California

BKM Capital Partners Acquires Small-Bay Industrial Property in Carlsbad, California

by Jeff Shaw July 11, 2023

CARLSBAD, CALIF. — BKM Capital Partners has completed the acquisition of Commerce Carlsbad, an eight-building industrial park in Carlsbad. The property, now named Pacific Coast Industrial Center, offers 129,928 square feet of space in 62 small-bay units. BKM plans to make significant improvements to the park and reduce the office space to meet market demands. With high demand and limited availability in the area, BKM aims to achieve full occupancy and market rates in the future. Cushman and Wakefield’s Brad Tecca facilitated the transaction as a representative for the seller. BKM represented itself in the deal. The price was not disclosed.

July 11, 2023

California Leasing Activity Lee & Associates Office Western

Lee & Associates Arranges 10-Year Lease at Airway Office Park in Long Beach, California

by Jeff Shaw July 11, 2023

LONG BEACH, CALIF. — Lee & Associates has successfully finalized a 10-year lease for a 10,812-square-foot creative office space at Airway Office Park in Long Beach. The tenant, Swing Set Productions, a creative production studio serving top brands, will relocate from Huntington Beach to this new studio. The Airway Office Park, developed by Urbana Real Estate Development, offers more than 60,000 square feet of office space and amenities. The project is currently under construction and scheduled for completion late this month. Jeff Coburn and Shaun McCullough of Lee & Associates Los Angeles – Long Beach represented the landlord, Airway Office Park LLC. Michael Shuken of Savills represented the tenant. The value of the lease is about $5 million.

July 11, 2023

Affordable Housing California Company News Multifamily Western

BH Properties Creates $1B Affordable Housing Investment Initiative

by Jeff Shaw July 10, 2023

LOS ANGELES — BH Properties has started an investment initiation into affordable housing with the goal of building a $1 billion portfolio of assets. The new platform will focus on Low-Income Housing Tax Credit (LIHTC), Section 8 and age-restricted housing throughout the United States. William Stoll, who BH Properties hired as a managing director, will lead the initiative. Prior to joining BH Properties, Stoll worked at Steadfast Cos. for 14 years. He joined the firm in 2009 as the manager of a Southern California portfolio of 10 LIHTC properties and eventually rose to the role of executive vice president of acquisitions. Stoll graduated from San Diego State University.

July 10, 2023

Acquisitions California Retail Western

Hanley Brokers Sale of Two Single-Tenant Retail Properties in Imperial, California for $5.8M

by Jeff Shaw July 10, 2023

IMPERIAL, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of two single-tenant retail properties in Imperial for a total $5.8 million. A Starbucks Coffee drive-thru occupies the first building, which comprises 2,089 square feet, on a 10-year lease. A private investor purchased the property for $2.9 million. The United States Postal Service leases the second building, which totals 5,430 square feet. An Indiana-based private partnership acquired the property for $2.9 million. Bill Asher and Jeff Lefko of Hanley represented the seller and developer, 5th Street Development LLC, in both transactions. Details on the buyer were not disclosed.

July 10, 2023

California Leasing Activity Retail Western

Three Tenants Join Carlsbad Arcade Retail Center in California

by Jeff Shaw July 10, 2023

CARLSBAD, CALIF. — Three new tenants have signed leases at Carlsbad Arcade in the Village, a retail center comprising 13,000 square feet in Carlsbad, roughly 35 miles north of San Diego. Village Florist Co., Carlsbad Golf Carts and Joey Snow Design Co. will occupy 1,180; 1,250; and 1,060 square feet, respectively. Serena Patterson and Luke Holler of Urban Property Group represented both the tenants and the landlord, Carlsbad One LLC, in the leasing transactions.

July 10, 2023

Acquisitions California Industrial Western

Lee & Associates-Ontario Negotiates $19.5M Sale of Riverside Business Park in Jurupa Valley, California

by Jeff Shaw July 6, 2023

JURUPA VALLEY, CALIF. — Lee & Associates-Ontario has facilitated the sale of Riverside Business Park, a fully occupied, multi-tenant business park in Jurupa Valley. Intersection Equities LLC acquired the asset, consisting of 37 units across 22 buildings, for $19.5 million. The park features ground-level and dock-high door loading, private yards, and clear heights of up to 16 feet. The sellers were Bravo Whiskey Properties LLC and Transition Properties LLC. The selling agent, Barret Woods of Lee & Associates-Ontario, represented himself as a principal in the transaction. Brad Yates and Stefan Pastor of Stream Realty represented the buyer.

July 6, 2023

California Development Hospitality Loans Western

Bayview Provides $19.8M C-PACE Financing for Hotel Development Near Yosemite National Park

by Jeff Shaw July 6, 2023

OAKHURST, CALIF. — Bayview PACE has provided a $19.8 million financing agreement for the construction of a new 125-room hotel in Oakhurst, about 16 miles south of Yosemite National Park. The financing will enable the start of construction on the resort, which aims to attract adventure and lifestyle travelers. The project will feature luxury accommodations, a full restaurant and bar, meeting spaces and other amenities. Waterton and equity partner Argosy Real Estate are the developers.

July 6, 2023

Acquisitions California Multifamily Western

JLL Arranges $70M Sale of Silicon Valley Multifamily Portfolio

by Jeff Shaw July 5, 2023

CAMPBELL AND SANTA CLARA, CALIF. — JLL Capital Markets has arranged the sale of three garden-style apartment communities in Silicon Valley for approximately $70 million. The portfolio includes: Appletree, a 72-unit community in Campbell; Vista Point, a 68-unit property in Santa Clara; and Cedartree, a 50-unit asset that is also located in Santa Clara. All properties offer one- and two-bedroom floor plans. Ryan Wagner, Brandon Geraldo and Matt Kroger led the team that represented the private seller and procured three unique buyers. Further details were not disclosed.

July 5, 2023

Acquisitions California Multifamily Western

CBRE Brokers $12.1M Sale of Two Apartment Communities in Orange County, California

by Jeff Shaw July 5, 2023

COSTA MESA AND ANAHEIM, CALIF. — CBRE has arranged the sale of two multifamily communities totaling 38 units in Orange County for $12.1 million. The communities traded hands in a 1031 exchange. All parties involved in both transactions were private investors based in Southern California. Dan Blackwell, Mike O’Neill and Andrew Boukather represented both the buyer and seller of 18 units at 1800 W. Glencrest Ave. in Anaheim for $4.8 million. The property was built in 1962 and comprises a pair of two-story buildings. The buildings recently underwent renovations including new flooring, appliances, bathrooms, kitchens, windows, stairs, railings and fascia. Blackwell and O’Neill also represented the seller of the 20 units at 1887 Monrovia Ave. in Costa Mesa. The asset traded hands for $7.3 million. Built in 1959, 1887 Monrovia Ave. comprises one two-story building with a pool, barbeque area and a community laundry room. Recent updates to select units include granite countertops, wood-style flooring and stainless-steel appliances.

July 5, 2023

California Leasing Activity Restaurant Retail Western

Sip Fresh Signs Franchise Deal for Three Locations in Metro San Diego

by Jeff Shaw July 5, 2023

SAN DIEGO — Fruit juice concept Sip Fresh has entered a three-unit franchise agreement with operator Kevin Tam for locations in metro San Diego. The deal includes the acquisition of an existing store located in the Westfield UTC Mall and plans for two additional locations in the area. Tam’s previous experience includes concepts Wetzel’s Pretzels and Sweetgreen, as well as other quick-service restaurant brands and food trucks. Sip Fresh plans to sign 35 new franchise agreements by the end of the year.

July 5, 2023

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