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Lakers to Buy Space at Future Elevon Development in El Segundo
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The Lakers have agreed to purchase an undeveloped five-acre parcel within the Elevon at Campus El Segundo development. Elevon will be a 15-building office campus.
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EL SEGUNDO, CALIF. -- The Los Angeles Lakers have agreed to purchase an undeveloped five-acre parcel within the Elevon at Campus El Segundo development. The purchase price was not disclosed. The site is located at the northwest corner of Mariposa Avenue and Douglas Street in the Los Angeles submarket of El Segundo.
The team will construct a new training facility, which will also serve the NBA Development League's Los Angeles D-Fenders, at the site. Additionally, the complex will house the teams' business operations.
Elevon will be a 15-building office campus with about 210,000 square feet of for-sale creative office buildings. It will also feature 13,500 square feet of leasable dining and retail space. The development broke ground last November and is slated for completion in the fourth quarter of this year.
Elevon, which will reportedly cost $97 million, is located within Campus El Segundo, a 46.5-acre, mixed-use property. It is situated less than a block from the 405 and 105 freeways.
Continental Development Corporation and its partner, Mar Ventures Inc., are developing Elevon. CBRE's Bill Bloodgood and Bob Healey will handle the office sales, while JLL's Steve Solomon and Carl Muhlstein will oversee build-to-suit opportunities.
"Elevon will provide companies the rare opportunity to take full control over their own space in the new El Segundo," says Solomon. "The region continues to transform into a hub for creativity and innovation."
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HFF Arranges $28M Refinancing Loan
for Greenwood Village Office Property
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 | | Harlequin Plaza is leased to Dex Media, Cherry Creek Mortgage and BELLCO Credit Union, as well as a mix of other finance, banking, media, engineering and medical firms. |
GREENWOOD VILLAGE, COLO. -- HFF has arranged a $28 million loan for the refinancing of Harlequin Plaza, a 324,833-square-foot suburban office complex in Greenwood Village. The asset is located at 7600 E. Orchard Road, near the I-225 and I-25 interchange, just southeast of downtown Denver.
The two-building property was renovated in 2013 and was 90 percent leased at the time of the loan closing. Harlequin's notable tenants include Dex Media, Cherry Creek Mortgage and BELLCO Credit Union, as well as a mix of other finance, banking, media, engineering and medical firms.
Tom Wilson, Eric Tupler, Erica Christensen and Kristian Lichtenfels of HFF arranged the loan on behalf of the borrower, Unico.
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Quantum Capital Partners Arranges
$22M Recapitalization for LA Portfolio
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The five-property retail portfolio is located in Downtown Los Angeles' Fashion District.
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LOS ANGELES -- Quantum Capital Partners has arranged a $22 million recapitalization for a five-property retail portfolio in downtown Los Angeles' Fashion District. The borrower was a locally based real estate investment consortium.
Financing was composed of individual loans ranging in size from $1.1 million to $8.4 million, among which was a three-year, second-trust deed mortgage with an interest rate of 4.5 percent. The remaining permanent loans each featured seven-year terms with fixed interest rates of 4 percent for five years. Three different off-shore lenders provided the financing.
Jonathan Hakakha led the Quantum Capital Partners team that arranged the loans. Quantum was tasked with finding and structuring the appropriate debt on each asset that would best meet the individual partnerships' specific requirements.
"For example, the existing loan securing one of the assets had a significant prepayment penalty that prohibited the sponsor from taking cash out to acquire another asset," says Hakakha. "We found a lender willing to quickly provide a short-term second mortgage at a very low rate that would allow the borrower to take advantage of the small window of opportunity."
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Silver Oaks Apartment Complex
in San Diego Sells for $20M
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 | | Employers near Silver Oaks include Sharp Grossmont Hospital, Grossmont-Cuyamaca Community College, San Diego State University and Aztec Shops. |
SAN DIEGO -- Silver Oak Apartments Venture LLC has acquired the 133-unit Silver Oaks apartment complex in the San Diego submarket of La Mesa for $20 million. The community is located at 7400 Parkway Drive, near Interstate 8.
Employers in the area include Sharp Grossmont Hospital, Grossmont-Cuyamaca Community College, San Diego State University and Aztec Shops.
The buyer is an affiliate of Pacific Urban Residential. Steve Huffman and Shane Shafer of Hendricks-Berkadia brokered the transaction.
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Joshua Springs Assisted Living Facility Underway in Bullhead City
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Joshua Springs will include 74 assisted living apartments and 30 apartments for memory care residents.
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BULLHEAD CITY, ARIZ. -- Joshua Springs, a 95,300-square-foot assisted living facility, is underway in Bullhead City. The $18 million project will be located at 2995 Desert Sky Blvd. within the Fox Creek master-planned development. Bullhead City is just north of Lake Havasu.
The facility will include 74 assisted living apartments and 30 apartments for memory care residents. It will also feature a bistro, hair salon/barber shop, theater, spa, exercise room, billiards room, game rooms and a library. Construction should be complete next summer.
Joshua Springs will sit adjacent to a five-acre medical office complex. Five 7,500-square-foot medical office buildings targeting medical/physician practices and health-related service providers will anchor the office component.
Brookfield Communities is the developer of Fox Creek. Milestone Retirement Communities will manage and operate the property.
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Kuehne + Nagel Leases Distribution Facility in Casa Grande
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 | | Kuehne + Nagel's new facility is located adjacent to Interstate 10, halfway between Phoenix and Tucson. |
CASA GRANDE, ARIZ. -- Kuehne + Nagel has signed a five-year lease for 201,666 square feet of warehouse and distribution space in Casa Grande. The facility is located at 2592 E. Hanna Road.
The global logistics company's new space sits adjacent to Interstate 10. Pat Harlan, Steve Sayre and Kyle Westfal of JLL represented the landlord, Clarion Partners, in the negotiations.
"For the right users, Pinal County definitely offers an alternative to the high costs of Southern California industrial space," says Harlan. "Creating an inland port environment in and around Casa Grande -- halfway between Phoenix and Tucson -- would allow companies to move their products from California's ports directly to a more cost-effective, inland location, then on to the rest of the U.S."
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NorthMarq Capital Arranges $20.5M Refi for Pacific Terrace in San Francisco
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Pacific Terrace features 41 residential units atop 2,500 square feet of ground-floor retail.
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SAN FRANCISCO -- NorthMarq Capital has arranged a $20.5 million loan for the refinancing of the 41-unit Pacific Terrace in San Francisco. The community is located at 1595 Pacific Ave. in the Russian Hill neighborhood and features 2,500 square feet of ground-floor retail.
The seven-year, fixed-rate loan features a 25-year amortization schedule. Dennis Williams and Brian Esquivel of NorthMarq Capital's San Francisco office arranged the loan on behalf of the borrower.
"The permanent, fixed-rate loan provided by the life company lender excelled in both proceeds and rate," says Williams. "The closing process was praised by all parties involved."
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Montclair Town Center Sells for $15.8M
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 | | Montclair Town Center houses 27 tenants, including 24 Hour Fitness, Dollar General, Bank of America (ATM), Burger King, Liberty Tax, Century 21 and Yum Yum Donuts. |
MONTCLAIR, CALIF. -- Montclair-ET LLC has acquired Montclair Town Center, a 96,989-square-foot shopping center in the Los Angeles suburb of Montclair, for $15.8 million. The center is located at 9710-9886 Central Ave. and was 80 percent leased at the time of sale.
Montclair Town Center houses 27 tenants, including 24 Hour Fitness, Dollar General, Burger King, Liberty Tax, Century 21 and Yum Yum Donuts.
Eric Treibatch of Ophir Management Services represented Montclair-ET, which purchased the asset as part of a 1031 tax-deferred exchange. William Asher of Hanley Investment Group and Frank Vora of Progressive Real Estate Partners represented the seller, Montclair Town Center LLC.
"Demand remains high for value-add retail investments in Southern California," says Asher. "At 80 percent occupancy, the property provided the buyer with excellent upside potential to increase cash flow in the future."
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Contact Us
| Nellie Day, Editor
Western Real Estate Business
France Media Inc.
Main Office: 404-832-8262
nday@francemediainc.com
www.rebusinessonline.com
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