California

American Plus Bank Acquires Two Office/Flex Buildings in Arcadia, California for $5.3M

by Jeff Shaw July 17, 2023

ARCADIA, CALIF. — American Plus Bank has acquired two office/flex buildings in Arcadia, just northeast of Los Angeles, for $5.3 million. The buyer plans to utilize a portion of the property for one of its retail bank locations. Built in 1968, the property includes 38 parking spaces and provides high visibility and easy access. The office suites feature kitchens, private restrooms, private offices/conference rooms, server rooms, reception areas and open work areas. Andrew Berk of Avison Young represented the seller, a local family trust, while Jennie Ching of KW Commercial represented the buyer.

July 17, 2023

California Development Multifamily Western

UC San Diego Breaks Ground on Student Center, 2,400-Bed Residence Hall Development

by Jeff Shaw July 14, 2023

SAN DIEGO — The University of California San Diego has broken ground on its previously announced student center and 2,400-bed residence hall development. The four-building student center, named Triton Center, is set for completion in 2026. One of the buildings will be home to the university’s student health, and mental health and well-being services. This property will include an urgent care space, primary care, pharmacy services, wellness services and a new home for the university’s counseling and psychological services department. Triton Center will also include an alumni and welcome center; multi-purpose building with a 500-person event space; an art gallery; and a student academic resources building. The academic resources building will expand the university’s existing Teaching + Learning Commons program, with facilities for its transfer student success hub, global initiatives, campus support and administration. Development plans have also been announced for Ridge Walk North Living and Learning Neighborhood, a residence hall project set to open in fall 2025. The community will offer 2,400 beds for undergraduate students. The building will also include updated administrative and teaching space for the university’s Thurgood Marshall College, School of Global Policy and Strategy, and the Department of Economics in the School of Social Sciences. …

July 14, 2023

Acquisitions California Retail Western

Wood Investments Acquires 25,500 SF Retail Property in San Clemente, California

by Jeff Shaw July 14, 2023

SAN CLEMENTE, CALIF. — Wood Investments Cos. has acquired a 25,000-square-foot, single-tenant retail property in San Clemente for $7 million. The 99 Store occupies the property, which is situated within Pico Plaza shopping center. “The 99 Store has been a good tenant and partner of ours in other centers, and this was another opportunity to partner with them again,” says Patrick Wood, chief executive officer and president of Wood Investments. The seller was not disclosed.

July 14, 2023

Acquisitions California Retail Western

Progressive Brokers $7.2M Sale of Single-Tenant Retail Asset in Corona, California

by Jeff Shaw July 14, 2023

CORONA, CALIF. — Progressive Real Estate Partners has brokered the $7.2 million sale of a single-tenant retail property located in the Inland Empire city of Corona. Merit Auto Spa, a full-service car wash center, occupies the building, which is an outparcel to Corona Hills Marketplace. A California-based private investor purchased both the property and business. Victor Buendia of Progressive represented the undisclosed seller in the transaction.

July 14, 2023

Acquisitions California Multifamily Western

CBRE Arranges $5.5M Sale of Three Multifamily Properties in Orange County, California

by Jeff Shaw July 14, 2023

ORANGE, SANTA ANA AND SAN CLEMENTE, CALIF. — CBRE has brokered the sales of three fourplex apartment buildings in Orange County for a total $5.5 million. Dan Blackwell and Amanda Fielder represented the sellers and procured the buyers in all three transactions. CBRE brokered the sale of 609 S. Cypress St. in Orange for $1.8 million. The buyer was a private investor based in Orange County. The seller was an out-of-state private investor. The property was built in 1966 and offers three two-bedroom units and one three-bedroom unit. Blackwell and Fielder also represented the seller in the $1.7 million sale of a property at 405 Nobel Ave. in Santa Ana. The fourplex was built in 1969 and offers one-, two- and three-bedroom floor plans. Amenities include an on-site laundry facility and a balcony or patio for each unit. The community was recently renovated with new stairs, railings and exterior paint. Finally, Blackwell and Fielder arranged an off-market transaction for a 1031 exchange buyer in the purchase of a property at 143 W. Canada in San Clemente. Both the buyer and seller were Orange County-based private investors. The asset traded hands for $2 million. The building rises two stories and offers …

July 14, 2023

Acquisitions California Multifamily Western

Kidder Mathews Negotiates $3.6M Sale of Eight-Unit Apartment Building in Los Angeles

by Jeff Shaw July 14, 2023

LOS ANGELES — Kidder Mathews brokered the $3.6 million sale of a property at 4737 Kester Ave. in the Los Angeles neighborhood of Sherman Oaks. The property offers eight units across an 8,600-square-foot site. The community was built in 2014. According to Apartments.com, 4737 Kester Ave. rises three stories and is elevator-serviced. Units come in one-, two- and three-bedroom floor plans. Michael Monempour and David Saghian represented the seller, a private investor. The buyer was not disclosed.

July 14, 2023

California Market Reports Retail Western Western Market Reports

San Diego’s Retail Market Brings Positivity

by Jeff Shaw July 14, 2023

— By Reg Kobzi, Senior Vice President, CBRE — Despite economic headwinds and uncertainty, there remains a positive sentiment within the San Diego retail market due to the historically low vacancies that continue to persist quarter over quarter. Inflation across consumer categories erodes spending power and challenges the retail landscape, as well as the greater economy. Landlords proactively track consumer spending and tenant resilience to mitigate risk. Inflation has proven stubbornly high, but it is predicted to decline over the coming months as the economy cools. CBRE believes the rate hiking cycle is nearing an end, and the Feds should start to cut rates by the end of the year. Despite the economic challenges, San Diego is healthy as its unemployment rate has remained relatively steady and seen significantly less expansion than at the state and national levels. June is the 35th consecutive month that unemployment in San Diego was below the state norm and the 12th straight month below the U.S. average. San Diego retail vacancy stabilized at the beginning of 2023, mirroring the rate from the last quarter of 2022 of 4.9 percent. Since vacancy rates are indicators of the market’s overall health, this stabilization is a valuable …

July 14, 2023

Acquisitions California Multifamily Western

Eden Housing Purchases Two Multifamily Communities in Concord, California for $37.3M

by Jeff Shaw July 13, 2023

CONCORD, CALIF. — Eden Housing acquired a two-property apartment portfolio in Concord for $37.3 million. Concord is approximately midway between San Francisco and Sacramento. Located at 1770 Adelaide St., Sunset Pines is a 69-unit community with amenities such as a pool and a clubhouse. Coral Court Apartments is located at 1491 Detroit Ave. and offers 47 units, as well as a fitness center. Keith Manson, Zachary Greenwood and Mac Watson of CBRE represented the undisclosed seller in a Naturally Occurring Affordable Housing (NOAH) transaction. Eden Housing will convert the portfolio into affordable housing. Eden Housing used $6 million in equity from the City of Concord to finance the transaction. Income restrictions for the converted communities were not disclosed.

July 13, 2023

California Leasing Activity Office Western

McCarthy Building Cos. Expands Presence in San Diego with 30,000 SF Office Lease

by Jeff Shaw July 12, 2023

SAN DIEGO — McCarthy Building Cos. is strengthening its presence in the San Diego market with a 30,000-square-foot lease at One Paseo, a newly developed mixed-use campus. McCarthy, known for its construction projects in the area, has chosen a prime location surrounded by retail and dining options for its new office. McCarthy’s new office space features modern design and amenities to support its construction and preconstruction services. JLL’s Nicole Winters, Shawn Lorentzen and Scott Wetzel represented McCarthy in the transaction.

July 12, 2023

California Development Healthcare Western

PMB Opens UC Davis Rehabilitation Hospital in Sacramento

by Jeff Shaw July 11, 2023

SACRAMENTO, CALIF. — PMB has opened the UC Davis Rehabilitation Hospital in Sacramento. The 52-bed inpatient rehabilitation facility is located on the UC Davis Sacramento campus and offers comprehensive rehabilitation services for patients with various conditions. The hospital features state-of-the-art facilities, private rooms, therapy gyms and a therapeutic courtyard. The new facility was announced as part of a joint venture agreement between UC Davis Health and Lifepoint Rehabilitation, a business unit of Lifepoint Health. Lifepoint Rehabilitation will manage the day-to-day operations of the inpatient rehabilitation facility. The architect was Taylor Design, while the general contractor was McCarthy Building Cos.

July 11, 2023

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