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BBCN BANK CHOOSES WILSHIRE COLONNADE FOR ITS NEW HQS
Los Angeles -- BBCN Bank, a newly formed entity that was created after the Nara Bank and Center Bank merger, has chosen Wilshire Colonnade for its new headquarters. The company signed a 10-year lease that will extend Nara's existing lease for 43,993 square feet throughout three floors and add an additional 18,392 square feet of expansion space. Wilshire Colonnade is located at 3731 Wilshire Blvd. in Los Angeles' Koreatown.
Most of Center Bank's headquarter-based employees are anticipated to relocate here in mid-2012 when construction on the expansion space has been completed. Some employees will also relocate to the two retail locations owned by the former Center Bank. The Nara-Center merger and formation of BBCN has created the largest Korean American bank in the country. BBCN was represented by Norman Y. Lee and Matthew Brainard of Studley. Wilshire Colonnade was represented by Charles Dunn, Amir Madadi and Steve Reizes of Charles Dunn Real Estate Services.
"The requirement was triggered by a 'merger of equals' and the transaction structure leverages existing locations and infrastructure to provide our client with an economically advantageous and operationally efficient real estate footprint," Lee said in a statement.
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SANTA FE SPRINGS
PROMENADE SELLS FOR $23M
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Santa Fe Springs, Calif. -- A 115,000-square-foot grocery-anchored shopping center in Santa Fe Springs that is known as the Santa Fe Springs Promenade has sold to Milan Capital Management for a reported $23 million. The center was more than 90 percent occupied at the time of closing. Santa Fe Springs Promenade was built over time throughout the mid-1960s to the 1990s. It includes six pad buildings that contain fast food restaurants and a bank branch. Milan Capital plans to "parcelize" the pad buildings and potentially sell them as single-tenant net leased investments. The firm purchased the promenade as a joint venture with a group of high-net-worth individuals. George Prince of Prince Commercial Real Estate Services represented both the buyer and seller, F. J. Hanshaw Properties, in this transaction.
"We are excited to take on this new project. Although the center enjoys good occupancy today, we look forward to enhancing the tenant mix here by attracting national tenants with recognized names to serve the people in this community and provide a better credit profile for the asset. Expect to see some big changes in the months to come," said Chris Nichelson, Milan's president, in a statement.
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THE CROSSINGS OPENS IN LA
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Los Angeles -- The Crossings on 29th Street, a 34-unit affordable housing development in South Los Angeles, recently celebrated its grand opening. Located at 818-838 E. 29th Street, the Crossings consists of 24 two-bedroom townhomes and 10 three-bedroom apartment homes inside three buildings. The Crossings also features a recreation center, computer lab, media center, kitchen, laundry facilities and manager's office. Once this multi-phase development is complete, it will provide more than 400 affordable rental and for-sale units, as well as retail options and recreation facilities.
The project was developed by Urban Housing Communities LLC (UHC), in collaboration with the Community Redevelopment Agency of the City of Los Angeles and Councilmember Jan Perry of District 9 in South Los Angeles. It was designed by KTGY Group, Inc., Architecture + Planning. Western Community Housing will provide on-site health and wellness services, in addition to educational classes, job attainment assistance, life skills training, youth programs and community-building activities for the residents.
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LA-BASED MF PORTFOLIO SELLS FOR $17M
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3835 W. 8th Street
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Los Angeles -- A four-property multifamily portfolio based in the Mid-Wilshire submarket of Los Angeles has sold to an investment company for $17,025,000. The portfolio totals 199 units inside non-rent controlled buildings. The sale includes 59 units at 3835 W. 8th Street; 49 units at 326 S. Normandie Ave.; 48 units at 324 Catalina Ave.; and 43 units at 715 S. St. Andrews Place. All four properties are renovated 1920s Art Deco buildings. The portfolio was purchased from 4D Development, which acquired the properties as a distressed asset from Wells Fargo Bank in 2011. The current sale closed at a 7.16 percent cap rate. Janet Neman and Bryan Glenn of Charles Dunn Company represented both the buyer and the seller in this transaction.
"The Mid-Wilshire multifamily submarket is showing strong rental demand with solid rental rates and the market vacancy factor at around 4 percent. This portfolio offered the buyer a rare opportunity to own vintage properties in great condition that are not subject to rent control," Glenn said in a statement.. |
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MONTRACHET DENVER
WEST RECEIVES $32M
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Lakewood, Colo. -- The 252-unit Montrachet Denver West in Lakewood has received $32 million in financing. The garden-style apartment development was built in 2003 and is situated on more than 23 acres. It was 96 pecent leased at the time of closing. The loan features a 10-year term, five years interest-only and a 30-year amortization schedule under Fannie Mae's Early Rate Lock Program. It was underwritten to a 65 percent loan to value with a 1.50x debt-service coverage ratio. Mike Cantwell of Johnson Capital originated the loan. It was provided by Walker & Dunlop, which was led by Andrew Tapley.
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OMNINET COMMERCE BUYS
COMMERCE OFFICE PARK
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Commerce, Calif. -- Omninet Commerce has purchased Commerce Office Park, a 285,368-square-foot, Class A office campus, for an undisclosed sum. The five-building property is situated on six separate parcels in the Los Angeles Basin. They reside at 4900, 5500, 5700 and 5770 South Eastern Ave., and 5801 East Slauson Ave. in Commerce. Voit's Dan Vittone and Alan Pekarcik represented both the buyer and the seller, Thompson National Properties on behalf of the tenant-in-common owners of record, in this transaction. CBRE's Kevin Shannon, Scott Schumacher and Ken White, and Cushman & Wakefield's Tom Sheets, also represented the seller.
"Commerce Office Park was 90 percent leased at the time of this sale, predominantly to departments of LA County and the State of California. This investment offers the buyer the ability to increase rents over time and potentially sell off the five buildings individually as they are each situated upon their own parcel," Vittone said in a statement.
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ULI Urban Marketplace 2012
March 7, 2012
Dorothy Chandler Pavilion
Downtown Los Angeles
Click here for info or to register.
InterFace Medical Office West
March 20, 2012
Los Angeles Athletic Club
Downtown Los Angeles
Click here for info or to register.
InterFace Net Lease West
March 20-21, 2012
Los Angeles Athletic Club
Downtown Los Angeles
Click here for info or to register.
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