California

Greenrock Capital, Petros PACE Arrange $62.6M C-PACE Financing for Appellation Healdsburg Hotel in Sonoma County

by Amy Works November 14, 2023

HEALDSBURG, CALIF. — Greenrock Capital and Petros PACE Finance have arranged $62.6 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the construction of the Appellation Healdsburg in Sonoma County. CCS Healdsburg Hotel LLC — a partnership between Comstock Development Co., Wine Country Holdings (an affiliate of Appellation) and HVH Investment — will develop the property for the new culinary-forward luxury hotel brand and operator, Appellation. Slated to open in 2025, the 108-room hotel will offer a 160-seat Charlie Palmer signature restaurant and bar, a rooftop bar, fitness club, spa, two pools and 15,000 square feet of meeting and event space. The project is being developed as part of the broader North Village mixed-use master plan, which is located two miles north of downtown Healdsburg.

November 14, 2023

Acquisitions California Retail Western

Graystone Negotiates $5M Sale of California Plaza Retail Center in Fresno

by Amy Works November 14, 2023

FRESNO, CALIF. — Graystone Capital Advisors has arranged the $5 million sale of California Plaza, a neighborhood retail center in Fresno. The property traded between two local California-based investors. Brent Zoller and Brenton Baskin of Graystone represented the seller and procured the buyer in the deal. Constructed in 1987, the California Plaza features 39,170 square feet of retail space. At the time of sale, the asset was 62 percent vacant. The retail center is set on a 194,182-square-foot parcel along Blackstone Avenue.

November 14, 2023

California Development Hospitality Restaurant Retail Top Stories Western

Hard Rock, Steinhaur to Co-Develop 31-Story Hard Rock Hotel Long Beach in Southern California

by John Nelson November 14, 2023

LONG BEACH, CALIF. — Global hotelier Hard Rock International has partnered with development firm Steinhauer Properties to develop Hard Rock Hotel Long Beach, a 31-story hotel in downtown Long Beach. The hotel will be situated adjacent to the Long Beach Convention & Entertainment Center along East Ocean Boulevard. Hard Rock Hotel Long Beach will include approximately 427 rooms and suites, including a Rock Star Suite. The hotel will also feature the tallest open rooftop bar on the Southern California coast, as well as an outdoor swimming pool with an amenities deck. The co-developers plan to break ground on the hotel in summer 2024 with plans to open the property in spring 2027. The new development is expected to create approximately 3,100 construction jobs and approximately 500 permanent positions once operations begin in 2027. The hotel represents the first new full-service hotel to be built in Long Beach in 30 years and the first new Hard Rock hotel in Southern California in almost a decade, according to Hard Rock. Amenities will also include Body Rock Fitness Studio, two onsite restaurant options and a Rock Shop that will sell Hard Rock merchandise and other items. The new property will also feature a …

November 14, 2023

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $9.1M Sale of Three-Property Multifamily Portfolio in Los Angeles

by Amy Works November 13, 2023

LOS ANGELES — Marcus & Millichap has arranged the sale of a three-property multifamily portfolio totaling 50 units in the Panorama City neighborhood of Los Angeles. The asset traded for $9.1 million, or $182,000 per unit. The portfolio includes 14808 Blythe St., 14820 Blythe St. and 7918 Kester Ave. Rick Raymundo and Phil Rodgers of Marcus & Millichap represented the undisclosed buyer, while Jeff Louks and Elliot Sabag, also of Marcus & Millichap, represented the undisclosed seller in the deal. JP Morgan Chase Bank provided acquisition financing for the buyer.

November 13, 2023

California Industrial Loans Western

CBRE Arranges $9M in Financing for Industrial Asset in Alameda, California

by Amy Works November 13, 2023

ALAMEDA, CALIF. — CBRE has arranged $9 million in refinancing for a multi-tenant industrial building located at 800 W. Tower Ave. in the Bay Area city of Alameda. Situated on 6.8 acres, the fully occupied facility features 32-foot clear heights and 20 hanger-style doors, which form the east and west facades of the building. Bob Ybarra, Jim Korinek, Bruce Francis, Shaun Moothart, Doug Birrell and Nick Santangelo of CBRE Capital Markets Debt and Structured Finance secured the 25-year loan, which is fully amortizing with a rate reset at the end of every five years of the loan. The borrower and use of the funds were not disclosed.

November 13, 2023

Acquisitions California Multifamily Western

Private Exchange Investor Buys Apartment Building in Torrance, California for $4.8M

by Amy Works November 13, 2023

TORRANCE, CALIF. — CBRE has arranged the purchase of a multifamily property located at 1751 Cabrillo Ave. in Torrance, just south of Los Angeles. A Torrance-based private exchange buyer acquired the asset from a Los Angeles-based seller for $4.8 million. Built in 1964, the two-story, 8,555-square-foot building features 11 units in a mix of one-, two- and three-bedroom layouts. Community amenities include an on-site laundry facility. Dan Blackwell and Trey Mitchell of CBRE represented the buyer in the transaction.

November 13, 2023

Acquisitions California Industrial Top Stories Western

Ocean West Acquires Five Industrial Properties in California’s Inland Empire for $100M

by Taylor Williams November 13, 2023

El SEGUNDO, CALIF. — Ocean West Capital Partners, an investment firm based in the Los Angeles suburb of El Segundo, has acquired five industrial properties totaling roughly 1.8 million square feet in California’s Inland Empire. The sellers were not disclosed. The sales price was approximately $100 million. The acquisition includes a portfolio of four industrial outdoor storage (IOS) sites that total 921,729 square feet across 21.2 acres in the Inland Empire’s San Bernardino and Fontana submarkets. The facilities were all delivered this year and feature concrete pavement, new fencing and lighting and a combined 604 total trailer stalls. All four of the properties recently received the necessary permits and approvals from the municipalities in which they are located to allow for outdoor storage uses, including trailer storage use. Each of the facilities is currently available for lease. The seller was not disclosed. Additionally, Ocean West acquired an advanced manufacturing facility totaling 908,000 square feet in Hanford. The facility, which was purchased off-market, houses the headquarters of luxury electric vehicle manufacturer Faraday Future, which recently upgraded the property and will continue to lease the space. “The Inland Empire is one of the most sought-after markets within the IOS sector given the …

November 13, 2023

California Loans Retail Western

Gantry Arranges $9.5M Loan for Plaza North Shopping Center in Petaluma, California

by Amy Works November 10, 2023

PETALUMA, CALIF. — Gantry has arranged a $9.5 million permanent loan to refinance Plaza North Shopping Center in the Sonoma County city of Petaluma. Lola’s Market, CVS/pharmacy, Starbucks Coffee, GNC, Club Pilates and a variety of fast food, dining, beauty, retailers and professional services occupy the 101,000-square-foot retail center. Robert Slatt, Andrew Ferguson and Maria Zwick of Gantry’s San Francisco production office secured the loan on behalf of the borrower, a private limited partnership. One of the Gantry’s correspondent life company lenders provided the seven-year, fixed-rate, permanent loan. The new financing replaces a maturing loan from 2013.

November 10, 2023

Acquisitions Arizona California Industrial Loans Nevada Self-Storage Western

Rosewood Property Receives $31.9M Acquisition Loan for Self-Storage Portfolio in the West

by Amy Works November 9, 2023

VISTA, CALIF.; TEMPE, ARIZ.; AND LAS VEGAS — Talonvest Capital has arranged a $31.9 million loan for the acquisition of a three-property self-storage portfolio in Vista, Tempe and Las Vegas. The borrower is Rosewood Property CO. The portfolio offers 2,010 units, including 238 climate-controlled units, 1,772 non-climate-controlled units and 90 parking spaces. Kim Bishop, Tom Sherlock, Philippe Castillo and Lauren Maehler of Talonvest secured the 10-year loan that provides seven years of interest-only payments with the ability for full-term interest-only payments.

November 9, 2023

Acquisitions California Retail Western

Fountainhead Development Sells Retail Pad at Monterey Crossing in Palm Desert, California for $6.3M

by Amy Works November 9, 2023

PALM DESERT, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly built, multi-tenant retail pad at Monterey Crossing, a shopping center in the Coachella Valley city of Palm Desert. Newport Beach-based Fountainhead Development sold the asset to a Los Angeles-based private investor for $6.3 million. Situated on 1.2 acres at 3120 Dinah Shore Drive, the 8,370-square-foot property was fully leased to Jersey Mike’s Subs, Nekter Juice Bar, Roll-Em-Up Taquitos, Keith Alexander DDS and Mathnasium. The building was built in 2022. Bill Asher and Jeff Lefko of Hanley Investment represented the seller, while Yoram Katz of Woodland Hills-based Peak Commercial represented the buyer in the deal. This transaction marks the fifth retail pad building Hanley Investment Group has sold at Monterey Crossing, totaling a combined 25,430 square feet and approximately $27 million.

November 9, 2023

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