The LA Deal Sheet
As a sign of Eastvale's popularity with investors, Hanley Investment Group Real Estate Advisors has completed the sale of five new-construction retail buildings to four different buyers at the Eastvale Marketplace for a combined total of $33M.
The grocery-anchored shopping center at 13334-13394 Limonite Ave. total 57K SF and includes a single-tenant Smart & Final Extra!, two multitenant retail buildings and two single-tenant fast-food restaurants with a drive-thru.
Hanley Investment Group's Bill Asher, Jeff Lefko and Ed Hanley represented the developer and seller Evergreen in the sale of the five properties. The buyers were four separate private investors.
The Eastvale Marketplace sits next to the 15 and 60 Freeways. Hundreds of thousands of cars drive down those freeways per day, according to the brokers.
Eastvale is a city in Riverside County, about an hour drive from downtown Los Angeles. In the past several years, the former farm town has become a popular city to live in because of its housing affordability and location. The city borders Orange and Los Angeles counties. It ranks as one of the fastest-growing cities in Riverside and has one of the highest household incomes in the state at $120K.
The marketplace is anchored by a Smart & Final Extra! and other tenants include Burgerim, CareMore Pharmacy, Creamistry, EcoCleaners, El Pollo Loco, Mathnasium, Mes Amies Nail & Beauty Spa, Miguel’s Jr., Pacific Dental Services, Pieology, Poke Delight, Ten Ren’s Tea Time and TotalCare Walk-In Clinic.
SALES
IDI Logistics has acquired a 108K SF industrial property in Torrance from Alpine Electronics of America for $21.5M. The property at 19145 Gramercy Place served as Alpine Electronics' U.S. headquarters before the company relocated to Michigan. The Klabin Co.'s Todd Taugner, Frank Schulz III and David Prior represented the buyer and seller.
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Poincare Group has purchased two retail centers that sit on a 16-acre site in Temecula from Pathfinder Partners for $26.1M. The Bel Villaggio I-II and Bel Villagio III at 41501 and 41221-41493 Margarita Road are adjacent to a Costco and the Promenade Temecula. CBRE’s Kirk Brummer, Sean Heitzler and Philip D. Voorhees represented the seller.
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A private investor has purchased a 15-unit apartment building in Riverside from the Lakritz Family Partnership for $2.3M. The 14K SF Kansas Apartments at 3332 Kansas Ave. features a mix of one-bedroom, one-bathroom units and two-bedroom, one-bathroom units. CBRE's Cray A. Carlson represented the buyer.
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Palos Verdes Management Co. has acquired a 150-unit apartment property in Cerritos from an undisclosed partnership for $48.6M. The Four Trees multifamily complex at 18427 Studebaker Road features 11 two-story buildings with 38 one-bedroom units; 92 two-bedroom, one-bathroom units; and 20 three-bedroom, two-bathroom units. CBRE's Laurie Lustig-Bower, Mike McKinney, Kamran Paydar and Nancy Bush represented the seller.
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Robles Brothers Investments has purchased a mixed-use residential, office and retail building in Temecula from Front Street Plaza Partners for $8.8M. Built in 2014, the Front Street Plaza at 28693 Old Town Front St. consists of 25 apartments, 18 office suites, and an open-air bar and restaurant, as well as two ground-level restaurants. CBRE's Cray Carlson and Trey Mitchell represented the buyer and seller.
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A private investor, Steve Blumer, has acquired the Cal Twin Towers in Bakersfield from Adler Realty Investments for an undisclosed price. The Cal Twin Towers is a 152K SF office complex at 4900 California Ave. Adler originally acquired the property in 2005. Tenants include Omni Healthcare, Regus, Progressive Insurance and Principal Life. Cushman & Wakefield's Alex Belfour, Jeff Andrew, Scott Salters and Susan Moreno represented the seller.
FINANCING
On behalf of Kenihan Development, Berkadia has arranged the financing for the Treehouse Lofts, a newly built 23-unit multifamily property in Culver City. Berkadia's Chuck Christensen, Vincent Punzi and Lowell Takahashi secured the permanent refinancing.
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On behalf of an undisclosed JV, CBRE’s Capital Markets’ Debt and Structured Finance team has arranged a $31M loan for the acquisition financing for Crenshaw Plaza, a retail center in Los Angeles. The 137K SF retail center sits on the southeast corner of West Slauson Avenue and Crenshaw Boulevard. CBRE's Bruce Francis, Shaun Moothart, Dana Summers, Robert Ybarra, Doug Birrell and Jim Korinek arranged the fixed-rate loan.
EXECUTIVE NEWS
Cushman & Wakefield has named Jack Chang as a managing director in its Irvine office. Chang specializes in single-tenant net lease and sale-leaseback investment sales. Chang will also be responsible for assisting the company's growing retail capital markets platform in Orange County. Prior to joining Cushman & Wakefield, Chang was at Stream Capital Partners.
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Watt Cos. has appointed John Devereux as president. Devereux will join the executive team in overseeing strategy and execution for all of the company's activities, including financial matters and long-term growth initiatives. A 30-year commercial real estate veteran, Devereux previously held executive positions at OneWest Bank, Colony Capital and PeerStreet.
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Veteran real estate finance executive Todd Bedingfield has joined Sonnenblick-Eichner Co. as a senior managing director. Bedingfield previously served as an independent consultant with Tab Capital and spent 21 years with AIG.
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Newmark Knight Frank has added Andrew Briner as an executive managing director. Briner specializes in industrial investments. In the past 14 years, Briner has completed transactions exceeding $24.5B. Prior to joining NKF, Briner served as managing director at JLL.
