California

SummerHill Apartment Communities Sells Theo Pasadena in California for $67M

by Amy Works November 16, 2021

PASADENA, CALIF. — SummerHill Apartment Communities has completed the disposition of Theo Pasadena, a multifamily property in Pasadena. Waterford Property Co. acquired the asset for $67 million, or $638,095 per unit. Built in 2020, Theo Pasadena features 105 apartments, a central courtyard with a swimming pool, fitness center, cyber lounge, co-working space, and a rooftop dog park. Apartments offer oversized, dual-pane windows, UBS charging outlets and private balconies or patios. Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

November 16, 2021

California Loans Multifamily Seniors Housing Western

JLL Capital Markets Arranges $15M Refinancing for Monarch Cottages Memory Care in La Jolla, California

by Amy Works November 16, 2021

LA JOLLA, CALIF. — JLL Capital Markets has arranged a $15 million refinancing for Monarch Cottages, a 26-unit, 52-bed, two-story, Class A memory care community in the San Diego suburb of La Jolla. JLL represented the borrower, Monarch Senior Living, in arranging the loan. Remodeled in 2016, Monarch Cottages comprises five companion studio and 21 private studio units averaging 370 square feet. Within a three-mile radius, the 75-plus population is over 6,500 and is expected to grow by 13.5 percent over the next five years. Additionally, the property’s surrounding area is extremely affluent, with a median housing value within a one-mile radius of $1.9 million and a median household income of $200,001. Alanna Ellis and Bercut Smith led the JLL Capital Markets debt team that represented the borrower.

November 16, 2021

California Loans Multifamily Retail Western

Ready Capital Closes $11.8M Loan for Multifamily, Retail Property Acquisition in Los Angeles

by Amy Works November 16, 2021

LOS ANGELES — Ready Capital has closed $11.8 million in financing for the acquisition, renovation and stabilization of a 62-unit multifamily and retail asset in the East Hollywood submarket of Los Angeles. Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors and building exteriors, as well as common area upgrades. The non-recourse, interest-only, floating-rate loan features a 24-month term, three extension options and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.

November 16, 2021

California Development Multifamily Seniors Housing Western

Sundt Completes 70-Unit Seniors Housing Community in Fairfield, California

by Amy Works November 16, 2021

FAIRFIELD, CALIF. — Sundt Construction Inc. has completed construction of The Ridge at Paradise Valley Estates, an eight-acre life plan community in the Bay Area city of Fairfield. The Ridge features a mix of 70 cottages and villas. The private cottages have two bedrooms and attached garages, and the villas feature either one bedroom or two bedrooms with under-building parking. In addition to the amenities of the larger Paradise Valley Estates 76-acre community, residents can access The Ridge’s dining facility and outdoor amenities such as a learning center and outdoor café.

November 16, 2021

Acquisitions California Multifamily Northmarq Western

Northmarq Brokers $22M Sale of 89-Unit Apartment Portfolio in El Cajon, California

by Amy Works November 15, 2021

EL CAJON, CALIF. — Northmarq has brokered the sale of a four-property multifamily portfolio located in El Cajon. Swanson Real Estate Solutions sold the property to El Cajon Investor 1 and El Cajon Investor 2 for $22 million. The portfolio includes the 28-unit Easter Manor Apartments, the 23-unit East Winds, the 19-unit Sunshine Manor Apartments and the 19-unit Sunshine Villas. The four buildings offer a total of 89 apartments. Erik Anderson and Kyle Pinkalla of Northmarq San Diego represented the buyer and seller in the deal.

November 15, 2021

Acquisitions California Retail Western

SRS Real Estate Partners Negotiates $9.5M Sale of Shops at KPC Towne Centre in Hemet, California

by Amy Works November 15, 2021

HEMET, CALIF. — SRS Real Estate Partners has arranged the sale of Shops at KPC Towne Centre, located at 2375-2465 W. Florida Ave. in Hemet. A Southern California-based private family trust sold the asset to a Los Angeles-based private investor for $9.5 million. Situated on two acres, the three-building property features 20,167 square feet of retail space. At the time of sale, eight tenants fully occupied the retail center. Built in 1995 and renovated in 2004, Shops at KPC Towne Centre is an outparcel to KPC Towne Centre, which includes Sprouts Farmers Market, Burlington and Regal Cinemas. Matthew Mousavi, Patrick Luther and Max Sabino of SRS’ National Net Lease Group represented the seller, while Jason Paukovits of Dream Realty Asset Management represented the buyer in the transaction.

November 15, 2021

Acquisitions California Multifamily Western

Clarion, Cityview Acquire Empire Landing Apartments in Burbank for $161M

by Amy Works November 12, 2021

BURBANK, CALIF. — Clarion Partners and Cityview have jointly purchased Empire Landing, a garden-style apartment community in Burbank. An undisclosed seller sold the asset for $161 million. Empire Landing features 276 apartments in a mix of one- and two-bedroom layouts and 41 three-story townhomes with two-car, direct-access garages. The gated community offers a pool and deck, fitness center and clubhouse. The buyers plan to implement a comprehensive renovation to the common areas, amenities and interiors of the property, including re-envisioning the indoor and outdoor amenities and updating the units.

November 12, 2021

Tustin-Rehabilitation-Hospital-Tustin-CA

Acquisitions California Healthcare Office Western

Cushman & Wakefield Brokers $18M Sale of Tustin Rehabilitation Hospital in Orange County

by Amy Works November 12, 2021

TUSTIN, CALIF. — Cushman & Wakefield has arranged the sale of Tustin Rehabilitation Hospital, a two-building, 73,180-square-foot medical facility at 14852 Yorba St. and 165 N. Myrtle Ave. in Tustin. An affiliate of Ventas sold the asset to an undisclosed buyer for $18 million. The property consists of a single-story, 17,180-square-foot nursing facility, which is currently vacant, and a two-story, 56,000-square-foot 48-bed inpatient rehabilitation facility that will become vacant by the end of the year. Travis Ives and Gino Lillio of Cushman & Wakefield’s US Healthcare Capital Markets team represented the seller in the deal.

November 12, 2021

Acquisitions California Mixed-Use Multifamily Retail Western

Taiwan-Based Investor Purchases Mixed-Use Project in Arcadia, California for $39.2M

by Amy Works November 11, 2021

ARCADIA, CALIF. — A private investor from Taiwan has acquired a mixed-use residential and retail property, located at 57 Wheeler Ave. in Arcadia, from a local developer for $39.2 million. Joyce Goldstein and Eric Chen of CBRE represented the buyer and the seller in the deal. Completed in 2019, the property features 38 apartments and 17,000 square feet of ground-floor retail space, which Universal Bank and Tap Lounge occupy. Community amenities include elevators, an outdoor barbecue area and courtyard, ample guest parking, storage spaces and electric vehicle charging stations. Apartments offer double vanities, stainless steel appliances, hardwood flooring and in-unit washers/dryers.

November 11, 2021

Acquisitions California Industrial Western

Empire Square Group Sells 160,000 SF Manufacturing, Office Campus in San Jose for $64.3M

by Amy Works November 10, 2021

SAN JOSE, CALIF. — Empire Square Group has completed the disposition of a two-building advanced manufacturing and office campus located at 5300-5350 Hellyer Ave. in South San Jose. J&J Properties acquired the asset for $64.3 million. Joe Moriarty, Scott Prosser and Jack DePuy of CBRE Capital Markets brokered the sale. Brad Zampa and Michael Walker of CBRE Capital Markets’ Debt & Structured Finance group arranged $44 million in acquisition financing for J&J Properties. The 10-year, fixed-rate, non-recourse loan was arranged through a multinational investment bank. CAES, formerly Cobham, has occupied the 160,000-square-foot asset since it was originally built in 1999, and the company has invested significant capital into facility improvements over the years. The property features specialized infrastructure including 21 kV of power and more than 1,000 tons of HVAC. CAES is a provider of analog and radiation-hardened technology for the U.S. aerospace and defense industry. The company makes off-the-shelf and customized radio frequency, microwave and high-reliability microelectronic products and subsystems.

November 10, 2021

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