LOS ANGELES— Here's a look at this week's trends, announcements and deals that you may have missed in Southern California, Utah, Arizona and Nevada.
NEW & NOTABLE
SAN DIEGO, CA— Retail Insite is relocating their existing office and expanding to two new offices. The recent relocation of Carmel Valley office at 120 S Sierra Avenue, Solana Beach, a brand new downtown office in Bankers Hill at 3565 5th Avenue, and due to growth in Orange County, a 3rd office has been opened in Irvine at 2967 Michelson Drive. Retail Insite is a boutique commercial real estate firm with a passion for retail and people. Since 1996, they've partnered with the best retailers and property owners in Southern California. Their success comes from aligning themselves with their clients' goals and always finding a way to win. Their founding partners and team members have extensive experience in retailer representation, shopping center leasing, and repositioning retail properties to enhance their value.
(SOURCE: Retail Insight)
IRVINE— Johnny Chang has joined Kidder Mathews Orange County office as a vice president and he will specialize in multifamily investments. Prior to joining Kidder Mathews, he was with CBRE's Newport office where he was involved in multifamily investment transactions of over $250 million. Chang holds a master's degree from Harvard University with an emphasis on management and finance.
DEAL TRACKER
TUSTIN, CA—The Village @ Old Town, located at 380 & 436 East 2nd Street in Tustin, California, has traded hands between Village Apartments, LLC, a partnership formed by Arrimus Capital of Newport Beach, California and Cameron Properties, Inc. of Covina, California. Senior Director Peter Hauser and Associate Director Matt Hauser of Berkadia's Irvine office negotiated the transaction on behalf of both the seller and buyer. The property sold for $11.4 million at a 3.75% cap rate on June 6, 2017. The sales price reflects a per-unit price of $300,000 or $381.27 per square foot. The property was 100% occupied at the time of the sale.
LOS ANGELES—A six-unit multifamily property in Santa Monica has traded hands for $2.1 million. Kimberly R. Stepp and Aynsley Armbrust with Stepp Commercial, represented the seller, Los Angeles-based Gerst Family Trust. The buyer was a Los Angeles-based private investor. The property sold for a low cap rate of 3.5%, a high price per unit of $337,500, and $605 per square foot, which is close to record level in the area. Built in 1948, the one-story property consists of a six bungalow-style one-bedroom, one-bathroom units. The units feature hardwood floors, crown molding, and private entrances.
LAS VEGAS—The Siegel Group Nevada has acquired a 168-unit apartment complex located in Las Vegas, Nevada previously operated as the Paradise Park Apartments for $8.2 million. The acquisition increases the number of Siegel Suites and Siegel Suites Select properties located throughout the southwestern United States to 39 with several additional locations currently in escrow and scheduled to close in the coming months.
LOS ANGELES—Bernards has started construction for a new residence and dining hall at the University of La Verne in La Verne, CA. Bernards is working with Steinberg Architects on the design-build project. The new 114,970 square-foot residence building will include 396 beds, a dining hall, lounge and study spaces, and outdoor patios. The ground floor will feature a dynamic 18,700 square-foot dining hall, President's dining room, and large social and recreation lounge. The residence floors feature living clusters focused on community integration and learning. Study rooms, social lounges, and a two-story living room at the heart of each floor create a fabric that links students together to learn, live and thrive.
SAN DIEGO— CBRE Capital Markets' Debt & Structured Finance team has arranged a $16 million loan on behalf of ZMI Real Estate, LLC for the refinance of Carlsbad Commerce Center. The single-story, ten building office and flex campus consists of 145,759 square feet in Carlsbad, California. CBRE's Mark McGovern, Scott Peterson and Brian Cruz secured an aggressive five-year loan through Aetna Life Insurance Company in order to pay off the existing mortgage, which was coming due in September. Carlsbad Commerce Center located at 2185-2237 Faraday Avenue in Carlsbad, is situated on 11.06 acres and is managed by Peregrine Realty Partners. The property is a mixture of office, creative office and flex units with varying build-outs and offers quick access to the I-5, El Camino Real and Palomar Airport Road. The campus was built between 1984-1986 and renovated in 2004. The 10 building property is currently 91.3 percent leased-some notable tenants include Advanced Brain Monitoring, SabreSciences,Inc., and GIMDx,Inc.
SAN DIEGO—A 32,976-square foot, 44-unit apartment property located at 4720-4732 Hawley Blvd., San Diego, CA (92116) for $10.4 million or $236,931 per unit. Peter Scepanovic and Corey McHenry of Colliers International San Diego Region's Multi-Family Advisory Group represented the San Diego-based buyer, Vaerus Hawley, LLC. The San Diego-based seller was Perform Investments, LLC. The property features a mix of turn-key studio, one-bedroom and two-bedroom units with a pool, owned laundry and ample parking. Originally constructed in 1971, the property underwent interior and exterior renovations in 2010 and 2015.
IRVINE, CA—Liberty Glass Fabricators has acquired a newly constructed 71,054-square-foot class-A industrial facility in Corona for $9.95 million from the partnership of Acacia Real Estate Group and Adler Realty Investments, the original owner/developer of the project. Cushman & Wakefield's Brett Lockwood based in Irvine represented the buyer in the acquisition.
LOS ANGELES— Here's a look at this week's trends, announcements and deals that you may have missed in Southern California, Utah, Arizona and Nevada.
NEW & NOTABLE
SAN DIEGO, CA— Retail Insite is relocating their existing office and expanding to two new offices. The recent relocation of Carmel Valley office at 120 S Sierra Avenue, Solana Beach, a brand new downtown office in Bankers Hill at 3565 5th Avenue, and due to growth in Orange County, a 3rd office has been opened in Irvine at 2967 Michelson Drive. Retail Insite is a boutique commercial real estate firm with a passion for retail and people. Since 1996, they've partnered with the best retailers and property owners in Southern California. Their success comes from aligning themselves with their clients' goals and always finding a way to win. Their founding partners and team members have extensive experience in retailer representation, shopping center leasing, and repositioning retail properties to enhance their value.
(SOURCE: Retail Insight)
IRVINE— Johnny Chang has joined Kidder Mathews Orange County office as a vice president and he will specialize in multifamily investments. Prior to joining Kidder Mathews, he was with CBRE's Newport office where he was involved in multifamily investment transactions of over $250 million. Chang holds a master's degree from Harvard University with an emphasis on management and finance.
DEAL TRACKER
TUSTIN, CA—The Village @ Old Town, located at 380 & 436 East 2nd Street in Tustin, California, has traded hands between Village Apartments, LLC, a partnership formed by Arrimus Capital of Newport Beach, California and Cameron Properties, Inc. of Covina, California. Senior Director Peter Hauser and Associate Director Matt Hauser of Berkadia's Irvine office negotiated the transaction on behalf of both the seller and buyer. The property sold for $11.4 million at a 3.75% cap rate on June 6, 2017. The sales price reflects a per-unit price of $300,000 or $381.27 per square foot. The property was 100% occupied at the time of the sale.
LOS ANGELES—A six-unit multifamily property in Santa Monica has traded hands for $2.1 million. Kimberly R. Stepp and Aynsley Armbrust with Stepp Commercial, represented the seller, Los Angeles-based Gerst Family Trust. The buyer was a Los Angeles-based private investor. The property sold for a low cap rate of 3.5%, a high price per unit of $337,500, and $605 per square foot, which is close to record level in the area. Built in 1948, the one-story property consists of a six bungalow-style one-bedroom, one-bathroom units. The units feature hardwood floors, crown molding, and private entrances.
LAS VEGAS—The Siegel Group Nevada has acquired a 168-unit apartment complex located in Las Vegas, Nevada previously operated as the Paradise Park Apartments for $8.2 million. The acquisition increases the number of Siegel Suites and Siegel Suites Select properties located throughout the southwestern United States to 39 with several additional locations currently in escrow and scheduled to close in the coming months.
LOS ANGELES—Bernards has started construction for a new residence and dining hall at the University of La Verne in La Verne, CA. Bernards is working with Steinberg Architects on the design-build project. The new 114,970 square-foot residence building will include 396 beds, a dining hall, lounge and study spaces, and outdoor patios. The ground floor will feature a dynamic 18,700 square-foot dining hall, President's dining room, and large social and recreation lounge. The residence floors feature living clusters focused on community integration and learning. Study rooms, social lounges, and a two-story living room at the heart of each floor create a fabric that links students together to learn, live and thrive.
SAN DIEGO— CBRE Capital Markets' Debt & Structured Finance team has arranged a $16 million loan on behalf of ZMI Real Estate, LLC for the refinance of Carlsbad Commerce Center. The single-story, ten building office and flex campus consists of 145,759 square feet in Carlsbad, California. CBRE's Mark McGovern, Scott Peterson and Brian Cruz secured an aggressive five-year loan through
SAN DIEGO—A 32,976-square foot, 44-unit apartment property located at 4720-4732 Hawley Blvd., San Diego, CA (92116) for $10.4 million or $236,931 per unit. Peter Scepanovic and Corey McHenry of Colliers International San Diego Region's Multi-Family Advisory Group represented the San Diego-based buyer, Vaerus Hawley, LLC. The San Diego-based seller was Perform Investments, LLC. The property features a mix of turn-key studio, one-bedroom and two-bedroom units with a pool, owned laundry and ample parking. Originally constructed in 1971, the property underwent interior and exterior renovations in 2010 and 2015.
IRVINE, CA—Liberty Glass Fabricators has acquired a newly constructed 71,054-square-foot class-A industrial facility in Corona for $9.95 million from the partnership of Acacia Real Estate Group and Adler Realty Investments, the original owner/developer of the project. Cushman & Wakefield's Brett Lockwood based in Irvine represented the buyer in the acquisition.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.