California

Agoura-Hills-Business-Park-Los-Angeles-CA

Harbor Associates, Gemdale USA Buy Agoura Hills Business Park Near Los Angeles for $29.7M

by Amy Works March 17, 2022

LOS ANGELES — Harbor Associates and Gemdale USA have purchased Agoura Hills Business Park, an office campus located at 30401–30501 Agoura Road in the Agoura Hills submarket of Los Angeles, for $29.7 million. Built in 1987 on six acres, the 113,991-square-foot campus consists of two two-story office buildings around a central plaza and a 193-car parking lot. The acquisition represents the recapitalization of the office property, which Harbor Associates originally purchased in January 2020 in a joint venture with a Kansas City-based real estate investment firm. The sale represents Harbor’s exit from the investment after meeting its business plan. Matt Heyn and Caitlin Hoffman of CBRE will lease the property on behalf of Gemdale USA and Harbor. Andrew Harper, Will Poulsen, Matt McRoskey and Chad Solomon of JLL represented the seller in the transaction.

March 17, 2022

Acquisitions California Restaurant Retail Western

Hanley Investment Negotiates $4.6M Sale of Restaurant Property in Palm Desert, California

by Amy Works March 17, 2022

PALM DESERT, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly constructed, single-tenant restaurant property at Monterey Crossing shopping center in Palm Desert. Newport Beach-based Fountainhead Development sold the asset to a Southern California-based private investor for $4.6 million. Located at 73320 Dinah Shore Drive, The Habit Burger Grill occupies the 2,700-square-foot drive-thru restaurant property. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller and developer, while John Costa, David Fults and Brian McLoughlin of Voit Real Estate Services’ Los Angeles office represented the buyer in the transaction.

March 17, 2022

Acquisitions California Healthcare Office Western

Harrison Street Sells Eight Medical Office Buildings in San Francisco, Los Angeles Areas for $215M

by Amy Works March 16, 2022

SAN FRANCISCO, SANTA ROSA, DALY CITY, ALAMEDA, GREENBRAE AND LOS ANGELES, CALIF. — Harrison Street has completed the disposition of a portfolio of eight medical office buildings valued at nearly $215 million across California. The properties were held across several of Harrison Street’s funds and managed in partnership with Pinnacle Capital Management Services. Totaling 380,000 rentable square feet, the portfolio is spread across San Francisco, Santa Rosa, Daly City, Alameda, Greenbrae and Los Angeles’ Van Nuys neighborhood. Tenants include leading regional health systems, such as Marin Health, Sutter Health, CommonSpirit Health and Kaiser Permanente. The seller invested more than $17 million in capital during its ownership, including recent building renovations, tenant improvements and leasing commissions. Chris Bodnar, Lee Asher, Jordan Selbiger, Ryan Lindsley, Sabrina Solomiany and Zack Holderman of CBRE’s U.S Healthcare & Life Sciences Capital Markets team represented Los Angeles-based Pinnacle Capital Management Services in the transaction.

March 16, 2022

Acquisitions California Retail Western

Faris Lee Brokers Sale of 117,228 SF Ming Plaza Shopping Center in Bakersfield, California

by Amy Works March 15, 2022

BAKERSFIELD, CALIF. — Faris Lee Investments has arranged the sale of Ming Plaza, a retail center located on Ming Avenue in Bakersfield. A private family office sold the asset to an undisclosed buyer for $26.5 million. Sean Cox, Alex Moore and Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Faris Lee also arranged financing for the buyer. At the time of sale, the 117,228-square-foot property was nearly 100 percent occupied and includes three outparcels leased to Starbucks Coffee, Chase Bank and Long John Silvers.

March 15, 2022

Acquisitions California Retail Western

Cushman & Wakefield Negotiates $24M Sale of Retail Building in West Hollywood

by Amy Works March 15, 2022

WEST HOLLYWOOD, CALIF. — Cushman & Wakefield has brokered the sale of a freestanding, single-tenant retail property located at 8833 Beverly Blvd. in West Hollywood. A joint venture between Acadia Realty Trust and Osiris Ventures acquired the asset for $24 million. Luxury Living fully occupies the 9,757-square-foot building. Kazuko Morgan, Carine Mamann and Steve Algermissen of Cushman & Wakefield represented the seller in the transaction.

March 15, 2022

Acquisitions California Industrial Western

Corona Investments Sells Distribution Property in California for $15.3M

by Amy Works March 15, 2022

CORONA, CALIF. — Voit Real Estate Services has arranged the sale of an industrial facility located at 2395 Railroad St. in Corona. Corona Investments sold the property to Colorado-based EverWest Real Estate Investors for $15.3 million, or $319.62 per square foot. EverWest Real Estate Investors plans to stabilize the 47,870-square-foot property and hold it as a long-term leased investment. Constructed in 1988, the concrete tilt-up building features 24-foot minimum warehouse clearance, a 0.33 GPM/3,000 square feet sprinkler system, four grade-level doors, two dock-high loading positions and a secured truck court and yard area. Michael Hefner of Voit’s Anaheim office represented the seller and buyer in the deal.

March 15, 2022

Affordable Housing California Development Multifamily Seniors Housing Western

SVA Architects Plans Lakeland & Laurel Intergenerational Affordable Project in Santa Fe Springs, California

by Amy Works March 14, 2022

SANTA FE SPRINGS, CALIF. — SVA Architects, along with development partners The Richman Group Inc., The Whole Child and Habitat for Humanity, has received entitlements for the construction of Lakeland & Laurel, an intergenerational affordable housing community in the Los Angeles suburb of Santa Fe Springs. The project encompasses more than an entire city block and will feature three distinct housing communities consisting of intergenerational affordable apartments, interim transitional housing and for-sale townhomes. The development will cost the city approximately $110,000 per unit for 139 units and is scheduled to break ground in April. The Richman Group, based in Newport Beach, Calif., is developing the three-building intergenerational portion of the project. This part of the development will total 102 affordable apartment homes on nearly four acres. The first building, at four stories tall, will provide homes to 50 seniors. The other two buildings will be three stories tall and offer 52 family apartments. These homes will also share a 1,000-square-foot clubhouse with a fitness facility, laundry room, mail room and clubroom. The Whole Child is developing the three-story interim housing, which will serve up to 40 homeless families at any given time. Habitat for Humanity will build the 18 for-sale …

March 14, 2022

Acquisitions California Industrial Western

Transwestern Sells 202,421 SF Amazon-Leased Distribution Center in Moorpark, California

by Amy Works March 14, 2022

MOORPARK, CALIF. — Transwestern Development Co. (TDC) has completed the disposition of 6000 Conor Drive, a distribution center in Moorpark, along with a two-acre parcel offering additional parking. An undisclosed buyer acquired the property for $50.7 million. At the time of sale, Amazon occupied the 202,421-square-foot facility, which is near U.S. Route 101 and California State Routes 118 and 23. TDC recently completed interior and exterior upgrades to the property. Barbara Perrier, Darla Longo and Bennett Robinson of CBRE represented TDC in the transaction. Transwestern Real Estate Services provided asset services for the property.

March 14, 2022

Acquisitions California Office Western

CBRE Arranges Sale of 56,300 SF Office Building in Marina del Rey, California

by Amy Works March 14, 2022

MARINA DEL REY, CALIF. — CBRE has brokered the sale of an office building located at 5005 McConnell Ave. in Marina del Rey. Montana Avenue Capital Partners sold the asset to a joint venture between Los Angeles-based HATCHspaces, Denver-based NexCore Group and Nuveen Real Estate. Terms of the transaction were not released. The 56,300-square-foot property underwent a full renovation since Montana Avenue Capital Partners acquired it in 2018. Armata Pharmaceuticals, a biotechnology company on pathogen-specific bacteriophage therapeutics for antibiotic-resistant and difficult-to-treat bacterial infections, leased the entire property starting in 2021. Mike Longo, Todd Tydlaska, Sean Sullivan, Greg Grant, Jeff Pion, Michelle Esquivel and Andrew Riley of CBRE represented the seller in the deal.

March 14, 2022

Affordable Housing California Development Multifamily Western

USA Properties Starts Construction of 164-Unit College Creek Affordable Community in Santa Rosa, California

by Amy Works March 14, 2022

SANTA ROSA, CALIF. — USA Properties Fund has started construction of College Creek, an affordable multifamily community for a range of income levels in Santa Rosa. Completion is slated for fall 2023. Located at 2150 W. College Ave., the 164-unit property is close to downtown Santa Rosa, large shopping centers, healthcare providers and several schools. The community will be available for low-income residents that meet an expanded range of income limits established by the Tax Credit Allocation Committee. Renters earning 30 percent to 70 percent of the area’s median income could quality for residence at College Creek. The community, which will feature a four-story building and two three-story buildings, will offer a community room with computer workstations, fitness room, swimming pool, tot lot and onsite laundry facilities. Apartments will feature energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. USA Properties worked closely with the community, including the City of Santa Rosa and Sonoma County, on the project, which has been in the planning stages for several years.

March 14, 2022

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