California

Kidder Mathews Negotiates Sale of 126,500 SF Glendale Financial Square in California

by Amy Works June 27, 2022

GLENDALE, CALIF. — Kidder Mathews has arranged the sale of Glendale Financial Square, an office building located at 225 W. Broadway in Glendale. Two Southern California real estate investment firms taking ownership as Hacienda Associates LP acquired the asset from a partnership between three local investors (Hyun 1996-2 Family LP, Royalblue LLC and Broadway JSY LLC) for $27.5 million. Glendale Financial Square features 126,500 square feet of office space and a stable tenant base. The buyer plans to invest in upgrading the buliding’s common areas and main entry plaza. Bill Boyd, Linda Lee and Scott Unger of Kidder Mathews represented two-thirds of the seller partnership in the deal.

June 27, 2022

California Development Loans Multifamily Seniors Housing Western

CFG Provides $32.9M Construction Financing for Assisted Living, Memory Care Facility in Temecula, California

by Amy Works June 27, 2022

TEMECULA, CALIF. — Capital Funding Group (CFG) has provided a $32.9 million construction loan for the ground-up development of Varenita of Temecula. The 108-bed assisted living and memory care facility is located in Temecula, within Riverside County between Los Angeles and San Diego. The borrower and developer is Griffin Living. Brightwater Senior Living will operate the facility upon completion. The financing features a Commercial Property-Assessed Clean Energy (CPACE) structure, which allows building owners to borrow money for energy efficiency, renewable energy or other projects and make repayments via an assessment on the property tax bill. The financing arrangement then remains with the property even if it is sold, facilitating long-term investments in building performance.

June 27, 2022

Acquisitions California Industrial Western

Fortress Investment Group Buys Warehouse in Fremont, California for $29M

by Amy Works June 24, 2022

FREMONT, CALIF. — Fortress Investment Group has acquired a warehouse facility in Fremont from Weiglein Properties, Sveiks Holdings and Glade Barne Holdings for $29 million. Situated on 6.3 acres at 42744 Boscell Road, the 93,385-square-foot warehouse features 6,886 square feet of office space, 26-foot clear heights, eight loading docks, 11 grade-level doors, 29 skylights with smoke vents and shades, dock-high and drive-in loading access, heavy power, 200 parking stalls and a 17,000-square-foot fenced-in, secured yard. The asset also offers 1.7 acres of unimproved surplus land. Balch Construction built the property, which Ross Reese designed, in 2000. At the time of sale, two tenants fully leased the property. Rick Keely and Greig Lagomarsino of Colliers represented seller, while Lagomarsino represented the buyer in the deal.

June 24, 2022

Acquisitions California Retail Western

Faris Lee Negotiates $5.7M Sale of Sherwin Williams-Anchored Retail Center in El Centro, California

by Amy Works June 24, 2022

EL CENTRO, CALIF. — Faris Lee Investments has arranged the sale of a retail strip center in El Centro. A Los Angeles-based family office sold the property to an undisclosed buyer for $5.7 million. Sherwin-Williams anchors the property, which is located at 1950 S. 4th St. Matt Brooks and Joe Chichester of Faris Lee Investments represented the seller and sourced the buyer in the deal.

June 24, 2022

Acquisitions California Multifamily Western

Virtu Investments Sells Foothill Ridge Apartments in Upland, California to Clear Capital for $82M

by Amy Works June 23, 2022

UPLAND, CALIF. — Virtu Investments has completed the disposition of Foothill Ridge, a multifamily property in Upland, to Clear Capital for $82 million, or $353,448 per unit. Built in 1973, Foothill Ridge features 232 apartments spread across 32 one- and two-story buildings on 11 acres. Units offer energy-efficient appliances, large closets and central air conditioning. Community amenities include ample open space, a resort-style pool with furnished sundeck, a spa, fitness center, dog park, playground and barbecue grills. Alexander Gracia Jr., Tyler Martin and Chris Zorbas of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

June 23, 2022

Affordable Housing California Development Loans Multifamily Western

KeyBank Provides $53.2M Financing for Tiburon Affordable Housing Development in San Luis Obispo, California

by Amy Works June 23, 2022

SAN LUIS OBISPO, CALIF. — KeyBank Community Development Lending and Investment has provided $53.2 million in financing for the development of Tiburon, an affordable multifamily property in San Luis Obispo. KeyBank provided a $28 million construction loan and a $2.3 million permanent loan, as well as $22.9 million in low-income housing and state housing tax credit equity, to People’s Self Help Housing, a San Luis Obispo-based affordable housing development and management company. Situated on 2.1 acres, Tiburon will feature 68 units in a mix of studio, one- and two-bedroom units spread across two three-story residential buildings with a community center. The units are designated for individuals and families within the 25, 30, 40, 50 and 60 percent area median income levels. The units at 25 percent and 30 percent are part of California’s permanent supportive housing program, helping to serve unhoused individuals and those who may be prone to homelessness. The development will receive support from the California Department of Housing and Community Development, which awarded the project $6.4 million in funding under the California No Place Like Home Program. Additionally, the city and county of San Luis Obispo provided $1.1 million of funding. Transitions Mental Health of San Luis …

June 23, 2022

California Development Industrial Loans Western

JLL Arranges $210M Construction Loan for Ontario Ranch Business Park in Ontario, California

by Amy Works June 22, 2022

ONTARIO, CALIF. — JLL Capital Markets has arranged $210 million in construction financing for the development of the first phase of Ontario Ranch Business Park, a Class A industrial project currently under construction in Ontario. A joint venture between Newport Beach-based Real Estate Development Associates (REDA) and an industrial fund managed by Clarion Partners is building the asset. Once complete, Ontario Ranch Business Park will feature seven buildings totaling 1.7 million square feet with 30- to 40-foot clear heights, 287 loading positions and 775 parking stalls. The Home Depot hasp preleased the largest building, totaling 1.1 million square feet. Located at the intersection of Euclid and Eucalyptus avenues, the project offers direct access to Interstate 15, State Route 71 and California 60. Brian Top, Peter Thompson, Samuel Godfrey and Jordan Leake of JLL Capital Markets Debt Advisory team secured the three-year, floating-rate, interest-only, nonrecourse loan with a national bank for the borrower.

June 22, 2022

22631-22653-Ventura-Blvd-Woodland-Hills-CA

Acquisitions California Retail Western

Keller Williams Commercial Arranges $24.5M Sale of Mayhew Plaza Shopping Center in Woodland Hills, California

by Amy Works June 22, 2022

WOODLAND HILLS, CALIF. — Keller Williams Commercial has arranged the acquisition of Mayhew Plaza Shopping Center, a grocery-anchored neighborhood shopping center located at 22631-22653 Ventura Blvd. in Woodland Hills. J Globo LLC and SHWH LLC sold the asset to GNC Properties LLC and Western Prime Holdings LLC for $24.5 million. Built in 1962 and renovated in 1999, Mayhew Plaza features 39,867 square feet of retail space. Smart & Final Extra!, a warehouse-style food and supply store, anchors the property, which was 96.2 percent occupied at the time of sale. Joe Penich of KW Commercial represented the buyer, while Thomas Kim and William Shin of GTR Consulting Group represented the seller in the deal.

June 22, 2022

Acquisitions California Industrial Western

LPC West, Angelo Gordon Acquire 63,000 SF Industrial Building in Carlsbad, California

by Amy Works June 22, 2022

CARLSBAD, CALIF. — A joint venture between LPC West and Angelo Gordon has purchased a single-story industrial building located at 1695 Faraday Ave. in Carlsbad. Situated on 4.1 acres, the 63,000-square-foot building features 26-foot minimum clear heights and 3,000-amp power. According to LPC West, the property is positioned for a life sciences manufacturing tenant. Chris Roth and Rusty Williams of Lee & Associates represented LPC in the transaction. Dennis Visser and Weston Yahn of Cushman & Wakefield also participated in the deal.

June 22, 2022

Acquisitions California Industrial Western

Dunleer Buys Two Outdoor Storage Yards in Southern California for $13M

by Amy Works June 22, 2022

SANTA ANA AND BELLFLOWER, CALIF. — Los Angeles-based Dunleer has acquired two industrial outdoor storage properties for a total consideration of $13 million. The properties are located at 4404 W. First St. in Santa Ana and 10027 Artesia Blvd. in Bellflower. The Santa Ana property features a 2.7-acre outdoor storage yard that includes one 3,826-square-foot office/industrial building. Dunleer purchased the property for $8.6 million. Chad Solomon of JLL represented the buyer in the deal. The name of the seller was not released. The Bellflower property is a 1.1-acre outdoor storage yard that includes improvements totaling 3,792 square feet. Dunleer acquired the asset for $4.1 million. The seller was the current tenant, a pipe and steel fabrication user, which will leaseback the site for six months. John Rendon of INCO Commercial represented the buyer and seller in the deal.

June 22, 2022

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