California

Faris Lee Brokers $2.9M Sale of Retail Property in Los Angeles’ Los Feliz Neighborhood

by Amy Works April 23, 2021

LOS ANGELES — Faris Lee Investments has arranged the sale of a freestanding retail building located at 1824 Hillhurst Ave. in Los Feliz, a neighborhood in Los Angeles. The asset sold for $2.9 million. The names of the seller and buyer were not released. Situated at the intersection of Hillhurst and Russell avenues, the property features a private parking lot and patio space.Tyler Strauss and Jeff Conover of Faris Lee Investments represented the seller in the deal. The property formerly house Ample Hills Creamery, which closed its doors in early 2020, according to Eater LA.

April 23, 2021

Acquisitions California Office Western

Longfellow Real Estate Buys Office Campus in San Mateo from Rubicon Point Partners for $156M

by Amy Works April 22, 2021

SAN MATEO, CALIF. — Longfellow Real Estate Partners has purchased San Mateo Bay Center, a two-building office campus located at 901 and 951 Mariners Island Blvd. in San Mateo. Rubicon Point Partners sold the asset for $156 million. Steven Golubchik, Edmund Najera, Jonathan Schaefler, Darren Hollak and Jack Phipps of Newmark represented the seller in the deal. Totaling nearly 250,000 square feet, the campus is currently 88 percent occupied with substantial near-term rollover of 198,000 square feet in the first three years, enabling a conversion to life sciences space for the buyer. The campus has received more than $17 million in capital improvements since 2015, including multiple outdoor amenity spaces, a ground-floor café, onsite fitness center, creative exposed ceilings in tenant areas, HVAC renovations, lobby upgrades and parking lot resurfacing.

April 22, 2021

Acquisitions California Multifamily Seniors Housing Western

Avanath Capital Acquires Seniors Housing Community in Anaheim Hills for $87.5M

by Amy Works April 20, 2021

ANAHEIM HILLS, CALIF. — Avanath Capital Management has purchased Overlook at Anaheim Hills, a seniors housing property located at 145-235 S. Festival Drive in Anaheim Hills. An undisclosed seller sold the property for $87.5 million. Built in 2001, Overlook consists of seven two- and three-story garden-style buildings offering a total of 261 units with an average unit size of 751 square feet. Community amenities include a community center, clubhouse, business center, pool, spa, fitness center and billiard room. At the time of sale, the property was nearly 100 percent occupied. Avanath plans to implement a variety of capital improvements to the property, including renovating the clubhouse and community spaces, adding a dog park and implementing sustainability initiatives to reduce the property’s carbon footprint and generate energy savings.

April 20, 2021

California Loans Multifamily Western

Ready Capital Closes $6.9M in Financing for Multifamily Property in Los Angeles

by Amy Works April 20, 2021

LOS ANGELES — Ready Capital has closed $6.9 million in financing for the acquisition, renovation and stabilization of an apartment community located in the Van Nuys submarket of Los Angeles. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to renovate all 23 units. Renovations will include repairing flooring, upgrading cabinets, upgrading electrical and plumbing, and installing new appliances. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.

April 20, 2021

Acquisitions California Industrial Western

Crow Holdings Sells 2 MSF Southern California Industrial Portfolio to CalSTRS for $320M

by Amy Works April 19, 2021

MORENO VALLEY, SAN BERNARDINO AND RIALTO, CALIF. — Dallas-based Crow Holdings has completed the sale of a five-property industrial portfolio in Southern California. California State Teachers’ Retirement System (CalSTRS) acquired the 11-building portfolio for $320 million. The transaction is expected to be completed by May 2021. Totaling nearly 2 million square feet of industrial space, the five assets are located in Moreno Valley, San Bernardino and Rialto. At the time of sale, the portfolio was currently 45 percent leased or agreed to terms. The transaction was made through Crow Holdings’ investment management company.

April 19, 2021

Acquisitions California Retail Western

Hanley Investment Completes Break-up Sale at Zinfandel Crossings Shopping Center in Rancho Cordova, California

by Amy Works April 19, 2021

RANCHO CORDOVA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the fourth and final transaction in the break-up sale strategy of Zinfandel Crossings, a retail property anchored by 99 Cents Only in Rancho Cordova. The firm has brokered the sales of more than $11.4 million in retail properties at the shopping center. Kevin Fryman, Bill Asher and Ed Hanley of Hanley Investment Group represented the seller, a Santa Monica-based private investor. The buyer was a Stockton-based private investor. The final sale was that of a vacant 26,520-square-foot retail building, which was built in 1975 and formerly occupied by Fit Republic. The building is situated on 2.4 acres at 2810 Zinfandel Drive. The asset sold for $1.8 million.

April 19, 2021

Affordable Housing California Development Multifamily Western

West Hollywood Community Corp. Starts Construction of 41-Unit Affordable Housing Property in Los Angeles

by Amy Works April 19, 2021

LOS ANGELES — West Hollywood Community Corp. has broken ground for the development of Mariposa Lily, an affordable multifamily property located in the Pico-Union neighborhood of Los Angeles. Mariposa Lily will feature 40 residential units of affordable and permanent supportive housing, as well as a manager’s apartment. HED designed the infill seven-story property, which reflects an art-deco style.

April 19, 2021

Acquisitions California Retail Western

Stream Realty Partners Buys 49,334 SF Shopping Center in Santa Ana, California

by Amy Works April 19, 2021

SANTA ANA, CALIF. — Stream Realty Partners has acquired a grocery-anchored shopping center located at 2360 N. Tustin Ave. in Santa Ana. Previously owned by two private owners for 50 years, Stream purchased both the leasehold interest and the fee simple. Stater Bros. Markets has been a tenant since the property’s completion. Additionally, Stream acquired the 0.78 acres of adjacent land, which currently features two residential units, for future development. As a result of the transaction, Stater Bros. has renewed its 25,587-square-foot lease and Del Taco renewed its 1,859-square-foot lease at the center, which is slated to undergo several upgrades in the coming quarter. Renovations will include façade upgrades, new signage and landscaping. Additionally, Del Taco will begin interior renovations in the second quarter of 2021.

April 19, 2021

Acquisitions California Multifamily Western

Griffin Capital, Legacy Partners Sell Transit-Oriented Apartment Community in Southern California for $100M

by Amy Works April 16, 2021

MONROVIA, CALIF. — Griffin Capital Co. and Legacy Partners have completed the disposition of Moda at Monrovia Station, a Class A multifamily property located in Monrovia. Opportunity Housing Group as property administrator with the California Statewide Communities Development Authority acquired the asset for $100 million. Legacy, which will continue to manage the community, developed the property in a financial partnership with Griffin Capital and Silverpeak Real Estate Partners. Sitauted adjacent to the Gold Line at Monrovia Station, Moda features 261 apartments in a mix of one- and two-bedroom layouts; two landscaped courtyards; a pool and spa; barbecue areas; fire pits; and a 4,000-square-foot rooftop terrace. Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the sellers in the deal.

April 16, 2021

California Development Office Western

Irvine Co. Opens Innovation Office Park in Irvine Spectrum Business District

by Amy Works April 16, 2021

IRVINE, CALIF. — Irvine Company has opened Innovation Office Park, an open-air office village in the Irvine Spectrum business district. Offering more than 1.1 million square feet of creative and flexible workspace on 73 acres, the property features 28 loft-style buildings naturally connected by a center pedestrian path line. The property features expansive indoor and outdoor space; an indoor/outdoor café with rotating cuisine and walk-up artisan coffee bar; an event-ready pavilion; a private fitness center with spin/yoga studio; and tech-enabled conference and event space. Located at the confluence of interstates 5 and 133, Innovation Office Park’s first eight buildings, totaling 300,000 square feet, are now available for lease. The workplace community offers buildings ranging from 20,000 square feet to 40,000 square feet with suites as small as 2,000 square feet. Companies are able to customize spaces through branded super-graphics on the building exterior and select from a curated menu of private patio furniture and tailored interiors. The buildings also feature oversized roll-up doors, private patios, operable windows for fresh air, MERV-13 air filtration for healthier air circulation and Viracon glass and skylights for maximum energy-efficient daylighting. LPA served as architect and Burton Studio served as landscape architect.

April 16, 2021

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