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Equity Office Daily Brief: April 26, 2016

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Daily Brief

April 26, 2016

  EquilityOffice

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Department Stores Need to Cull Hundreds of Sites, Study Says

Wall Street Journal

 

Department stores need to close hundreds of locations if they want to regain the productivity they had a decade ago, according to new research from Green Street Advisors. The real-estate research firm estimates that the closures could include roughly 800 department stores,...

 


Why Some Suburbs Are Trying to Be More Like Cities

Wall Street Journal

 

For more than a generation, the suburb of New Rochelle, N.Y., has been struggling with a stagnant economy, closed storefronts and tax revenue that has fallen even as New York City has boomed just 15 miles to the south. Now this bedroom...

 


Inglewood Real Estate Gets NFL Boost

Los Angeles Business Journal

 

With a new NFL stadium heading to Inglewood in 2019, demand for real estate there is already heating up. Inglewood Mayor James T. Butts said the average time properties sit on the market has dropped from 6 months to 30 days or...

 


Sizzling Silicon Beach Buoys Westchester Purchase

Los Angeles Business Journal

 

As Venice and Playa Vista swell with businesses and residents, investors are looking outside those borders to catch the spillover. “You’ve got a natural progression,” said Gardner Ellner, a downtown L.A.-based acquisitions director for CBRE Global Investors. His firm just bought Univision’s...

 



BLOG & ONLINE NEWS

 

ClickPay Announces Key New Hire and Opening West Coast Office in Los Angeles

PR Newswire

 

ClickPay, a leading provider of billing and payment technology solutions for the property management and HOA industry announced a key addition to its team.  As the first step ClickPay hired Nick Napoli who is appointed as Sales Director and has opened...

 


The Dichotomy of Creative Office Development

GlobeSt.com

 

There is no doubt that creative office is dominating the office market, but creative office is becoming a dichotomy. It is both adaptive reuse redevelopment and sparkling new construction all in one. McCormick Construction is well versed in both the new...

 


$520M Civic Center Project Hits Financial Close

GlobeSt.com

 

The City of Long Beach and the Port of Long Beach have come to a financial close on the $520 million Long Beach Civic Center project, a public-private mixed-use development led by a public-private partnership known as P3. The development is...

 


Two LA Westside Investment Deals Total Over $14.5 Mil

RENTV.com

 

We’ve got the scoop on a couple on interesting recent sales from LA’s Westside. The deals, which took place in Culver City and Beverly Hills, total over $14.5 mil and were both brokered, at least in part, by Coldwell Banker Commercial...

 


Medical Office Building Nears Completion in Tarzana

Urbanize LA

 

Tristar Realty Group, a privately-held real estate firm based out of Los Angeles, is nearing completion on a four-story medical office building in Tarzana. The $50-million project, known as the Ventana Medical Plaza, is located on a 2.37-acre site near the northwest...

 

FULL TEXT


Department Stores Need to Cull Hundreds of Sites, Study Says

Wall Street Journal

 

Department stores need to close hundreds of locations if they want to regain the productivity they had a decade ago, according to new research from Green Street Advisors.

The real-estate research firm estimates that the closures could include roughly 800 department stores, or about a fifth of all anchor space in U.S. malls.

Sears Holdings Corp. alone would need to close 300, or 43%, of its Sears stores to regain the sales per square foot it had in 2006, adjusted for inflation, according to Green Street.

“Department stores used to be a great catchall for different brands, but today many of the brands have stores of their own, and shoppers can also find them online,” said DJ Busch, a senior Green Street analyst.

Sears and other retailers including Macy’s Inc. and J.C. Penney Co. have closed hundreds of stores in recent years as business has shifted to discounters or online merchants like Amazon.com Inc. But the closures haven’t been enough to offset a drop in sales, Green Street said.Sales at the nation’s department stores averaged $165 a square foot last year, a 24% drop since 2006, according to company disclosures and Green Street estimates. Over the same period, the stores reduced their physical footprint by 7% in aggregate.

Some chains have moved faster to cull their fleets than others. On Thursday, Sears said it would close 78 stores, including 68 Kmarts, this summer, part of a plan announced in February to “accelerate the closing of unprofitable stores.” But Penney has only closed seven stores this year out of a base of more than 1,000.

Green Street estimates that Penney would need to close a total of 320 locations, or 31% of its stores to return to its 2006 productivity levels, while Nordstrom Inc. would need to shutter 30 stores, or a quarter of its footprint. By comparison, Macy’s, which closed 40 stores last year, would only need to eliminate a further 70 locations, or 9% of its base, Green Street estimates.

While declining to comment on the specifics of Green Street’s report, the chains have indicated that mass store closings aren’t the right strategy.

“There’s a misperception out there that when we close a store, that business transfers online,” Ed Record, Penney’s chief financial officer, told analysts in November. “When we close a store, particularly in a small market, we see our dot-com business go down.”

A spokesman for Nordstrom said that all of its stores are profitable, and closing stores “is not our normal practice.”

In addition to closing unproductive locations, Macy’s has been trying to get more shoppers in the door by adding Bluemercury beauty shops and Backstage discount stores to its department stores.

It may be unrealistic to expect that department stores could ever return to historical levels of sales or profits given the changing dynamics of retailing. Many retailers say they make less money selling goods online than they do in their physical stores. And with the Internet making it easier for consumers to comparison shop, discounts have become the norm.

Department stores occupy about two-thirds of mall anchor space, and even though they are being replaced by restaurants, grocery stores, and big box retailers such as Dick’s Sporting Goods Inc. and Target Corp., there aren’t always enough new tenants to go around, said Green Street’s Mr. Busch.

The store glut has important implications for the country’s weaker malls, which rely on their anchors to drive foot traffic. “If department stores were to move forward and aggressively streamline their physical presence it could result in several hundred malls no longer being relevant retail destinations,” he said.

-Write to Suzanne Kapner at Suzanne.Kapner@wsj.com

Why Some Suburbs Are Trying to Be More Like Cities

Wall Street Journal

 

For more than a generation, the suburb of New Rochelle, N.Y., has been struggling with a stagnant economy, closed storefronts and tax revenue that has fallen even as New York City has boomed just 15 miles to the south.

Now this bedroom community is forging ahead with a plan to remake its low-slung downtown into a landscape checkered with office towers, high-rise apartments and new retail. Over the past year and a half, it has changed its zoning and signed on a team of developers to start building some of the planned towers—all in a bid to attract new employers and residents and breathe life into the local economy.

In short, this suburb is trying to look urban. And it isn’t the only one. Urbanization efforts in New Rochelle, a city of 79,000, offer a glimpse of changes taking shape in suburbs around the country. While the approaches vary, what they share is a general desire for urban-style development meant to appeal to youth and attract employers who might otherwise gravitate to cities.

Coast to coast

Tysons Corner, a giant collection of suburban-style office parks in Virginia near Washington, D.C., is pushing developers to build apartments, tall office towers and street grids. North Carolina’s Research Triangle Park—a bastion of isolated corporate campuses built in the second half of last century—is now trying to develop about 1,500 apartments mixed with offices for multiple companies, a first for the park. Officials there hope more will follow.

Similar campaigns are under way from Plano, Texas, to San Ramon, Calif. These efforts mark a major shift, planners say, particularly given that cities were trying to compete with suburbs just a few decades ago, plowing highways through downtowns and building enclosed urban malls.

“The suburbs are mimicking cities like just cities were mimicking suburbs,” says Bruce Katz, who focuses on urbanization at the Brookings Institution, a think tank in Washington. “This is really an upending.”

Of course, these changes are still nascent. It’s too early to say how the broader market will react to these still largely isolated visions. In the 1990s and early 2000s, many developers bet on “new urbanism,” a concept that generally sought to build mixed-use communities on empty swaths of land. The efforts never took off on a large scale, stymied in part by the 2008-2009 housing bust.

Youth migration

But part of what is driving suburban redevelopment now is the migration by young Americans, particularly the college-educated, out of the suburbs to city centers. From 2000 to 2010, for instance, the population of college-educated 25- to 34-year-old residents in downtowns grew 44%, three times as fast as the rest of the metro areas for the 50 largest cities, according to a pair of researchers from University of California, Berkeley, and the University of Pennsylvania.

The researchers, Victor Couture and Jessie Handbury, say in a working paper that “urban revival” in the 50 largest U.S. cities “is accounted for almost entirely by the rising share of college-educated individuals.”

Trends like these have made it harder for suburbs to attract new employers, who often want to be nearer to the young, talented workforce. Hence the widespread drive to bring more aspects of urban living to suburbia.

A dense downtown “can enhance our civic image and provide a sort of heart to the community,” says New Rochelle Mayor Noam Bramson. “If we want our children and grandchildren to be able to live in places like New Rochelle, then we’ve got to position our community to be attractive to those communities.”

Far older than many U.S. suburbs that sprouted after World War II—New Rochelle’s population grew fastest in the early 20th century—the town has been struggling economically for the past few decades, with almost no new office development and relatively little apartment construction.

Now a pair of developers—the city hopes others will follow—are forging ahead on a set of development sites downtown. Ultimately, over the next 10 years, city officials are anticipating construction of 5,500 apartments and more than 3 million square feet of retail and office space, enough to fill the Empire State Building.

Tomorrow’s town

In part, the suburb’s old age adds to its allure for this type of development. Built up before cars were widespread, it has a train stop on the commuter rail just half an hour from Midtown Manhattan, and its own downtown where residents can tolerate dense construction.

“The beauty of New York suburbs is they have real downtowns,” says Seth Pinsky, an executive vice president at RXR Realty. Mr. Pinsky’s firm and developer Renaissance Downtowns completed a deal late last year with New Rochelle to take the lead in the redevelopment of the downtown—and they’re working on similar efforts in other New York area suburbs.

In New Rochelle, the two developers are planning to start on their first large building this year or early next, an apartment building nearly 30 stories high.

Should high-rise building in places like New Rochelle indeed take off, that could help relieve pressure on New York City housing, says Mr. Pinsky, who was a top economic-development official for former New York City Mayor Michael Bloomberg.

“New York City continues to become more expensive, which makes it more and more difficult for people looking for an urban environment to find it affordably in the five boroughs,” Mr. Pinsky says. If those people can indeed be attracted to urban-style living in the suburbs, employers should follow, he says.

The young and educated “are increasingly looking for a different lifestyle, and when the suburbs don’t offer that lifestyle, they lose that population,” he says. “That population is a significant part of the workforce for which businesses are looking.”

-Mr. Brown is a reporter for The Wall Street Journal in New York. He can be reached at eliot.brown@wsj.com.

Inglewood Real Estate Gets NFL Boost

Los Angeles Business Journal

 

With a new NFL stadium heading to Inglewood in 2019, demand for real estate there is already heating up.

Inglewood Mayor James T. Butts said the average time properties sit on the market has dropped from 6 months to 30 days or less since January, when the NFL gave the greenlight for the Rams to relocate to Inglewood.

“When properties are put up for sale, by the time the realtors get back to the office, they have four or five offers waiting for them,” he said, speaking to the Business Journal after his State of the City address at the Forum. He added that the offers often come in at $15,000 to $25,000 above the asking price.

“If this was just an ordinary circumstance, you might say this is just another boom cycle in housing,” Butts said. “Now that you have all this development that’s likely to occur, in Inglewood, the upward trend is going to last longer than it usually does in a boom and bust cycle.”

Inglewood home values have shot up by more than 85 percent since 2012. The median home value is $525,000, according to Redfin, reflecting a 57 percent increase over last year.

Construction on the 80,000-seat stadium has begun. It sits on a 298-acre site that is slated to include a hotel, housing, offices, parks, and a theater.

Rams owner Stan Kroenke, speaking at the State of the City address, said he had been eyeing the property for two decades as a possible football venue.

“To me, there was no doubt this was clearly, easily, the best site,” said Kroenke, who has a home in Malibu and said he has recently spent more time in Inglewood.

“Everybody’s been so warm. It’ll be fun to get involved in your community,” he said.

-Daina Beth Solomon

Sizzling Silicon Beach Buoys Westchester Purchase

Los Angeles Business Journal

 

As Venice and Playa Vista swell with businesses and residents, investors are looking outside those borders to catch the spillover.

“You’ve got a natural progression,” said Gardner Ellner, a downtown L.A.-based acquisitions director for CBRE Global Investors. His firm just bought Univision’s building at the Howard Hughes Center in Westchester for $102 million, about twice the amount Univision paid for the five-story site in 2004. The Spanish-language broadcaster will lease back its space, but leave two floors vacant for new tenants. One of those tenants could pick up signage on the parking lot overlooking the busy 405 freeway, said Ellner. In addition, CBRE plans to make the building especially inviting by upgrading the lobbies and patios.

Ellner expects the space to look attractive to companies that couldn’t break into Playa Vista, either due to high rents or lack of space.

“Playa Vista is built out. It’s totally leased,” he said.

Marina del Rey is also grabbing attention. A 51,400-square-foot lot on Glencoe Avenue, home to an auto shop and surfboard company, just sold for $17 million. The buyer, a local limited liability entity, plans to build creative offices topped by apartments. Steven Schechter, an associate vice president for investments at Marcus & Millichap’s Encino office who brokered the sale, said he was able to bump up the price by $1 million because of high demand for the property, which is just east of Lincoln Boulevard.

“It’s all a function of what’s going on in Silicon Beach,” he said. “As more tech comes in, you’ve got more and more people that are ancillary to that industry, and everybody wants to work close to where they live.”

At $331 a square foot, the price was the highest paid for land on Glencoe since 2012.

Golden Sale

A Beverly Hills building has switched hands for just under $38 million in a rare sale for the Golden Triangle shopping zone. The site, at North Canon Drive and Santa Monica Boulevard, was sold by Vintage Capital Corp. of Manhattan Beach. The buyer was not disclosed.

Tenants include restaurant Il Tramezzino, pet care shop Pussy & Pooch, and several beauty salons – DryBar, Yoshi Hair Studio, Chi Nail Bar & Spa, and Valerie Beverly Hills Makeup Salon.

Vintage had owned the site for about 25 years before deciding the time was right to sell, said its broker, Stephen Algermissen of Colliers International.

“They felt that the market was just so strong that they could achieve a premium price and that’s what they did,” said Algermissen. “It is a very strong number in that marketplace.”

The nearly $38 million price tag translates to about $2,122 a square foot for the 17,908-square-foot site. According to CoStar Group Inc., retail buildings in Beverly Hills sold for an average of $2,867 a square foot last year. But prices can skyrocket just blocks away. On the much coveted Rodeo Drive, Chanel bought its store in December for $152 million, or $13,217 a square foot.

The buyer at Canon might choose to bump up rents, which currently fetch about $10 a square foot. That might be pricey compared with other parts of West Los Angeles, but a steal compared with $75-a-square-foot rates on Rodeo.

Constructed in 1936 with art deco flourishes, the building was brought up to date in 2000 and then again in 2013.

The buyer plans to continue leasing to the existing tenants. Jay Luchs of Newmark Knight Frank and Jerry Asher of Asher Commercial assisted Colliers in the sale.

Industrial Grab

With one $191 million deal, Rexford Industrial Realty Inc. has bumped up its holdings by more than 12 percent. The Brentwood real estate investment trust bought 1.53 million square feet across Southern California in acquisitions spanning Orange County, San Diego, and the Inland Empire. Its largest purchase, a 325,800-square-foot building, is in the San Gabriel Valley. Monthly rents for the fully leased properties range from 35 cents to 93 cents a square foot, according to documents filed with the Securities and Exchange Commission.

“The portfolio … brings greater scale and operating efficiency in key infill submarkets,” said Howard Schwimmer and Michael Frankel, co-chief executives of Rexford, in a statement.

The deal comes as industrial markets across Los Angeles hit record-low vacancies, with manufacturing, consumer goods, apparel, and logistics companies snatching up space. The average vacancy rate in Los Angeles County is an extremely tight 1.2 percent.-

-Staff reporter Daina Beth Solomon can be reached at dsolomon@labusinessjournal.com or (323) 549-5225, ext. 237.

ClickPay Announces Key New Hire and Opening West Coast Office in Los Angeles

PR Newswire

 

ClickPay, a leading provider of billing and payment technology solutions for the property management and HOA industry announced a key addition to its team.  As the first step ClickPay hired Nick Napoli who is appointed as Sales Director and has opened a new office in Manhattan Beach, CA. ClickPay will continue building a team in the greater Los Angeles area.

Napoli will initially focus on growing our network of channel partners. "We have a growing list of exciting new developments on our product roadmap. Nick has the payment technology expertise and understands the needs of property management firms and HOAs to help us bring these innovations to market," says Tom Kiernan, CEO of ClickPay. Most recently, Napoli was the Director of Sales for Yapstone responsible for the RentPayment and DuesPayment brands.

"We are excited and delighted to have Nick join our team to help us expand our national client base.  Nick has a proven track record of building high performing sales teams and strong customer relationships.  We plan to leverage his deep knowledge of the payment space as it relates to property management and HOAs," says Kiernan.

-Staff

The Dichotomy of Creative Office Development

GlobeSt.com

 

There is no doubt that creative office is dominating the office market, but creative office is becoming a dichotomy. It is both adaptive reuse redevelopment and sparkling new construction all in one. McCormick Construction is well versed in both the new and the reimagined versions of the newly beloved office design. In an effort to compare and contrast the two, we sat down with the company’s president and CEO, Michael McCormick. Here, he talks about the differences in budgets, logistics and development of adaptive resuse and new development in creative office.

GlobeSt.com: Creative office is clearly dominating the office market. As a contractor, are you seeing a trend toward adaptive reuse or new construction creative office projects, and why do you think the trend leans one way more than another? Michael McCormick: Overall, the changing workforce demographics in addition to the tech companies and content providers looking to draw from a young, creative talent pool are the drivers of this trend. Adaptive reuse is extremely popular with this tenant type, both for the vintage architectural charm of older buildings and the potential to be more cost effective. For this reason, spaces that are primed for this type of conversion are becoming harder to find. While there still is a lot of underutilized existing product out there, the assets with the better bones and centralized locations are the ones that are getting converted first. As the inventory of convertible, historic buildings begins to decrease, we’re seeing an increased demand for ground-up construction of creative office space.

However, a great creative office space can be accomplished through either building method because creative office is really about creating a flexible work environment. The intent is not to have employees stuck in a cubicle. If you feel like you want to work outside in the sunshine or in the shade under a tree, you can. These spaces are created for organic collaboration. It’s all about the work style today. You can construct a concrete frame building with a point supported double glass curtain wall or have exposed duct work and beams. All of those elements make a building interesting. One will simply look newer than the other, but they’ll both be creative spaces.

GlobeSt.com: What are the major construction differences between adaptive reuse and ground-up construction? McCormick: With ground-up construction, the true benefit is that you have full control over your space planning. You can customize your floor plate sizes and circulation. Energy efficiency can be a part of the design from the very beginning, and state-of-the-art technology systems can be incorporated early when you’re working from scratch.

Customization on an adaptive-reuse project may be constrained, but the trade-offs can outweigh this challenge. With an existing building, your construction timeline is much shorter, which means you can get that space on the market much quicker. In a market like Los Angeles, that’s important. Often, entitlements are grandfathered in with existing buildings, which further shorten your timeline. With buildings that were constructed in the early 20th century, you get the character from the structural and architectural elements that just can’t be replicated with new construction methods.

However, not all vintage buildings are created equal. When looking at one of these assets, extensive due diligence is incredibly important. That way you can know before you get into the deal what exactly needs to be upgraded, the cost, and how long that may take, which will impact the construction process and how quickly you can get this asset on the market.

GlobeSt.com: Is adaptive reuse really less expensive than ground up construction? How do the budgets factor in? McCormick: When you talk about cost, adaptive reuse can be less expensive when compared with ground-up construction, but it really depends on the condition of the building systems. Do they need to be upgraded or completely changed out? How much seismic work needs to be done—not just to bring the building up to code—but ensuring it’s in a good structural condition to where it can support additional equipment that the user may need to install? Again, this is where due diligence comes in. If you’re able to take the time and truly assess the building before you close, you’ll be able to know if you’re getting into an inexpensive conversion or one that’s a little pricier.

From a developer’s perspective, the primary benefit to adaptive reuse is speed to market, which translates into rental revenue sooner. The demand from tenants for space in this market is high so the benefits that come with converting an existing building, such as faster construction, faster entitlements and faster building department approvals, are critical. And if an asset has already had certain seismic upgrades completed, you’ll see even greater cost savings. There’s potential for major cost savings with adaptive reuse, if you can find the right building.

I imagine that ground-up development allows for more tailored design.

GlobeSt.com: What are some of the major design differences in ground-up versus adaptive reuse projects? McCormick: The major design difference is really the look of the building. The vintage structural and architectural systems are interesting and are very popular. I personally love them, especially the open bow-truss ceilings and old concrete frames.

A look that’s also popular but difficult to replicate is the old board formed concrete walls and columns found in early 20th-century buildings. Now we use large pieces of plywood to accomplish the smooth look, but in the 1920s, they stacked lumber and poured concrete against it to shape the walls. Architects are trying to recreate this look now in new construction, but they use it strategically within the design because labor costs are higher to accomplish this look. We worked with Gensler to create this look into some of the Element LA project site work, a 300,000-gross-square-foot adaptive reuse, creative campus in West Los Angeles, developed by Hudson Pacific Properties and now occupied by Riot Games.

Two creative office projects McCormick is currently constructing are new construction. These buildings have a new, sleek look. The exterior of the 110,000-square-foot, five-story Nickelodeon Animation Studio in Burbank will be enclosed by a high performance window wall system, framed by architectural white cement. The project will also have a design-build media mesh system to display animation on the southeast elevations of the building. Similarly, the Santa Monica Gateway, a 200,000-square-foot Class-A creative office campus, will feature a glass-and-metal panel exterior.

GlobeSt.com: When we think of creative office adaptive reuse, we instantly think of industrial conversions. Are there other product types that are becoming popular for creative office conversion? McCormick: Industrial conversions are the most popular. When you talk about adaptive-reuse product in Los Angeles, you’re looking at early 20th-century buildings in downtown where much of the inventory is located. This will take you through the various areas—from the Fashion and Toy districts, where you’ll find the factory spaces to the Arts District with its expansive manufacturing facilities and the Old Bank District where the historic office towers are located. Tom Gilmore was really the pioneer that started to take those old bank buildings and restore them for apartment lofts as well as office. The old theaters on Broadway are now being considered for conversions.

Density has been increasing here in Downtown L.A.  We’ve reached a critical mass now of people permanently residing in downtown. Supermarkets have moved in, and the Broadway trolley is slated to make a comeback. There’s a movement well underway to recapture downtown. This activity has definitely driven the market for adaptive reuse.

We’re also seeing an interest in converting buildings that were constructed in the 1950s and 1960s. They might not have the “sexy” or classic bits of architecture from the 1920s people like, but they’re great assets. They are available, and in many cases are well located.

As long as there is a demand for space, you’ll see developers continuing to visit many different kinds of buildings to fill that demand.

GlobeSt.com: Overall, have you seen an increase in requests for creative office projects? What about traditional office projects—how do the two compare? Do you see your volume continuing to increase this year? McCormick: The majority of recent requests have been for creative office space; however, there are certain clients that still request a more “traditional” office if they feel that it’s more conducive to their particular operation. Industrial buildings, which utilize tilt up construction, are a great example of this trend. We’ve recently completed two in the Los Angeles area, Howard 3000 for an entertainment client and Galena Business Park, in which both clients were looking for “traditional” space, but were still focused on incorporating the latest technology and providing open, flexible and collaborative spaces.

Adaptive-reuse projects are still going through the pipeline, but we will begin seeing fewer and fewer as the inventory dwindles as a result of developers aggressively buying buildings suitable for conversion. Accordingly, we are seeing more of a renewed interest in ground-up.

-Kelsi Maree Borland

$520M Civic Center Project Hits Financial Close

GlobeSt.com

 

The City of Long Beach and the Port of Long Beach have come to a financial close on the $520 million Long Beach Civic Center project, a public-private mixed-use development led by a public-private partnership known as P3. The development is the first of its kind in the US to be completed under a single integrated design-build-finance-operate-maintain procurement. Design and consulting services firm Arup served as the lead advisor to the Port of Long Beach throughout the development.

Plenary Group is leading the P3 project, acting as the developer and is providing $21 million as the sole equity provider for the group, which includes Clark Construction, Edgemoor, Johnson Controls and SOM. With the financial close, the development plans will move forward. “A significant value added for the city is how the P3 model accelerated what would more conventionally have been a three to five year project development process using traditional project delivery methods to a two year process,” Orion Fulton, Arup’s project team leader, tells GlobeSt.com. Arup was recently retained to manage the design and construction process for the City and the design for the Port. Now construction begins and the next phase of this exciting project is being launched.”

Additional financing for the costly development comes from Allianz, which, in a private placement, is providing $237 million in long-term financing; Sumitomo Mitsui Banking Corp., which is providing a $213 million loan; and Long Beach, which is contributing $11.8 million in cash and land valued at nearly $30 million.

The project, which is located in Downtown Long Beach, is expected to attract residents and jobs.

-Kelsi Maree Borland

Two LA Westside Investment Deals Total Over $14.5 Mil

RENTV.com

 

We’ve got the scoop on a couple on interesting recent sales from LA’s Westside. The deals, which took place in Culver City and Beverly Hills, total over $14.5 mil and were both brokered, at least in part, by Coldwell Banker Commercial WESTMAC.

In the larger transaction, a two-story, 24.1k sf office building in Culver City traded for $11.15 mil, or $462/sf. The building, which was sold vacant, sits on a 21.8k sf site at 5915-5995 Sepulveda Blvd, south of the 90 Fwy between the 405 Fwy and Westfield Culver City Shopping Center. The buyer, Reading Properties LLC, was repped by Jeffrey Welch, Lynn Williams, Stanley Gerlach, Michael Hartwick, Bryan Dunne of CBRE. WESTMAC’s T.C. Macker represented the seller, 5995 Sepulveda Properties LLC.

In the other deal, a one-story, 3.7k sf commercial building in Beverly Hills was purchased for $3.5 mil, or $939/sf. The pricey property sits on 5.3k sf of land at 207-209 S. Robertson Blvd, a block south of Wilshire Blvd. It was vacant at time of sale.

WESTMAC’s T.C. Macker and Patrick Sheeky repped the seller, 209 South Robertson LLC. The buyer, Beverly Hills Terrazzo LLC, was represented by Jackie Yashar and Reuben Robin with Concord Real Estate.

-Staff

Medical Office Building Nears Completion in Tarzana

Urbanize LA

 

Tristar Realty Group, a privately-held real estate firm based out of Los Angeles, is nearing completion on a four-story medical office building in Tarzana.

The $50-million project, known as the Ventana Medical Plaza, is located on a 2.37-acre site near the northwest corner of Ventura Boulevard and Lindley Avenue.  The 112,000-square-foot Class A facility is billed as the largest and most integrated cancer treatment center in the San Fernando Valley, with more than half of its floor area dedicated to radiology, oncology and surgical centers. 

Tristar has already leased space to a number of healthcare providers, including Radnet Imaging.

As the first medical facility built in Tarzana in over 20 years, the Ventana is seen as a potentially transformative project for the stretch of Ventura Boulevard between White Oak Avenue and Reseda Boulevard.  Besides medical offices, the development also includes a ground-floor restaurant, a pharmacy, and an 824-stall garage with valet parking and a car wash.

Designed by architect Edward Osuch of NEO & Associates, the Ventana features a contemporary  highlighted by a 60-foot tall curved glass entrance.  The Ventura Boulevard facade includes series of "frames," or "windows," which inspired the project's name.  The building's western elevation features a large mural by the artist Sage Vaughn.

-Steven Sharp


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Please contact us with any comments or questions at questions@spamdex.co.uk. Spam Archive is a non-profit library of thousands of spam email messages sent to a single email address. A number of far-sighted people have been saving all their spam and have put it online. This is a valuable resource for anyone writing Bayesian filters. The Spam Archive is building a digital library of Internet spam. Your use of the Archive is subject to the Archive's Terms of Use. All emails viewed are copyright of the respected companies or corporations. Thanks to Benedict Sykes for assisting with tech problems and Google Indexing, ta Ben.

Our inspiration is the "Internet Archive" USA. "Libraries exist to preserve society's cultural artefacts and to provide access to them. If libraries are to continue to foster education and scholarship in this era of digital technology, it's essential for them to extend those functions into the digital world." This is our library of unsolicited emails from around the world. See https://archive.org. Spamdex is in no way associated though. Supporters and members of http://spam.abuse.net Helping rid the internet of spam, one email at a time. Working with Inernet Aware to improve user knowlegde on keeping safe online. Many thanks to all our supporters including Vanilla Circus for providing SEO advice and other content syndication help | Link to us | Terms | Privacy | Cookies | Complaints | Copyright | Spam emails / ICO | Spam images | Sitemap | All hosting and cloud migration by Cloudworks.

Important: Users take note, this is Spamdex - The Spam Archive for the internet. Some of the pages indexed could contain offensive language or contain fraudulent offers. If an offer looks too good to be true it probably is! Please tread, carefully, all of the links should be fine. Clicking I agree means you agree to our terms and conditions. We cannot be held responsible etc etc.

The Spam Archive - Chronicling spam emails into readable web records

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Spamdex - The Spam Archive Located in London, SW19 8AE. Phone: 08000 0514541.