(Sign up here: the new weekly Healthcare Leader emails kick off in March.)
LOS ANGELES-EVOQ Properties, a publicly owned real estate firm headquartered Downtown, has disposed of three non-core assets here for total gross proceeds of $19.5 million. The sales occurred in December 2012 and January 2013 and included 915-949 S. Hill, a series of vacant lots and industrial buildings, and industrial buildings located at 759 Ceres Ave. and 643 Gladys Ave. A portion of the net proceeds was used to retire approximately $15.3 million of secured principal debt and $1.7 million of contingent deferred interest.
LOS ANGELES-Private local investors have sold a 17-unit multifamily property at 1522 S. Hayworth Ave. here to locally based South Hayworth Investments for $4.96 million. The property traded in an off-market transaction for a 4.2% cap rate at $228 per square foot-the lowest cap rate achieved in the 90035 zip code since 2006. Albert Shilton and Blake Rogers of Charles Dunn Co. represented the sellers as well as the buyer in the sale.
IRVINE, CA-Hanley Investment Group Real Estate Advisors has closed two single-tenant retail transactions totaling $6.8 million. William B. Asher, Kevin T. Fryman and Edward B. Hanley represented the seller, 665 Claremont LP of Orange County, to a private investor from Los Angeles represented by George Y. Ragheb of Entrance Homes, Inc. here in the sale of a single-tenant Chase Bank in Riverside, CA. Also, Jeremy S. McChesney represented a private investor from Orange County in the purchase of e of a single-tenant 7-Eleven in Culver City, CA, from a developer from Hermosa Beach, CA. The purchase price for the bank was $5 million, which represented a record $812 per square foot. The purchase price for the 7-Eleven was $1.8 million, representing a 5.0% capitalization rate.
SAN DIEGO-Voit Real Estate Services’ local office has directed the $4.3 million sale of a 26,000 square-foot, two-story, multi-tenant office building at 10455 Sorrento Valley Rd. here on behalf of an unnamed seller. Brandon T. Keith, SVP, worked with Sam Higgins, who represented the buyer, Cal-Sorrento LTD.
LOS ANGELES-MPG Office Trust Inc. has executed a five-year lease extension with international law firm Gibson Dunn & Crutcher LLP for approximately 268,000 square feet at Wells Fargo Tower in the Bunker Hill area of Downtown. The new lease expiration date is November 2022.
LOS ANGELES-Chipotle Mexican Grill has opened at the newly renovated Baldwin Hills Crenshaw here. The 2,200-square-foot Chipotle is located adjacent to the Albertson’s parking lot and Buffalo Wild Wings. The opening is part of a comprehensive transformation of Baldwin Hills Crenshaw, which recently concluded a $35-million upgrade.
LOS ANGELES-Brookfield Office Properties has signed a lease with City Tavern to open a flagship Downtown Los Angeles location at the newly renovated FIGat7th retail and dining complex. The second installment of City Tavern is expected to open in the fall.
LOS ANGELES-George Smith Partners has arranged $7.4 million in financing on behalf of buyer 3198 W LLC for the $10.75-million acquisition of a property at 3198 West 7th St. herethat includes the historic Windsor building, currently occupied by Windsor Apartments and Prince Restaurant, as well as an adjacent development site. The 30-year permanent loan closed with an interest rate of 4.25% fixed for seven years, and then floats to a rate of 6 month LIBOR plus 2.3%. The loan has an amortization rate of 30 years, closing at 70% loan-to-value. Janet Neman of Charles Dunn represented the buyer in the transaction, and Mike Krantz of Krantz Real Estate represented the seller.
LAS VEGAS-The board of directors at MVP REIT Inc. has approved an increase in its monthly distribution rate on its common shares to an annualized distribution rate of 6.2 %, or $0.558 per share, assuming a purchase price of $9.00 per share. The annualized distribution rate, previously 6%, will increase beginning with the January distribution, to be paid to stockholders of record as of Jan. 24 on Feb. 10. The REIT anticipates paying future distributions monthly in arrears, with a record date on the 24th of each month and distributions paid on the 10th day of the following month (or the next business day if the 10th is not a business day). Also, the board has decreased the purchase price on the REIT’s Distribution Reinvestment Plan from $9 to $8.73 per share to take into account that no commission is paid for shares purchased under the DRIP commencing with the January distribution paid in February. Also, Mike Shustek, MVP’s CEO and the principal executive officer of its advisor, has completed his acquisition of the remaining 80% of the outstanding membership interests of Ashton Garnett Securities LLC (now doing business as MVP American Securities. Shustek acquired 20% of the outstanding membership interests in July 2012 and had an option to acquire the remaining 80%, subject to FINRA approval.
AZUSA, CA-Beech Street Capital LLC has closed a $6.7-million Fannie Mae MAH loan for the acquisition of Alosta Gardens, a 61-unit affordable multifamily property here, on behalf of California Landmark Group. Kristen Croxton and Greg Reed, EVPs in Beech Street’s Newport Beach, CA, office, originated the transaction. The fixed-rate loan has a 10-year term, with 9.5 years’ yield maintenance, two years interest-only and a 30-year amortizing schedule.
SEATTLE-Tom Sante, VP and senior property manager with Kidder Mathews, has been honored with the Lifetime Achievement Award by the Building Owners and Managers Association of Seattle-King County for 2012. The award recognizes Sante’s commitment to providing value to the BOMA membership. Sante was 2009 chair of BOMA Seattle, King County, co-chair of the committee for BOMA International’s Conference held in Seattle in 2012, chair of the Suburban Cities Committee, chair of the BOMA PAC, and past chair of the Government Affairs Committee.
NEWPORT BEACH, CA-Lee & Associates has hired David Bolt as its newest SVP/principal in the local office. He will specialize in the lease and sale of industrial, R & D and office properties.
A real estate veteran, Bolt has represented institutional ownerships, private client ownerships, developers, REITs and occupiers of real estate. He has completed lease and sale transactions in excess of $1 billion over the last 20 years.
LOS ANGELES-Locally based CBRE Group Inc. has hired Jim Maher as managing director in the company’s asset services group. Based in Atlanta and reporting to Drew Genova, executive managing director, strategic accounts, CBRE asset services, he will oversee CBRE’s management of a 10-million-sq.-ft. office, retail and industrial portfolio for DRA Advisors LLC. He will also collaborate with CBRE’s business development leaders on large multi-region pursuits. Maher has 27 years of commercial real estate experience, most recently as executive vice president at Colonial Property Trust in Atlanta, where he directed that company’s commercial real estate and joint venture efforts.
SEATTLE-Trammell Crow Co. has promoted Mike Nelson to principal at the company’s local office. In this new role, he will continue to oversee all development and acquisition projects, new business pursuits, finance and operations. Nelson joined TCC in 2012 to re-establish the company’s Seattle operations.