California

Cushman & Wakefield Arranges $7.4M Sale of Loma Starr Medical Office Property in San Diego

by Amy Works November 28, 2022

SAN DIEGO — Cushman & Wakefield has facilitated the sale of Loma Starr, a two-building office and medical office property at 3051-3055 Rosecrans St. and 3065 Rosecrans Place in San Diego’s Midway District. Loma Starr LLC, a private investor group, sold the asset to Crown Point Systems for $7.4 million. Totaling 28,630 square feet, the recently renovated property was 91.7 percent leased at the time of sale. The buyer plans to occupy space at the property for its own offices. Peter Curry, Brooks Campbell and Kevin Cuff of Cushman & Wakefield’s Private Capital Group in San Diego represented the seller, while Bret Morriss of Cast Capital represented the buyer in the transaction.

November 28, 2022

Acquisitions California Multifamily Western

TMG Negotiates $11.2M Sale of Sunnyview Villa Apartments in Palm Springs, California

by Amy Works November 28, 2022

PALM SPRINGS, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Sunnyview Villa Apartments, a garden-style multifamily community in Palm Springs. A California-based affordable housing investor acquired the property from California- and Utah-based private investor sellers for $11.2 million. Situated on 3.6 acres at 2900 N. Indian Canyon Drive, the property’s 44 two- and three-bedroom apartments are spread across seven two-story walk-up residential buildings. The affordable housing community is less than three miles from shopping, dining and entertainment opportunities in downtown Palm Springs. Otto Ozen of TMG represented the sellers in the deal.

November 28, 2022

California Development Industrial Western

Westport Properties Plans 99,910 SF Industrial Facility in Perris, California

by Amy Works November 22, 2022

PERRIS, CALIF. — Westport Properties has released plans for a Class A industrial building at the corner of Ramona Expressway and Brennan Avenue in Perris. The company acquired the land in September 2022. Construction for the single-tenant, 99,910-square-foot facility is slated to begin in third-quarter 2023. The building will feature 36-foot clear heights, secured truck court, ESFR sprinklers, 11 dock doors and 6,000 square feet of office space. Completion is scheduled for third-quarter 2024. Alex Smith and Herrick Johnson of Lee & Associates are handling leasing for the property.

November 22, 2022

Acquisitions California Office Western

Brookwood Sells Six-Building Office Portfolio in North San Diego

by Amy Works November 21, 2022

SAN DIEGO — Brookwood Financial Partners has completed the disposition of a six-building office portfolio in North San Diego. MCS Guardian Properties, an affiliate of M.C. Strauss, acquired the portfolio for an undisclosed price. The properties include Carlsbad Executive Plaza, a four-building office park totaling 133,000 square feet, and The Plaza I & II, a two-building complex totaling 89,000 square feet. Carlsbad Executive Plaza offers a campus-like environment and is recognized as Carlsbad’s premier multi-tenant incubator office project, according to Brookwood. The Plaza I & II features creative speculative suites, remodeled lobbies and is only one of three Class A buildings in the market that offers subterranean parking. Brookwood originally acquired the assets in June 2015.

November 21, 2022

Acquisitions California Net Lease Retail Western

Faris Lee Brokers $11.3M Sale of Sprouts-Occupied Retail Property in Folsom, California

by Amy Works November 18, 2022

FOLSOM, CALIF. — Faris Lee Investments has arranged the sale of a retail building located at 905 E. Bidwell St. at The Bidwell Center in Folsom. VR Folsom, an Orange County-based private family office, sold the asset to a La Jolla-based buyer for $11.3 million. Jeff Conover, Shaun Riley and Scott DeYoung of Faris Lee represented the seller, while Infinity Investment Properties represented the buyer in the deal. Situated on 2.7 acres, Sprouts Farmers Market occupies the single-tenant property. The tenant has a 15-year, triple-net lease with 10 years remaining on the term. The grocery store asset is located adjacent to Target, Lowe’s Home Improvement Warehouse and Trader Joe’s.

November 18, 2022

California Loans Multifamily Western

JLL Arranges $10.7M Refinancing for Chateau Spring Terrace Apartments in La Mesa, California

by Amy Works November 18, 2022

LA MESA, CALIF. — JLL Capital Markets has arranged a $10.7 million loan for the refinancing of Chateau Spring Terrace, an apartment community located at 4242 Spring St. in La Mesa. The borrower is Universe Holdings. Built in 1969, Chateau Spring Terrace features 56 one-, two- and three-bedroom residences with patios and balconies, efficient appliances, large closets and hardwood floors. Community amenities include a fitness center, laundry facility and pool, as well as on-site maintenance and management. Charles Halladay, Jonah Aelyon, Jolie Zhou and Elle Miraglia of JLL Capital Markets Debt Advisory secured the 10-year, fixed-rate loan through Mechanics Bank for the borrower.

November 18, 2022

California Development Loans Restaurant Retail Western

Parkview Financial Provides $35M in Construction Financing for 42-Acre West Harbor Retail Project in Los Angeles

by Amy Works November 17, 2022

LOS ANGELES — Parkview Financial has provided a $35 million senior construction loan to a venture between Ratkovich Co. and Jerico Development for the development of West Harbor, a retail center along the Los Angeles waterfront in the San Pedro neighborhood. The financing from Parkview is in addition to $55 million of Commercial Property Assessed Clean Energy financing, as well as $85 million of investor equity. Situated on 42 acres at 1200 Nagoya Way, West Harbor will feature more than 125,460 square feet of multi-tenant retail space. Slated for completion in two phases, several restaurants will anchor the development, including Yamashiro, King & Queen Cantina, a market hall for fast-casual dining and Bark Social. Additionally, the project will include a 6,200-seat amphitheater developed in conjunction with the Nederlander Organization, as well as a variety of other tenants. The Los Angeles City Harbor Department owns the site and executed a long-term ground lease with the developer. The project is now under construction with completion slated for 2024.

November 17, 2022

Acquisitions California Industrial Western

Stos Partners Sells 37,530 SF Industrial Facility in Poway, California

by Amy Works November 17, 2022

POWAY, CALIF. — Stos Partners has completed the disposition of a corporate headquarters and manufacturing building located at 13955 Stowe Drive in Poway. A private buyer acquired the asset for $13.9 million. Automation NTH, an automated manufacturing systems company, leases the 37,530-square-foot facility, which was built in 1999 and underwent renovations earlier this year. The building features two dock-high and two grade-level loading doors, 24-foot warehouse ceilings, an 88-stall parking lot, 800 to 1,600 amps of power and a 3,000-square-foot wet fire suppression system. Recent renovations include a new roof, HVAC system replacement within the warehouse, interior upgrades and exterior improvements to the parking lot and landscape. James Duncan and Mickey Morera of Kidder Mathews represented the seller, while Rusty Williams and Chris Roth of Lee & Associates represented the buyer in the deal.

November 17, 2022

Acquisitions California Retail Western

Progressive Real Estate Arranges $8.4M Sale of Chino Village Shopping Center in Southern California

by Amy Works November 17, 2022

CHINO, CALIF. — Progressive Real Estate Partners has brokered the sale of Chino Village, a neighborhood retail center at 4103 Riverside Drive in Chino. An Orange County-based seller sold the asset to a Los Angeles-based private investor for $8.4 million. The purchase included the retail center and approximately 2.5 acres of undeveloped land with flexible zoning. Built in 1984, Chino Village features 20,600 square feet of retail space with more than 380 feet of frontage along multiple points of access. Current tenants include Jiffy Lube, Subway, Wienershnitzel and a variety of daily needs services. Mike Lin of Progressive Real Estate represented the seller in the transaction.

November 17, 2022

Acquisitions California Industrial Office Western

JJ&W Acquires Three-Building Montague Crossing Office Asset in San Jose for $94.7M

by Amy Works November 16, 2022

SAN JOSE, CALIF. — JJ&W has purchased Montague Crossing, an office and R&D asset in San Jose. Four Corners Properties and Rockwood Capital sold the property for $94.7 million in an off-market transaction. Scott Prosser, Joe Moriarty and Jack DePuy of CBRE Capital Markets represented the buyer in the deal. Situated on a 12.4-acre campus, Montague Crossing features 209,425 square feet of space spread across three buildings at 2520 and 2540-2560 Junction Ave. and 541-555 E. Trimble Road. At the time of sale, the campus was fully leased to three R&D tenants in the semiconductor and advanced manufacturing sectors.

November 16, 2022

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