The Ratkovich Co. has purchased the 1.8-million-sq.-ft. Macy’s Plaza in downtown Los Angeles. The purchase price was not disclosed, but the company plans to begin a $160 million renovation project on the property.
Locally based, Trigild has taken over a portfolio of 37 strip centers valued at $50 million. The 600,000-sq.-ft. portfolio spans 17 states including Iowa, Colorado, Michigan, Illinois, Michigan, Louisiana, Wisconsin and Indiana.
ProPlas Technologies has purchased a 40,274-sq.-ft. industrial property in Garden Grove, Calif. for $4.18 million. The plastic injection molding and contract manufacturing company will relocate from its current facility in Gardena, Calif.
CT Realty Investors has purchased a 7.7-acre in-fill redevelopment site in City of Industry, Calif. McConnell Cabinets Inc. sold the property for $6.2 million. CT Realty plans to build a 168,000-sq.-ft., class-A warehouse/distribution building on the site.
Lowe Enterprises and JC Resorts secured a $220 million first mortgage loan for Terranea Resort. The capital was provided by a client of Cornerstone Real Estate Advisers and will be used to refinance the 582-key oceanfront resort.
REDA Bascom Ventures with Washington Capital Management has purchased the former Hill’s Pet Nutrition manufacturing facility in Commerce, CA. The 232,992-sq.-ft. facility was sold by an unnamed private investor for $7 million. REDA Bascom Ventures is a joint venture between Real Estate Development Associates LLC and The Bascom Group LLC.
Griffin Capital Corp. has acquired a 231,400-sq.-ft. class-A research and development facility in Chandler, Ariz. on behalf of Griffin Capital Essential Asset REIT Inc. The $32.5 million purchase price represents a going-in cap rate of 8.49 percent.
The freestanding office/retail building at 3590 Fifth Avenue in San Diego has been sold to Mark A Bauman for $1.1 million. The building closed escrow on May 22, 2013. Further details of the transaction were not disclosed.
George Smith Partners has arranged an $11.8 million non-recourse construction loan for the development of a townhome-style condominium project in Los Angeles. The loan was secured for a joint venture made up of TAAG Investment Management and a private equity fund.
Astrum Investment Management has launched its sale lease-back buy-back (SLB3) investment model with the purchase of five industrial properties located in California, Virginia and South Carolina. With this strategy, AIM buys from corporate owner-users and then leases the property back to the previous owner for 20 years while giving the company the right to purchase the property back at the end of a five-year term at a prearranged purchase price.
Locally-based Continental Funding Group has secured a $5.99 million refinance loan for the Glenbrook Shopping Center in Sacramento, Calif. The financing is a five-year, WSJ prime-based loan. Proceeds were structured at 65 percent of value with an additional 5 percent earn-out accessible with further lease up; the facility is 86 percent occupied.
The Passco Cos. has added another property to its multifamily portfolio through the purchase of a 280-unit, class-A apartment complex in Indianapolis, Ind. With this purchase, the Calif.-based real estate investment company is set to acquire more than $250 million of assets in 2013.