LOS ANGELES— Our bi-weekly update on the middle markets throughout the Southwest region. Here's a look at the latest news, announcements and deals that you may have missed in Southern California, Nevada, Arizona and Utah.
NEW & NOTABLE
LOS ANGELES—Century Plaza Towers has received a LEED certification. Located at 2029/2049 Century Park East in Century City, Century Plaza Towers is two 44-story office towers totaling 2.4 million square feet. The building earned a 90 ENERGY STAR score, which places it in the top 8% of all comparable office buildings nationwide. The LEED upgrades include: reduced potable water consumption for indoor plumbing fixtures by 38.01% compared to conventional buildings; documented that 98.76% of janitorial cleaning products meet sustainable criteria; documented 28.90% reduction in conventional commuting trips; exemplary performance for low-mercury lamps, indoor water efficiency and heat island reduction.
MONROVIA, CA—The Foothill Gold Line Construction Authority Board of Directors voted unanimously to re-elect former Glendora Mayor Doug Tessitor as Chairman, and Claremont Mayor Sam Pedroza as Vice Chairman, of the nine-member Foothill Gold Line board of directors. The board was elected at the meeting in November. The Foothill Gold Line board is made up of elected and appointed representatives from throughout the project corridor, including representatives from the cities of Los Angeles, Pasadena, Duarte, Glendora, Claremont and Ontario. Representatives of the Governor and the San Bernardino Associated Governments also sit on the board as non-voting members. On November 8, the majority of funding for the six-station extension of the line was approved by voters on November 8 as part of Measure M, and the agency plans to break ground in late 2017 on the first of two design-build projects.
DEALTRACKER
LOS ANGELES—Pacific Crest Realty Alexandria Tower for $9.95 million. The property is this 6-floor mid-rise brick building in Koreatown, and it features studios and 1-bedroom apartment homes, the majority of which have Hollywood Hills or Downtown views. This is Pacific Crest Realty seventh purchase in this market. The sales equates to $257 per square foot and about $166,000 per unit. Adrienne Barr of Berkadia Real Estate Advisors represented both the buyer and seller in this transaction.
OXNARD, CA—BLT Enterprises has sold a 91,950 square-foot industrial building in Oxnard, California for $11.75 million to Goodrich Hazlet. The building is currently 100-percent occupied by Quaker Sales & Distribution Inc., one of the world's leading food and beverage companies. It has occupied the property since 2012. BLT initially acquired the industrial building in 2001, and during its 15-year hold period, was able to significantly increase the value of the property.
SAN DIEGO—A fund managed by Almanac Realty Investors LLC has entered into an agreement with Westcore to provide up to $337.5 million of growth capital to Westcore. Including an investment of $197.7 million made in 2011 by a prior fund, funds managed by Almanac have committed to invest up to $535.2 million of capital in the aggregate into the Westcore platform. This is an expansion of the firm's relationship with Almanac.
MARINA DEL REY, CA—Legacy Partners has completed phase I at Wayfarer Apartments + Marina, previously known as Mariners Bay. The 30-month $65 million renovation project included 57 units featuring a new leasing office, an updated boaters lounge and bike depot, and two completed models now available for touring. The Wayfarer is 379-unit apartment complex originally built in the mid-1970s. Phase I of the project began in January 2016. The complete renovation will include all appliances, fixtures and balconies, as well as installation of high-efficiency windows, new central heating and air conditioning. It also includes renovations to the fitness center, clubhouse, three tennis courts and pool, as well as 350 boat slips that accompany the property.
CHANDLER, AZ—Vive, a 194-unit luxury apartment community in Chandler, AZ, has traded hands between two unnamed investors for $41.5 million, which equates to $214,000 per unit. Located at 1901 West Germann Road in Chandler, the property is home to more than 32,000 employees with an average annual household income within a one-mile radius is $109,000. The property features nine-foot ceilings, oversized cabinetry, granite countertops, tile backsplashes, breakfast bars, and private laundry areas with full-size washers and dryers, among many other top-flight appointments. Community amenities include a luminous, resort-inspired swimming pool and spa, a 24-hour fitness facility, a cinema room with surround sound, outdoor fireplaces with conversation seating, 24-hour controlled-access gated entry, and a private clubhouse.
PASADENA, CA—Walker & Dunlop has secured a $35.7 million refinance loan for Windrose Apartments & Bungalows, a property on nearly three-quarters of a block in Pasadena, California. This project utilized U.S. Department of Housing and Urban Development's Federal Housing Administration 223(f) program to refinance the existing loan and fund desired capital improvements. By using the HUD program, the loan has significantly lower interest rate with a 35-year term while increasing the property's cash flow, providing funds to enhance their asset and return equity to the sponsors. The loan also has re-sell value to the borrower in the event they decide to sell the asset in the future.
SAN DIEGO—The owner of an 8 building Office/R&D campus on 67.5 acres has secured a $90 million loan to refinance the property. The loan is has aggressively priced, non-recourse, balance sheet financing. Mike Walker and Brad Zampa in CBRE's San Francisco office led the financing alongside Mark McGovern and Scott Peterson in CBRE's San Diego office. The financing was arranged on behalf of the buyer, an entity owned and managed by Swift Real Estate Partners who is headquartered in San Francisco.
LOS ANGELES— Our bi-weekly update on the middle markets throughout the Southwest region. Here's a look at the latest news, announcements and deals that you may have missed in Southern California, Nevada, Arizona and Utah.
NEW & NOTABLE
LOS ANGELES—Century Plaza Towers has received a LEED certification. Located at 2029/2049 Century Park East in Century City, Century Plaza Towers is two 44-story office towers totaling 2.4 million square feet. The building earned a 90 ENERGY STAR score, which places it in the top 8% of all comparable office buildings nationwide. The LEED upgrades include: reduced potable water consumption for indoor plumbing fixtures by 38.01% compared to conventional buildings; documented that 98.76% of janitorial cleaning products meet sustainable criteria; documented 28.90% reduction in conventional commuting trips; exemplary performance for low-mercury lamps, indoor water efficiency and heat island reduction.
MONROVIA, CA—The Foothill Gold Line Construction Authority Board of Directors voted unanimously to re-elect former Glendora Mayor Doug Tessitor as Chairman, and Claremont Mayor Sam Pedroza as Vice Chairman, of the nine-member Foothill Gold Line board of directors. The board was elected at the meeting in November. The Foothill Gold Line board is made up of elected and appointed representatives from throughout the project corridor, including representatives from the cities of Los Angeles, Pasadena, Duarte, Glendora, Claremont and Ontario. Representatives of the Governor and the San Bernardino Associated Governments also sit on the board as non-voting members. On November 8, the majority of funding for the six-station extension of the line was approved by voters on November 8 as part of Measure M, and the agency plans to break ground in late 2017 on the first of two design-build projects.
DEALTRACKER
LOS ANGELES—Pacific Crest Realty Alexandria Tower for $9.95 million. The property is this 6-floor mid-rise brick building in Koreatown, and it features studios and 1-bedroom apartment homes, the majority of which have Hollywood Hills or Downtown views. This is Pacific Crest Realty seventh purchase in this market. The sales equates to $257 per square foot and about $166,000 per unit. Adrienne Barr of Berkadia Real Estate Advisors represented both the buyer and seller in this transaction.
OXNARD, CA—BLT Enterprises has sold a 91,950 square-foot industrial building in Oxnard, California for $11.75 million to Goodrich Hazlet. The building is currently 100-percent occupied by Quaker Sales & Distribution Inc., one of the world's leading food and beverage companies. It has occupied the property since 2012. BLT initially acquired the industrial building in 2001, and during its 15-year hold period, was able to significantly increase the value of the property.
SAN DIEGO—A fund managed by Almanac Realty Investors LLC has entered into an agreement with Westcore to provide up to $337.5 million of growth capital to Westcore. Including an investment of $197.7 million made in 2011 by a prior fund, funds managed by Almanac have committed to invest up to $535.2 million of capital in the aggregate into the Westcore platform. This is an expansion of the firm's relationship with Almanac.
MARINA DEL REY, CA—Legacy Partners has completed phase I at Wayfarer Apartments + Marina, previously known as Mariners Bay. The 30-month $65 million renovation project included 57 units featuring a new leasing office, an updated boaters lounge and bike depot, and two completed models now available for touring. The Wayfarer is 379-unit apartment complex originally built in the mid-1970s. Phase I of the project began in January 2016. The complete renovation will include all appliances, fixtures and balconies, as well as installation of high-efficiency windows, new central heating and air conditioning. It also includes renovations to the fitness center, clubhouse, three tennis courts and pool, as well as 350 boat slips that accompany the property.
CHANDLER, AZ—Vive, a 194-unit luxury apartment community in Chandler, AZ, has traded hands between two unnamed investors for $41.5 million, which equates to $214,000 per unit. Located at 1901 West Germann Road in Chandler, the property is home to more than 32,000 employees with an average annual household income within a one-mile radius is $109,000. The property features nine-foot ceilings, oversized cabinetry, granite countertops, tile backsplashes, breakfast bars, and private laundry areas with full-size washers and dryers, among many other top-flight appointments. Community amenities include a luminous, resort-inspired swimming pool and spa, a 24-hour fitness facility, a cinema room with surround sound, outdoor fireplaces with conversation seating, 24-hour controlled-access gated entry, and a private clubhouse.
PASADENA, CA—Walker & Dunlop has secured a $35.7 million refinance loan for Windrose Apartments & Bungalows, a property on nearly three-quarters of a block in Pasadena, California. This project utilized U.S. Department of Housing and Urban Development's Federal Housing Administration 223(f) program to refinance the existing loan and fund desired capital improvements. By using the HUD program, the loan has significantly lower interest rate with a 35-year term while increasing the property's cash flow, providing funds to enhance their asset and return equity to the sponsors. The loan also has re-sell value to the borrower in the event they decide to sell the asset in the future.
SAN DIEGO—The owner of an 8 building Office/R&D campus on 67.5 acres has secured a $90 million loan to refinance the property. The loan is has aggressively priced, non-recourse, balance sheet financing. Mike Walker and Brad Zampa in CBRE's San Francisco office led the financing alongside Mark McGovern and Scott Peterson in CBRE's San Diego office. The financing was arranged on behalf of the buyer, an entity owned and managed by Swift Real Estate Partners who is headquartered in San Francisco.
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