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Katie Hinderer

Contributing Writer
Macy’s Plaza To See $160M Renovation, Name Change
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.
Trigild Takes Over 600,000SF Strip Center Portfolio
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 Purchases Industrial Property, Plans Relocation
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 To Build Spec Warehouse Facility
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.
Terranea Resort Lands $220M Refinance Loan
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.
Berkadia Provides $57.3M To Refinance Multifamiliy Portfolio
Berkadia Commercial Mortgage LLC has arranged $57.3 million in financing for an apartment portfolio owned by California Villages. The 471 units located throughout Southern California are 98% leased.
The Marriott Business Park Sells to JV
The Marriott Business Park has been purchased by a joint venture between Legacy Partners and AllianceBernstein U.S. Real Estate Partners. The sale terms were not disclosed.
Former Hill’s Pet Nutrition Facility Sells for $7M
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 Acquires R&D Facility for $32.5M
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.
Office/Retail Property Sells for $1.1M
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.
JV Secures $11.8M Non-Recourse Construction Loan
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.
AIM Launches Sale Lease-Back Buy-Back Investment Model
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.
Sperry Van Ness Expands Presence in North Bay
Sperry Van Ness International Corp. has expanded its presence in California with the addition of a franchise office in San Rafael, Calif.
Glenbrook Shopping Center Lands $6M Refinance Loan
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.
Passco Expands Multifamily Portfolio
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.
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