California

Sansome Pacific Buys Value-Add Retail, Hotel Portfolio for $20.6M

by Amy Works February 3, 2022

SAN FRANCISCO — San Francisco-based Sansome Pacific has acquired a value-add portfolio of 10 retail and hospitality properties in California, Oregon, Connecticut, Illinois, Maine and New Hampshire for $20.6 million. The portfolio offers a total of 204,000 square feet. A majority of the properties feature below-market rents and short-term leases. The properties were acquired from a debt fund that buys loans encumbering underperforming mall properties. The two hotel assets, located in California, are 60-key properties. The retail assets include both single-tenant and multi-tenant buildings with lease terms ranging from one to six years along with freestanding pad buildings located near shopping malls. The larger mall assets are in various phase of renovation and will be upgraded in the coming years. Skyline Pacific Properties provided financing for the portfolio.

February 3, 2022

Acquisitions California Multifamily Student Housing Western

Champion Real Estate Sells 96-Bed Victory on Ellendale Student Housing Property Near USC for $20.5M

by Amy Works February 3, 2022

LOS ANGELES — Champion Real Estate Co. has sold Victory on Ellendale, a 96-bed student housing property located near the University of Southern California (USC) in Los Angeles, for $20.5 million. The property was renovated in 2019, with upgrades including the addition of stainless steel appliances, quartz countertops, new cabinetry and hardware, lighting, window coverings, vinyl plank flooring, bathroom upgrades and paint throughout each unit. Arthur Arejian and Jon Tran of Vanguard Investments represented the undisclosed buyer and seller in the transaction.

February 3, 2022

Acquisitions California Multifamily Seniors Housing Western

IRA Capital Buys 160-Unit Seniors Housing Portfolio in Northern California for $106.5M

by Amy Works February 2, 2022

DUBLIN AND NOVATO, Calif. — Southern California private equity firm IRA Capital has acquired two newly constructed assisted living and memory care facilities totaling 160 units in the Northern California cities of Dublin and Novato for $106.5 million. An active player in the medical office, life sciences and ambulatory surgery space, IRA Capital is growing and diversifying its healthcare real estate portfolio by expanding into seniors housing in high-barrier-to-entry markets on the West Coast. Elegance Senior Living operates the two Class A communities. Elegance at Dublin is an 80-unit community located within walking distance from a variety of shopping centers and restaurants, several hospitals and directly across the street from the Dublin Senior Center. Elegance Hamilton Hill in Novato is an 80-unit community situated in the heart of Hamilton Field’s 414-acre master planned community near shopping centers, restaurants and medical facilities. “The launch of our new seniors housing vertical is consistent with IRA’s goal of pursuing best-in-class assets that drive long-term growth for our investors, while providing quality services for the community,” says IRA Capital co-founder Jay Gangwal. IRA Capital has allocated approximately $1 billion to acquire over 2,000 seniors housing units over the next couple years. As part of …

February 2, 2022

California Market Reports Multifamily Western Western Market Reports

Institutional Money, Private Investors Continue to Flock to Inland Empire Multifamily Market

by Jeff Shaw February 2, 2022

By Eric Chen, Senior Vice President, CBRE Multifamily has been a well-performing real estate segment during the past 18 months as demand for housing continues to trump supply in most of California. The Inland Empire has been the recipient of much of this demand within the Greater Los Angeles and Southern California regions due to their economic and population growth. Tenants are also in search of more affordable, quality dwellings outside the urban core. Due to the confluence of these factors, multifamily vacancies in the area are at an all-time low of less than 5 percent. This is exasperated by the fact that new developments are at the lowest level across the nation, pushing rent growth to No. 1. This dynamic is, of course, ideal for investors who seek stable, income-producing investments with potential upside and little risk of oversupply. We do expect additional apartment properties to be built in the coming year or two, which will create more investment opportunities and provide more options for tenants who are new to the region or relocating from within. Looking back on this year, we have seen a number of large institutional-sized transactions between $25 million and $100 million, with investors ranging …

February 2, 2022

Acquisitions California Industrial Office Western

JLL Negotiates $78M Sale of Four-Building Britannia Business Center in Pleasanton, California

by Amy Works February 1, 2022

PLEASANTON, CALIF. — JLL Capital Markets has arranged the sale of Britannia Business Center, a four-building R&D and office campus at 4125, 4155, 4255 and 4385 Hopyard Road in the Bay Area city of Pleasanton. A Virtua Partners-managed company sold the asset to an undisclosed buyer for $78 million. Situated on 19.3 acres, Britannia Business Center features 292,000 square feet of R&D and office space. Originally built between 1997 and 1998, the property features 13-foot to 20-foot clear heights, eight roll-up doors, one dock-high door and 1,600 to 3,000 amps available. At the time of sale, the asset was 68.6 percent leased with nearly half of the tenancy being credit tenants. Erik Hanson, David Dokko and Nick Deaver of JLL Capital Markets represented the seller in the deal.

February 1, 2022

CapRock-Interchange-Industrial-Center-North-Las-Vegas-NV

Acquisitions California Industrial Western

CapRock Partners Sells 684,000 SF Interchange Industrial Center in North Las Vegas

by Amy Works February 1, 2022

NORTH LAS VEGAS, NEV. — Newport Beach, Calif.-based CapRock Partners has completed the disposition of CapRock Interchange Industrial Center, a Class A industrial campus located at 5345-5445 E. Centennial Parkway in North Las Vegas. Terms of the transaction were not released. Developed in 2020 and 2021, CapRock Interchange Industrial Center features 684,000 square feet of Class A industrial space spread across two warehouses. The 174,000-square-foot Building 1 features 32-foot clear heights, 39 dock-high doors, two grade-level doors and 105 parking spaces. The 510,000-square-foot Building 2 features a cross-dock design, 36-foot clear heights, 89 dock-high doors, four grade-level doors, 115 trailer parking stalls and 249 parking spaces. At the time of sale, the property was 100 percent leased to BarkBox, Boxabl and Evanesce Packaging Solutions. Andrew Briner and Brett Hardy of Newmark represented CapRock in the transaction, while Rob Lujan, Xavier Wasiak and Jason Simon of JLL represented CapRock as local market experts.

February 1, 2022

California Healthcare Loans Western

GreenRock Capital Leads $103M in C-PACE Funding for Chinese Hospital in San Francisco

by Amy Works January 31, 2022

SAN FRANCISCO — GreenRock Capital has led $103 million in Commercial Property Assessed Clean Energy (C-PACE) funding for Chinese Hospital, located at 845 Jackson St. in San Francisco. This is the largest single C-PACE transaction in industry history and is the first to combine both taxable and tax-exempt financing in the same transaction, according to GreenRock. The C-PACE transaction reduced the cost of financing seismic and other building improvements associated with a new patient tower. The transaction will also refinance outstanding debt associated with the new tower and, by doing so, Chinese Hospital will realize respective cashflow savings of more than $40 million during the next 10 years. C-PACE is a financing mechanism that allows owners and developers of commercial and healthcare properties to access low-cost, long-term financing for efficient building improvements, including seismic and other resiliency measures. The financing is repaid through a property assessment payment paid through the term of financing.

January 31, 2022

Acquisitions California Office Western

Hines Acquires Four-Building Liberty Station Office Campus in San Diego

by Amy Works January 31, 2022

SAN DIEGO — Hines Global Income Trust has purchased Liberty Station, a four-building office campus located in the Old Town/Point Loma submarket of San Diego. Terms of the transaction were not released. The 187,000-square-foot campus is situated on the waterfront within a 360-acre mixed-use site with convenient access to major employment nodes and the San Diego International Airport. The site also features more than 100 walkable amenities, 349 residential units, a golf club, retail shops, restaurants, the Liberty Public Market and 125 acres of parks and recreation space.

January 31, 2022

California Development Industrial Life Sciences Western

Luminous Capital, Virtus Real Estate Buy R&D Building in Carlsbad, Plan Life Sciences Conversion

by Amy Works January 31, 2022

CARLSBAD, CALIF. — Luminous Capital Management, in partnership with Austin, Texas-based Virtus Real Estate Capital, has acquired 2290 Cosmos Court, an industrial/R&D building in Carlsbad. Los Angeles-based Excelsior Partners sold the asset for $9.5 million, or $255 per square foot. The 37,300-square-foot building was vacant at the time of sale. Previously, ViaSat utilized the property for its global communications operations. The buyers plan to renovate the property the property for bioscience research and development, including the build out of wet lab and support space. The property features heavy power, ground-level loading and abundant parking. Completion of the planned upgrades is slated for early 2023. Virtus provided joint venture equity for the renovation and repositioning of the property. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates represented the seller in the deal. 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.

January 31, 2022

Acquisitions California Office Western

Lone Cypress Realty Sells 38,154 SF Office Building in Aliso Viejo for $10.5M

by Amy Works January 31, 2022

ALISO VIEJO, CALIF. — Fort Worth, Texas-based Lone Cypress Realty has completed the disposition of VIEW at 101 Columbia, a Class B office property in Aliso Viejo. Holt Integrated Circuits purchased the asset for $10.5 million. The integrated circuits supplier for the aerospace industry plans to use the 38,154-square-foot building with the ground-floor for warehousing and the second floor for corporate offices. The property was renovated in 2020 with modern entry finishes and light fixtures, as well as updated two-tone exterior paint. Mike Adams and Morgan Adams of Stream Greater L.A. represented the seller in the transaction.

January 31, 2022

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