California

Newcastle Partners Obtains $27.5M in Construction Financing for Mesa Linda Logistics Center in Hesperia, California

by Amy Works March 21, 2025

HESPERIA, CALIF. — Newcastle Partners has received $27.5 million in construction financing for Mesa Linda Logistics Center, a Class A industrial warehouse and distribution facility currently under construction in Hesperia. Scheduled for delivery in first-quarter 2026, the 408,997-square-foot property will offer a clear height of 36 feet, 54 dock-high doors, 57 trailer parking stalls, 215 auto parking spaces, an ESFR sprinkler system and a combined 12,000 square feet of office and mezzanine space. The project is situated on 17.5 acres and will offer access to freeways, including interstates 5 and 40, US-395, CA-18 and CA-189. Greg Brown, Samuel Godfrey and Allie Black of JLL Capital Markets secured the floating-rate, nonrecourse construction loan through a bank for the borrower.

March 21, 2025

Acquisitions California Industrial Western

LDK Ventures Buys 109,322 SF Metro Air Park Logistics Center III in Sacramento

by Amy Works March 21, 2025

SACRAMENTO, CALIF. — LDK Ventures has acquired Metro Air Park Logistics Center III, a state-of-the-art logistics building at 7070 Badiee Drive in Sacramento. Terms of the transaction were not released. Built in 2024 on nearly 6 acres, the 109,322-square-foot building boasts a clear height of 32 feet, 18 dock doors, two grade-level doors and a 130-foot truck court, as well as 1,715 square feet of dedicated office space. Todd Sanfilippo and Rebecca Perlmutter of CBRE brokered the transaction.

March 21, 2025

Acquisitions California Multifamily Western

Northmarq Arranges $71M Sale of 296-Unit Chaparral Apartments in Palmdale, California

by Amy Works March 20, 2025

PALMDALE, CALIF. — Northmarq has brokered the sale of Chaparral Apartments, a 296-unit multifamily property in Palmdale. A Florida-based real estate investment firm sold the asset to a Los Angeles-based real estate investment firm for $71 million. Situated on 18.2 acres, Chaparral Apartments consists of 16 two-story garden-style buildings, totaling 213,664 square feet. The unit mix includes 72 studios, 164 one-bedroom units and 60 two-bedroom units. Apartments feature fireplaces, private balconies or patios, walk-in closets and energy-efficient appliances. Community amenities include two swimming pools, three tennis courts, a fitness center, business center, two laundry facilities, a movie theater and a residential lounge, as well as 488 parking spaces, including 283 covered spaces. Steven Goldstein, Jeff Benson and Sam Neumark of Northmarq’s Los Angeles Multifamily Investment Sales represented the seller in the deal.

March 20, 2025

California Development Multifamily Western

Metonic Real Estate Solutions, WNPM Open 330-Unit Millennium Apartments in Palm Desert, California

by Amy Works March 20, 2025

PALM DESERT, CALIF. — Omaha, Neb.-based Metonic Real Estate Solutions, as owner, and Irvine, Calif.-based Western National Property Management (WNPM), as property manager, have opened Millennium Apartments at 74699 Technology Drive in Palm Desert. Situated in Coachella Valley, Millennium Apartments offers 330 studio, one-, two- and three-bedroom apartments with contemporary finishes, smart-phone technology, private patios, stainless steel appliances, quartz countertops, plush carpeting in bedrooms, open-concept floor plans and direct-access garages. Common area amenities include a clubhouse, saltwater swimming pool, fitness center with private yoga studio and outdoor exercise lawn, an activity park, a pet park, three conference rooms, a business center, coworking spaces, package lockers and electric vehicle charging stations.

March 20, 2025

Acquisitions California Development Industrial Multifamily Western

Shopoff Realty Buys 13.7-Acre Property in Buena Park, Plans Residential Development

by Amy Works March 20, 2025

BUENA PARK, CALIF. — Shopoff Realty Investments, in partnership with a national home builder, has acquired a 13.7-acre property in Buena Park, with plans to re-entitle the parcel for residential use. The property currently features two industrial buildings totaling 370,031 square feet that are occupied by Amway Corp. with a corporate sale-leaseback in place. A total of $49 million in acquisition financing for the project was secured with assistance from Jamie Kline and Kyle White of JLL Capital Markets.

March 20, 2025

California Development Healthcare Western

Scripps to Build New $1.2B San Marcos Medical Center Campus Near San Diego

by Kristin Harlow March 19, 2025

SAN MARCOS, CALIF. — Scripps Health has unveiled plans to move forward with the development of a new medical center campus in San Marcos, about 35 miles north of San Diego. The Scripps San Marcos Medical Center will be located on a 13-acre site south of State Route 78 near Twin Oaks Valley Parkway. The first phase of the project will be a comprehensive ambulatory facility, and the second phase will be an acute care hospital. Total project costs are estimated at $1.2 billion, according to The San Diego Union-Tribune. “We acquired the San Marcos property 35 years ago, but it wasn’t the right time to build,” says Chris Van Gorder, president and CEO of Scripps Health. “Our patient population in the area has since grown to the point that it made sense for us to move forward.” Scripps purchased roughly 80 acres in San Marcos for a medical center campus in 1990. In the early 2000s, Scripps engaged H.G. Fenton to work with Scripps and the City of San Marcos on how to best utilize the land, with Scripps retaining 13 acres for the development of the new campus. For more than four years, Scripps management has been working …

March 19, 2025

California Development Life Sciences Multifamily Office Retail Western

Partnership to Open 808,000 SF First Phase of Aggie Square on UC Davis Health Campus in Sacramento

by Amy Works March 19, 2025

SACRAMENTO, CALIF. — Baltimore-based Wexford Science + Technology, in partnership with The University of California, Davis and the City of Sacramento, has announced the groundbreaking of Aggie Square, a mixed-use development at UC Davis Health Campus in Sacramento. Located at the corner of Stockton Boulevard and 2nd Avenue, Aggie Square’s first phase will offer 808,000 square feet of upscale Class A life sciences research labs, technology and office space, plus housing and retail space. The ribbon-cutting ceremony is scheduled for May 2. Situated on 8.2 acres, Phase I consists of a 313,000-square-foot lab and life sciences building, a 255,000-square-foot Lifelong Learning office and classroom building, a 35,000-square-foot UC Veterinary Genetics Lab, and Anova Aggie Square, a 190-unit residential development with 15,000 square feet of retail space. The first phase also offers community serving uses, a parking structure and indoor/outdoor public spaces. Each building is anchored by UC Davis programs and configured to co-locate private industry investment and innovation infrastructure for startups, as well as community-based partnerships. The project team is also marketing another 313,000-square-foot lab and life sciences building with ground-floor retail located at 100 Aggie Square. The building offers flexible design, and construction will commence once preleasing thresholds are met. …

March 19, 2025

Acquisitions California Office Western

Dollinger Properties Sells 27,761 SF Office Building in San Diego for $12.3M

by Amy Works March 19, 2025

SAN DIEGO — Dollinger Properties has completed the sale of a two-story office building located at 8965 Balboa Ave. in San Diego’s Kearney Mesa neighborhood. Sharp HealthCare acquired the asset for $12.3 million. County of San Diego occupies the 27,761-square-foot property, which was built in 1985. The tenant has been onsite since 2002. Bob Prendergast, Lynn LaChapelle and Zac Saloff of JLL Capital Markets Investment Sales and Advisory team represented the seller, while Mike Labelle and Bridget Gossett of Cushman & Wakefield represented the buyer in the deal.

March 19, 2025

California Development Multifamily Western

MBK Rental Living Debuts Solana at Duarte Station Apartment Community in California

by Amy Works March 18, 2025

DUARTE, CALIF. — MBK Rental Living has opened Solana at Duarte Station, a five-story apartment community located at 1740 Fasana Road in Duarte. The community offers 292 studio, one-, two-, three- and four-bedroom apartments, ranging from 534 square feet to 2,802 square feet. Each unit features open floor plans, natural light and oversized low-E windows. Select floor plans feature private patios or balconies and walk-in closets. Community amenities include a clubhouse, fitness center and yoga studio, coworking spaces, a pool, game lounge, dog lounge, spa and park, a cabana club and social courtyard equipped with outdoor kitchen and dining areas, fire pits and lounge chairs.

March 18, 2025

California Industrial Loans Western

IPA Capital Markets Arranges $26.5M in Financing for Culver City Industrial Property in California

by Amy Works March 18, 2025

CULVER CITY, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $26.5 million in financing for an industrial building at 8631 Hayden Place in Culver City. The property offers 76,755 square feet of Class A industrial space. New York City-based IPA Capital Markets team of Max Hulsh, Max Herzog, Marko Kazanjian and Andrew Cohen secured the financing with First Citizens Bank on behalf of a Los Angeles-based real estate investment, operating and development company with more than $10 billion in assets under management.

March 18, 2025

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