TORRANCE, CA-Diamond Resorts International Inc. has completed the acquisition of Pacific Monarch Resorts Service Cos. for $48 million in an all-cash transaction. DRI used proceeds from a July 19th completed IPO to fund the acquisition. The transaction followed by approximately one year the acquisition by DRI of PMRS as part of a $350-million restructuring. The transaction resulted in the transfer of assets within the US and Mexico, and was the final transaction contemplated within agreements entered into between the parties more than two years ago. Restructuring partner John Whitcombe and transactional partner Michael Gibson of locally based law firm Greenberg, Whitcombe & Takeuchi LLP, assisted by transaction counsel Morton Rosenfeld of Los Angeles, advised PMRS during the sale, while lawyers from the Chicago offices of Katten Muchin served as Diamond’s legal counsel.
COMPTON, CA-Amir Development has sold a 151,800-square-foot industrial building at 1200 W. Artesia Blvd. here to Industrial Income Trust. The parties did not reveal the sale price, but industry sources unrelated to the deal report that it was $14 million. The building is 100% leased to one company. Jones Lang LaSalle‘s Los Angeles team members Barry Hill and Zac Sakowski represented the buyer; the seller represented itself.
LOS ANGELES-Adam Zunder of KW Commercial has represented seller the Buchanan Family Trust in off-market portfolio sale of apartments here to BV Port LLC, represented by Samuel Adlerstein of JRM Properties, for $10 million or $77,000 per unit. The portfolio included 10 buildings and 129 units and could be one of the largest non-institutional portfolio sales in the Baldwin Village area. The properties were in escrow for 60 days. The buildings are 95% full and in fair to good condition; most rents are under market.
MARINA DEL REY, CA-Ball Investment Group is marketing for sale the Princeton Lofts at 1046 Princeton Dr. here. The property is an adaptive-reuse project that took a 60,000-square-foot warehouse for White Stag ski clothing and converted it into 30 live/work lofts raging in size from 1,300 square feet to 3,900 square feet, some with 33-ft.-high ceilings. Original double-bow truss ceilings, exposed steel beams with exposed nuts and bolts, sandblasted wood joists, Boffe cabinetry and Viking appliances are some of the amenities.
TEMECULA, CA-Los Angeles-based Temecula Pad H LLC has sold a free-standing, 13,630-square-foot retail building at 40810 Winchester Rd. here to 1031-exchange buyer San Diego-based Aro Partners for $3.5 million. Jeff Conover, senior managing director with Faris Lee Investments, represented the seller in the transaction, while the buyer was represented by Nick Frasco of Voit. Built in 2001 and situated on 1.12 acres, the property is 75% occupied by Hallmark and a Beauty One Cosmetics Supply store. It fronts the 1.14-million-square-foot regional mall Promenade Temecula, which is anchored by Macy’s, Sears, JCPenney, Edwards Theaters and Costco.
OXNARD, CA-A 40,000-square-foot Super Sport fitness center is being added to the Collection at RiverPark here, scheduled to open in 2014. The fitness center will be located along the southern entrance near REI and the new H&M that is scheduled to open this October. The massive new workout facility will include spacious locker rooms, a resistance equipment area, free weights, full-sized basketball court, group exercise room, a cycling room, a main gym, a cardiovascular equipment area and a swimming pool.
The Collection at RiverPark is being constructed alongside Highway 101 between the Vineyard and Oxnard exits. Anchors include the recently opened Whole Foods Market, Target, a 16-screen Century Theatres and REI. Other recently opened tenants include Yard House and Gen Korean BBQ.
PALM SPRINGS, CA-Construction is about to begin for Sol Palm Springs, a community of contemporary homes located at the northeast corner of Avenida Caballeros and Amado Dr. here. Sol will feature 46 detached, two-story contemporary homes ranging in size from approximately 2,200 square feet to 2,700 square feet. Each home will feature gourmet kitchens, two large master bedroom suites and large entertainment areas with seamless transitions from indoor to outdoor living. The homes will come fully landscaped and include a pool. Homebuyers will also have an option to purchase a private rooftop deck to fully take advantage of the views the site has to offer. Centrally located within easy walking distance of Downtown Palm Springs, the gated community will feature paver stone streets and a private community dog park with a coffee hut.
LOS ANGELES-Carmel Partners has finalized a lease with Whole Foods Market for its flagship 42,000-square-foot grocery store at 770 S. Grand Ave. Downtown here on behalf of Carmel Partners Investment Fund IV. Carmel is currently developing the site into a 700-unit, class-A mixed-use development with 50,000 square feet of ground floor retail, and expects the mixed-use project to open in 2015. Terms of the lease were not disclosed.
BEVERLY HILLS, CA-A family trust has signed a 10-year office lease with Live Nation Entertainment for 33,094 square feet of creative space at 9350 Civic Center Dr. in Beverly Hills, immediately east of the Beverly Hills Civic Center. The building was transformed in 2001 from what was an old industrial building. Neil Resnick and Matt Wallace from Avison Young’s West Los Angeles office represented the landlord, while Chris Mongeluzo and Mike Arnold of Newmark Grubb Knight Frank represented Live Nation.
SAN DIMAS, CA-TP-LINK USA CORP. has signed a 38-month new lease to relocate its US office to a 52,000-square-foot industrial warehouse located at 975 Overland Ct. here. The tenant will relocate from its current space, a 15,000-square-foot building located in the City of Industry, to the new, expanded facility. The value of the transaction remains undisclosed. Jason Chao, VP of CBRE, represented the tenant, while Lynn Knox, first VP, and Kent Stalwick, SVP—both also with CBRE—represented the landlord, PEER Properties-2 and RDS Investment Holdings.
SAN JOSE-RetailNext Inc., a provider of in-store analytics to the retail industry, has signed a 17,108-square-foot office lease relocation at 60 South Market St. here with AREA Property Partners. With the move, RetailNext, which is presently at 99 Almaden Blvd. here, will nearly triple the size of its office headquarters. The landlord was represented by Anne Ralston, Tracey Solari, and Geri Wong of Cornish & Carey Commercial Newmark Knight Frank.
TEJON RANCH, CA-Tejon Ranch Co. has released the results of operations for the six months ended June 30, 2013, with the company showing net income attributable to common stockholders of $2.69 or $0.13 per common share, compared to net income attributable to common stockholders of $393,000, or $0.02 per common share, for the same period in 2012. Revenue from operations for the six months ended June 30 was $17.24 million compared to $17.43 million of revenue for the same period during 2012. All per-share references are presented on a fully diluted basis. For the second quarter, the company had net income attributable to common stockholders of $2.1 million or $0.10 per common share, compared to net income attributable to commons stockholders of $118,000, or $0.01 per common share, for the second quarter of 2012. Revenue from operations for the second quarter of 2013 was $7.48 million compared to $7.85 million of revenue during the same period of 2012.
NEWPORT BEACH, CA-Green Street Advisors reports that the Green Street Commercial Property Price Index declined by 1% in July. Property values have enjoyed a robust recovery over the last four years, more than recouping all the ground that was lost during the financial crisis, but that recovery has been put on hold as increases in interest rates weigh on pricing.
CALABASAS, CA-Marcus & Millichap Real Estate Investment Services has promoted David Ching and Rob Reis to VP investments. Based in the firm’s Oakland office, Ching began his career with the firm in 2006, specializing in the sale of retail properties. Most recently, he held the position of associate VP investments. Working from M&M’s San Francisco office, Reis also began his career with the firm in 2006. He specializes in the sale of seniors housing properties. Reis’s previous title was associate VP investments.
LOS ANGELES-Caruso Affiliated has promoted Jackie Levy to EVP of operations. Levy, who served as SVP of operations at the firm since early 2010, will expand his responsibility of managing all Caruso property operations totaling over 2 million square feet of residential and retail assets and more than $2 billion in asset value.