Jamestown sold Malibu Village for $81.5M, or about $1,600 per SF, to Stan Kroenke, according to The Real Deal, which cited an anonymous source. The deal represents a big discount from the $120M, or $2,300 per SF, Jamestown paid for the retail center in 2014. The purchase of the retail property is Kroenke’s third in the last year or so in the LA area. His other two were in the San Fernando Valley, both previously owned by Unibail-Rodamco-Westfield.
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PEOPLE
Skanska USA Civil West has announced James Bailey has been promoted to executive vice president of the West Coast region and Ryan Clayton will be promoted to senior vice president and general manager, a role formerly held by Bailey. Clayton was senior vice president of operations for the Northwest region. Bailey replaces previous Executive Vice President Mike Aparicio, who will take on the role of senior vice president of operations as he transitions toward retirement.
SALES
Boston-based King Street Properties expanded to San Diego. King Street acquired 5825 Oberlin Drive in San Diego’s Sorrento Mesa neighborhood. The roughly 4-acre site holds a 62K SF flex office building. King Street plans to reposition the asset into move-in-ready research and development suites. The sale price wasn't disclosed and hasn't yet been posted in public records.
LEASES
NAI Capital Commercial Executive Vice President Tina LaMonica represented Pasadena Child Development Associates in the completion of a 16K SF lease for two adjacent buildings, one at 790 East Green St. and the other at 118 South Oak Knoll in Pasadena. Both freestanding buildings are located in Pasadena's central business district and are within walking distance of shopping, dining and business service amenities on Lake Avenue.
FINANCING
Byline Bank’s commercial real estate team provided a $13.7M construction loan to Charlotte, North Carolina-based Madison Capital Group. Madison Capital will use the funds to develop a self-storage property at 15932 Minnesota Ave. in Paramount. The project will include the demolition of an existing industrial property on the site and the construction of a new ground-up building for the storage facility. The project will feature 845 units, 841 of which will be temperature-controlled. It will be managed by Madison Capital Partners’ self-storage brand Go Store It.
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JLL Capital Markets arranged the $12M refinancing of Mission Promenade, a 106K SF dual-grocery-anchored shopping center in Oceanside. JLL represented the borrower, Milan Capital Management, to secure the 10-year loan through a regional bank.
Built in 1972 and renovated in 1999, Mission Promenade at 1527-1547 Mission Ave. is 97% occupied by a diverse tenant group including Latino supermarket chain El Super and a 22K SF DD's Discounts store. The JLL team that represented the borrower was led by JLL Senior Managing Director Jeff Sause and Managing Director John Chun.
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