CALIFORNIA BRIEFS
Sep 1, 2007 12:00 PM
Festival Real Estate Commercial Services is constructing the 80-acre El Centro Huntington Park in the mid-cities area of Los Angeles County. The proposed open-air regional retail center will combine a mix of national major anchors and large-scale retailers, local retailers, sit down restaurants, casual eateries and service retail.
Birtcher Development & Investments sold the South Coast Home Furnishings Centre for more than $100 million to South Coast Home Furnishings Center, LLC. The 300,000-sq.-ft. home furnishings center is the largest purpose-built home furnishings center in Orange County.
Festival Retail Fund 1, L.P. acquired 240 Post Street Building, a 38,475-sq.-ft. retail property in San Francisco, for $70 million. The purchase is the largest investment for the fund since its launch in January of this year.
Westcore Properties sold Poway Crossings Shopping Center, a 114,811-sq.-ft. property in Poway, Calif., to Poway Crossings Investors, LLC for $31 million. Pete Bethea, of Burnham Real Estate Services, represented both parties in the transaction.
Capmark Finance Inc. provided a $26 million floating-rate construction loan for the Marketplace at Santee, a 71,586-sq.-ft. retail property in Santee, Calif.
Sperry Van Ness brokered the sale of an 11,430-sq.-ft. office/retail building, to Arcadia, Calif.-based Beaumont Land Acquisitions for $4.1 million from 38 U. Union LLC. NAI Capital represented the seller.
Festival Real Estate Commercial Services is building Sante Fe Trail Plaza, which will be a 195,000-sq.-ft retail component of a mixed-use retail and residential project in the city of El Monte, Calif.
GVA Charles Dunn negotiated the sale of a two-building retail portfolio in Beverly Hills, Calif. for more than $60 million in a 1031 exchange. David J. Ickovics, of GVA Charles Dunn, represented both parties in the transaction.
American Commercial Equities, LLC purchased Japanese Village Plaza, an 88,500-sq.-ft. shopping center in Los Angeles, Calif., for $41 million. David J. Ickovics, of GVA Charles Dunn, represented the buyer in the transaction.
Capmark Finance Inc. originated a $35 million permanent loan for Rio Vista Shopping Center, a 144,022-sq.-ft. retail property in San Diego. The loan featured a 15-year term and a 30-year amortization schedule. Mike Dobbins negotiated this transaction.
Hanley Investment Group Real Estate Advisors negotiated the sale of San Jacinto Plaza, a 17,500-sq.-ft. retail center in San Jacinto, Calif., from Hall & Associates to a private investor for $4 million. Jeremy McChesney and Eric Werner, of Hanley, represented both parties in the transaction.
Combined Properties Inc. acquired a site on Santa Monica Boulevard in West Hollywood, Calif. The company plans to develop a $23 million mixed-use project on the property, which will feature 20 residential condominiums and 7,100 sq. ft. of retail space. Ground breaking is scheduled for the summer of 2008.
