California

Kennedy Wilson Unveils Plans for 589-Unit Master-Planned Community in Camarillo, California

by Kristin Harlow October 13, 2021

CAMARILLO, CALIF. — Kennedy Wilson (NYSE: KW) has signed a long-term ground lease for a 32-acre parcel in Camarillo owned by California State University Channel Islands (CSUCI), with plans to build a new residential community. The master-planned project will include 310 market-rate apartments, 109 for-sale townhomes and 170 income-restricted apartments for seniors. It will also feature community-serving amenities. The project site is adjacent to the university and at the western edge of the Santa Monica Mountains. Camarillo is about 60 miles northwest of Los Angeles. The soon-to-be-named development contributes to Kennedy Wilson’s growing pipeline totaling approximately 4,700 multifamily units that are scheduled for completion by 2024. When the Camarillo project is completed, Kennedy Wilson’s global portfolio will total more than 33,000 units. “Developing this new community is an important step in our larger partnership with CSUCI and will meaningfully contribute to a region that is short on supply of high-quality apartments and homes for faculty, staff and local residents,” says Nick Bridges, managing director with Kennedy Wilson. “Many people are rethinking how and where they want to live, and we continue to see a trend of residents moving from city centers toward communities that have access to the outdoors, are …

October 13, 2021

California Market Reports Office Western Western Market Reports

Greater Los Angeles’ Office Market is Bouncing Back

by Jeff Shaw October 13, 2021

By Steve Solomon, Senior Executive Vice President, and Kristen Bowman, First Vice President, Colliers International Greater Los Angeles leasing activity surged, reaching nearly 3 million square feet in the second quarter. Although higher than the past few quarters, it was significantly lower than the 2019 pre-pandemic quarterly average of 4.6 million square feet. Much of the activity occurred in West Los Angeles, where large expansions and renewals were signed by tech, media and entertainment tenants. While leasing did ramp up, overall vacancy continued to rise, eventually reaching a historic high of 19.4 percent. This rate, which includes direct and sublease space, is 160 basis points higher than the previous peak in 2013 when it hit 17.8 percent. Nearly 25 percent of office space, whether vacant or currently occupied, is available for lease. There is currently 4.9 million square feet of speculative new office construction underway delivering by 2023 in Greater Los Angeles. These major developments, which do not include renovations, are currently 30.7 percent pre-leased. Over half of this new construction is in West Los Angeles, which has a higher pre-leased rate of 36.6 percent. The rate is highest in Central Los Angeles, where Netflix has snatched up 44.6 percent …

October 13, 2021

Acquisitions California Multifamily Western

CBRE Negotiates $53.6M Sale of The Vue Apartments in San Bernardino, California

by Amy Works October 12, 2021

SAN BERNARDINO, CALIF. — CBRE has arranged the sale of The Vue, an apartment community located in San Bernardino. Tailwind Investment Group acquired the property from Dalan Management and VM Management for $53.6 million. Situated on 11.9 acres at 1660 W. Kendall Drive, The Vue features 197 apartments, two swimming pools, a business center, sand volleyball court, half-court basketball court and barbecue areas. Apartments offer in-unit washers/dryers and central air conditioning. Dean Zander and Stewart Weston of CBRE represented the sellers in the transaction.

October 12, 2021

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

Avanath Buys 360-Unit Affordable Seniors Housing Community in Corona, California

by Amy Works October 12, 2021

CORONA, CALIF. — Avanath Capital Management has purchased River Run Senior, an affordable seniors housing property located at 863 River Road in Corona. With this acquisition, Avanath now owns 11 properties in Southern California with 2,187 units under management in the region. Built in 2004, River Run consists of six three-story, garden-style residential buildings totaling 216,684 square feet. The community offers a mix of 306 one-bedroom units and 54 two-bedroom units. Units feature air conditioning, dishwashers, vinyl plank flooring, walk-in closets and private balconies or patios. Residential amenities include a community center, leasing office, business center, pool, elevator service, laundry rooms in each building and a gated entry. Avanath will implement social programming at River Run, in addition to its Wellbeats partnership program that allows residents to exercise from home. The company also plans to upgrade the property’s mechanical systems; replace roofs, HVAC systems and boilers; add a maintenance shop; and install security cameras near access gates. Avanath Communities will manage the asset.

October 12, 2021

Acquisitions California Industrial Western

Delta Capital Acquires Industrial Building in Valencia, California for $3.1M

by Amy Works October 12, 2021

VALENCIA, CALIF. — Delta Capital LLC has purchased a warehouse building located at 24820 Avenue Tibbitts in Valencia. An undisclosed seller sold the asset for $3.1 million. Situated on a 31,146-square-foot parcel, the 13,045-square-foot building was built in 1987. The property features two drive-in/grade-level doors, ample power and 17-foor clear heights. At the time of sale, the property was fully leased. The buyer plans to hold the asset as an investment property. Yair Haimoff of Spectrum Commercial Real Estate represented the buyer in the transaction.

October 12, 2021

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $16.7M Purchase of Multifamily Portfolio in Redding, California

by Amy Works October 11, 2021

REDDING, CALIF. — Marcus & Millichap has arranged the acquisition of an apartment portfolio located throughout Redding. OSM Investment Co. purchased the assets from a multi-generational family of investors for a combined $16.7 million. The portfolio offers a total of 162 apartments. The buyer plans to make improvements to the properties and streamline management of the portfolio. Rand Hoffman and Daniel Kapic of Marcus & Millichap secured and represented the buyer in the deal.

October 11, 2021

California Development Multifamily Student Housing Western

HighBridge Properties Opens 706-Bed Student Housing Community Near the University of California, Davis

by Amy Works October 8, 2021

DAVIS, CALIF. — HighBridge Properties has opened The Ryder on Olive, a 706-bed student housing community located near the University of California, Davis. The 260,000-square-foot, LEED Gold-certified property offers a mix of two-, three-, four- and five-bedroom, fully furnished units. Shared amenities include a fitness center, yoga room, study areas, game rooms, a swimming pool, karaoke room, dog park and a 24-hour micro-market offering food and drinks. The project’s development team included partner Grand Peaks Development; general contractor Brown Construction; Humphreys & Partners Architects; and SouthPark Interiors. Asset Living manages the community.

October 8, 2021

Beverly-Hills-Medical-Plaza-Beverly-Hills-CA

Acquisitions California Healthcare Office Western

Meridian Acquires Medical Office Building in Beverly Hills for $81.5M

by Amy Works October 8, 2021

BEVERLY HILLS, CALIF. — Meridian, in a joint venture with a larger institutional investment partner, has purchased Beverly Hills Medical Plaza, a medical office building located at 150 N. Robertson Blvd. in Beverly Hills. Beverly Hills Medical Plaza Properties sold the asset for $81.5 million in an off-market transaction. The 67,510-square-foot property has been family owned since it was originally built in 1989 and was 88 percent leased at the time of sale. The buyer plans to invest significant capital in building improvements. Kevin Shannon, Rob Hannan, Ken White and Steven Salas of Newmark represented the seller, while Meridian was self-represented in the transaction.

October 8, 2021

LA-Fitness-Marina-Pacifica-Long-Beach-CA

California Leasing Activity Retail Western

LA Fitness to Open New Location at Marina Pacifica in Long Beach

by Amy Works October 8, 2021

LONG BEACH, CALIF. — LA Fitness has leased 33,987 square feet of space, which Best Buy formerly occupied at Marina Pacifica Shopping Center in Long Beach. The gym location is scheduled open in early 2022. Other tenants at the 296,954-square-foot shopping center include AMC, Ralphs, Nordstrom Rack, Barnes & Noble, Buffalo Wild Wings, Starbucks Coffee and Ulta Beauty. The landlord, NewMark Merrill Cos., was represented in-house and by Beta Agency, while RealSource Group represented LA Fitness in the deal.

October 8, 2021

California Development Multifamily Western

Intracorp Breaks Ground on 178-Unit Multifamily Community in Irvine, California

by Amy Works October 7, 2021

IRVINE, CALIF. — Intracorp has broken ground on a 178-unit apartment property located at 2055 Main St. in the Irvine Business Complex (IBC). The project, which is Intracorp’s fourth development in the IBC, will be the company’s first for-rent multifamily development in the area. Situated on 2.2 acres, 2055 Main will feature five stories of residential living in a modern geometric design. Community amenities will include a rooftop deck with a resort-style pool and spa, entertainment pavilion, expansive LED wall, lounge areas, barbecues and a game area. Other amenities will include a fitness center, sunken amphitheater, outdoor dining areas, fire features, business center and social club. Leasing on the project is slated to begin in summer 2023.

October 7, 2021

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