Marcus & Millichap brokers Playa Vista sale
Playa Vista, Calif. — Marcus & Millichap has arranged the sale of The Shops at Concert Park, a portfolio of two 100% triple-net leased retail condominium shopping centers in Playa Vista, California, a master planned community in the Westside region of Los Angeles.
The buyer paid $16.9 million for the properties. That equates to $743 per sq. ft. The Marcus & Millichap Capital Corp. arranged $10,815 000 in CMBS financing to facilitate the sale.
The portfolio comprises the 11,828-sq.-ft. Pacific Promenade and the 10,907-sq.-ft. Seabluff Drive. Each center is on the ground floor of a mixed-use development, with 179 residential condominiums above.
Marcus & Millichap’s Encino, California, office represented the seller, an affiliate of Brookfield Residential. The buyer is a foreign investor.
Fairfax, Virginia, project receives entitlements
Washington, D.C. — The Fairfax, Virginia, City Council has approved a rezoning application for Combined Properties’ Fairfax Circle Plaza. The project aims to redevelop the current strip retail center and replace it with a mixed-use development with up to 400 new apartments and 88,000 sq. ft. of retail including a grocery store.
The project is located at the intersection of two major routes just over a half mile from the Vienna, Virginia, Metro station.
The project team includes KTGY, the architect; Urban Engineering, the civil engineer; Land Design, the landscape architect; Gorove Slade, the traffic engineer; and Mark Looney of Cooley LLP, the land use counsel.
Combined Properties, Incorporated has a $1 billion portfolio comprised of 40 properties totaling five million sq. ft. and an additional $1 billion development pipeline in the Washington D.C., and Southern California metropolitan areas.
Trademark appoints Toppel executive VP
Fort Worth, Texas – Trademark Property Co. has named Steven W. Toppel to the post of executive VP. Toppel will begin his new role June 3.
With more than 28 years of experience in commercial real estate, Toppel will oversee leasing for Trademark’s portfolio of lifestyle centers, malls, and mixed-use developments.
He joins Trademark after 13 years with General Growth Properties, where he served as senior director of leasing. Prior experience includes director of leasing for The MGHerring Group/Trammell Crow Faison and senior leasing representative for Clarion Realty Services in Dallas.