California

GPI Cos. Purchases 50,986 SF Medical Office Building in Burbank for $23.9M

by Amy Works October 1, 2021

BURBANK, CALIF. — GPI Cos. has acquired a medical office building, located at 2701 W. Alameda Ave. in Burbank, from a private real estate investor for $23.9 million, or $468 per square foot. The 50,986-square-foot building was 90.4 percent leased to 22 medical tenants, with most of the space occupied by doctors on staff at Providence Saint Joseph Medical Center. Mark Shaffer, Anthony DeLorenzo, Chris Bodnar, Lee Asher, Gerard Poutier and Cody Chiarella of CBRE represented the seller in the deal.

October 1, 2021

Acquisitions California Hospitality Western

Kawa Capital, CL Hotels Acquire 110-Room Hotel La Jolla in San Diego

by Amy Works October 1, 2021

SAN DIEGO — Kawa Capital Management has partnered with CL Hotels LLC to purchase Hotel La Jolla, a Curio Collection Hilton hotel located in the La Jolla neighborhood of San Diego. Terms of the acquisition were not released. The partnership plans to implement a $5 million to $6 million improvement plan for the 11-story hotel, which features 110 guestrooms. The program will update the guest rooms, lobby, pool area, restaurant and meeting space. The renovation will not interrupt operations and will take approximately two years to complete.

October 1, 2021

Acquisitions California Industrial Western

Newmark Brokers Sale of Five-Building Industrial Portfolio in Pacoima, California

by Amy Works October 1, 2021

PACOIMA, CALIF. — Newmark has arranged the sale of a five-building industrial portfolio in Pacoima. Chase Partners acquired the portfolio from a private local family for more than $16 million. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark represented the buyer and seller in the transaction. Situated within the San Fernando Valley’s infill areas, the properties offer a total of 80,000 square feet. At the time of sale, the single-story portfolio was 100 percent occupied.

October 1, 2021

Acquisitions California Retail Western

JLL Capital Markets Negotiates $37.5M Sale of 187,851 SF Marketplace Beaumont in California

by Amy Works September 30, 2021

BEAUMONT, CALIF. — JLL Capital Markets has brokered the sale of Marketplace Beaumont, a shopping center situated on 51.7 acres at 1604, 1693 and 1642 E. Second St. in Beaumont. Completed in 2008, the 187,851-square-foot property was 91 percent occupied at the time of sale. Tenants include ALDI, Ross Dress for Less, Best Buy, Petco and Bed Bath & Beyond. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the buyer, while Aldon Cole and Pat Burger of JLL Debt Advisory team represented the seller, a private family trust that originally developed the center, in the deal. JLL worked with Brixton Capital to source the transaction and structure the existing financing.

September 30, 2021

Acquisitions California Retail Western

SRS Real Estate Arranges $6.7M Sale of Grocery Outlet-Occupied Property in Fairfield, California

by Amy Works September 30, 2021

FAIRFIELD, CALIF. — SRS Real Estate Partners has brokered the sale of a retail property located at 200 Travis Blvd. in Fairfield. A West Coast-based owner and operator of retail properties sold the asset to a Los Angeles-based private 1031 exchange investor for $6.7 million. Grocery Outlet occupies the 33,590-square-foot property, which was built in 1977 on 4.1 acres. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller and buyer in the deal.

September 30, 2021

California Development Loans Multifamily Student Housing Western

Core Spaces Receives Construction Financing for 577-Bed Student Housing Community Near the University of Southern California

by Amy Works September 29, 2021

LOS ANGELES — Core Spaces has received construction financing for Hub on Campus II, a 577-bed student housing development located near the University of Southern California (USC) in Los Angeles. TSB Capital Advisors secured the loan through Square Mile Capital and PacWest Bank on behalf of the borrower. Details of the financing were undisclosed. The project is scheduled for completion by fall 2023.

September 29, 2021

Acquisitions California Development Office Western

Joint Venture Buys 63,100 SF Property in Los Angeles for $20M, Plans Adaptive Reuse Project

by Amy Works September 29, 2021

LOS ANGELES — A joint venture between New York-based LIVWRK and Daniel Kotzer of Los Angeles has purchased a historic 63,100-square-foot property in Los Angeles’ Art District for $20 million. The partnership will transform the two-building asset, located at 800-810 Traction Ave., into an office and lifestyle project called AtTraction. Construction on the renovations is slated to begin this week, with completed scheduled for early 2023. Upon completion, AtTraction will be a five-story building, plus a basement, totaling 53,400 square feet. Floors will range between 7,500 square feet to 10,700 square feet with ceilings ranging from 10 feet to 15 feet. The property at 810 Traction Ave. will be a two-story building, plus basement, totaling 9,700 square feet. Each building will also offer the potential for ground-level retail. The building at 800 Traction Ave. will feature a rooftop patio deck and the building at 810 Traction Ave. will offer a private gated patio space. Additionally, there is a private parking lot serving both buildings. The building originally housed the Joannes Brothers Co., a coffee, tea and spice processor and wholesaler, followed in the mid 1950s by the Los Angeles Desk Co. Mike Condon Jr., McKenna Gaskill and Brittany Winn of …

September 29, 2021

California Market Reports Multifamily Western Western Market Reports

Los Angeles’ Apartment Market Turns a Corner

by Jeff Shaw September 29, 2021

By Mark Ventre, Senior Vice President, Stepp Commercial As it turns out, COVID has once again delayed hopes of a return to normalized operations for apartment owners. Just when it seemed the shackles that have hindered the ability to raise rents and recoup lost income would be removed, it now appears the light at the end of the tunnel has grown more distant. Fortunately, there have been positive indicators that the economic environment in Los Angeles for the first half of 2021 has improved considerably from the second half of 2020. According to the California Labor Market, the unemployment rate lowered from 17.9 percent to 10.6 percent a year ago. Apart from the third quarter of 2020, which experienced an enormous economic bounce back of 33.4 percent, the second quarter of this year has seen a GDP increase of 6.5 percent, one of the strongest since 2003. This is great news for a city that was particularly hard hit, considering the amount of hospitality and leisure jobs. However, Los Angeles has still lagged the nation with respect to rent growth in 2021. Average asking rents have improved by 3.9 percent since the beginning of the year, far below the national average …

September 29, 2021

California Georgia Illinois Industrial Loans Southeast Tennessee

PGIM Real Estate Provides $250M Acquisition Financing for Five-State Core Logistics Portfolio

by Julia Sanders September 28, 2021

SANTA MONICA, CALIF. — PGIM Real Estate has provided $250 million in fixed-rate debt to Santa Monica-based GLP Capital Partners LP. The funds will be used to acquire a five-property core logistics portfolio located across Atlanta, Dallas-Fort Worth, Chicago, Memphis and California’s Central Valley. All five of the properties were acquired on behalf of GLP Capital Partners IV, a closed-end, discretionary private equity fund. The portfolio is fully leased to four nationally recognized companies, all of which are investment grade credit tenants, according to PGIM. The seller and price were not disclosed. The five properties total 3.2 million square feet and are located within an average of one mile from each region’s primary transportation arteries.

September 28, 2021

California Development Industrial Western

Alere Property Breaks Ground on Two Spec Industrial Parks in Chino, California

by Amy Works September 28, 2021

CHINO, CALIF. — Alere Property Group has broken ground on the construction of two industrial warehouse facilities in Chino. The two developments will bring more than 626,000 square feet of speculative industrial space to the area. Located at the northeast corner of Bickmore and Euclid avenues, the eight-building Euclid Industrial Park will offer 360,000 square feet of space in buildings ranging from 13,050 square feet to 206,118 square feet. Completion is slated for August 2022. Ken Andersen, Eric Fikse and Richard John of Daum Commercial represented Alere in the 18.6-acre land acquisition for the project. The Daum team will also oversee leasing of the development. Chino Commerce Park, situated on 13 acres at the northwest corner of East End Avenue and County Road, will consist of four buildings offering a total of 266,348 square feet. The park will include a 210,747-square-foot building with 36-foot clear heights and three smaller buildings ranging from 15,104 square feet to 25,177 square feet with 26-foot clear heights. Tim Pimental, Chris Tolles, Eric Larson and Robin Dodson of Cushman & Wakefield represented Alere in the land acquisition for the development and will oversee leasing of the project, which is slated for completion in May 2022.

September 28, 2021

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