California

J.H. Snyder Co. Completes 21-Story Multifamily Community in Los Angeles

by Amy Works May 14, 2021

LOS ANGELES — J.H. Snyder Co., with MVE + Partners as architect and designer, has completed One Museum Square, a 296,000-square-foot high-rise apartment tower in Los Angeles. Located at 640 S. Curson Ave., the 21-story building features 285 residential units; a large, open-air activity patio with dining and lounge seating; a residence lounge that opens to a patio; flexible workspaces; fitness center; and rooftop pool and hot tub. One Museum Square offers a mix of studio, one- and two-bedroom units, ranging from 495 square feet to 1,300 square feet, with private glass balconies; floor-to-ceiling windows; quartz countertops and full backsplashes; Kohler bathroom and kitchen fixtures; oversized soaking tubs or fully tiled showers; Bosch washers and dryers; custom-designed closets; extra bathroom and kitchen storage; and Fisher & Paykel appliances. The project team included SCA Engineers, NA & Associates, Limbach Engineer and Donald F. Dickerson Associates.

May 14, 2021

California Healthcare Loans Western

CIT Arranges $17.4M in Financing for Medical Office Acquisition in Bakersfield, California

by Amy Works May 14, 2021

BAKERSFIELD, CALIF. — CIT Group has arranged a $17.4 million loan for the acquisition of a three-building medical office portfolio in Bakersfield. Totaling more than 65,000 square feet, the fully leased properties are located on the campus of Bakersfield Heart Hospital. A majority of the building tenants are practice groups affiliated with the hospital. CIT’s Healthcare Finance unit served as sole leader arranger for the financing. The name of the borrower was not released.

May 14, 2021

Acquisitions California Retail Western

Capital Rivers Commercial Negotiates $4.1M Sale of Retail Showroom in Rocklin, California

by Amy Works May 14, 2021

ROCKLIN, CALIF. — Capital Rivers Commercial has arranged the sale of a retail showroom located at 4467 Granite Drive in Rocklin. The 15,600-square-foot building, which features a second-floor mezzanine level, sold for $4.1 million. Ryan Orn and Joe Blanton of Capital Rivers Commercial handled the transaction. The names of the seller and buyer were not released.

May 14, 2021

California Development Multifamily Seniors Housing Top Stories Western

Kayne Anderson, Watermark Open 189,000 SF Adaptive Reuse Senior Living Community in Los Angeles

by Julia Sanders May 14, 2021

LOS ANGELES — Kayne Anderson Real Estate and Watermark Retirement Communities have opened The Watermark at Westwood Village, a high-rise seniors housing community in Los Angeles. The community is the latest addition to Watermark Retirement Communities’ Elan Collection, a group of high-end senior living communities. The property offers independent living, assisted living and memory care. The Watermark at Westwood Village was previously a University of California, Los Angeles (UCLA) dormitory dating back to the 1960s, before going through a four-year renovation. The property has 188 residences with studio, one- and two- bedroom apartments. The fully renovated property includes two 14-story towers totaling 189,000 square feet. The asset features four dining venues. Taboon serves Mediterranean-inspired food, while The W Lounge serves traditional food along with cocktails, beer and wine. The Gallery Café offers coffee and small food options. Also, Watermark at Westwood Village offers dedicated room service or catering for events at the property’s private dining rooms. The community also features a salon and spa; library and lounge; event space; fitness and wellness center; and a courtyard with a fireplace and private dog run. Residents will have access to 24-hour assistance from onsite associates who provide room service, transportation, pet care …

May 14, 2021

Orange-County-Global-Medical-Center-Santa-Ana-CA

California Healthcare Loans Western

CBRE Arranges $58.2M Refinancing for Healthcare Portfolio in Orange County, California

by Amy Works May 13, 2021

SANTA ANA AND ANAHEIM, CALIF. — CBRE has arranged a $58.2 million loan for the refinancing of a five-property healthcare portfolio in Orange County. Sabrina Solomiany and Zack Holderman of CBRE’s Debt & Structured Finance platform secured the loan on behalf of Pacific Coast Holdings Investment, the owner of the portfolio. Jonathan Bloch and Jennifer Eiteljorg of Brownstein Hyatt represented the borrower in the financing transaction. The portfolio consists of three acute-care hospital leased to KPC Healthcare, one long-term acute care hospital leased to Kindred Healthcare and a vacant medical office building. Orange County Global Medical Center, South Coast Global Medical Center, Kindred Hospital and the vacant building are located in Santa Ana; and Anaheim Global Medical Center is located in Anaheim. The 621,000-square-foot, 703-bed portfolio was more than 97 percent leased at the time of refinancing.

May 13, 2021

Acquisitions California Net Lease Restaurant Retail Western

Marcus & Millichap Brokers $2.2M Sale of Rally’s-Occupied Restaurant Space in Rialto, California

by Amy Works May 13, 2021

RIALTO, CALIF. — Marcus & Millichap has brokered the sale of a restaurant property located at 466 E. Foothill Blvd. in Rialto. A limited liability company sold the asset to an undisclosed buyer for $2.2 million. Rally’s occupies the 1,086-square-foot property, which was built in 2020, under a new 15-year absolute triple-net lease. The property features double drive-thru lanes. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Matthew Luchs of Marcus & Millichap’s Ontario, Calif., office served as broker of record in the transaction.

May 13, 2021

Acquisitions California Multifamily Top Stories Western

Blackstone Group to Acquire 66 Multifamily Communities in San Diego for $1B

by Katie Sloan May 13, 2021

SAN DIEGO — Blackstone Group (NYSE: BX), in partnership with TruAmerica, plans to acquire 66 multifamily communities in San Diego County for more than $1 billion. The sale is one of the largest real estate transactions in county history, according to reports by The San Diego Union-Tribune. The seller, Conrad Prebys Foundation — a philanthropic organization created by local real estate owner Conrad Prebys — began shopping its multifamily portfolio in February, according to KPBS, a public broadcasting service in San Diego. The assets largely feature below-market-rate rents for low-income renters. The report by KPBS lists that the portfolio includes Conrad Villas apartments in Spring Valley, alongside communities located in San Ysidro, Imperial Beach, Chula Vista, National City, Lemon Grove, Lakeside, Spring Valley, Pacific Beach, Ocean Beach, El Cajon, Escondido, Ramona and Santee. The 5,800-unit, market-rate portfolio is set to undergo $100 million in renovations under the new ownership, according to the Union-Tribune. Blackstone also plans to partner with the nonprofit organization Pacific Housing to provide services for residents, including after-school tutoring, financial literacy classes, and health and wellness initiatives at no cost. The deal will add to Blackstone’s existing portfolio of $4.5 billion worth of assets in San Diego …

May 13, 2021

Affordable Housing California Development Multifamily Western

HCHC, KFA Complete 74-Unit Florence Mills Affordable Apartments in South Central Los Angeles

by Amy Works May 12, 2021

LOS ANGELES — Hollywood Community Housing Corp. (HCHC) and KFA, a full-service architecture and design firm, have completed The Florence Mills Apartments, a mixed-use affordable housing development located at the southwest corner of Central Avenue and Jefferson Boulevard in Los Angeles. Florence Mills features 74 apartments, 5,000 square feet of commercial space along Central Avenue, and an open, landscaped public plaza. The four-story building features 13 one-bedroom units, 37 two-bedroom apartments, 24 three-bedroom units, community and common areas, underground parking, four laundry rooms and secure access to the building. The units are restricted to households at low-, very low- and extremely low-income levels with rents set between $507 and $1,171 per month. The property is set to obtain LEED Platinum certification and features drought-tolerant landscaping, locally sourced materials, high-efficiency lighting, Energy Star appliances and low-flow fixtures. Young Musicians Foundation has leased the commercial space, which is located in the corner plaza with roll-up doors. Through a partnership between HCHC and Young Musicians Foundation, residents of Florence Mills and Paul R. Williams apartments are able to attend free music classes, music technology and recording lab, concerts, workshops and multi-disciplinary arts programming.

May 12, 2021

California Company News Restaurant Retail Western

Chipotle Increases Wages to $15 Per Hour Average, Plans to Hire 20,000 Employees

by Amy Works May 11, 2021

NEWPORT BEACH, CALIF. — Chipotle Mexican Grill (NYSE: CMG) is increasing its restaurant wages, resulting in an $15 average hourly wage by the end of June, according to the Newport Beach-based company. Additionally, the Chipotle employees can advance to a “restaurateur” status, the highest general manager position, in approximately three-and-a-half years, with average compensation of $100,000. Wage increases for new and existing hourly and salaried restaurant employees will be rolled out over the next few weeks and will result in hourly crew member starting wages ranging from $11 to $18 per hour. The company has also launched a $200 employee referral bonus for crew members and a $750 referral bonus for apprentices and general managers. With approximately 200 restaurants slated to open this year coupled with continued growth and demand, Chipotle plans to hire 20,000 new team members across the United States. The company will host a virtual career fair on Discord on May 13.

May 11, 2021

California Company News Office Western

World-Renowned Commercial Real Estate Architect Art Gensler Passes Away at 85

by Amy Works May 11, 2021

SAN FRANCISCO — M. Art Gensler Jr., founder of San Francisco-based global design firm Gensler, passed away on Monday. At the age of 85, Gensler died at his Mill Creek, Calif., home following an 18-month battle with lung disease, according to the San Francisco Chronicle. In 1965, along with his wife Drucilla Cortell Gensler and James Follett, Gensler co-founded the design firm M. Arthur Gensler Jr. & Associates in San Francisco. Since its founding, the firm has grown from a three-person operation to more than 5,000 employees across 50 locations globally. “Art didn’t want to be a ‘starchitect,’” says Andy Cohen, Gensler co-CEO. “In fact, what he built was a constellation of stars by hiring smart people and getting out of their way. It’s why Gensler is a pioneer in our industry, and Art’s legacy will remain embedded in our firm’s unique culture.”

May 11, 2021

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