Yorba Linda is celebrating after officially breaking ground this month on the new Yorba Linda Town Center.
The new development is at the corner of Imperial Highway and Yorba Linda Boulevard and is expected to be a boost for local residents, Long Beach's Retail Design Collaborative project manager Brian Wolfe tells Bisnow.
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The $49M project will consist of more than 125k SF of retail and entertainment, anchored by a Regal movie theater and Bristol Farms.
There will also be a large open space in the center of the mall.
Brian says the main goal for the center is for it to be "highly walkable" with pedestrian paths connecting to Main Street, public roads, tenant frontages and the corner gateway plaza.
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The park will be the "heart of the project" and be used as a central gathering space, he says.
Traditional designs will be incorporated with "classic design elements and natural materials of brick and stone," he says.
LA's Zelman Development Co is developing the project and working closely with the City of Yorba Linda.
It is expected to be completed by early 2018.
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SALES
Heger Industrial just sold a building at 12078 Florence Ave in Santa Fe Springs for $3.23M.
It is a 23,431 SF industrial property.
Heger Industrial's Mark Vanis repped the buyer, EM Enterprises, and GM Properties' Matt Wagner repped the seller, Jobber’s Wholesale.
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Charles Dunn Co sold a retail building at 315-319 North Beverly Drive in Beverly Hills for $23.5M.
The building is on 0.18 acres.
Florida's Sterling Organization, with a regional office in LA, bought the property for $5k/SF.
Charles Dunn Co's Justin Mendelson repped the buyer.
Charles Dunn Co's Darrel Levonian and Brian Jensen repped the seller, a private investor partnership based in California and Texas.
The 76-year-old, two-unit building is 70% leased to Peter Lik Gallery.
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FINANCING
Universe Holdings formed a JV with Hanover Financial to buy two multifamily properties in Hollywood for $24.1M.
They dedicated another $2M to make improvements to the interiors and exteriors of both properties, spending about $28k/unit.
1229 North Mansfield Ave (above) is a 36-unit, four-story apartment building originally built 28 years ago.
The property consists of mostly two-bedroom, two-bathroom residences offering fireplaces and balconies. The top-floor residences have vaulted ceilings and city views. The property also has a fitness center.
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The other property, a three-story building at 1319 North Mansfield Ave, consists of 32 units and was built 27 years ago. It has one-bedroom, one-bathroom residences with private balconies, with some units offering loft space.
It also has a lot of outdoor community space, gated access parking and on-site laundry facilities.
HFF director Blake A. Rogers repped both parties. HFF managing director Charles Halladay and analyst Tim Brousse arranged financing for the JV.
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LEASING
The Ratkovich Co, National Real Estate Advisors and Blue Vista Capital Management announced the signing of seven new leases at The Bloc. The new tenants, along with some previously announced deals, account for more than 300k SF of newly leased office space.
The latest group of tenants at The Bloc: KPFF, PlaceWorks, Krug Furniture, One Medical, MediaAlpha, Arc Capital Partners and Mance Media.
EXECUTIVE NEWS
CBRE Group hired Marc Spellman (above with his daughter) as SVP to join the company’s advisory and transaction management group.
Joining Marc will be teammate Dalton Saberhagen.
Both will be based at CBRE’s Los Angeles North office and will focus on the leasing and sales of office property.
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ACCO Engineered Systems just elected Jeffrey Marrs as president and CEO, effective Jan. 2.
A 33-year veteran of the firm, Jeffrey was most recently president of ACCO’s Mechanical Construction Group.
He replaces John Aversano, who remains chairman of the board.
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Allen Matkins hired Frank Dworak in its Orange County office.
Frank joins Allen Matkins' Corporate and Finance Department and Tax Practice Group, where he will advise clients on JVs and other tax-oriented entity structures and acquisitions.
Previously, Frank was a partner in the Orange County office of K&L Gates. He has advised clients on taxable and tax-deferred mergers and acquisitions.
He is also a former senior attorney with the Large Business & International Division of the IRS Office of Chief Counsel.
