California

Stos Partners Divests of $26.5M Manufacturing Building in Tustin, California

by Amy Works August 10, 2023

TUSTIN, CALIF. — Stos Partners has sold a high-tech manufacturing property in Tustin to KTI Hydraulics for $26.5 million. Stos Partners originally acquired the asset in December 2021 for $19.2 million. The company implemented a value-add strategy and capital improvement program, including a new roof, parking lot, exterior painting, landscaping and interior improvements, at the 71,616-square-foot property. The property is located at 1311 Valencia Ave. within the Irvine Business Complex. The building features excess yard area, ample parking ratio, high-end cleanroom space with a mix of office and warehouse space, and on-site electric vehicle charging stations. Nick Valasquez and Michael Hartel of Colliers, along with Ross Bournce of CBRE, represented Stos Partners. Xavier Nolasco and Steve Wagner of JLL represented the buyer in the transaction.

August 10, 2023

California Loans Multifamily Western

JLL Arranges $16.7M Refinancing for The Hobart Multifamily Community in Los Angeles

by Amy Works August 10, 2023

LOS ANGELES — JLL Capital Markets has arranged $16.7 million construction take-out financing for The Hobart, a mid-rise multifamily property in the Koreatown submarket of Los Angeles. Chris Collins and Brad Vansant of JLL Capital Markets’ debt advisory team secured the two-year, floating-rate loan for the borrower, Jannone Development. Built in 2023, the community features 39 one-, two- and three-bedroom floor plans ranging from 877 square feet to 1,424 square feet. The property is located at 3050 W. 11th St.

August 10, 2023

California Development Industrial Western

Rockefeller Group to Develop 259,000 SF Distribution Center in Perris, California

by Amy Works August 9, 2023

PERRIS, CALIF. — Rockefeller Group has completed the $13.4 million acquisition of a 14-acre parcel in Perris for the development of Patterson Commerce Center, a 259,000-square-foot distribution center. The project will be located adjacent to Optimus Logistics Center, a 1.4 million-square-foot, two-building logistics center. Full construction is slated to commence in September. The building will feature 36-foot clear heights, 56-foot by 60-foot column spacing, 145 parking spaces and a 185-foot to 240-foot truck court with 59 trailer stalls. Completion of Patterson Commerce Center is scheduled for summer 2024. The project team includes HPA Architects, Huitt-Zollars and RM Dalton. Jo McKay, Michael McKay and Michael Fine of Lee & Associates represented the Rockefeller Group on the land purchase and will oversee leasing of the project.

August 9, 2023

Acquisitions California Retail Western

DMI Real Estate Group Divests of Two Orange County Retail Centers for $25.5M

by Amy Works August 9, 2023

LA PALMA AND LA HABRA, CALIF. — DMI Real Estate Group has completed the dispositions of two shopping centers — La Palma Collection and The Row on Harbor — for a combined $25.5 million. Joseph Lising of Cushman & Wakefield’s Southern California retail team, along with Daniel Sydor of Cushman & Wakefield’s Valuation & Advisory Services, represented and advised DMI in the dispositions. Located at 7811-7971 Valley View St. in La Palma, La Palma Collection features 23,882 square feet of multi-tenant retail space. A private 1031 exchange buyer acquired the asset for $13 million. Ron Duong of Marcus & Millichap represented the buyer in the deal. The Row on Harbor, located at 1450-1478 S. Harbor Blvd. in La Habra, features 23,314 square feet of retail space. At the time of sale, the property was fully leased to 14 tenants, including EggBred, AkaFuji, Furai Chicken, Bodhi Leaf Coffee Traders, Code Ninjas and Club Pilates. A 1031 all-cash buyer acquired the property for $12.5 million.

August 9, 2023

California Development Multifamily Student Housing Western

Michaels Student Living Completes 1,549-Bed Orchard Park Residence Hall at University of California, Davis

by Amy Works August 9, 2023

DAVIS, CALIF. — Michaels Student Living has completed Orchard Park, a 1,549-bed residence hall developed through a public-private partnership with the University of California, Davis and the Collegiate Housing Foundation. The development spans 11 buildings, offering 613 units for graduate students and students with families. The community also includes indoor amenity spaces, two community centers and programmed outdoor space. This property is the second phase of development for the public-private partnership, following The Green at West Village, a nine-building community offering 3,290 beds.

August 9, 2023

California Loans Multifamily Western

Capital One Closes $43M Fannie Mae Refinancing for Southern California Apartment Portfolio

by Amy Works August 8, 2023

FULLERTON, CALIF. — Capital One has provided $43 million in Fannie Mae loans for the refinancing of two multifamily communities owned by SC Development. The portfolio includes the 271-unit The Streams and the 222-unit La Villita-La Costa properties in Fullerton. Greg Reed, Kristen Croxton and Tina Quirin of Capital One originated the transactions, which closed in June. The separate 10-year, fixed-rate loans feature interest-only payments for the entire term. The Streams features one- and two-bedroom apartments with all-electric kitchens, modern appliances, fireplaces and additional storage. La Villita-La Costa offers one- and two-bedroom units with large closets, patiso or balconies and washer/dryer hookups. Both communities feature a swimming pool, spa and fitness center. SC Development has maintained both properties since they were constructed in the mid-1970s.

August 8, 2023

Acquisitions California Mixed-Use Multifamily Retail Western

CBRE Arranges $3.2M Sale of Mixed-Use Property in Costa Mesa, California

by Amy Works August 8, 2023

COSTA MESA, CALIF. — CBRE has brokered the sale of a mixed-use property located at 2027-29 Harbor Blvd. in Costa Mesa. A private investor acquired the asset from a privately held partnership for $3.2 million, or $425 per square foot. Both parties are based in Orange County. The mixed-use property features 12 residential apartments and street-front retail space spread across four buildings, totaling 7,530 square feet. The three multifamily buildings offer eight studio units, two one-bedroom units and two two-bedroom units. The property also features surface parking, a community laundry room and storage lockers. Additionally, there is a 1,942-square-foot street-front commercial building, occupied by an auto trim business. Dan Blackwell and Mike O’Neill of CBRE represented the seller and buyer in the transaction.

August 8, 2023

California Market Reports Office Western Western Market Reports

Orange County’s Office Market Sees Stabilization Signs

by Jeff Shaw August 8, 2023

— By Brian C. Childs, Executive Managing Director, NAI Capital Commercial — Orange County office has historically been last in and first out of any recession or economic setback. That trend continues as an office recovery is in sight in this post-COVID marketplace. The challenge of encouraging workers to return to the office post-pandemic has slowed considerably. The rate of space being vacated in Orange County’s office market slowed to less than a 1 percent increase quarter over quarter in vacant space in the second quarter of 2023. This is compared to the 17 percent year-over-year rise, resulting in a total of 20.9 million square feet of vacant office space. Similarly, the growth rate of available sublease space also experienced a slower pace of 0.2 percent quarter over quarter, compared to a 23.4 percent year-over-year increase, reaching 4.6 million square feet. The second-quarter office vacancy rate sits at 13.3 percent, versus 13.2 percent in the first quarter. Overall office vacancy was at 11.5 percent a year ago. As the availability of office space has begun to stabilize, the average asking rent remained unchanged compared to the previous quarter. There was a minor decline of …

August 8, 2023

California Development Industrial Loans Western

JLL Secures $16.2M Financing for Industrial Development in Fontana, California

by Amy Works August 7, 2023

FONTANA, CALIF. — JLL Capital Markets has arranged $16.2 million in senior financing on behalf of Iconic Equities for the development of a 5.6-acre industrial outdoor storage (IOS) facility located at 8247 Lime Ave. in Fontana. JLL worked on behalf of the borrower to secure the financing through Shelter Growth (SG) Capital Partners. Upon completion, the IOS property will serve as a truck yard and contain an onsite 12,500-square-foot warehouse and distribution building. The property will offer end-users the opportunity to stack metal storage containers while providing ample truck parking.

August 7, 2023

California Loans Retail Western

MMCC Arranges $7.5M Acquisition Financing for Single-Tenant Retail Property in Oxnard, California

by Amy Works August 7, 2023

OXNARD, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.5 million loan for the acquisition of a 37,500-square-foot single-tenant retail property located in Oxnard. Esporta Fitness occupies the building, which was constructed in 1970 and renovated in 2017. Ron Balys of MMCC secured the financing on behalf of the buyer.

August 7, 2023

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