PLAYA VISTA, CA—A foreign investor has acquired the Shops at Concert Park, a two-property retail center, from an affiliate Brookfield Office Properties for $16.9 million, GlobeSt.com reports in this exclusive story. The property is 100% leased, and all leases are triple-net.
The foreign investor purchased with a $10.8-million CMBS loan at a 65% loan-to-value. The loan has a 10-year fixed-interest rate at 4.9%. Sharone Sabar, VP of capital markets in Marcus & Millichap Capital Corp. secured the financing on behalf of the buyer. In the acquisition transaction, Brandon Michaels, VP of investments in Marcus & Millichap‘s Encino office, and Janette Monfared, an associate in Marcus & Millichap’s Encino office, represented the seller. Marcus & Millichap did not respond to a request for comment.
The retail center properties in the portfolio are the 11,828-square-foot Pacific Promenade and the 10,907-square-foot Seabluff Drive. The properties are located on the ground floor of a mixed-use complex with a total of 358 condominium units. Both properties were built in 2005, and most of the retail occupants have leased space at the property since it opened. Tenants at the Pacific Promenade include Bank of America, Coffee Bean and local tenants, like Yoga Vista and Hollyway Cleaners; and tenants at Seabluff Drive include Coldwell Banker, McClintock Dental Group and Pinkberry.
Playa Vista is a master-planned community, the first built on the west side in 50 years. IMAX Corp. recently broke ground on a 66,000-square-foot office building there. The new facility will house the company’s post-production and screening rooms, as well as relocate 120 employees from the company’s Santa Monica location.