California

Gateway Co. Sells 13,000 SF Retail Building at Towngate Promenade in Moreno Valley, California

by Amy Works September 1, 2022

MORENO VALLEY, CALIF. — Gateway Co. has completed the disposition of a retail building at the Towngate Promenade in Moreno Valley. A private party acquired the asset for $2.8 million. The buyer will use the 13,000-square-foot building to accommodate a Kids Empire franchised location. Kids Empire encourages healthy, happy active play for children of all ages and features age-appropriate play structures, climbing walls, slides and rides. Headquartered in Southern California, Kids Empire currently has more than 30 locations in 10 states across the country. Located at 12650 Day St., the Kids Empire indoor playground location is slated to open in 2023. Pablo Velasco and Albert Lopez of Progressive Real Estate Partners represented the seller in the deal.

September 1, 2022

Acquisitions California Net Lease Retail Western

SBH Real Estate Divests of Triple-Net Leased Car Wash Property in Gardena, California

by Amy Works September 1, 2022

GARDENA, CALIF. — SBH Real Estate has completed the sale of a triple-net leased retail asset located at 15015 Crenshaw Blvd. in Gardena. KOAM Property Investment purchased the property for $3.5 million. Super Star Car Wash signed a 25-year triple-net ground lease for the property. The location opened for business in early 2022 and the tenant has invested more than $3 million into the location. Jeremy McChesney of Hanley Investment Properties represented the seller, Eric Silverman of SBH Real Estate, while Frank Choi of Win Realty & Properties represented the buyer in the transaction.

September 1, 2022

California Development Multifamily Student Housing Western

Core Spaces Plans 1,047-Bed Student Housing Development in Fullerton, California

by Amy Works August 31, 2022

FULLERTON, CALIF. — Core Spaces has announced plans for Hub Fullerton, a 1,047-bed student housing development in Fullerton. Groundbreaking is scheduled for later this year. DLR Group designed the project, which will serve students attending California State University-Fullerton, Hope International University and Pacific Christian College. The six-story building will offer shared amenities including a rooftop deck, swimming pool, hot tub, workspaces, a yoga and fitness center, spa and resident lounge space. The development will also feature a ground floor coffee shop and a landscaped public park space with seating. The community is scheduled for delivery in 2025 and will offer units in townhome and apartment configurations.

August 31, 2022

Acquisitions California Net Lease Retail Western

Stan Johnson Negotiates Acquisition of 56,000 SF Retail Property Leased to Target in Huntington Park, California

by Amy Works August 31, 2022

HUNTINGTON PARK, CALIF. — Stan Johnson Co. has brokered the purchase of a freestanding retail property located at 5731 Bickett St. in Huntington Park, just southeast of downtown Los Angeles. A New York-based private investor acquired the asset for $48.7 million. Principal Life provided acquisition financing. Developer Shane Cos. is slated to complete the 56,000-square-foot building in January 2023. Target has leased the property under a long-term, triple-net lease. Situated on 4.1 acres, the site will feature a Starbucks Coffee, Tesla charging station and an urban-format Target. Jason Maier of Stan Johnson Co. represented the buyer, while Alvin Mansour of The Mansour Group at Marcus & Millichap represented the undisclosed seller in the transaction.

August 31, 2022

Acquisitions California Net Lease Restaurant Retail Western

SBH Real Estate Sells Pollo Campero-Occupied Restaurant Property in Covina, California for $4.6M

by Amy Works August 31, 2022

COVINA, CALIF. — SBH Real Estate Group has completed the disposition of a restaurant property located at 1477 N. Azusa Ave. in Covina. HB Property Management acquired the asset for $4.6 million. Pollo Campero, a fast-casual restaurant, signed a 15-year, triple-net ground lease for the property. Construction is almost complete on the restaurant, which is slated to open at the end of September. Matt Schwartz of Newmark represented Eric Silverman of SBH Real Estate Group, while Moon Lim of JLL represented the buyer in the deal.

August 31, 2022

California Loans Office Western

Dollinger Properties Receives $97M in Financing for Office Building in Sunnyvale, California

by Amy Works August 30, 2022

SUNNYVALE, CALIF. — Gantry has arranged $97 million in permanent financing to retire construction debt for a four-story, LEED Gold-certified office building in Sunnyvale’s Perry Park office district. Located at 675 Almanor Ave., the property features 152,000 square feet of Class A office space. Tony Kaufmann of Gantry arranged the financing for the borrower, Dollinger Properties. The nonrecourse, balance-sheet loan is structured with two fundings. The permanent, interest-only loan was structured with flexible prepayment and term extension options. A life insurance company lender provided the capital and locked the borrower’s rate 90 days in advance of closing.

August 30, 2022

Acquisitions California Multifamily Western

IPA Brokers $21M Sale of Addison Arms Apartments in Los Angeles

by Amy Works August 30, 2022

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Addison Arms Apartments, a multifamily community located in the Sherman Oaks neighborhood of Los Angeles. A private, Los Angeles-based owner sold the asset to a private family for $21 million, or $375,893 per unit. Originally constructed in 1969, Addison Arms features 57 apartments. The seller spent $2.2 million on capital expenditures to upgrade the property systems, common area amenities and 45 percent of the unit interiors. Improvements include a new roof, commercial air conditioning system and upgrades to the landscaping, signage, exterior paint, leasing office, clubhouse, hallways and exterior lighting. The project also added one accessory dwelling unit. Kevin Green, Joseph Grabiec and Greg Harris of IPA represented the seller and procured the buyer in the deal.

August 30, 2022

Northmarq-17.7M-Self-Storage-San-Diego-CA

California Industrial Loans Northmarq Self-Storage Western

Northmarq Arranges $17.7M Refinancing for Self-Storage Facility in San Diego

by Amy Works August 30, 2022

SAN DIEGO — Northmarq has arranged $17.7 million in refinancing for a newly developed self-storage facility in San Diego. Wyatt Campbell and Conor Freeman of Northmarq’s San Diego office secured the financing for the undisclosed borrower through the firm’s correspondent relationship with a life insurance company. The three-story property offers more than 1,200 self-storage units.

August 30, 2022

Acquisitions California Hospitality Western

Pebblebrook Sells Hotel Spero in San Francisco for $71M

by Amy Works August 29, 2022

SAN FRANCISCO — Pebblebrook Hotel Trust has completed the sale of Hotel Spero, located at 405 Taylor St. in San Francisco. An undisclosed third party acquired the asset for $71 million. The hotel features 236 guest rooms. Proceeds of the sale will be used for general corporate purposes and reducing Pebblebrook’s outstanding debt associated with recent hotel acquisitions.

August 29, 2022

California Development Retail Western

NewMark Merrill Cos. Breaks Ground on 96,011 SF Rialto Village Shopping Center in California

by Amy Works August 26, 2022

RIALTO, CALIF. — NewMark Merrill Cos. has broken ground on Rialto Village, a 96,000-square-foot shopping center in Rialto. Brian McDonald, Walter Pagel and Hannah Curran of CBRE, along with Greg Giacopuzzi of NewMark Merrill, are marketing the center for lease. Currently, 18 tenants are slated to join the project, which is located at the southwest corner of San Bernardino and Riverside avenues. Signed tenants include Sprouts Farmers Market, Burlington, Ulta, Five Below, Mattress Firm, Arrowhead Credit Union, Quick Quack Car Wash, In-N-Out Burger, Cold Stone Creamery, The Joint, Nekter Juice Bar, Coffee Bean & Tea Leaf and West Coast Dental, along with multiple local tenants. NewMark Merrill Cos. closed escrow on the 10.9-acre site in early August with lease commitments representing 97 percent of the total shopping center square footage. One 2,700-square-foot retail suite remains available for lease.

August 26, 2022

Newer Posts

Older Posts