California

Cushman & Wakefield Arranges $23M in Construction Financing for Seniors Housing Community in Rolling Hills Estates, California

by Madison Pettway August 13, 2021

ROLLING HILLS ESTATES, CALIF. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged $23 million in construction financing for Peninsula Pointe, a to-be-built 87-unit, assisted living and memory care community in Rolling Hills Estates on the Palo Verdes Peninsula. The borrower is a joint venture between Singerman Real Estate and Darnell Capital. The project includes the redevelopment of an existing, vacant office building into a luxury, three-story 65,000-square-foot seniors housing community to be operated by Cadence Living. The financing was provided by a large regional bank.

August 13, 2021

California Industrial Western

Lee & Associates Brokers Sale of Industrial Building in San Marcos, California for Nearly $2.6M

by Madison Pettway August 13, 2021

SAN MARCOS, CALIF. — Lee & Associates has negotiated the sale of an 11,650-square-foot industrial building in San Marcos for $2.59 million, or $222 per square foot. The building is located at 2750 S. Santa Fe Ave., approximately 50 miles north of San Diego. Lee & Associates’ Michael Golden and Trent France represented the buyer, Vascan Tile, a tiling contractor based out of Escondido, Calif., in the transaction. Matt Calvet of Kidder Mathews represented the seller, Gill Gregory Trust. The recently remodeled building is situated one block from State Route 78 on South Santa Fe Avenue and is located blocks away from a blend of shops, services, restaurants, and eateries. The property had four competing offers within the first week of being listed.

August 13, 2021

California Loans Multifamily Northmarq Western

NorthMarq Completes $263M Refinancing for Six Multifamily Properties in Southern California

by Kristin Harlow August 12, 2021

NEWPORT BEACH, CALIF. — NorthMarq has provided Advanced Real Estate with $263 million in loan proceeds through Freddie Mac for the refinancing of six multifamily properties throughout Southern California. The portfolio contains 1,255 units. The individual loans were structured with a 10-year term, interest-only payments for the full term, and a loan-to-value ratio of 65 percent. NorthMarq’s Newport Beach office executed the transaction. The portfolio includes: *Beachwood Apartments: 2970 W. Orange Ave., Anaheim, 301 units *California Palms Apartments: 901 S. Harbor Blvd., Santa Ana, 190 units *Countrywood Apartments: 1255 E. Citrus Ave., Redlands, 161 units *Crestwood Apartment Homes: 21011 Osterman Road, Lake Forest, 76 units *Sundial Apartments: 2704 W. Ball Road, Anaheim, 106 units *Uptown Fullerton: 2656 Associated Road, Fullerton, 421 units The transaction marks nearly $3 billion in closings between NorthMarq and Advanced Real Estate. Not only did the borrower receive a substantial cash-out, but it also decreased its overall debt service even though each loan was separate, according to NorthMarq.

August 12, 2021

Acquisitions California Restaurant Retail Western

Stos Partners Buys Restaurant Property in California for $1.9M

by Kristin Harlow August 12, 2021

SAN CLEMENTE, CALIF. — Stos Partners has acquired a vacant, 4,000-square-foot retail and restaurant property in the Orange County submarket of San Clemente in an off-market transaction. The sales price was $1.9 million. Stos Partners secured a long-term lease on the entire building with The Alchemists, a restaurant group operated by Leonard Chan. The new restaurant concept, Mura, will be an upcoming dining destination that offers Japanese grilled barbecue, a tiki bar and a Japanese speakeasy bar. Prior to opening, Stos Partners plans to complete extensive interior and exterior renovations in addition to making several building upgrades, including a new roof, mechanical systems and grease traps. Coastal Commercial represented Stos Partners in the transaction.

August 12, 2021

California Retail Western

Hanley Investment Group Arranges $4.85M Sale of Single-Tenant Retail Property in Orange County, California

by Madison Pettway August 11, 2021

LAKE FOREST, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant, net-leased retail property occupied by Michaels in Orange County. The Michaels store is located in Foothill Ranch Towne Centre in Foothill Ranch, a suburb of Lake Forest. Hanley represented the sellers, two separate family trusts based in Nevada and Southern California. Lee & Associates represented the buyer, a private investor based in Orange County. The sales price was $4.85 million. The 25,000-square-foot building was constructed in 1994 and is a junior anchor at Foothill Ranch Towne Center. Michaels’ neighboring tenants include Target, Walmart Supercenter and Hobby Lobby. The retail space is located at the intersection of Portola Parkway and Bake Parkway, with an average of 40,100 passing cars per day.

August 11, 2021

Acquisitions California Office Single-Family Rental Top Stories Western

Pacific Oak Sells Orange County Office Tower for $150.5M

by Kristin Harlow August 11, 2021

ORANGE, CALIF. — Pacific Oak Strategic Opportunity REIT Inc. has sold City Tower, a 435,000-square-foot Class A office tower in Orange County, for $150.5 million. Opal Holdings, a New York City-based real estate investment firm, was the buyer. The 20-story property is located at 333 City Blvd. in Orange, about three miles north of Santa Ana and 30 miles southeast of Los Angeles. The building was 90 percent leased at the time of sale to tenants such as UC Irvine Medical Center, Enterprise Rent-A-Car, Sedgwick and Spaces. Developed in 1988, City Tower recently underwent a $3 million renovation that included upgrades to the lobby, a state-of-the-art fitness center, conference center and new building entryway. The property is certified LEED Gold. “We increased occupancy by almost 15 percent over the past three years and are proud of the improvements and value we created during our ownership,” says Michael Potter, senior vice president with Pacific Oak, which purchased City Tower for $147.2 million in March 2018 when it was 78 percent occupied. Pacific Oak Strategic Opportunity REIT is a public, non-traded corporation headquartered in Los Angeles. The REIT manages a portfolio valued in excess of $2 billion comprised primarily of office, apartment, …

August 11, 2021

California Market Reports Multifamily Western Western Market Reports

Investors Look to Orange County Multifamily Sector for Stability, Diversification

by Jeff Shaw August 11, 2021

By Dan Blackwell, Executive Vice President, CBRE Demand for multifamily properties in Orange County continues to show great strength. This is driven by steady rent collections and favorable interest rates as apartments in the region have performed well during the pandemic. As investors look to buy stable, income-producing assets in Southern California, the focus on the multifamily sector in our region has intensified. We have witnessed increasing interest from first-time buyers over the past few weeks, in addition to continued interest from 1031 exchange investors and those who sat on the sidelines during much of 2020. This demand is buoyed by willing lenders offering favorable interest rates in the low 3 percent range due to the area’s excellent rent collection track record. Most buyers are looking for 50 percent to 60 percent leverage, with in-place capitalization rates typically ranging between 3.75 percent and 4.25 percent, depending on location. However, given the limited supply, we are seeing buyers bid pricing higher and cap rates compressing for many assets. Private investors continue to be the predominate buyers, mainly driven by the need for diversification and a stable cash flow. We are receiving more requests from LA County investors that may have sold a multifamily …

August 11, 2021

California Industrial Western

CBRE Arranges Sale of Industrial, R&D Property in Carlsbad, California for $19.4M

by Madison Pettway August 10, 2021

CARLSBAD, CALIF. — CBRE has arranged the sale of an industrial and R&D property in Carlsbad for $19.4 million, or $253 per square foot. A private, Los Angeles-based buyer acquired the property as part of a 1031 exchange. CBRE represented the private seller, also based in Los Angeles, in the transaction. The 76,767-square-foot property comprises three buildings, which were fully leased at the time of the sale to a mix of companies specializing in life science, medical devices and research and development. The project features collaborative space, including an open-air courtyard connecting the buildings. The asset is adjacent to Palomar Airport Road, a major east-west thoroughfare that averages over 32,000 cars per day. The property sits two miles east of I-5, connecting Carlsbad to the rest of San Diego County.

August 10, 2021

California Leasing Activity Office Western

Cushman & Wakefield Brokers 96,505 SF Lease Transaction at Roseville Innovation Park Near Sacramento

by Madison Pettway August 10, 2021

ROSEVILLE, CALIF. — Global health care company Penumbra has expanded into an additional 96,505 square feet of Class A office and lab space at Roseville Innovation Park in Roseville, approximately 16 miles northeast of Sacramento. The new lease at 620 Roseville Parkway will bring Penumbra’s total occupancy within the business park to over 254,000 square feet of Class A space. Penumbra initially leased approximately 157,000 square feet in the neighboring 630 Roseville Parkway building in 2018. Cushman & Wakefield’s Sacramento office represented the landlord in the transaction. Roseville Innovation Park is jointly owned by Farallon Real Estate Partners and Strada Investment Group. The business park is a Class A campus offering numerous amenities, including retail, entertainment and residences within a short distance. Penumbra also has exclusive access to a newly installed outdoor recreation, dining, and break-out space at its 630 Roseville Parkway address. Headquartered in Alameda, Calif., Penumbra is a healthcare company focused on innovative therapies. Penumbra designs, develops, manufactures and markets novel products and has a broad portfolio that addresses challenging medical conditions in markets with significant unmet need.

August 10, 2021

California Industrial Leasing Activity Western

Amazon Signs 202,421 SF Industrial Lease in Ventura County, California

by Madison Pettway August 9, 2021

MOORPARK, CALIF. — Amazon has signed a long-term lease to occupy a 202,421-square-foot industrial building in the Ventura County submarket of Moorpark, about 48 miles northwest of Los Angeles. DAUM Commercial Real Estate Services, along with Donald J. Thordarson Inc., secured the lease on behalf of the owner, Transwestern Development Co. Transwestern also manages the building. Cushman & Wakefield represented Amazon in the lease negotiations. The property features 16 dock-high positions, a clear height of 24 feet and a secure fenced yard with parking that can accommodate up to 405 cars. The location offers close proximity to California State Routes 118 and 23, providing ease-of-access throughout the Southern California region. The asset was recently refurbished, providing the tenant with the necessary space for its last-mile operations.

August 9, 2021

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