California

CEDARst Plans $74.4M Multifamily Project in San Diego

by Amy Works April 1, 2022

SAN DIEGO — CEDARst Cos. has announced plans to develop 4135 Park Blvd., a 205,000-square-foot, $74.4 million, ground-up residential development in San Diego’s North Park and Hillcrest neighborhoods. The seven-story building will feature 190 apartments, a café, fitness center, spacious lounge, game room and an exterior deck with a pool, hot tub, cabanas and communal kitchen. Completion is slated for 24 months after construction begins. 4135 Park Blvd. is in a Qualified Opportunity Zone and is one of several CEDARst properties under contract in the San Diego area. Bridge Investment Group is an equity partner and BMO Harris Bank is the project leader. Suffolk Construction is serving as general contractor and Studio E is serving as architect.

April 1, 2022

Acquisitions California Net Lease Office Western

Newmark Brokers $15M Sale of Office Building in Chatsworth, California

by Amy Works April 1, 2022

CHATSWORTH, CALIF. — Newmark has arranged the sale of 19900 Plummer, a single-tenant office building located at 19900 Plummer St. in Chatsworth. Korda Group sold the asset to Rexford Industrial for $15 million. Campbellsville University, a non-profit educator offering a master’s of marriage and family therapy program, fully occupies the 43,472-square-foot building on a net-lease basis. Ryan Plummer, Andrey Mindirgasov, Sean Fulp, Mark Schuessler and Chris Smith of Newmark facilitated the off-market transaction.

April 1, 2022

California Features Industrial Western Western Feature Archive

CommercialEdge: Industrial Rents Rise at Torrid Pace Amid Record Supply

by John Nelson April 1, 2022

SANTA BARBARA, CALIF. — The national average for in-place industrial rents across the top 30 U.S. markets reached $6.45 per square foot in February, a 4.4 percent year-over-year increase according to research from CommercialEdge, a product of Yardi Systems. The Santa Barbara-based firm found that the average effective rental rates signed over the same interval was $7.35 per square foot, 90 cents higher than the national average for in-place leases, a nearly 14 percent swing. Southern California markets led the nation in rent expansion, largely due to intense activity in the Ports of Los Angeles and Long Beach. Orange County recorded the most significant 12-month change with a 7 percent hike, reaching $11.65 per square foot. Los Angeles (6.7 percent) and the Inland Empire (6.5 percent) rounded out the top three markets nationally. On the other end of the spectrum, markets that have higher availability of developable land recorded weaker rent growth in the last 12 months. Newly delivered stock in these markets is helping developers meet demand, while also elevating vacancy levels. Across the top 30 U.S. markets, rent growth was slowest in Charlotte (1.1 percent), Houston (1.7 percent) and Indianapolis (2.3. percent). The spread between the average lease …

April 1, 2022

Charleston-Plaza-Palo-Alto-Mountain-View-CA

Acquisitions California Retail Western

Nuveen Real Estate Sells Charleston Plaza Retail Center in Silicon Valley for $71.8M

by Amy Works March 31, 2022

PALO ALTO AND MOUNTAIN VIEW, CALIF. — Nuveen Real Estate has completed the disposition of Charleston Plaza, a five-building retail center in Palo Alto and Mountain View. San Francisco-based Presidio Bay acquired the asset for $71.8 million. Situated on 10.9 acres at 2400-2470 Charleston Road, Charleston Plaza features 132,590 square feet of retail space. Completed in 2006, the property features four big box retail buildings and one pad site. Key tenants include PetSmart, Starbucks Coffee and Chipotle. Will Connors, Daniel Renz and Michael Manas of the JLL Capital Markets team represented the seller and procured the buyer in the deal.

March 31, 2022

Acquisitions California Multifamily Student Housing Western

CBRE Brokers Sale of 160-Bed Student Housing Property Near UCLA

by Amy Works March 31, 2022

LOS ANGELES — CBRE has arranged the sale of Studio 11024, a 160-bed student housing property serving students attending the University of California, Los Angeles (UCLA). The 31-unit community was built in 2015 in the Westwood neighborhood of Los Angeles. The property offers shared amenities including a fitness center; yoga studio; study center with both private and group study spaces; a community room with a kitchenette; courtyard; grilling station; and two rooftop decks. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Laurie Lustig-Bower and Kadie Presley Wilson of CBRE represented the seller, Phoenix Property Co., in the disposition of the property to an undisclosed company based in the Los Angeles area.

March 31, 2022

Acquisitions California Multifamily Western

Lowe, LaSalle Investment Divest of IDEA1 Multifamily Community in San Diego for $106M

by Amy Works March 30, 2022

SAN DIEGO — Lowe and LaSalle Investment Management have completed the disposition of IDEA1, a mid-rise apartment complex located at 895 Park Blvd. in San Diego’s East Village neighborhood. Fairfield acquired the property for $106 million. Built in 2017 by Lowe, LaSalle and I.D.E.A. Partners, the six-story IDEA1 features 295 apartments in a mix of studios, one- and two-bedroom units with 12-foot ceilings, dual-pane vinyl windows, full-size washers/dryers, stainless steel appliances, quartz countertops and an average size of 739 square feet. Community amenities include a glass IDEA Box that serves as a business center, coworking space and conference room that can transform into a giant screen for movies and concerts in the courtyard. Additional amenities include a rooftop clubroom, sundeck with outdoor barbecues and firepits, rooftop spa, 24-hour fitness center, the HUB flexible event space, onsite restaurants and an art gallery. The property also offers 5,533 square feet of retail space and 7,717 square feet of office space, as well as a five-story mural. Darcy Miramontes and Kip Malo of JLL Capital Markets represented the seller in the deal.

March 30, 2022

Acquisitions Affordable Housing California Multifamily Northmarq Western

Northmarq Arranges $79.7M Sale of Towne at Glendale Apartment Complex in Glendale, California

by Amy Works March 30, 2022

GLENDALE, CALIF. — Northmarq has brokered the sale of Towne at Glendale, a multifamily community located in the Verdugo Woodlands area of Glendale. Los Altos, Calif.-based Interstate Equities Corp. sold the asset to a public-private partnership of CSCDA Community Improvement Authority and BLVD Impact Housing for $79.7 million, or $630,000 per unit. Built in 1965, Towne at Glendale features 126 units, averaging 1,136 square feet. The property has undergone major renovations to provide luxury interior features and outstanding amenities. The buyer plans to expand upon the already completed enhancements and lease all units to renters earning between 80 percent and 120 percent of average median income. Shane Shafer and Bryan Schellinger of Northmarq’s Los Angeles investment sales team represented the seller in the transaction.

March 30, 2022

Acquisitions California Restaurant Retail Western

Matthews Brokers $9M Sale of Woodland Hills Retail Property in California

by Amy Works March 30, 2022

WOODLAND HILLS, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a retail building located at 5780 Canoga Ave. in Woodland Hills. California-based Bolour Associates acquired the property from California-based Flamingo Investments for $9 million in an off-market transaction. Baja Fresh, Salad Farm and The Stand are tenants at the retail building. Kyle Pari and Michael Pakravan of Matthews Real Estate Investment Services represented the buyer and seller in the transaction.

March 30, 2022

Acquisitions California Industrial Western

LDK Ventures, PCCP Sells 617,760 SF Distribution Facility in San Francisco’s North Bay Area

by Amy Works March 29, 2022

VACAVILLE, CALIF. — A joint venture between LDK Ventures and PCCP has completed the disposition of a Class A distribution/e-commerce facility, located at 4800 Midway Road in Vacaville. A global real estate investment manager acquired the single-tenant asset for an undisclosed price. Built in 2021 on 35.7 acres, the 617,760-square-foot property features 40-foot clear heights, 54-foot by 50-foot column spacing, cross-dock loading with 130-foot truck courts, LED lighting and ESFR fire suppression. At the time of sale, the property was 100 percent occupied by a global Fortune 10 e-commere company. Steve Hermann, Seth Siegel, Ryan Venezia, Rick Ryan and Kevin Flemming of Cushman & Wakefield’s Northern California Capital Markets Group represented the seller in the deal. Brooks Pedder, John McManus and Tony Binswanger of Cushman & Wakefield provided market advisory.

March 29, 2022

Acquisitions California Office Western

Majestic Asset Management Divests of 88,334 SF Office Building in Westlake Village, California

by Amy Works March 29, 2022

WESTLAKE VILLAGE, CALIF. — Majestic Asset Management has completed the sale of 2829 Townsgate, a multi-tenant office building in Westlake Village. California Commercial Investment Cos. acquired the property for $27 million. Located at 2829 Townsgate Road, the property features 88,334 square feet of office space, occupied by 10 tenants. Kevin Shannon, Sean Fulp, Ryan Plummer and Mark Schuessler of Newmark represented the seller in the deal.

March 29, 2022

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