California

IPA Negotiates $38.2M Sale of South Hills Apartments in West Covina, California

by Amy Works January 19, 2023

WEST COVINA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of South Hills Apartments, a multifamily community in West Covina. NexGen Properties Group sold the asset to HFH Ltd. for $38.2 million, or $450,000 per unit. South Hills Apartments features 85 residential units with vaulted ceilings, washers/dryers and a patio or balcony. Built in 1966 and remodeled in 2019, the community features a swimming pool, spa, fitness center and outdoor kitchen with barbecue grills. Kevin Green, Joseph Grabiec and Greg Harris of IPA, along with Marcus & Millichap’s Tyler Leeson, Mathew Kupp and Nick Kazemi, represented the seller and procured the buyer in the deal.

January 19, 2023

Acquisitions California Retail Western

Balboa Retail Partners Purchases 91,000 SF Retail Center in Pinole, California

by Amy Works January 19, 2023

PINOLE, CALIF. — Balboa Retail Partners has purchased Pinole Square, a community shopping center at 1201-1577 Tara Hills Drive in Pinole. A private family sold the asset for an undisclosed price. Nicholas Bicardo and Cheyne Bloch of Newmark facilitated the transaction. Safeway and CVS/pharmacy have anchored the 91,000-square-foot retail center for more than 50 years.

January 19, 2023

Acquisitions California Industrial Western

DAUM Brokers $40M Sale of Two-Building Industrial Property Near Los Angeles

by Amy Works January 18, 2023

IRWINDALE, CALIF. — DAUM Commercial Real Estate Services has arranged the sale of an eight-acre parcel, including two industrial buildings, located at 4510 Azusa Canyon Road in Irwindale. Rexford Industrial acquired the asset from DS Services of America, a water bottling and distribution company, for $40 million. The sale-leaseback deal includes a five-year lease with an option to extend. Dennis Sandoval, Kevin Sandoval and Bryan Sandoval of DAUM represented the seller, Dennis Sandoval also represented the buyer in the transaction. Constructed in 1950, the property features a 52,780-square-foot Class C industrial building and a 14,728-square-foot building. The buildings offer 24-foot clear heights, ample parking and a fully fenced and secured lot.

January 18, 2023

Metro-Air-Park-Logistics-Center-Phase-I-Sacramento-CA

Acquisitions California Development Industrial Western

Badiee Development Completes 308,780 Metro Air Park Logistics Center in Sacramento

by Amy Works January 18, 2023

SACRAMENTO, CALIF. — San Diego-based Badiee Development has completed the construction and sale of Metro Air Park Logistics Center – Phase I in Sacramento. BentallGreenOak acquired the asset for an undisclosed price on a forward basis. Located on Badiee Drive, Metro Air Park Logistics Center – Phase I features two Class A industrial buildings totaling 308,780 square feet. Both buildings feature ESFR sprinklers and heavy power. Situated on 10.5 acres, the 183,088-square-foot Building I is divisible to four 40,000-square-foot suites. The building features 36-foot clear heights, 56 trailer and 155 auto parking stalls, 14,000 square feet of built-to-suit office space, and 31 dock-high and two grade-level doors. Situated on seven acres, the 125,692-square-foot Building II is divisible to two 60,000-square-foot suites. The facility features 32-foot clear heights, 103 auto stalls, 10,000 square feet of built-to-suit office space, and 21 dock-high and two grade-level doors. The second phase of Metro Air Logistics Center is currently under construction and will consist of a 109,300-square-foot freestanding building slated for completion in spring 2023. BentallGreenOak is expected to purchase the second phase upon its completion. Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield represented Badiee Development in …

January 18, 2023

California Loans Multifamily Western

Dwight Capital Provides $45M HUD Refinancing for Villa Lucia Apartments in Fresno, California

by Amy Works January 17, 2023

FRESNO, CALIF. — Dwight Capital has provided a $45 million HUD 223(f) loan for Villa Lucia Apartments, a multifamily community in Fresno. The financing features a 35-year term and fixed interest rate. Dwight previously provided a HUD 223(f) loan for Villa Lucia Apartments in 2016 and the subsequent cash-out refinance closed in December 2022. Ari Mandelbaum of Dwight Capital originated both transactions for the borrower, Latco Enterprises. The refinancing benefited from a Green Mortgage Insurance Premium Reduction set at 25 basis points because the property qualifies for National Green Building Standard Bronze Certification. Situated on 20 acres, the 272-unit community consists of 42 one- and two-story residential buildings, 19 garage buildings and a clubhouse. Community amenities include a courtyard, fitness center, playground, pool and spa.

January 17, 2023

California Development Multifamily Student Housing Western

Pierce Education Properties Breaks Ground on 169-Bed TOPAZ Apartments Near San Diego State University

by Amy Works January 17, 2023

SAN DIEGO — Pierce Education Properties has started construction of TOPAZ, a 169-bed student housing development located adjacent to the San Diego State University campus. Pierce Education Properties is developing the property in a joint venture with an undisclosed entity. The community will offer 53 units in one- to four-bedroom configurations with bed-to-bath parity. Select units will offer upgrades, including two ‘penthouse’ units on the upper level, which will feature balconies and 70-inch smart televisions. Four units will include a billiards table in the common area along with a large sectional sofa. Shared amenities are set to include landscaped courtyards; private study and conference rooms; a spa; lounge and game rooms; a fitness center; and vertical tanning booth. The development will also include 10,000 square feet of ground-floor retail space, with tenants set to include McDonald’s, Handel’s Homemade Ice Cream, Jimmy John’s and Dunkin’ Donuts. Units are currently being pre-leased at the property, which is scheduled for completion in August 2023.

January 17, 2023

Acquisitions California Multifamily Seniors Housing Western

Blueprint Brokers Sale of 150-Bed Rehabilitation Centre of Beverly Hills in Los Angeles

by Amy Works January 17, 2023

LOS ANGELES — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Rehabilitation Centre of Beverly Hills, a 150-bed skilled nursing facility in Los Angeles. The Rehabilitation Centre of Beverly Hills is a premier, state-of-the-art, all-Medicare nursing facility located near Cedars-Sinai Medical Center, one of the most prestigious hospitals in the United States. A private, high-net-worth owner-operator based in Los Angeles was the buyer. The seller and price were not disclosed.

January 17, 2023

Moreno-Valley-Logistics-Center-Moreno-Valley-CA

Acquisitions California Industrial Western

Dalfen Industrial Acquires 95,922 SF Moreno Valley Logistics Center in California

by Amy Works January 17, 2023

MORENO VALLEY, CALIF. — Dalfen Industrial has purchased Moreno Valley Logistics Center, an industrial property situated less than three miles from Interstate 215 in Moreno Valley. Terms of the transaction were not released. Moreno Valley Logistics Center features 95,922 square feet of industrial space. The asset is in close proximity to State Route 60 and State Route 91, enabling east-west connectivity including to the Port of Long Beach and Port of Los Angeles.

January 17, 2023

California Loans Office Retail Western

Gantry Arranges $20M Loan for Two-Property Portfolio in Southern California

by Amy Works January 13, 2023

SANTA BARBARA AND PASADENA, CALIF. — Gantry has secured $20 million in financing for a cross-collateralized, two-property, mixed-asset portfolio in Southern California. The portfolio includes a two-building office asset on State Street in Santa Barbara and a 12,500-square-foot retail property located on Colorado Boulevard in Pasadena. Tenants include Zara in Pasadena and Chase Bank in Santa Barbara. Mark Ritchie, Amit Tyagi and Alicia Sabanero of Gantry’s El Segundo office secured the 15-year permanent loan a private real estate investor. One of Gantry’s regional bank lender relationships provided the capital. The loan has an initial five-year interest-only payment period, followed by 25-year amortization for the remainder of the term.

January 13, 2023

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $12.2M Sale of Wilson Gardens Apartments in Banning, California

by Amy Works January 13, 2023

BANNING, CALIF. — Marcus & Millichap has arranged the sale of Wilson Gardens, a multifamily property located at 5001 and 5059 W. Wilson St. in Banning. An individual/personal trust sold the asset to a private investor for $12.2 million, or $180,147 per unit. Douglas McCauley and David Covarrubias of Marcus & Millichap office represented the seller, while Bruce Rajaee of Marcus & Millichap represented the buyer in the deal. Built in 1972, the building features 68 one- and two-bedroom apartments. Onsite amenities include a swimming pool, garages, laundry facilities and a secured entrance.

January 13, 2023

Newer Posts

Older Posts