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| Janette Monfared |
PLAYA VISTA, CA, May 29, 2014 – Marcus & Millichap
(NYSE: MMI), a leading commercial real estate investment services firm with
offices throughout the United States and Canada, today announced the sale of The
Shops at Concert Park, a portfolio of two 100-percent-leased retail
condominium shopping centers in Playa Vista, a master-planned community in the
Westside region of Los Angeles.
The centers are the 11,828-square-foot Pacific Promenade
and the 10,907-square-foot Seabluff Drive. The total sales price for the
two centers is $16,900,000, which equates to $743 per square foot.
Brandon
Michaels, a vice president investments, and Janette Monfared, an
associate, both in Marcus & Millichap’s Encino office, represented the
seller, an affiliate of Brookfield Residential.
The buyer is a foreign
investor. Sharone Sabar, a vice president capital markets in MMCC’s
Encino office, arranged $10,815 000 in CMBS financing.
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| Sharone Sabar |
“Playa
Vista is a trophy asset and the first new community to be built on the west
side of Los Angeles in 50 years,” says Michaels.
“All
leases are triple-net, with a majority of them having solid term remaining,”
adds Monfared. “Most of the tenants have occupied the center since its
construction in 2005.”
Both shopping centers are situated on
the ground floors of mixed-use developments with 179 condominiums above each
one. The Pacific Promenade shopping center is located at 13020 Pacific
Promenade in Playa Vista, Calif. and is home to national
tenants Bank of America, Coffee Bean and Race Telecommunications.
Local tenants
include Piknic, Sweet Fish Sushi Bar, Yoga Vista and Hollyway Cleaners.
“The
buyer obtained nonrecourse CMBS debt at 65 percent loan to value,” says Sabar.
“The 10-year interest rate is fixed at 4.9 percent. The complexity of the
offering presented some financing challenges, all of which MMCC overcame.”
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| Brandon Michaels |
Located
on the corner of Seabluff Drive and Runway Drive in Playa Vista, the Seabluff
Drive shopping center features a mix of retailers that includes Playa Vista
Medical Center, Playa Pilates, Coldwell Banker, McClintock Dental Group,
Pinkberry and Yummy.com Fresh Market.
Many of the tenants’ leases expire in 2018 and all tenants
have an excellent operating history at this location. Most of the retailers
have been at the center since its construction in 2007.
“The
Marcus & Millichap platform is unique in its ability to source hard-to-find
buyers, maximize value for sellers and secure the most competitive financing,”
says Bill Rose, national director of the firm’s National Retail Group.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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