California

SRS Real Estate Partners Brokers $4.6M Sale of Restaurant Property in Ontario, California

by Amy Works October 30, 2023

ONTARIO, CALIF. — SRS Real Estate Partners has arranged the sale of a freestanding restaurant building located at 4423 Mills Circle in the Inland Empire city of Ontario. A Southern California-based developer sold the asset to Culichi Lounge Inc. for $4.6 million. Culichi Town, a Mexican restaurant, occupies the 5,535-square-foot single-tenant property, which was built in 2001 as an outparcel at Ontario Mills Mall. The location is a new prototype concept for the restaurant, which currently has 22 locations. Matthew Mousavi and Patrick Luther of SRS Capital Markets represented the seller in the deal. Terrison Quinn and Zach Leffers of SRS arranged the lease with Culichi Town on behalf of the seller.

October 30, 2023

Acquisitions California Retail Western

Retail Insite Negotiates Sale of 27,300 SF Former Vons Supermarket in Vista, California

by Amy Works October 30, 2023

VISTA, CALIF. — Retail Insite has arranged the sale of a vacant retail building located at 940 S. Santa Fe Ave. in Vista, approximately 40 miles north of San Diego. Albertsons Inc. sold the asset to SK Vista LLC for $4.3 million. The buyer plans to open a specialty Indian grocery store at the 27,300-square-foot property, which was formerly a Vons supermarket. Mike Moser of Retail Insite represented the seller in the deal.

October 30, 2023

California Loans Mixed-Use Multifamily Restaurant Retail Western

Marcus & Millichap Arranges $2.7M Refinancing for North of Market Mixed-Use Building in San Diego

by Amy Works October 30, 2023

SAN DIEGO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $2.7 million refinancing for North of Market, a mixed-use retail and multifamily property in San Diego. Located at 701-721 8th Ave., the property comprises a restaurant, salon, clothing store and 10 apartments. Chad O’Connor of MMCC’s San Diego office secured the three-year, fixed-rate, interest-only loan for the undisclosed borrower.

October 30, 2023

California Loans Multifamily Western

Barings Real Estate Receives $115M Loan for The Ventana Luxury Apartments in West Los Angeles

by Amy Works October 27, 2023

LOS ANGELES — Barings Real Estate has received $115 million in financing for The Ventana Luxury Apartments, a low-rise multifamily community within the master-planned community of Playa Vista in Los Angeles. The Ventana Luxury Apartments features 405 studio, one-, two- and three-bedroom units, with an average size of 1,049 square feet. The apartments offer in-unit washers/dryers, granite countertops and ceiling heights ranging from nine to 14 feet. Community amenities include two clubhouses, two swimming pools, a spa, business center and fitness center. Originally built in 2007 in two phases, the property is located at 7225 and 6565 Crescent Park. Chris Drew, Annie Rose, Brandon Smith and Gyasi Edmondson of JLL Capital Markets Debt Advisory secured the cash-neutral, five-year loan, which features full-term interest-only payments. The use of the funds was not disclosed.

October 27, 2023

Acquisitions California Multifamily Western

IPA Negotiates $35.5M Sale of Terramonte at Foothill Multifamily Property in Pomona, California

by Amy Works October 27, 2023

POMONA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Terramonte at Foothill, a multifamily community in Pomona, approximately 30 miles east of Los Angeles. The asset traded for $35.5 million, or $257,246 per unit. Constructed in 1963 on nine acres, Terramonte at Foothill features 138 one-, two- and three-bedroom apartments spread across 35 residential buildings. Community amenities include two resort-style swimming pools, a picnic area and laundry facilities. Alexander Garcia Jr., Christopher Zorbas, Kevin Green, Joseph Grabiec and Greg Harris of IPA represented the undisclosed seller and procured the undisclosed buyer in the transaction.

October 27, 2023

California Development Multifamily Western

Lowe, Centennial Open 309-Unit Paloma Apartments at MainPlace Mixed-Use Redevelopment in Santa Ana, California

by Amy Works October 27, 2023

SANTA ANA, CALIF. — Los Angeles-based Lowe and Centennial have opened Paloma, a multifamily property in the Orange County city of Santa Ana. The development brings 309 studio, one- and two-bedroom apartments to MainPlace, a shopping center that is being redeveloped into a mixed-use asset. Apartments feature stylish kitchens, bathrooms, flooring and fixtures, as well as in-unit washers and dryers. The five-story community offers two private courtyards; a rooftop deck; central pool and spa; open-air kitchen with screened area; two-story fitness center and yoga room; business center with private offices; and multiple co-working spaces. Additional amenities include a dog run, dog spa, concierge package service, bike repair, bike storage and designated resident parking. Centennial owns MainPlace, which a three-story super-regional shopping center in Santa Ana that is being transformed into a mixed-use environment. Current retail tenants include Macy’s, JCPenney, H&M, Bath & Body Works, Victoria’s Secret, California Pizza Kitchen, Boudin SF, 24 Hour Fitness, T-Mobile, Candeeland, LensCrafters, Picture Show Theater and Round One Bowling & Amusement.

October 27, 2023

California Loans Multifamily Western

Greystone Provides $15.1M in Financing for University Village Apartment Property in Hayward, California

by Amy Works October 27, 2023

HAYWARD, CALIF. — Greystone has provided a $15.1 million Fannie Mae Delegated Underwriting & Servicing (DUS) loan to refinance a multifamily community in the Bay Area city of Hayward. Tim Thompson of Greystone originated the financing for the borrower, WSB University Village LLC. Constructed in 1964, University Village features 68 one- and two-bedroom apartments, on-site parking, laundry facilities and a fitness center. The nonrecourse, fixed-rate loan features a 10-year term with five years of interest-only payments. In addition to refinancing, the loan proceeds will enable the borrower to continue with ongoing property maintenance.

October 27, 2023

California Industrial Market Reports Western Western Market Reports

CapRock Continues Industrial Development in Southern California

by Jeff Shaw October 27, 2023

— By Nellie Day — Jon Pharris, co-founder and president of Newport Beach, Calif.-based CapRock Partners, is in delivery mode. The firm recently debuted Palomino Ranch Business Park and Saddle Ranch South, two new LEED Silver-certified industrial building complexes in Norco, Calif. Palomino Ranch is a three-phased, 2-million-square-foot industrial development, while Saddle Ranch South is a 374,000-square-foot three-building industrial park. Next up is Central Point III, a component of CapRock’s 5-million-square-foot, master-planned Central Point industrial development in Visalia. WREB recently sat down with Pharris to discuss these new projects, the types of tenants/users CapRock is now targeting and why location is more important than ever. WREB: Why was Norco the right choice for both the Saddle Ranch South and Palomino Ranch developments? Pharris: Norco is an important location for logistics and distribution due to its position near the convergence of Riverside, San Bernardino and Orange counties, in addition to its seamless transportation connectivity, robust infrastructure, proximity to major ports and airports, favorable business environment and skilled workforce. These factors collectivelycontribute to the city’s efficiency, cost-effectiveness, and competitiveness for facility operations, attracting businesses seeking to optimize their supply chains and expand their market reach. Norco is highly desired by Orange County, …

October 27, 2023

California Development Retail Western

NewMark Merrill Opens 96,011 SF Rialto Village Shopping Center in California

by Amy Works October 26, 2023

RIALTO, CALIF. — Calabasas-based NewMark Merrill Cos. has completed the development of Rialto Village, a 96,011-square-foot, grocery-anchored retail center at the corner of Riverside Avenue and San Bernardino Boulevard in Rialto. Rialto Village is 100 percent leased. Current tenants include Sprouts Farmers Market, Burlington, In-N-Out Burger and Quick Quack Car Wash. Other tenants slated to open in the coming months include Ulta Beauty, Five Below, Mochinut, Red Phoenix Nail Salon, West Coast Dental, Coffee Bean, Cold Stone Creamery, Nekter Juice Bar, Sharetea, The Joint Chiropractor, AhiPoki Bowl, Every Table, Arrowhead Credit Union and Mattress Firm. Greg Giacopuzzi and Darren Bovard of NewMark Merrill, along with Brian McDonald, Walter Pagel and Hannah Curran of CBRE, secured the leases and are overseeing leasing at the center.

October 26, 2023

Acquisitions California Industrial Western

ViaWest Group Divests of 53,978 SF Distribution Facility in San Diego

by Amy Works October 26, 2023

SAN DIEGO — ViaWest Group has completed the sale of an industrial distribution building in the Kearny Mesa submarket of San Diego to Southern California-based Burke Real Estate Group. Terms of the transaction were not released. Situated at 7440 Convoy Court, the property features 53,978 square feet of Class A industrial space. At the time of sale, the asset was fully leased Genuine Parts Co. (NYSE: GPC) and Hajoca Corp. Michael Kendall, Gian Bruno, Kenny Patricia, Louay Alsadek, Maddie Mawby, Eric Parra, Evan McDonald and Tucker Hohenstein of Colliers handled the transaction for both the buyer and seller.

October 26, 2023

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