LOS ANGELES—Western Realco has signed a 10-year lease with specialty retailer Ascene Retail Group at an industrial facility in Riverside. The retailer will occupy 582,772-square-foot space, and will take occupancy in July. This is the retailer's first distribution center on the West Coast. Chuck Belden of Cushman & Wakefield and James Panting of Commercial Realty Advisors represented the owner, and Mike McCrary, Peter McWilliams and Nicole Welch of JLL represented the tenant.
SALES
LOS ANGELES—Blueprint Post Production has acquired a 60,087-square-foot office building in Toluca Lake, a submarket of North Hollywood, for $13 million from Lankershim Media Center Associates, an entity of LS Capital. The buyer is an owner-user, and will occupy 60% of the property. Stacy Vierheilig-Fraser, senior managing director with Charles Dunn Co. represented the seller.
SEATTLE—Pine Forest Properties has acquired Westview 522, a two-building 184,000-square-foot industrial campus, for $32 million from Onward Investors. The property is located at 6525/6526 240th Street SE in Woodinville, WA. Kidder Mathews, Broderick Group and Shephard Commercial Real Estate assisted Onward in the sale.
ALISO VIEJO, CA—Wilson Journey has acquired the Journey Business Park in Aliso Viejo for $14 million from LL & DM Investments. The two building properties total 60648 square feet, and is fully occupied by 16 tenants. Newmark Grubb Knight Frank senior managing directors Gary Allen and Douglas Mathews represented the seller in the transaction.
LEASING
IDS Industrial Lease
VALENCIA, CA—The Auto Club has signed a 29,000-square-foot lease at Summit At Valencia on Turnberry Lane, a class-A office building owned by Great Point Investors. California Realty Group's Mark Esses and Mark Kleinman represented the tenant in the transaction. The lease value was not disclosed.
FINANCING
LOS ANGELES—CormackHill secured $43 million in acquisition financing for the recent purchase of the Fred Segal retail building in West Hollywood. The acquisition loan has a sub-3% floating rate with prepayment flexibility. George Smith Partners' principal David Rifkind and his team arranged the financing.
SACRAMENTO, CA—An investor has secured an $11.5 million mini-perm debt refinancing for a retail and office portfolio that totals 136,197 square feet. The loan has a five-year term with WSJ prime-based rate that floats at 1% over the prime rate with a floor of 4.25%, and has initial funding of $8.03 million with the additional $3.47 million Continental Funding Group VP J.M. Grimaldi secured the funds on behalf of the owner.
EMPLOYMENT
LOS ANGELES—Attorney John Rosenfeld has joined Elkins Kalt Weintraub Reuben Gartside as a partner in the firm's real estate and finance practice. Rosenfeld brings 18 years of experience to the firm and formerly worked with Hackman Equities, where he served as EVP and general counsel.
LOS ANGELES—Thomas J. Masenga has joined law firm Sheppard, Mullin, Richter & Hampton as a partner in the firm's Real Estate, Land Use & Environmental practice group. He joins the firm from Seyfarth Shaw, and brings 35 years of experience to the firm.
LOS ANGELES—Centerpoint Properties has hired Ryan Dunlap as SVP of investments on the West Coast. In this new role, he will be responsible for executing CenterPoint's West Region investment strategy. He brings 10 years of experience to the firm, and previously worked at Black Creek Group.
DEVELOPMENT
SAN DIEGO—The renovation of Horton Park Plaza is officially complete, bringing a new landmark property to the San Diego market. The project is a collaboration between Westfield, the City and several other stakeholders. It includes a public park and retail, and will be open seven days a week.
LOS ANGELES—Western Realco has signed a 10-year lease with specialty retailer Ascene Retail Group at an industrial facility in Riverside. The retailer will occupy 582,772-square-foot space, and will take occupancy in July. This is the retailer's first distribution center on the West Coast. Chuck Belden of Cushman & Wakefield and James Panting of Commercial Realty Advisors represented the owner, and Mike McCrary, Peter McWilliams and Nicole Welch of JLL represented the tenant.
SALES
LOS ANGELES—Blueprint Post Production has acquired a 60,087-square-foot office building in Toluca Lake, a submarket of North Hollywood, for $13 million from Lankershim Media Center Associates, an entity of LS Capital. The buyer is an owner-user, and will occupy 60% of the property. Stacy Vierheilig-Fraser, senior managing director with Charles Dunn Co. represented the seller.
SEATTLE—Pine Forest Properties has acquired Westview 522, a two-building 184,000-square-foot industrial campus, for $32 million from Onward Investors. The property is located at 6525/6526 240th Street SE in Woodinville, WA. Kidder Mathews, Broderick Group and Shephard Commercial Real Estate assisted Onward in the sale.
ALISO VIEJO, CA—Wilson Journey has acquired the Journey Business Park in Aliso Viejo for $14 million from LL & DM Investments. The two building properties total 60648 square feet, and is fully occupied by 16 tenants. Newmark Grubb Knight Frank senior managing directors Gary Allen and Douglas Mathews represented the seller in the transaction.
LEASING
IDS Industrial Lease
VALENCIA, CA—The Auto Club has signed a 29,000-square-foot lease at Summit At Valencia on Turnberry Lane, a class-A office building owned by Great Point Investors. California Realty Group's Mark Esses and Mark Kleinman represented the tenant in the transaction. The lease value was not disclosed.
FINANCING
LOS ANGELES—CormackHill secured $43 million in acquisition financing for the recent purchase of the Fred Segal retail building in West Hollywood. The acquisition loan has a sub-3% floating rate with prepayment flexibility. George Smith Partners' principal David Rifkind and his team arranged the financing.
SACRAMENTO, CA—An investor has secured an $11.5 million mini-perm debt refinancing for a retail and office portfolio that totals 136,197 square feet. The loan has a five-year term with WSJ prime-based rate that floats at 1% over the prime rate with a floor of 4.25%, and has initial funding of $8.03 million with the additional $3.47 million Continental Funding Group VP J.M. Grimaldi secured the funds on behalf of the owner.
EMPLOYMENT
LOS ANGELES—Attorney John Rosenfeld has joined Elkins Kalt Weintraub Reuben Gartside as a partner in the firm's real estate and finance practice. Rosenfeld brings 18 years of experience to the firm and formerly worked with Hackman Equities, where he served as EVP and general counsel.
LOS ANGELES—Thomas J. Masenga has joined law firm
LOS ANGELES—Centerpoint Properties has hired Ryan Dunlap as SVP of investments on the West Coast. In this new role, he will be responsible for executing CenterPoint's West Region investment strategy. He brings 10 years of experience to the firm, and previously worked at Black Creek Group.
DEVELOPMENT
SAN DIEGO—The renovation of Horton Park Plaza is officially complete, bringing a new landmark property to the San Diego market. The project is a collaboration between Westfield, the City and several other stakeholders. It includes a public park and retail, and will be open seven days a week.
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