FREMONT, CALIF. — MG Properties has acquired Artist Walk Apartments, a multifamily community in Fremont, from Clarion Partners for $89.7 million. Built in 2017, Artist Walk features 185 apartments and 30,000 square feet of ground-floor retail space. Jason Parr, Seth Siegel and Scott MacDonald of Cushman & Wakefield represented the seller in the deal. Andrew Behrens, Jesse Weber and Stephen Baird of CBRE Capital Markets arranged financing, provided by Freddie Mac, for the transaction.
LOS ANGELES — Cityview and Stockbridge have started construction on Apollo, an apartment development in Los Angeles’ South Bay neighborhood. Slated for completion in 2025, the transit-oriented community will feature 265 apartments in a mix of studio, one- and two-bedroom floor plans. Residences will feature stainless steel appliances, quartz countertops, vinyl plank flooring, smart thermostats, keyless entry, smart home systems, and fiber optic internet and Wi-Fi. Located at 12888 Crenshaw Blvd., the community amenities will include a swimming pool and spa deck with loungers and daybeds; a CV Works coworking center; podcast room; 3D printer; indoor fitness center; outdoor strength and stretching area; indoor-outdoor community room; and open-air courtyards with an entertainment lounge, pool table, Korean barbecue grills, fire pits, lounge seating, gathering tables and a variety of dining areas. Additionally, the property will feature ample secure bike lockers and storage, a transit kiosk, and walk and bike path access. City National Bank and Banc of California provided construction financing. The project team includes WPIC Construction, AC Martin, Nadia Geller Designs and MJS Landscape Architecture.
SANTA BARBARA, CALIF. — C.W. Driver Cos. has completed the construction of the Interactive Learning Pavilion, a four-story learning facility at UC Santa Barbara. The company collaborated with LMN Architects on the $70 million project in Santa Barbara. The 95,000-square-foot structures offers 2,000 seats of classroom space, including five lecture halls, three classroom spaces for project-based learning and 20 flexible discussion rooms. Each of the 32 classrooms and lecture halls is designed to seat between 30 and 350 students. Additionally, the project features 1,700 bicycle parking spaces. The pavilion’s two buildings are connected via an open-air corridor. The project received LEED Gold Certification.
SAN DIMAS, CALIF. — CapRock Partners has completed the acquisition of 300 E. Arrow Highway, a single-tenant industrial building in San Dimas. The company purchased the property from an undisclosed investor in an all-cash transaction. Barbara Perrier, Darla Longo and Rebecca Perlmutter of CBRE facilitated the deal. Built in 1972 and expanded in 1989, the 165,070-square-foot building features 15 dock-high doors, one ground-level door, a 130-foot secured truck court and multiple points of ingress/egress. Additionally, the property offers ample parking, 4,000A/480V power and approximately 21,000 square feet of two-story office space. Western Pacific Storage Solutions, a leader in engineering and manufacturing of industrial storage solutions, shelving systems and material handling, has fully occupied the facility for its manufacturing operations since 2001.
BLYTHE, CALIF. — Marcus & Millichap has arranged the sale of a Quality Inn hotel located at 600 W. Donlon St. in Blythe. Terms of the transaction were not released. The recently renovated property features 65 guest rooms. Andy Patel and Gordon Allred of Marcus & Millichap’s Palm Springs and Inland Empire offices, respectively, represented the seller, a limited liability company, and procured the buyer, a limited liability company.
PLACENTIA, CALIF. — Gelt Venture Partners (GVP) has acquired Union Place, a multifamily property located at 1500 Cherry St. in the Orange County city of Placentia, for $63.1 million. Mike Murphy and Rachel Parsons of Berkadia represented the buyer and undisclosed seller in the deal. Built in 2012, the three-story building offers 125 two- and three-bedroom apartments averaging 1,238 square feet. Apartments, which are in original condition, feature granite countertops, stainless steel appliances, wood-style flooring, laundry rooms with washers/dryers, nine-foot ceilings, walk-in closets, private balconies or patios, and garages for each unit, as well as ample surface parking. Community amenities include a pool, fitness center, barbecue areas, a playground and controlled entry access. GVP plans to add kitchen islands, new custom cabinetry, vinyl plank flooring, tile backsplashes, quartz countertops, undermount sinks, modernized hardware and recessed lighting. Planned common-area improvements include painting and enhancements to the pool and fitness center, among other cosmetic renovations.
PALM DESERT, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of an absolute triple-net ground lease of a single-tenant building located at 39355 Washington St. in the Coachella Valley city of Palm Desert. A Los Angeles-based private investor sold the building to a Riverside County-based private investor for $2.9 million. Bank of America occupies the 3,515-square-foot freestanding building, which features a drive-thru. Bill Asher and Jeff Lefko of Hanley Investment represented seller, while Tyler Rollema of The Klabin Co. in Torrance represented the buyer in the deal.
— By John Wadsworth and Aaron Phillip, Colliers — The Orange County medical office building (MOB) market continues to show resilience post-pandemic despite headwinds of the new interest rate environment. The overall Orange County MOB market consists of 10 million square feet with a current vacancy of 8.5 percent, down 100 basis points from the end of 2022. The average rental rate is $3.48 per square foot, per month, full-service growth, with an increase of 9.3 percent from mid-year 2022. The lack of significant MOB construction completions, coupled with much of the existing vacancy found in older, functionally obsolete buildings, has kept supply largely in line with demand. The velocity of MOB leasing activity has softened compared to pre-pandemic transaction volume, with healthcare providers still digging out of the financial “COVID hole.” Among other market pressures, labor costs and retention across healthcare employment significantly contribute to continued narrow margins on provider balance sheets. From larger health systems to smaller independent practices, all have been impacted, slowing the pace of expansion projects and mandating shorter, more flexible transactions until more permanent real estate solutions can be implemented. Despite the market challenges posed by the pandemic, MOB absorption has remained positive countywide, …
HUNTINGTON BEACH, CALIF. — Advanced Real Estate has acquired an apartment community in Huntington Beach, formerly known as Citron House, for $96 million. The buyer plans to implement a $7 million renovation project and rebrand the community as Surf House. Located on Warner Avenue, the property features 264 apartments. The community will undergo an exterior facelift with new windows, balcony upgrades, paint, pool area overhaul with new cabanas, new signage and drive-entry enhancements. Apartment interiors will be modernized with new cabinetry, countertops, flooring, fixtures and a contemporary paint scheme. R3 Construction, Advance’s in-house renovation company, is completing the renovations. Advanced Management Co., Advanced’s in-house management company, will operate the property. In the transaction, Advanced assumed an approximately $53 million Freddie Mac loan, which has a remaining term of 1.5 years and bears interest at a 4.22 percent rate. Geoff Boler, Johnathan Merhaut and Eugene Chong of Eastdil Secured’s Newport Beach office brokered the transaction.
CITY OF INDUSTRY, CALIF. — Pacific Industrial has purchased 10 acres of land at 17969 Railroad St. in City of Industry. The property was acquired via a short-term sale/leaseback. Additional terms of the transaction were not released. Upon lease expiration, Pacific Industrial plans to develop Pacific Railroad Center, a Class A, 215,000-square-foot industrial facility. The speculative for-lease development will offer electric vehicle charging stations, solar-ready roofs, excess car/trailer parking and a two-story signature glass-entry office. Pacific Industrial plans to break ground in 2024, with completion scheduled for 2025. Chris Bonney and Brad Gilmer of Lee & Associates will be exclusive leasing agents for the project.
