California

Lee & Associates Arranges $11M Sale of Industrial Building in Poway, California

by Amy Works October 28, 2022

POWAY, CALIF. — Lee & Associates has brokered the sale of an industrial property located at 13535 Danielson St. in Poway. The freestanding building traded for $11 million in an off-market transaction. The single-tenant, 30,667-square-foot building is fully temperature controlled and offers two dock-high doors, one grade-level door and 26-foot clear heights. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates North San Diego County represented the undisclosed seller, while Ryan Earnhart of Lee & Associates Ontario represented the undisclosed buyer in the deal.

October 28, 2022

Acquisitions California Net Lease Restaurant Retail Western

Storm Properties Sells Aldi-Anchored Redondo Plaza in Gardena, California for $15.1M

by Amy Works October 26, 2022

GARDENA, CALIF. — Storm Properties has completed the disposition of Redondo Plaza, a grocery-anchored retail center located at 1550 W. Redondo Beach Blvd. in Gardena. A private 1031 exchange buyer acquired the asset for $15.1 million. Built in 2002 and renovated in 2018, Redondo Plaza features 28,000 square feet of retail space. Aldi anchors the property with 11.5 years remaining on its existing triple-net lease. At the time of sale, the property was fully occupied. Tenants include Domino’s Pizza, T-Mobile, Jackson Hewitt, Super Laundry and Crazy Rock’n Sushi. Gleb Lvovich, Daniel Tyner, Geoff Tranchina and Bryan Ley of JLL Retail Capital Markets Investment Sales and Advisory team represented the seller in the deal.

October 26, 2022

Affordable Housing California Development Multifamily Western

Forge Development, Bridge Investment Open 240-Unit Studio Apartment Complex in San Francisco

by Amy Works October 26, 2022

SAN FRANCISCO — A partnership between Forge Development Partners and Bridge Investment Group has opened TL Residences, a studio apartment community in San Francisco’s Tenderloin neighborhood. Located at 361 Turk St. and 145 Leavenworth St., the two-building community offers 240 studio apartments, ranging from 230 square feet to 280 square feet, and more than 3,000 square feet of ground-floor retail space. Thirty-one units are available at below-market rate to renters with qualifying annual incomes of $32,000 or less, as mandated by the City of San Francisco’s Office of Housing and Inclusionary Housing Ordinance. An additional 94 units are set aside for renters with voluntarily imposed qualifying annual incomes ranging from $75,000 to $80,000. The remaining units are market rate, ranging from $2,467 to $3,791 per month. Community amenities include a rooftop lounge, community kitchen, yoga studio and pet zone. San Francisco-based Gensler is the architect of record for the project.

October 26, 2022

Oxford Properties Group-Oxford Properties Expands its San Diego

Acquisitions California Life Sciences Office Western

Oxford Properties Buys 250,000 SF Life Sciences/Office Campus in Carlsbad, California

by Amy Works October 25, 2022

CARLSBAD, CALIF. — Oxford Properties has expanded its life sciences portfolio in metro San Diego with the acquisition and long-term leaseback of Ionis Pharmaceuticals’ 18.4-acre life sciences campus and corporate headquarters in Carlsbad. As part of the transaction, Ionis will lease the properties for a minimum of 15 years. Additional terms of the transaction were not released. The three-building campus offers 250,000 square feet of existing office and life sciences space with chemistry labs, biology labs and R&D support systems, as well as a modern office space. The buildings were constructed between 2011 and 2021. Founded in 1989, Ionis is a publicly traded biotech company and a leader in discovering and developing RNA-targeted therapeutics.

October 25, 2022

California Loans Multifamily Western

George Smith Partners Arranges $120.1M Loan for Da Vinci Apartments in Los Angeles

by Amy Works October 25, 2022

LOS ANGELES, CALIF. — George Smith Partners has secured $120.1 million in permanent financing for Da Vinci Apartments, a residential complex in downtown Los Angeles. Gary Tenzer and Dasha Savchenko of George Smith Partners advised the undisclosed borrower. The loan features a fixed rate for 10 years at 4.38 percent with interest-only payments for the first seven years. The five- and six-story multifamily community offers 526 units, a professional basketball court, conference room, business center, heated swimming pool, 24-hour fitness center, dry sauna and tanning beds. At the time of financing, the property was 98 percent occupied.

October 25, 2022

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

Joint Venture Acquires 165-Unit Woodbridge Manor Affordable Seniors Housing Community in Irvine, California

by Amy Works October 25, 2022

IRVINE, CALIF. — Asland Capital Partners, Fairstead, iimpact Capital, Nuveen Real Estate and Innovative Housing Opportunities (IHO) have acquired Woodbridge Manor, a 165-unit affordable housing community for seniors in Irvine. Woodbridge Manor apartments are available to seniors earning up to 60 percent of the area median income (AMI), or a maximum of $59,040 per year. The complex comprises a trio of three-story buildings that were built from 1981 to 2003, all of which underwent a major rehabilitation in 2006. The community was purpose built as affordable housing for residents at least 62 years old and those living with disabilities. “Woodbridge Manor is significant to IHO because it was our organization’s first project and also the first low-income housing complex ever created in Irvine,” says Rochelle Mills, president and CEO of IHO. Lument provided financing through the Freddie Mac CME program. Marcus & Millichap’s Affordable Housing Advisors served as the undisclosed seller’s broker in this transaction, while Gerd Alexander of Paul Hastings and Laurie Grasso of Hunton Andrews Kurth served as counsel for the purchasers.

October 25, 2022

Acquisitions California Net Lease Restaurant Retail Western

SRS Real Estate Partners Negotiates $6.2M Sale of Two Retail Properties in Chino, California

by Amy Works October 24, 2022

CHINO, CALIF. — SRS Real Estate Partners has arranged the sales of two single-tenant retail buildings that are outparcels to Country Fair Shopping Center, a 168,000-square-foot shopping center in Chino. Separate California-based private investors acquired the assets from a Southern California-based private investor for a total of $6.2 million. Quick-service-restaurants Wienerschnitzel and Carl’s Jr. occupy the two buildings. Built in 1976 at 11901 Central Ave., the 1,600-square-foot, Wienerschnitzel-occupied building sold for $2.4 million. The tenant has approximately seven years remaining on its corporate lease. Constructed in 2016 at 12005 Central Ave., the 3,796-square-foot, Carl’s Jr.-occupied property sold for $3.7 million. The tenant has about 12 years remaining on its corporate lease. Matthew Mousavi and Patrick Luther of SRS National Net Lease Group represented the seller in the transactions.

October 24, 2022

California Development Loans Mixed-Use Multifamily Retail Western

JLL Arranges $69M Construction Loan for Centro Callan Mixed-Use Development in San Leandro, California

by Amy Works October 21, 2022

SAN LEANDRO, CALIF. — JLL Capital Markets has arranged $69 million in construction financing for Centro Callan, a mixed-use apartment complex in San Leandro. The borrowers are The Martin Group, Sansome Pacific Properties and STARS REI. Brandon Roth, Spencer Bergthold and Elijah Lax of JLL Capital Markets secured the floating-rate construction loan through Principal Real Estate. The five-story Centro Callan will feature 196 apartments in a mix of studio, one-, two- and three-bedroom layouts with quartz countertops, backsplashes, stainless steel appliances, full-size washers/dryers, wide-plank flooring, kitchen islands, smart access control and oversized patios and balconies in select units. Community amenities include 31,000 square feet of ground-floor retail space anchored by Sprouts Farmers Market, 20,000 square feet of open space, a dog wash station, chef’s entertaining kitchen, clubroom with televisions, indoor phone booths and conference rooms, outdoor work pods, outdoor barbecues and televisions, an outdoor game area and a secret garden.

October 21, 2022

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $19M Sale of Village Courtyard Apartments in Stanton, California

by Amy Works October 20, 2022

STANTON, CALIF. — Marcus & Millichap has brokered the sale of Village Courtyard Apartments, a multifamily community in Stanton. A private individual sold the asset to another private individual for $19 million, or $328,017 per unit. Village Courtyard Apartments features 58 units. The property has an average occupancy of 97.7 percent, according to Marcus & Millichap. Tyler Leeson and Matt Kipp of Marcus & Millichap represented the seller and procured the buyer in the deal.

October 20, 2022

1821-1871-S-San-Jacinto-Ave-San-Jacinto-CA

Acquisitions California Restaurant Retail Western

Faris Lee Brokers $10.5M Sale of Two Retail Outparcel Buildings in San Jacinto, California

by Amy Works October 20, 2022

SAN JACINTO, CALIF. — Faris Lee Investments has arranged the sale two outparcel retail buildings, located at 1821-1871 S. San Jacinto Ave. in San Jacinto. A Northern California-based buyer in a 1031 exchange acquired the assets from an undisclosed seller for $10.5 million. Jeff Conover and Scott DeYoung of Faris Lee Investments represented the seller, while Keegan & Coppin represented the buyer in the deal. The 14,883-square-foot property comprises two multi-tenant buildings. Current tenants at the properties include GameStop, Great Clips, Wing Stop, T-Mobile, a Bank of America ATM and local retailers.

October 20, 2022

Newer Posts

Older Posts