California

Frontier Enterprises Sells Industrial Facility in Adelanto, California for $5.5M

by Jeff Shaw April 27, 2023

ADELANTO, CALIF. — Frontier Enterprises has sold a single-tenant, net-leased industrial asset at 9841 Bartlett Ave. in the Inland Empire city of Adelanto for $5.5 million. The 29,925-square-foot unit is fully leased by General Dynamics Information Technology. The aerospace and defense corporation recently signed a triple-net, three-year base term and annual increase with options to extend. It will occupy the space once it’s completed. Several units are still available that can be delivered in configurations ranging from 30,000 to 120,000 square feet. A 240,000-square-foot expansion to the park has already been approved and the developer is entertaining built-to-suit options for select buyers and tenants. Jim Root and Matthew Hardke of Graystone represented Frontier Enterprises, which was the original developer. The buyer was not disclosed.

April 27, 2023

California Development Multifamily Western

AO Completes Construction of 165-Unit The Mark Apartments in Riverside, California

by Jeff Shaw April 26, 2023

RIVERSIDE, CALIF. — AO has completed construction of The Mark, a seven-story apartment building the Inland Empire city of Riverside. The community is situated across from the Fox Theater and is steps from the historic Mission Inn Hotel. The project included 20,000 square feet of retail space hosting street-level boutiques and restaurants below 165 apartments ranging from studio to three-bedroom units. AO served as the project’s designer. The project included restoration and preservation of three historic buildings on the site, including the city’s first fire station.

April 26, 2023

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $5.5M Sale of Arrow Townhomes in Upland, California

by Jeff Shaw April 26, 2023

UPLAND, CALIF. — An individual/personal trust has acquired the 18-unit Arrow Townhomes in Upland for $5.5 million. The community is located at 614-628 Arrow Highway in San Bernardino County, just east of Los Angeles. Arrow Townhomes contains all two-bedroom, townhouse-style apartment units with two-car attached garages. Other amenities include enclosed patios, balconies, central air conditioning and laundry hook-ups in each unit. Douglas McCauley and David Covarrubias of Marcus & Millichap represented both the buyer and seller, an LLC.

April 26, 2023

Acquisitions California Industrial Self-Storage Western

Northmarq Negotiates $39.6M Sale of Three Industrial Assets in Southern California

by Jeff Shaw April 25, 2023

CARLSBAD, CHINO AND NIPOMO, CALIF. — A Covina-based private family office investor has acquired three industrial assets in Southern California for $39.6 million. The acquisition includes a Class B facility at 2070 Las Palmas Drive in Carlsbad; a 52,000-square-foot, multi-tenant property at 14055 Laurelwood Place in Chino; and Nipomo Self Storage, a self-storage facility at 542 Lindon Lane in Nipomo. Peter Hauser, Shane Shafer, Matt Hauser and Jordan Hauser of Northmarq represented the buyer. The seller was not disclosed.

April 25, 2023

Affordable Housing California Development Multifamily Seniors Housing Western

USA Properties Fund Plans $21M Vintage at Marja Acres Affordable Housing Community in Carlsbad, California

by Jeff Shaw April 25, 2023

CARLSBAD, CALIF. — USA Properties Fund and The Pinyon Group plan to begin construction this summer on Vintage at Marja Acres, an affordable apartment community for residents over age 55. The property is part of a larger mixed-use development in Carlsbad, approximately 35 miles north of San Diego. The 47-unit community will offer affordable housing in the new Marja Acres neighborhood that will include 248 townhomes, a community park and restaurant. Marja Acres is near the beach and the popular Carlsbad Village downtown area with restaurants, shops and live entertainment. Construction on the $21 million apartment community is scheduled to start in the late summer, with leasing beginning in fall 2024. The City of Carlsbad, Riverside Charitable Corporation and WNC Inc. are partners in Vintage at Marja Acres. JP Morgan Chase is the construction and permanent lender for the project. Residents at least 55 years old who earn 30 percent to 60 percent of the area’s median income for San Diego County — about $27,000 to $62,000 per year — are eligible to live in Vintage at Marja Acres. Rents for the one-bedroom apartment community will average about $1,200, depending on the income of residents. IHP Capital Partners and KB …

April 25, 2023

Acquisitions California Office Western

Private Investor Buys Office Building in Los Angeles’ Brentwood Submarket for $9.3M

by Jeff Shaw April 25, 2023

LOS ANGELES — A private investor has acquired a 20,576-square-foot office building in the Los Angeles submarket of Brentwood for $9.3 million. The building is located at 520 Sepulveda Blvd. The asset features two parking levels, three office levels, an open courtyard, plug-and-play cell tower platform and signage visible from I-405. T.C. Macker, Jennifer Moscoso and Christian Holland of WESTMAC Commercial Brokerage Co. represented the seller, another private investor. Mitch Stokes of Avison Young represented the buyer.

April 25, 2023

Acquisitions California Office Western

AMDA College of the Performing Arts Completes Sale-Leaseback of Hollywood Office Building

by Jeff Shaw April 24, 2023

LOS ANGELES — AMDA College of the Performing Arts has executed a sale-leaseback agreement at the close of escrow on its current space at 1777 Vine St. in Hollywood’s downtown core. The 39,248-square-foot, five-story building sold for $23 million. AMDA signed an 18-year lease at the property. Avison Young’s Chris Bonbright and Chase Gordon represented AMDA. Craig White of Sotheby’s International Realty represented the buyer, J&L Realty Partners.

April 24, 2023

Acquisitions California Multifamily Western

Kidder Mathews Arranges $17.5M Sale of The Mint Apartment Complex in Downtown Los Angeles

by Jeff Shaw April 24, 2023

LOS ANGELES — Kidder Mathews has arranged the sale of The Mint, a 42-unit multifamily property in downtown Los Angeles. A local investor acquired the asset for $17.5 million. The community is located at 1136 W. 6th St. Originally constructed in 1923 as an office building, it underwent a $12 million renovation in 2016. The project included structural upgrades, seismic retrofit work, and significant building system upgrades to electrical, elevators, and plumbing. Kidder Mathews’ Janet Neman and Angelica Gotzev represented the seller, a real estate investment firm managing assets throughout the U.S. and Europe. Jason Aftalion of Teva Properties was an advisor to the seller and provided management services for the asset.

April 24, 2023

Affordable Housing California Development Multifamily Western

EAH Housing Begins Construction of 76-Unit Mission Paradise Affordable Community in Hayward, California

by Jeff Shaw April 24, 2023

HAYWARD, CALIF. — EAH Housing has broken ground on Mission Paradise, an affordable seniors housing community in the Bay Area city of Hayward. DAHLIN Group designed the property, which J.H. Fitzmaurice Inc. is building. The two-tower Mission Paradise is an apartment community for seniors with income levels ranging from 20 percent to 80 percent of the area median income (AMI). The property will include a total of 76 apartments, with 15 units specifically reserved for formerly homeless individuals and families, 11 of which are designated ‘No Place Like Home’ units reserved for households with an individual with a severe mental illness. Financing participants include Chase, City of Hayward, County of Alameda, CA Department of Housing and Community Development – Accelerator, and MHP.

April 24, 2023

California Leasing Activity Retail Western

CBRE, NewMark Merrill Sign Tenants to 96,000 SF Rialto Village Retail Development in California

by Jeff Shaw April 24, 2023

RIALTO, CALIF. — CBRE and NewMark Merrill Cos. have completed the preleasing of Rialto Village, a 96,000-square-foot shopping center currently under construction in the Inland Empire city of Rialto. Everytable will occupy the final, 1,400-square-foot space at the development, which the companies broke ground on in August of last year. Other tenants include Mattress Firm, Arrowhead Credit Union, Quick Quack Car Wash, In-N-Out Burger, Cold Stone Creamery, The Joint, Nekter Juice Bar, Coffee Bean & Tea Leaf and West Coast Dental. Brian McDonald, Walter Pagel and Hannah Curran of CBRE and Greg Giacopuzzi of NewMark Merrill led leasing efforts for the property.

April 24, 2023

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