(Save the date: RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27, 2013.)
LOS ANGELES-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Kennedy Wilson and its partners have acquired the Ritz-Carlton, Lake Tahoe and the Ritz-Carlton Residences, Lake Tahoe from the property’s lenders free and clear of existing debt. Pacific Western Bank provided $45 million of financing for the transaction, and KW invested $18 million of equity for a 50% ownership interest. The company will begin marketing the 23 units at the Ritz-Carlton Residences in January. HFF marketed the Ritz-Carlton, Lake Tahoe, a 170-room luxury resort, on behalf of the seller, Truckee Highlands Syndicated Holdings LLC. The HFF investment sales team representing the seller was led by senior managing director Dan Peek and managing director Holden Lim, along with senior managing directors Michael Leggett and Gerry Rohm, director Max Comess and real estate analyst Cyrus Vazifdar.
LAFAYETTE, CO-Stratford Partners Real Estate has acquired Prana Apartment Homes here for $36.1 million from an undisclosed buyer. Prana is a 254-unit, class-AAA apartment community built in 2010. The property is located immediately adjacent to the Exempla Good Samaritan Medical Center and within minutes of major employment corridors and downtown Boulder.
OAKLAND, CA-Westcore Properties has purchased a 24-story, 520,000-square-foot high-rise at 1221 Broadway downtown here that has been owned by the Clorox Co. since 1988 and serves as the company’s headquarters. Financial terms were not disclosed. The tower was built in 1976 and will remain Clorox’s world headquarters under a 15-year lease with options to renew for an additional 15 years. Clorox will occupy about 57% of the building in its upper stories. Cushman & Wakefield will market the remaining space to other tenants.
WEST HILLS, CA-Investment Real Estate Associates has sold the Wal-Mart and Burlington Coat Factory properties at 6433 Fallbrook Ave. here for $25 million to a private family trust. The approximately 250,000-square-foot retail properties are anchors of Fallbrook Center, a 75 acre, 880,000-square-foot open-air shopping center at the intersection of Fallbrook and Victory Blvd. Yubin Tao, Vice President at IREA, represented both the seller, Fairbanks Equity Ltd., and the buyer.
CORONA, CA-Western National Realty Advisors, an affiliate of Western National Group, has purchased Parcwood Apartments, a 312-unit apartment community at 1700 Via Pacifica here, from Essex Property Trust for $42.2 million. Joe Leon and Javier Rivera of Jones Lang LaSalle’s Capital Markets group represented the seller for the gated rental property, while Western represented itself. Parcwood offers one- and two-bedroom floor plans, with units up to 1,250 square feet. Amenities include dishwashers, air conditioning, community pool, theater, tennis courts, playground, and washers and dryers in selected units. Western, which will also be managing the property, will be upgrading the common-area facilities, including the clubhouse, theater, pool area and gym.
LAGUNA NIGUEL, CA-Flintridge Partners will begin construction of its new senior-living community Crestavilla here in early 2013. The community is scheduled to open in 2014 and will offer independent living, assisted living as well as memory care for residents in one location. Situated on 11.5 acres, the community will feature functional floor plans, elegant design and five-star amenities and services.
LONG BEACH, CA-Lineage Logistics plans to open and operate a new 196,000-square-foot cold storage facility on the Port of Long Beach by mid-2014. Baker Cold Storage, a division of Baker Commodities Inc. of Vernon, CA, has acquired the property and will own the new facility and business. Lineage will manage the operations at the new facility, and Controlled Environments Construction will act as developer and general contractor.
CARSON, CA-Trammell Crow Co., in partnership with Principal Real Estate Investors, has completed construction and is in receipt of a certificate of occupancy for Carson Industrial Center North, a 210,710-square-foot, class-A industrial building at 16325 South Avalon Blvd. here. TCC is under contract to sell the building before year’s end.
CITY OF INDUSTRY, CA-Port Logistics Group, a provider of gateway logistics services, has signed a five-year renewal for 350,000 square feet of warehouse and distribution space at 18175 E. Rowland St. here and has leased the neighboring 350,000 square-foot building at 18215 E. Rowland St.
LOS ANGELES-Rising Realty Partners has signed vintage apparel and accessories retailer Nasty Gal for a lease expansion from 10,000 to 50,300 square feet at the PacMutual Building downtown. Additional tenants in the building include KRD Enterprises, National Council of La Raza, Kleinfelder, Consumer Action, Industry LTD, and Caravan Book Store, which have signed leases for an aggregate of 14,000 square feet.
EL SEGUNDO, CA-Teradata Corp. has signed a lease for the 52,000-square-foot 601 Nash St. building, a converted warehouse here. Representing the tenant was Jacob Bobek and Scott Steuber with Cushman & Wakefield‘s Los Angeles office, along with Marc Danko with Cushman & Wakefield‘s Toronto office. Landlord Marcus Adams LLC was represented by Tom Sheets and Chris Sinfield with Cushman & Wakefield‘s South Bay office. Teradata plans to occupy the office in mid-2013 and it will house a portion of its global research and development team.
IRVINE, CA-HFF has arranged refinancing totaling more than $56 million for nine multifamily properties in the Los Angeles and San Diego metropolitan areas on behalf of Universe Holdings Development Co. HFF worked on behalf of the borrower to secure the 10-year, fixed-rate loans through Freddie Mac. Rates ranged from 3.74% to 4.08%. The portfolio totals 536 units and has an average occupancy of 98%.
LOS ANGELES-CBRE Group Inc. has appointed Scott Marshall executive managing director of industrial services, where he will lead 850 CBRE professionals focused on warehouse, distribution and logistics properties in the Americas. He succeeds Ed Schreyer, who was recently promoted to president, agency brokerage/asset services for CBRE in the Americas. For the past two years, Marshall has served as a senior managing director at the firm’s Oak Brook, IL, office, where he oversees its Chicago-area industrial and suburban-office agency groups. He also oversees CBRE’s Global Supply Chain Practice group and sits on the advisory board for the Americas industrial business.
LOS ANGELES-Daniel W. Finley has joined the national real estate law firm Pircher, Nichols & Meeks as an associate in the Los Angeles office for the firm’s real estate practice. Prior to joining the firm, Finley worked as a real estate associate at Fried, Frank, Harris, Shriver & Jacobson LLP in New York, where he represented landlords, tenants, purchasers, sellers, lenders and borrowers in connection with the leasing of office and retail space, the acquisition and disposition of office, retail, residential and hotel properties and the origination of commercial mortgage and mezzanine financings.