California

IPA Brokers $28.7M Sale of The Perch Multifamily Property in East Los Angeles

by Amy Works January 12, 2022

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Perch, a five-story apartment asset located on the border of the Eagle Rock and Highland Park neighborhoods in Los Angeles. Roundhouse sold the property to ABRA Management for $28.7 million, or $486,441 per unit. Completed in 2018, The Perch features 59 one-, two- and three-bedroom layouts, two levels of structured parking, an outdoor lounge with firepit, gated parking and electric vehicle charging stations. Additionally, the property features 2,646 square feet of retail space, which Hilltop Coffee + Kitchen and Perch Salon occupy. Paul Darrow of Marcus & Millichap, along with Kevin Green, Joseph Grabiec and Greg Harris of IPA, represented the seller and procured the buyer in transaction.

January 12, 2022

Acquisitions California Industrial Lee & Associates Net Lease Western

Lee & Associates Negotiates $15.9M Sale of Industrial Building in Carlsbad, California

by Amy Works January 12, 2022

CARLSBAD, CALIF. — Lee & Associates has arranged the sale of an industrial property located at 3205 Lionshead Ave. in Carlsbad. Lionshead LLC sold the asset to Oak Canyon LLC for $15.9 million. At the time of sale, the 47,850-square-foot freestanding building was 100 percent triple-net leased on a long-term basis. Chris Roth, Rusty Williams and Jake Rubendall of Lee & Associates – NSDC represented the seller, while James deRegt of Lee & Associates – Newport represented the buyer in transaction.

January 12, 2022

California Development Multifamily Seniors Housing Western

Ware Malcomb Completes 93-Unit Westmont of Encinitas Seniors Housing Community in California

by Jeff Shaw January 11, 2022

ENCINITAS, Calif. — Ware Malcomb has completed construction of Westmont of Encinitas, an assisted living community in the San Diego suburb of Encinitas. Ware Malcomb provided architectural services for the 91,334-square-foot project. The two-story building sits on 3.2 acres and features 93 units in studio, one- and two-bedroom options. Westmont Construction was the general contractor. Westmont Living is the operator.

January 11, 2022

California Data Centers Loans Office Top Stories Western

JLL Arranges $389.2M Refinancing of One Wilshire Data Center in Downtown Los Angeles

by John Nelson January 11, 2022

LOS ANGELES — JLL has arranged the $389.2 million refinancing of One Wilshire, a multi-tenant data center located at 624 S. Grand Ave. in downtown Los Angeles. The borrower is GI Partners, an alternative investment firm based in San Francisco. The 30-story, 661,553-square-foot data center features five separate utility power risers and 13 onsite generators with fuel storage for 24 hours of operation, along with separate and redundant data risers. The property also features office space, a multi-tower antenna array and fiber connectivity to the rooftop. Kevin MacKenzie, Brian Torp, Jake Wagner, Samuel Godfrey and Darren Eades of JLL arranged the 10-year, fixed-rate, non-recourse, interest-only loan through Goldman Sachs. “As one of the largest internet exchanges in the world, One Wilshire is truly a best-in-class asset recognized as the premier telecommunications hub of the Western United States,” says MacKenzie. “GI Partners has done an excellent job managing the asset to maximize utilization and creating significant value.” The demand for fast, secure and reliable data storage and delivery is at an all-time high and will continue to escalate for the foreseeable future thanks to the widespread appeal of content streaming services, social media and virtual connectivity. As a data center market, …

January 11, 2022

Acquisitions California Multifamily Western

IPA Negotiates $80.7M Sale of Benson Apartments in Upland, California

by Amy Works January 7, 2022

UPLAND, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Benson, a multifamily community located at 850 N. Benson Ave. in Upland. An affiliate of Abacus Capital Group sold the property to New Standard Equities for $80.7 million, or $342,161 per unit. Located 1.4 miles from the Los Angeles County border, The Benson features 236 apartments in one-, two- and three-bedroom units spread across 32 residential buildings. Amenities include two resort-style swimming pools with furnished sundecks, a spa, fitness center, dog park, playground and more than 350 on-site parking spots. The asset was built in 1973 on a 516,578-square-foot lot. Joseph Grabiec, Alexander Garcia Jr., Kevin Green, Greg Harris and Chris Zorbas of IPA represented the seller and procured the buyer in the transaction.

January 7, 2022

Acquisitions California Western

Progressive Real Estate Partners Brokers $9.3M Sale of Circle K in Jurupa Valley, California

by Amy Works January 7, 2022

JURUPA VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a Shell gas station and Circle K convenience store and car wash in Jurupa Valley. A Riverside County-based private investor sold the asset to another Riverside County-based private investor for $9.3 million. Built in 1999 at 3873 Pyrite St., the property was fully remodeled in 2013. The asset features 28 fueling positions, an express car wash, a 4,000-square-foot Circle K convenience store and a 2,580-square-foot drive-thru restaurant building that Alberto’s Mexican Food and Sub Hub Sandwiches occupy. Victor Buendia and Greg Bedell of represented the seller, while Mahlon Tobias Commercial represented the buyer in the deal.

January 7, 2022

Acquisitions California Office Western

PRP Sells 350 Rhode Island Street Office Building in San Francisco for $182.5M

by Amy Works January 6, 2022

SAN FRANCISCO — PRP has completed the sale of 350 Rhode Island Street, an office property in San Francisco. PRP bifurcated the land and improvements, selling the fee simple position to Safehold (NYSE: SAFE) for $64.5 million and selling the leasehold to a venture of Lincoln Property Co. and Korea Asset Investment Management for $118 million, for a total consideration of $182.5 million, or $1,436 per square foot. The transactions occurred simultaneously. The City and County of San Francisco occupy the 127,100-square-foot building under a lease that goes through 2033. Originally built in 2002, the building was redeveloped in 2019 for the city’s tenancy. Adam Lasoff, Rob Hielscher, Michael Leggett, Miyeon Lee and Erik Hanson of JLL Capital Markets handled the transaction.

January 6, 2022

Fallbrook-Mercantile-Center-Fallbrook-CA

Acquisitions California Retail Western

Gerrity Group Divests of Fallbrook Mercantile Center Near San Diego for $27.2M

by Amy Works January 6, 2022

FALLBROOK, CALIF. — Gerrity Group has completed the disposition of Fallbrook Mercantile Center, a 70,411-square-foot retail center in Fallbrook. A private investor acquired the asset for $27.2 million. Major Market anchors the property, which is situated on 6.5 acres at 713, 825, 833 and 835-855 S. Main Ave. At the time of sale, the property was 96.8 percent occupied. Other tenants include Anytime Fitness, Denny’s, Sherwin-Williams, H&R Block, Jersey Mike’s Subs, Burger King, United Studios of Self Defense, Bella Dental Group and Pho House and Grill. Gleb Lvovich, Bryan Ley and Daniel Tyner of JLL Retail Capital Markets represented the seller in the deal.

January 6, 2022

Acquisitions California Restaurant Retail Western

DJM, PGIM Real Estate Acquire Long Beach Exchange from Burham-Ward Properties

by Amy Works January 6, 2022

LONG BEACH, CALIF. — DJM, in partnership with PGIM Real Estate, has purchased Long Beach Exchange, an open-air lifestyle property in Long Beach, from Burnham-Ward Properties for an undisclosed price. Built in 2018, the 26-acre Long Beach Exchange features 246,500 square feet of retail space. Current tenants include Whole Foods Market, Handel’s, Orange Theory, Ra Yoga, Silverlake Ramen, Ulta and Nordstrom Rack. Eastdil brokered the transaction.

January 6, 2022

Acquisitions California Retail Western

Ethan Conrad Properties Buys Sacramento-Area Shopping Center for $16.7M

by Amy Works January 6, 2022

CITRUS HEIGHTS, CALIF. — Citivest Commercial Investments has completed the disposition of four parcels of SummerHills Plaza, an approximately 135,000-square-foot, grocery-anchored shopping center in Citrus Heights. Ethan Conrad Properties acquired the parcels for $16.7 million, or $155 per square foot. Originally constructed in 1967 and refurbished in 2020, the property is occupied by Raley’s, Dollar Tree, Round Table Pizza and Dutch Bros. Coffee. Bill Rose of Institutional Property Advisors, a division of Marcus & Millichap, and Edward Nelson and Wyatt Figeroa of Marcus & Millichap represented the seller and procured the buyer in the transaction.

January 6, 2022

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