California

MMCC Arranges $64.4M in Financing for Multifamily Development in Monrovia, California

by Amy Works May 26, 2022

MONROVIA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged $64.4 million in financing for a multifamily development located at 127 W. Pomona in Monrovia. The borrower was not disclosed. Sharone Sabar and Stefen Chraghchian of MMCC arranged the financing, which features a 42-month term, a 65 percent loan-to-cost ratio and an interest rate of 3.4 percent. Situated on 1.8 acres, the fully entitled and construction-ready property is slated for a 33-month development timeline. The 252,100-square-foot community will feature 220 apartments, 7,050 square feet of commercial space and 357 parking spots.

May 26, 2022

Acquisitions California Multifamily Western

Legacy Partners Sells 250-Unit Apartment Community in Costa Mesa to Rockwood Capital

by Amy Works May 26, 2022

COSTA MESA, CALIF. — Legacy Partners has sold 580 Anton, a five-story multifamily property in Costa Mesa, to an affiliate of Rockwood Capital for an undisclosed price. The property features 250 apartments in a mix of studio, one- and two-bedroom layouts with luxury interior finishes. Amenities include a clubhouse with a game room, coffee bar, conference rooms, business center, dog wash station and a fitness center with a yoga/Pilates studio. Legacy Partners acquired the land in May 215, broke ground in 2016 and began leasing the property in 2018. Legacy Partners will also manage the property.

May 26, 2022

California Loans Multifamily Seniors Housing Western

Capital Funding Group Provides $11.3M Acquisition Loan for Skilled Nursing Facility in Sacramento

by Amy Works May 26, 2022

SACRAMENTO — Capital Funding Group (CFG) has provided $11.3 million in bridge-to-HUD financing for the acquisition of a 121-bed skilled nursing facility in Sacramento. The borrower was not disclosed. Capital Funding Group’s Tim Eberhardt and Ava Julio originated the financing. Further details of the transaction were not disclosed.

May 26, 2022

Acquisitions California Office Western

DivcoWest Buys 320,000 SF Office Building in San Francisco’s Mission Bay

by Amy Works May 25, 2022

SAN FRANCISCO — DivcoWest has purchased 550 Terry Francois Boulevard, a vacant, six-story office building in San Francisco’s Mission Bay neighborhood. Terms of the transaction were not released. Built in 2002, the 320,000-square-foot building recently served the headquarters of fashion retailer Old Navy. DivcoWest plans to invest in the building to further broaden its life sciences appeal. The asset is adjacent to University of California San Francisco’s medical research campus, as well as numerous biotech and healthcare organizations. The building offers 51,000-square-foot floor plates, access to 308 parking spaces and extensive outdoor amenity space. Additionally, the property features waterfront views and proximity to Bay Trail, a 350-mile pedestrian and bike trail linking more than 40 communities around San Francisco Bay.

May 25, 2022

Acquisitions California NAI Office Western

Happy Place Stages Acquires Creative Production Campus in North Hollywood for $14.3M

by Amy Works May 25, 2022

LOS ANGELES — Happy Place Stages LLC, a full-service creative studio, has purchased a warehouse campus located at 5446-5450 Satsuma Ave. in the North Hollywood neighborhood of Los Angeles for $14.3 million. The sales price equates to $380 per square foot. Built in 1952 and renovated in 2017, the property features four buildings: a 13,000-square-foot cargo containers that has been convert to creative office space, a 1,400-square-foot office, an 8,000-square-foot warehouse and a 20,000-square-foot warehouse. Adam Comora with NAI Capital’s Investment Services Group represented the buyer in the deal.

May 25, 2022

Country-Squire-Shopping-Center-Fresno-CA

Acquisitions California Retail Western

Faris Lee Investments Arranges $6.6M Sale of Country Squire Shopping Center in Fresno

by Amy Works May 25, 2022

FRESNO, CALIF. — Faris Lee Investments has arranged the sale of Country Squire Shopping Center, a three-building retail property in Fresno. A Riverside, Calif.-based private investor acquired the asset from a Fresno-based investor for $6.6 million. Both parties requested anonymity. Walgreens, Surf Thru Express Car Wash and Multi-Tenant Shops fully occupy the 27,315-square-foot property. Situated on a total of 4.3 acres, the center is located at 4172, 4140, 4182 N. First St. Sean Cox, Alex Moore and Shaun Riley of Faris Lee Investments represented both parties in the deal.

May 25, 2022

California Loans Retail Western

Gantry Arranges $24M Loan for Refinancing of Southern California Retail Center

by Amy Works May 24, 2022

MOORPARK, CALIF. — San Francisco-based mortgage banking firm Gantry has arranged a $24 million bridge loan for the refinancing of Village at Moorpark, a retail center located at 706-790 Los Angeles Ave. in Moorpark. Amazon Fresh, Dover Saddlery and other local, regional and national tenants occupy the 129,000-square-foot property. Mark Ritchie and Austin Ridge of Gantry’s Los Angeles office arranged the financing on behalf of the borrower, a private real estate investor. An investment management platform firm provided the loan, which features earn-out provisions with holdbacks tied to future performance milestones and extensions.

May 24, 2022

California Development Multifamily Western

Cityview Breaks Ground on South Bay X Multifamily Development in Gardena, California

by Amy Works May 23, 2022

GARDENA, CALIF. — Cityview has broken ground on South Bay X, a multifamily project in Gardena that will feature 265 workforce housing units. Residences will be available in a mix of studio, one- and two-bedroom floor plans ranging in size from 510 to 1,197 square feet. Located at 12850 Crenshaw Blvd., the transit-oriented property offers access to Interstate 105, the LA Metro Green Line and Los Angeles International Airport. South Bay X is slated for completion in early 2025. The project is expected to create upwards of 1,000 jobs during its development.

May 23, 2022

Acquisitions California Retail Western

Newmark Negotiates Sale of 79,875 SF Village Oaks Shopping Center in Martinez, California

by Amy Works May 23, 2022

MARTINEZ, CALIF. — Newmark has negotiated the sale of Village Oaks, a 79,875-square-foot shopping center in Martinez. An undisclosed private family investor sold the asset to an institutional investment group for an undisclosed price. Situated on 7.9 acres at 1185 Arnold Drive, Village Oaks was 96 percent leased at the time of sale to tenants within the financial, medical, restaurant and service retail sectors. Grocer Lucky California and Rite Aid currently anchor the property. Nicholas Bicardo and Cheyne Bloch of Newark represented the seller in the transaction.

May 23, 2022

Acquisitions California Development Life Sciences Western

Luminous Capital Acquires R&D Building for Life Sciences Conversion in Carlsbad

by Amy Works May 20, 2022

CARLSBAD, CALIF. — Luminous Capital Management, in partnership with Austin, Texas-based Virtus Real Estate Capital, has acquired 5931 Priestly Drive, an industrial/research and development (R&D) building in Carlsbad. Locally based investment firm Greene Properties sold the asset for $14 million, or $265 per square foot. Situated within Carlsbad Research Center, the 52,800-square-foot property was fully leased to two tenants under short-term leases that expire in 2023 at the time of sale. The buyers plan to implement significant renovations and reposition the property for bioscience R&D and manufacturing. The partial two-story building features approximately 16,000 square feet of space with 24-foot clear heights, as well as heavy power, abundant parking and grade-level loading. Michael Nucci of RW Commercial represented the seller in the deal, while Chris Baumgart of JLL represented the buyer. Baumgart will also handle leasing of the property. John Chun and John Marshall of JLL arranged the equity joint venture between Luminous and Virtus. California Bank & Trust provided financing for the acquisition and conversion.

May 20, 2022

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