PLAYA VISTA, CA—A foreign investor has acquiredthe Shops at Concert Park, a two-propertyretail center, from an affiliateBrookfield Office Properties for $16.9 million, 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 CMBSloan at a 65% loan-to-value. The loan has a 10-yearfixed-interest rate at 4.9%. Sharone Sabar, VP ofcapital markets in Marcus & Millichap CapitalCorp. secured the financing on behalf of the buyer. In theacquisition transaction, Brandon Michaels, VP ofinvestments in Marcus & Millichap's Encinooffice, and Janette Monfared, an associate inMarcus & 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 the11,828-square-foot Pacific Promenade and the10,907-square-foot Seabluff Drive. The propertiesare located on the ground floor of a mixed-use complex with a totalof 358 condominium units. Both properties were built in 2005, andmost of the retail occupants have leased space atthe property since it opened. Tenants at the Pacific Promenadeinclude Bank of America, CoffeeBean and local tenants, like Yoga Vistaand Hollyway Cleaners; and tenants at SeabluffDrive include Coldwell Banker, McClintock DentalGroup and Pinkberry.


Playa Vista is a master-planned community, the first built onthe west side in 50 years. IMAX Corp.recently broke ground on a 66,000-square-foot officebuilding there. The new facility will house thecompany's post-production and screening rooms, as well as relocate120 employees from the company's Santa Monica location.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.