California

Weller Development Partners Buys 2,870-Acre Aetna Springs Resort in Napa Valley

by Amy Works January 30, 2023

POPE VALLEY, CALIF. — Weller Development Partners has acquired Aetna Springs, a 2,870-acre wine country resort in Pope Valley. Mosaic Real Estate Investors sold the asset for an undisclosed price. Located at 1600 Aetna Springs Road, the property has producing vineyards, a community clubhouse, a nine-hole golf course designed (currently closed, but minimally maintained), tennis courts, a swimming hole and 40 planned estate lots. Development plans include 70 guest cottages in the historic resort village, 18 glamping sites, expansion of the existing vineyards and construction of the estate homes. Additional plans include recreational activities on Lake Juliana, a full-service spa, recreational center, restaurants and a boutique winery. Six Senses will operate the resort upon completion. Aetna Springs’ history stems from its 19th century origins, when it was best known for its mineral hot springs and outdoor activities. The property is 16 miles north of downtown St. Helena, and its vineyards produce cabernet sauvignon, sauvignon blanc and petite syrah grapes that are sold to premier wine brands, including Rombauer, Frank Family, Duckhorn and The Prisoner. Henry Bose, Alex Lee-Bull, Elena Quach, Jeff Woolson, Tom Berry and Morgan Abbott of CBRE represented the seller in the deal.

January 30, 2023

Acquisitions California Retail Western

Blue West Capital Brokers $4M Sale of Shops at Belleview in Littleton, Colorado

by Amy Works January 30, 2023

LITTLETON, COLO. — Blue West Capital has arranged the acquisition of Shops at Belleview, a net-leased retail building, located at 2727 and 2817 W. Belleview Ave. in Littleton. A Hawaii-based 1031 exchange investor acquired the asset from an undisclosed seller for $4 million. Shops at Belleview consists of two structures totaling 7,359 square feet, and was fully occupied at the time of sale. Current tenants include Black Rock Coffee, WingStop, Marco’s Pizza, Metro by T-Mobile and Trinity Nails & Spa. Bryce McNeely of Blue West Capital represented the buyer in the deal.

January 30, 2023

Arrow-Business-Center-Rancho-Cucamonga-CA

California Development Industrial Western

Core5, MBK Break Ground on Spec 49,291 SF Arrow Business Center in Rancho Cucamonga, California

by Amy Works January 27, 2023

RANCHO CUCAMONGA, CALIF. — A joint venture between Core5 Industrial Partners and MBK Industrial Properties has broken ground on Arrow Business Center, a Class A industrial building in Rancho Cucamonga. Slated for completion in September, the speculative facility will offer 49,291 square feet of warehouse space. Situated on 2.4 acres at 11770 Arrow Route, Arrow Business Center will feature five dock-high doors, one drive-in position, 32-foot clear heights, 145-foot-deep truck court, six-inch floor slab and an ESFR sprinkler system. The property will also feature solar power and ample parking with five trailer parking stalls and 46 vehicle stalls. David Neault of KW Commercial will handle leasing for the project.

January 27, 2023

Acquisitions California Multifamily Western

Fairfield Carmenita Sells Alivia Apartments in Whittier, California for $49.6M

by Amy Works January 26, 2023

WHITTIER, CALIF. — Fairfield Carmenita LP has completed the disposition of Alivia Apartments, a multifamily community in Whittier, to NexGen Properties Group for $49.6 million, or $387,695 per unit. Completed in 2022, Alivia Apartments features seven residential buildings comprising 68 one-bed/one-bath units and 60 two-bed/two-bath units. All units offer stainless steel appliances, washers/dryers, kitchen islands with storage, and wood-style plank flooring. Community amenities include a resort-style pool and spa, fitness center, social lounge, dog park and outdoor fire lounge. Kevin Green, Joseph Grabiec and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Michael Derk of Marcus & Millichap Capital Corp. arranged a 10-year, $19.1 million, non-recourse loan for the buyer.

January 26, 2023

Acquisitions California Retail Western

Progressive Real Estate Partners Arranges Sale-Leaseback of LifeStream Blood Bank Building in Ontario, California

by Amy Works January 26, 2023

ONTARIO, CALIF. — Progressive Real Estate Partners has brokered the sale-leaseback of a medical retail building located at 1959 E. 4th St. in Ontario. Duckett-Wilson Development Co. acquired the asset from LifeStream Blood Bank for $1.2 million. LifeStream occupies the 3,060-square-foot, single-story, freestanding building, which is an outparcel to the 85,000-square-foot Vineyard Ontario Plaza shopping center. LifeStream is a nonprofit blood donor that provides blood products and services to Southern California hospitals and medical facilities. Paul Su of Progressive Real Estate represented the buyer and the seller in the transaction.

January 26, 2023

California Development Office Western

Lowe Develops 113,000 SF Office Building in Los Angeles Arts District

by Amy Works January 24, 2023

LOS ANGELES — Lowe as developer and manager, along with Ware Malcomb as architect/designer and Swinerton as general contractor, has completed construction of a nine-story creative office building located at 2130 Violet St. in Los Angeles’ Arts District. Totaling more than 113,000 square feet, the building includes 109,100 square feet of office space, 3,400 square feet of ground-floor retail space, four levels of parking for 275 vehicles, outdoor spaces including private terraces, and a 3,000-square-foot rooftop deck/lounge. The building offers 27,000-square-foot open floorplates, high ceilings, energy-efficient building systems and HVAC.

January 24, 2023

Acquisitions California Multifamily Western

Trion Acquires Courtyard at Artisan Square Multifamily Property in Sacramento for $23.6M

by Amy Works January 24, 2023

SACRAMENTO, CALIF. — Trion Properties has purchased Courtyard at Artisan Square, an apartment community located at 1503 Fulton Ave. in Sacramento. A private seller sold the asset for $23.6 million. Constructed in 1970, the property features 104 one-, two- and three-bedroom apartments averaging 830 square feet with open floorplans. The community comprises 11 two-story residential buildings totaling more than 86,000 square feet. Current amenities include a fitness center, pool deck and high-end upgrades throughout the property. The previous owner fully renovated the property’s exterior and all unit interiors to include quartz countertops, in-unit washers/dryers, dual-pane windows, new roofs, full patio replacement, asphalt and concrete walkways.

January 24, 2023

Affordable Housing California Development Multifamily Western

USA Properties Breaks Ground on 147-Unit Affordable Housing Community in La Mesa, California

by Amy Works January 20, 2023

LA MESA, CALIF. — USA Properties Fund has started construction of 8181 Allison, an affordable multifamily property located at 8181 Allison Ave. in La Mesa. Situated in La Mesa’s Downtown Village, 8181 Allison will be near restaurants, grocery stores and retail options, as well as City Hall and the La Mesa city library. The 147-unit community is part of a public-private partnership that includes the California Housing Finance Agency (CalHFA), the City of La Mesa, KeyBank and WNC. KeyBank Community Development Lending and Investment provided a $42 million construction loan for the $67 million project. 8181 Allison will offer one- and two-bedroom, two-bath apartments for residents that earn 30 percent to 70 percent of the area median income. Apartments will feature energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. Residents will also have access to social services, such as financial planning, job search assistance and stabilization. The four-story apartment building will feature a community room with kitchen, fitness center, computer stations, Wi-Fi area, on-site laundry, outdoor courtyards, a spa and sky deck. The 117-space parking garage will include electric vehicle charging stations. Completion is slated for late 2024.

January 20, 2023

Acquisitions California Restaurant Retail Western

Tourmaline Capital Sells Center Pointe Retail Center in Menifee, California for $24.6M

by Amy Works January 20, 2023

MENIFEE, CALIF. — Tourmaline Capital has completed the disposition of Center Pointe, a newly developed shopping center located at 27281 Newport Road in Menifee. A private 1031 exchange buyer acquired the asset for $24.6 million. Sprouts Farmers Market, Wendy’s, Olive Garden, Tacos & Tequila and Paris Nails are tenants at the 41,461-square-foot property. At the time of sale, the retail center was 96 percent leased. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL Retail Capital Markets represented the seller in the deal.

January 20, 2023

California Loans Multifamily Western

iBorrow Provides $17.4M Refinancing for Two Multifamily Properties in Southern California

by Amy Works January 20, 2023

LAWNDALE AND OCEANSIDE, CALIF. — iBorrow has provided a $17.4 million refinancing for two multifamily communities. The properties include a 76 percent-leased, 50-unit asset in Lawndale and a fully vacant, 18-unit property in Oceanside. Both assets are currently undergoing renovations. The bridge loan will be used to refinance the undisclosed borrower’s existing debt, while also providing the additional proceeds needed to complete full unit renovations, implement capital expenditures and lease up the property to stabilization.

January 20, 2023

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