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.
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.
FRESNO, CALIF. — STAG Industrial has acquired a 233,840-square-foot industrial facility, located at 2624 E. Edgar Ave. in Fresno. Caro Nut, a producer of nuts and nut butters for blue-chip retail customers such as Costco and Hormel, sold the asset for $30 million in a sale-leaseback transaction. The asset is a single-tenant nut processing facility operated by Caro Nut Co., which processes and packages a variety of nuts sourced from around the world and turns them into dry roasted, oil roasted or pasteurized raw snacking nuts; nut butters; and ingredients for major brands, private labels and industrial manufacturers. The facility features 24- to 26-foot clear heights, 44- by 48-foot column spacing, 10 dock-high doors, four grade-level doors, a paved and fenced yard and ESFR sprinklers. Jordan Alleva and Carter Lear of Newmark represented the seller in the deal.
FOLSOM, CALIF. — Revel Communities, a division of The Wolff Company representing a portfolio of independent living communities, has opened its newest property, Revel Folsom. Located 35 miles outside of Sacramento, Revel Folsom will feature views of the foothills of the Sierra Nevada Mountains. The size and number of units were not disclosed. Alicia Rist is the community’s executive director. Revel Folsom is the latest expansion for Revel across the Western U.S. and will join Revel Palm Desert and Revel Lodi as the brand’s third independent living community in California in two years.
EL CAJON, CALIF. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of VIP Self Storage in El Cajon. Terms of the transaction were not released. Totaling 23,620 square feet, VIP Self Storage offers 376 non-climate-controlled units. Keith Phillips and Charles LeClaire of Marcus & Millichap represented the seller, a California-based partnership that has owned the asset for more than 25 years. The buyer is a real estate investment firm that operates nationwide.
Multifamily investment transaction volume had an unprecedented year in 2021, and the first six months of 2022 were quite robust. Now, economic uncertainty in the form of rising interest rates and a cooling economy has created some hesitancy on the part of investors. “Some normalization is occurring in the market now, in addition to a pullback because of what is going on in the capital markets and economy,” says Paul Darrow, a managing director of Walker & Dunlop’s investment sales team based out of Los Angeles. Walker & Dunlop is one of the largest providers of capital to commercial real estate industry in the United States. Darrow sat down with REBusinessOnline to talk about multifamily investment sales trends in the Los Angeles area and the opportunities he sees for investors down the road. REBusiness: Investor interests have shifted in the past few months. What kinds of properties are investors most interested in now? Darrow: It’s a mixed bag when it comes to investor appetite. Those who raised money to buy specific types of buildings are obviously guided by what they’ve promised their investors in the form of return profiles and risk. Core funds, for example, can’t just switch to value-add or …
EL MONTE, CALIF. — Rising Realty Partners and Brasa Capital Management have completed the disposition of Telstar Building, an industrial and office building at 9320 Telstar Ave. in El Monte. Majestic Asset Management acquired the property for $73 million. Michael Longo, Todd Tydlaska, Sean Sullivan, Darla Longo, Will Pike, Melissa Moock, Anthony DeLorenzo and Mark Shaffer of CBRE represented the seller in the transaction. The County of Los Angeles leases the entire 248,961-square-foot building and recently renewed its lease for the property. The renewal also included an 86,961-square-foot expansion of industrial space. The tenant houses its public health, public social services and children and family services departments at the facility. Situated on 7.9 acres, the building features 67 percent office space, 33 percent industrial space and 627 parking spaces.
LAKE ELSINORE, CALIF. — Northmarq has brokered the sale of River’s Edge Apartments, a multifamily community located at 2088 E. Lakeshore Drive in Lake Elsinore. Weidner Apartment Homes sold the asset to an entity of Atlantic Pacific Cos. for $64.5 million. Built in 2007, River’s Edge Apartments features 184 apartments. Kyle Pinkalla of Northmarq’s San Diego investment sales team represented the buyer and seller in the deal.
RANCHO PALOS VERDES, CALIF. — PSRS has arranged a $6.4 million cash-out refinancing for an office property in Rancho Palos Verdes. Harbor Cove Plaza is a 45,837-square-foot, multi-tenant office building offering 65 units. Trevor Blood of PSRS secured the five-year loan with a 25-year amortization schedule. The name of the borrower was not released.
LOS ANGELES — PSRS has arranged a $7.6 million cash-out refinance of a two-story retail center in Los Angeles. The name of the borrower was not released. William DeFanti of PSRS secured the refinancing, which features a 4.45 percent interest rate, five-year term and two years of interest-only payments followed by a 30-year amortization. The subject property is a walk-up retail center with 17 suites.
