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Boardwalk Investment Group acquired three properties in Northern and Southern California: an eight-story apartment complex in San Diego’s Little Italy, The Flower Hill Promenade shopping center in Del Mar, and the 22-acre Estate Yountville resort in Napa Valley. The three assets combined have a purchase value of $620.8M, according to Boardwalk.
Including these new purchases, Boardwalk owns nearly 450K SF of retail and office space as well as 120 residential units and 193 rooms of hospitality space in the fastest growing West Coast destinations, it said.
PEOPLE
NAI Capital Commercial has added Carlos Diaz as senior vice president in its Orange County office. Diaz has nearly three decades of experience in retail and has worked with prominent landlords and credit tenants including Sprint PCS, AT&T, JPMorgan Chase Bank, Round Table Pizza and Western Dental Services. Diaz was at Savills prior to joining NAI Capital.
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SALES
RPG has sold equity in two fully leased Class-A creative office and mixed-use office/retail assets in Carlsbad. The recapitalized properties were the 121K SF Fusion, a 100% leased, Class-A creative flex building; and Lift, a 53K SF creative mixed-use development with two Class-A buildings built to invoke loft-style offices. Fusion was acquired by Clarion Partners at a value of $54M. Lift was acquired by Lift Innovation Way LLC and was valued at $32M. Cushman & Wakefield Vice Chairman Aric Starck and Senior Associate Drew Dodds represented RPG in the recapitalization sales.
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Regis Group finished construction on two headquarters-distribution buildings totaling just over 172K SF in the Conejo Spectrum Business Park and sold them for $69.5M to an undisclosed private investment group that plans to lease them out.
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A 44K SF shopping center in Palm Desert sold to a private San Diego-based investor for $12M. The center at 72811-72855 Highway 111 is anchored by a Staples office supply store and Revivals, a local AIDS charity. It is 100% occupied. CBRE’s Alan Krueger and Marco Rossetti represented the seller, Wohl Palm Desert LLC, an investment firm based in Orange County. The buyer was not disclosed.
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A roughly 17K SF multi-tenant industrial building in Santa Clarita sold in an all-cash 1031 exchange for approximately $3.7M. The property at 26858 Ruether Ave. sits on about 47K SF of land. Spectrum Commercial Real Estate Senior Vice President Andrew Ghassemi and Executive Managing Director Yair Haimoff represented the undisclosed buyer.
CONSTRUCTION AND DEVELOPMENT
The three-story, 125-room Cambria Hotel Calabasas in Calabasas is complete and open. The project was developed by Weintraub Real Estate Group and designed by Nadel Architecture + Planning. The Cambria Hotel Calabasas is part of Choice Hotels International.
FINANCING
Institutional Property Advisors arranged $10.35M in financing for a luxury multifamily apartment complex in North Hollywood. The financing was secured by Anita Paryani-Rice, senior managing director out of IPA’s West Los Angeles office.
THIS AND THAT
Brookfield Properties announced a new name for its 785-unit, 600-foot-tall tower in Downtown LA — Beaudry — in time for the building’s topping-out ceremony. The tower at 960 West Seventh St. shares the block with the FIGat7th shopping center and EY Plaza. The tower is expected to have move-ins next year.
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The UCLA Anderson School of Management has been named the seventh-best real estate MBA program by U.S. News & World Report. UCLA Anderson is home to the UCLA Ziman Center for Real Estate, a multidisciplinary research center.
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