California

Progressive Real Estate Arranges $2.8M Sale of Restaurant Building in Moreno Valley, California

by Amy Works September 22, 2022

MORENO VALLEY, CALIF. — Progressive Real Estate Partners has brokered the sale of a restaurant property located at 23060 Alessandro Blvd. in Moreno Valley. Kalaveras, a Southern California-based Mexican restaurant chain, acquired the building from an Inland Empire-based private investor for $2.8 million. The 8,927-square-foot building was previously home to a Woody’s Restaurant, which closed in late 2021. Kalaveras Mexican Cuisine & Bar currently has 13 Southern California restaurants with plans underway for a dozen more locations, including this Moreno Valley site. The fully equipped restaurant features indoor seating for 200, an outdoor patio that seats 70 and on-site parking. The building includes a commercial brewing system and super-sized kitchen with upgraded hoods and equipment. The purchase included the building, land, furniture, fixtures and equipment, as well as a Type 47 liquor license and entertainment permit. Albert Lopez and Greg Bedell of Progressive Real Estate Partners represented the seller, while Allen Kirschbaum of Saddleback Realty represented the buyer in the deal.

September 22, 2022

Affordable Housing California Development Loans Multifamily Seniors Housing Western

KeyBank Provides $49.3M Construction Loan for Affordable Seniors Housing Property in San Ysidro, California

by Amy Works September 21, 2022

SAN YSIDRO, CALIF. — KeyBank Community Development Lending and Investment has provided $49.3 million in construction financing to 4132 Beyer L.P., a collaboration between nonprofit affordable housing Metropolitan Area Committee on Anti-Poverty of San Diego County and Riverside-based Kingdom Development. The partnership will use the funds to develop Ventana al Sur, an affordable seniors housing community in San Ysidro, just across the Mexican border from Tijuana. Ventana al Sur will include 100 one- and two-bedroom apartments for seniors, as well as a manager unit. The units will include roll-in showers, balconies, appliances, heating and air conditioning. The property will offer three laundry rooms, two elevators, secure parking and a rooftop terrace. The units will be restricted to seniors 62 and older making 20 percent to 50 percent of area median income, with 25 units for seniors experiencing chronic homelessness, supported by vouchers from San Diego Commission. Matthew Haas and Keven Ruf of KeyBank arranged the financing for the borrower. In addition to the funds from KeyBank, the project received $4.4 million from San Diego Housing Commission, $5 million from San Diego Economic Development, $20 million from California State Multifamily Housing Program and $30.4 million from California Housing Accelerator funds as …

September 21, 2022

Acquisitions California Office Western

Cushman & Wakefield Negotiates $9M Sale of Executive Commons Office Property in Sacramento

by Amy Works September 21, 2022

SACRAMENTO, CALIF. — Cushman & Wakefield has arranged the off-market sale of Executive Commons, a two-story office building in Sacramento. 350 University Partnership sold the asset to Sacramento-based Bardis & Miry Development for $9 million. Located at 350 University Ave., the property features 47,000 square feet of multi-tenant office space. At the time of sale, the building was 95 percent leased. Kevin Partington and Ben Corfee of Cushman & Wakefield represented the seller in the transaction.

September 21, 2022

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

TMG Brokers $41.2M Sale of Two-Property Monte Vista Gardens Affordable Seniors Housing Portfolio in San Jose

by Amy Works September 20, 2022

SAN JOSE, CALIF. — The Mogharebi Group (TMG) has arranged the sale of a two-property affordable seniors housing portfolio in San Jose. ROEM Development sold the assets to an undisclosed buyer for $41.2 million. Built in 2001 and 2003 by the seller, Monte Vista Gardens Senior 1 and 2 offer a total of 118 units across two residential buildings. Located at 2605 La Hacienda Court and 2600 Nuestra Castillo Court, the two- and three-story, controlled-access complexes include a community center with library and kitchen, a garden/courtyard area, solar panels and laundry rooms. Alex Mogharebi and Otto Ozen of TMG represented the seller in the transaction.

September 20, 2022

California Development Multifamily Western

Ryan Cos. Opens 480-Unit Avalyn Apartments in Chula Vista, California

by Amy Works September 19, 2022

CHULA VISTA, CALIF. — Ryan Cos. has opened The Avalyn, an eight-building multifamily community within the master-planned Millenia in Chula Vista. The Avalyn features 480 apartments spread across eight three- and four-story buildings, as well as 14,000 square feet of commercial space. The units are available in one-, two- and three-bedroom flats, two-story lofts, live-work units and three-story townhomes. On-site amenities include a swimming pool, spa, clubhouse kitchen with lounge, Prohibition-style speakeasy, fitness center, community working spaces, two rooftop decks, pickleball court, bike maintenance and storage, community garden, two dog run and wash areas, and a live music studio. The Avalyn is the result of a development partnership between MetLife Investment Management and Allstate Investments as equity partners, and City National Bank and Vectra Bank Colorado, a division of Zions Bancorporation, as lenders.

September 19, 2022

Acquisitions California Industrial Western

Bradco Cos. Negotiates Sale of 71,246 SF Industrial Building in Adelanto, California

by Amy Works September 19, 2022

ADELANTO, CALIF. — Joseph W. Brady Inc., doing business as The Bradco Cos., has arranged the sale of an industrial manufacturing facility located at 9400 Holly Road in the San Bernardino County city of Adelanto. Molded Fiber Glass sold the asset to an undisclosed buyer for $11.8 million. Paul Casilla and Joseph Brady of The Bradco Cos. represented the seller, while David Moore of NAI Capital represented the buyer in deal. Situated on 9.3 acres, the property features 71,246 square feet of manufacturing space. Molded Fiber Glass used the asset for its Western operation until it closed the facility in early 2020.

September 19, 2022

California Development Mixed-Use Multifamily Retail Western

USAA Real Estate, Hines Start Construction of Riverwalk San Diego Mixed-Use Project

by Amy Works September 16, 2022

SAN DIEGO — Hines, in partnership with USAA Real Estate, has started construction on the first phase of the 200-acre Riverwalk San Diego, a transit-oriented, mixed-use property in San Diego. The first phase will include 900 residential rental units, ranging from studios to townhomes, in five buildings along Friars Road; a neighborhood-serving retail space; village green; and traffic, sidewalk and bike lane improvements along Friars Road. Completion is slated for early 2025. The Riverwalk plan that was established through a partnership between Hines and the Levi-Cushman family landowners will transform Mission Valley West neighborhood, according to the development partnership.

September 16, 2022

California Development Retail Western

Pacific Building Group to Lead $16M Renovation of Harbor Island West Marina in San Diego

by Amy Works September 16, 2022

SAN DIEGO — HIW Associates has selected Pacific Building Group as general contractor for Harbor Island West Marina, a project including the demolition and renovation of the current marina located at 2040 Harbor Island Drive in San Diego. Estimated to cost $16 million, the 16,000-square-foot project’s scope includes the construction of two new buildings: a two-story, 9,980-square-foot retail building connected to a two-story, 5,000-square-foot marina building. The project will also include an 800-square-foot boater restroom building and recreation areas featuring a pool, picnic area and site landscaping. The marina will be renovated to include its full-service fuel dock, deli, hot tub and 620 boat slips, as well as its sailing academy. Construction on the project is slated to begin in January 2024, with completion scheduled for January 2025. Orange-based firm AO is serving as architect for the project. HIW has owned and managed the marina since 1982,

September 16, 2022

Acquisitions California Healthcare Office Western

CBRE Negotiates $19.5M Sale of Medical Office Building in San Jose

by Amy Works September 15, 2022

SAN JOSE, CALIF. — CBRE has arranged the sale of 625 Lincoln Avenue, a medical office building in San Jose. The Sobrato Organization sold the asset to El Camino Health, the current tenant, for $19.5 million. El Camino Health uses the 35,272-square-foot medical office building for urgent and primary care. Scott Prosser, Joe Moriarty, Jack DePuy, Mike Taquino, Kyle Kovac and Alec Haley of CBRE represented the seller in the deal.

September 15, 2022

California Development Loans Office Western

Parkview Financial Funds $35M Loan for CMNTY Culture Campus Development Project in Hollywood

by Amy Works September 14, 2022

LOS ANGELES — Parkview Financial has provided a $35 million loan to CMNTY Culture for the acquisition of a land assemblage situated at the northeast corner of the intersection of Sunset Boulevard and Highland Avenue in Los Angeles’ Hollywood district. The site comprises four contiguous parcels totaling 1.88 acres at 1518-1836 N. Highland Ave. and 6751-6767 W. Sunset Blvd. One parcel at 6767 W. Sunset Blvd. was purchased in July 2021 for $9.1 million. Parkview provided the loan to facilitate the acquisition of the three remaining parcels, which were recently purchased for $44 million. Once fully rezoned and entitled, the ownership plans to construct CMNTY Culture Campus that will include two towers – one 13 stories and one 14 stories – totaling approximately 500,000 square feet of creative office and studio/production space with six subterranean parking levels. The four parcels consist of U-shaped land that currently features a strip retail center, live performance venue, plant nursery and two surface parking plots. The owner plans to demolish the buildings for the new development. HKS Architects is serving as project architect and Oakland-based Hood Design Studio is serving as landscape designer.

September 14, 2022

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