Arc Capital Partners acquires Urban Retail Properties from ASB Real Estate Investments
ASB Real Estate Investments (ASB) has sold two retail buildings near the corner of Beverly and Robertson Boulevards in West Hollywood, CA to Arc Capital Partners (Arc) in partnership with Belay Investment Group (Belay).
The properties, which are 100 per cent leased to three high-credit retailers, comprise a total of 18,838 square feet of space. The sale to Arc was made by ASB on behalf of its Allegiance Real Estate Fund, a USD7.4 billion core vehicle.
After acquiring the assets in 2013, ASB renovated and re-leased the 8,838-square-foot 308-314 North Robertson Boulevard building to Knoll Home Design and Flexform Furniture. The 10,000-square-foot 8783 Beverly Boulevard Building is leased to Leica Camera, for their flagship retail store and photography gallery.
“The Beverly Robertson properties reflect the well-located, street front retail that remains highly attractive in mixed-use neighbourhoods,” says Quincy Allen, Co-founder and Managing Partner of Arc Capital Partners. “These two buildings are flagship locations in Los Angeles for the three retailers and showed the resiliency of the properties through the Covid-19 pandemic with significant long-term value.”
Belay’s Senior Vice President of Investment, Jake Loughridge, adds: “This acquisition fits squarely into our partnerships’ targeted strategy of acquiring unique assets in well located, infill locations. We were able to capitalise on the dislocation in the markets due to the Covid-19 pandemic and we’re excited to have acquired another great asset; our second with Arc this calendar year.”
ASB Senior Vice President Aaron Duncan, says: “The sale fits with ASB’s ongoing strategy to selectively reduce retail and office assets and redeploy capital into industrial investments and workforce housing as we move into the next real estate upcycle.”
The JLL Capital Markets (JLL) team represented ASB and was led by Managing Director Bryan Ley and Directors Tim Kuruzar and Tony Ensbury. JLL also completed the acquisition financing which was led by Managing Director Jeff Sause and Director Spencer Richley.