‘s Michelle Schierberl and Donald Ellis represented both parties in the transaction. LEASES SAN DIEGO— Shea Properties has signed four new restaurant tenants at Del Sur Town Center in San Diego. Waypoint Public, Board & Brew, Piacere Mio and Sababa Kitchen are among the new tenants. Information on the terms and value of the leases was not disclosed. HUNTINGTON BEACH— Innocean , a worldwide advertising agency, has signed an office lease renewal and expansion of 35,288-square-foot at The Strand in Huntington Beach, CA. The location has served has the firm’s headquarters for several years. The new lease has a 10-year term, but the value was not disclosed. Jason Ward of Cushman & Wakefield represented the landlord in the transaction. FINANCING LOS ANGELES— Cardinal Investments has secured a $20.5 million loan to refinance a three-property office and retail mixed-use portfolio. The loan has a 10-year fixed rate and was funded through a life company. PSRS ‘ Ted Willis secured the funding on behalf of the borrower. SAN DIEGO— MIG Real Estate has secured a $48.8 million loan to refinance Cape May at Harveston, a 300-unit, Class A apartment community in Temecula, CA. The financing was provided through Fannie Mae, but the terms of the deal were not disclosed. CBRE ‘s Bill Chiles , Scott Peterson and Brian Cruz secured the funds on behalf of the borrower. ORANGE COUTNY, CA— Positive Investments has secured a $10.4 million loan to refinance a four-property portfolio in Orange County. The financing package is made up of four separate loans, all funded by Freddie Mac’s Small Balance Loan program. The loans ranged in size from $1 million to $5 million, and the terms of the loans were not disclosed. Andrew Kwok , assistant VP at Capital One Multifamily Finance , secured the funding on behalf of the borrower. EMPLOYMENT LOS ANGELES— RealtyMogul.com has hired Sameer Shamsuddin as chief technology officer and Niall Weintraub as VP of marketing. Shamsuddin joins the firm from GSI Commerce/eBay Enterprise , where he started as Director of Software Engineering and worked his way up the ranks as a product manager and VP of product management, before ultimately becoming International CTO. Weintraub joins the firm from DogVacay , where he served as the head of acquisition marketing. The firm has also hired 10 other new employees this month, growing by 14.5% since July. CARLSBAD, CA— Lee & Associates has promoted Jeff Abramson as a principal in the firm’s North San Diego County office. Abramson joined the firm in 2013 and was previously an SVP at Cassidy Turley . IRVINE, CA— Al Densmore has joined PREMIER Design + Build Group as superintendent, where he will oversee design and development teams in Southern California. LOS ANGELES—Law firm Ervin Cohen & Jessup has hired Albert Valencia as a partner and Elizabeth Dryden as Of Counsel in the firm’s Los Angeles office. Valencia and Dryden join from a competing law firm to boost their resources and their client services. Valencia has also worked with both Mayer Brown and Proskauer Rose . These additions bring the firm’s real estate group to 21 attorneys. SAN DIEGO— Michael Golden has joined Lee & Associates North San Diego County office as an associate, where he will focus on sale and leasing of retail and investment properties throughout San Diego County. Golden brings 15 years of experience to the firm, most recently working at Smith Barney Financial Services . DEVELOPMENT SAN DIEGO— ICW Insurance Cos . has completed construction of its new corporate headquarters in San Diego, CA. Ware Malcomb provided interior architecture and design services and Burger Construction served as the contractor for the 68,105-square-foot project, which features open ceilings, natural light, a living wall and state-of-art gym. PORTLAND, OR— PCCP and Capstone Advisors have partnered to develop the PDX Logistics Center III, a two-building class-A industrial property totaling 257,120 square feet. The property is adjacent to the phase I and II projects, which a both fully leased, and is near the Portland International Airport. The project is being built on spec and will attract a tenant mix of smaller distribution users averaging 45,000 square feet. It will open in August 2017. DENVER— Northstar Commercial Partners has broken ground on the Avalanche Harley-Davidson retail sales facility. The 33,080-square-foot building and a 29,930-square-foot full basement property sits on a 5-acre parcel of land in the 22-acre Gateway Village.