California

Intersection Equities, Blue Buy Vista Riverside Business Park in Jurupa Valley, California for $19.5M

by Jeff Shaw June 22, 2023

JURUPA VALLEY, CALIF. — Intersection Equities and Blue Vista Capital Management have acquired Riverside Business Park, a 122,000-square-foot industrial park in Jurupa Valley, for $19.5 million. The park contains 30 suites ranging from 1,500 square feet to 11,000 square feet, offering a total of 30 drive-up doors. Intersection Equities plans to leverage its value-add strategy to make strategic capital improvements aimed at enhancing the attractiveness of the park for both existing and future tenants. Barret Woods of Lee & Associates represented the seller, Transition Properties, while Stefan Pastor of Stream Realty represented the buyers.

June 22, 2023

Acquisitions California Multifamily Western

CBRE Negotiates $5.9M Sale of Townhome Community in Anaheim, California

by Jeff Shaw June 22, 2023

ANAHEIM, CALIF. — CBRE has arranged the $5.9 million sale of a 14-unit multifamily townhome community in Anaheim. An unnamed buyer acquired the asset for $5.9 million. This transaction sets a new benchmark for the city of Anaheim, with a price per unit of $421,000, according to CBRE. The community is located at 129 S. Olive St. in downtown Anaheim. Built in 1986, the property spans about 15,517 square feet and features two-bedroom/two-bathroom, townhome-style floor plans with vaulted ceilings, central air, patios and balconies. The community was recently renovated with fresh paint and exterior wood replacement. CBRE’s Dan Blackwell represented both the buyer and seller in this transaction.

June 22, 2023

Acquisitions California Retail Western

Hanley Arranges $4.1M Sale of Retail Pad in Perris, California

by Jeff Shaw June 22, 2023

PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $4.1 million sale of a 5,303-square-foot retail pad in the Inland Empire city of Perris. Altura Credit Union and Little Caesars Drive-Thru occupy the property, which was built in 2022 as an outparcel to a shopping center anchored by Cardenas Markets. Bill Asher and Jeff Lefko of Hanley represented the seller, a California-based private partnership. Howard Rosenthal and Guy Excell of Rosenthal & Excell Commercial Real Estate represented the buyer, a California-based family office.

June 22, 2023

California Loans Office Western

Gantry Arranges $11.3M Refinancing for Office Tower in Berkeley, California

by Jeff Shaw June 21, 2023

BERKELEY, CALIF. — Gantry has secured an $11.3 million permanent loan to refinance a multi-tenant office tower located at 2855 Telegraph Ave. in Berkeley. The six-story, 83,557-square-foot office building accommodates more than 35 tenants, including professional services, medical offices and small businesses. It was originally constructed in the 1960s. Gantry’s Tony Kaufmann and Alex Poulos secured the 30-year, fixed-rate loan, which one of Gantry’s correspondent life company lenders provided. The financing replaces a maturing CMBS loan, providing stability and financial flexibility for the building’s tenant base.

June 21, 2023

Acquisitions California Office Western

Lee & Associates Brokers $4M Sale of Royale Oak Office Park in Covina, California

by Jeff Shaw June 21, 2023

COVINA, CALIF. — Lee & Associates-Pasadena has arranged the sale of the Royale Oak Office Park in the San Gabriel Valley city of Covina. An international investor acquired the asset for $4 million in an all-cash transaction. The 19,300-square-foot property, located at 1272-1274 Center Court Drive in the Village Oaks Business Park, comprises two multi-tenant office buildings. The property offers updated interior suites, private restrooms, exterior entrances and significant upside potential in rental rates. The seller recently implemented renovations, including new exterior staircases, paint and landscaping. Lee’s Jamie Harrison and Christopher Larimore represented the seller.

June 21, 2023

California Industrial Leasing Activity Lee & Associates Western

Lee & Associates Orange Signs $4.3M Lease for Industrial Building in Santa Ana, California

by Jeff Shaw June 21, 2023

SANTA ANA, CALIF. — Lee & Associates Orange has leased a freestanding industrial building spanning 40,586 square feet. The lease agreement, which is for more than 60 months, amounts to a total consideration of around $4.3 million. Located at 1651 E. Saint Andrew Place in Santa Ana, the property offers a ground-level loading door, two dock-high loading doors, 28-foot clear height and 1,200 amps, 277/480V of power. Greg Diab and Jack Haley of Lee & Associates’ Orange office represented the tenant in the negotiations.

June 21, 2023

California Leasing Activity Life Sciences Western

Novoron Bioscience Leases 7,432 SF Space at GENESIS-San Diego

by Jeff Shaw June 21, 2023

SAN DIEGO — Phase 3 Real Estate Partners has signed a lease agreement with life sciences company Novoron Bioscience at GENESIS-San Diego. Located in downtown San Diego, GENESIS-San Diego is an eight-story, 200,000-square-foot, Class A life sciences building. Novoron Bioscience’s lease for a 7,432-square-foot space marks GENESIS-San Diego’s third lease agreement signed in the past year within the building’s wet lab facility. Novoron Bioscience will utilize the space to further its research on lipoprotein-receptor drug development, aiming to address challenging neurological conditions such as multiple sclerosis, spinal cord injuries and Alzheimer’s disease.

June 21, 2023

California Development Mixed-Use Multifamily Retail Western

Carmel Partners Opens 910-Unit VOX at Cumulus Apartments in Los Angeles

by Jeff Shaw June 20, 2023

LOS ANGELES — Carmel Partners has completed the development of VOX at Cumulus, a 14-acre mixed-use community on the site of the former Cumulus radio station towers in Los Angeles. VOX at Cumulus features 910 apartment and townhome units, including studios, one-, two- and three-bedroom floor plants. The property also offers 100,000 square feet of retail space anchored by a Whole Foods Market. The project development team also included TCA Architects (architects), DCI (structural engineering), AMPAM (plumbing), PSOMAS (civil), DFDA (mechanical), Seal Electric (electrical) and MLA (landscaping).

June 20, 2023

California Loans Multifamily Western

California Landmark Receives $24.6M Refinancing for Woodlark Residences in Larkspur, California

by Jeff Shaw June 20, 2023

LARKSPUR, CALIF. — California Landmark has secured $24.6 million to refinance Woodlark Residences, an 80-unit multifamily community in Larkspur. California Landmark acquired the property in 2014 and has since invested $3.7 million toward capital improvements, including renovations to all units as well as common areas and amenities. According to Apartments.com, the community currently offers amenities such as a pool, fitness center, grill and picnic area, a lounge and internet access. Greg Reed, Kristen Croxton and Tina Quirin of Capital One arranged the five-year, fixed-rate, Freddie Mac loan.

June 20, 2023

California Leasing Activity Office Western

CBRE Brokers Office Leases at Ygnacio Center in Walnut Creek, California

by Jeff Shaw June 20, 2023

WALNUT CREEK, CALIF. — CBRE has brokered new office leases at Ygnacio Center in Walnut Creek. The leases, totaling 13,916 square feet, were secured for accounting firm BDO USA and law firm Pennington LLP. Ygnacio Center is a Class A office complex spanning 536,000 square feet and three buildings. The recently enhanced amenities include a state-of-the-art conference center, as well as bike parking and showers for tenants. Phil Damaschino, Jeff Birnbaum and Andy Schmitt from CBRE represented the landlord, Hines. Gabe Chao from Transwestern represented BDO and Mindy Bacharach from Commercial East Bay represented Pennington LLP.

June 20, 2023

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