California

CBRE Brokers $3.8M Sale of Holt Medical Center in Southern California’s Inland Empire

by Amy Works January 29, 2021

MONTCLAIR, CALIF. — CBRE has arranged the sale of Holt Medical Center, a medical office property located in Montclair. A private investor in a 1031 exchange acquired the asset from an Orange County-based private investor for $3.8 million. Sammy Cemo, Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and John Oien of CBRE represented the seller, while an outside broker represented the buyer. Located at 5153 Holt Blvd., the 12,453-square-foot property was originally built in 2006. At the time of sale, the two-story building was fully occupied by seven tenants with a weighted average lease term remaining of 5.02 years.

January 29, 2021

Acquisitions California Retail Western

Progressive Real Estate Partners Negotiates $2.8M Sale of Shops at Fontana Square in Southern California

by Amy Works January 29, 2021

FONTANA, CALIF. — Progressive Real Estate Partners has arranged the sale of Shops at Fontana Square, an un-anchored, multi-tenant retail center in Fontana. An Arizona-based private investor sold the asset to a Southern California-based private investor for $2.8 million. Located at 17218 Foothill Blvd., the 7,194-square-foot shopping center was built in 2008. At the time of sale, the property was fully occupied with a stable mix of seven internet-resistant services. Greg Bedell and Mike Lin of Progressive Real Estate Partners represented the seller, while Dolly Yau of Dolly Realty represented the buyer in the deal.

January 29, 2021

Affordable Housing California Development Loans Multifamily Western

Presidio Bay Ventures Receives $120M in Construction Financing for Ventana Residences Multifamily Project in San Francisco

by Amy Works January 28, 2021

SAN FRANCISCO — Presidio Bay Ventures has received on $120 million in construction financing for the development of Ventana Residences, an apartment community located at 99 Ocean Ave. in San Francisco’s Outer Mission and Excelsior District. The project is a joint venture between Presidio Bay and American Realty Advisors. TDA Investment Group (TDA) and the AFL-CIO Housing Investment Trust (AFL-CIO HIT) provided the construction financing. Ventana Residences will offer 193 family-friendly apartments, with 48 designated as below-market-rate units, in a mix of studio, one-, two- and three-bedroom floor plans. Community amenities will include a fitness center, co-working spaces, on-site childcare facilities, a two-level roof deck and a large-format, public-facing art program. Additionally, the project’s design incorporates sustainable elements including rooftop solar photovoltaic panels, all-electric appliances and individual utility submetering. Utilizing 100 percent union labor, the development of Ventana Residences will create more than 500 prevailing wage jobs and provide 25 percent on-site affordable housing, making the project the largest San Francisco community to be built under the city’s HOME-SF affordable housing development program.

January 28, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

Vendaval Plans 400-Unit Affordable Seniors Housing Community in Moreno Valley, California

by Amy Works January 28, 2021

MORENO VALLEY, CALIF. — Vendaval Corp. has unveiled plans for an affordable housing community for seniors and veterans in Moreno Valley, approximately 65 miles east of downtown Los Angeles. The property is situated on seven acres and will include more than 400 units. A name for the community was not released. Additional facilities will include entertainment venues, restaurants and other amenities totaling 30,000 square feet to support both residents and the surrounding community. The development will be self-sustaining, and programs will be free. Revenues from the apartment rentals and retail shops will cover the cost of providing rental assistance by the Department of Urban and Housing Development (HUD) and other programs. Affordable housing is scarce in California, and in Moreno Valley the average rent for a one-bedroom apartment runs north of $1,600 a month, according to Vendaval.

January 28, 2021

Acquisitions California Net Lease Retail Western

Hanley Investment Group Arranges $11.3M Sale of 30,476 SF Retail Property in Orange County

by Amy Works January 28, 2021

STANTON, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $11.3 million sale of a 30,476-square-foot, single-tenant retail building in the Orange County community of Stanton. The property is net leased to Smart & Final Extra! and was remodeled in 2008. Eric Wohl, Ed Hanley and CJ Kiehler of Hanley represented the seller, 7050 Katella Avenue LLC, in the transaction. Oliver Wang of RE/MAX Premier Properties represented the buyer, a private investor from Los Angeles.

January 28, 2021

California Development Multifamily Western

Alliance Residential Opens 403-Unit Broadstone Archive Apartment Community in Santa Ana

by Amy Works January 27, 2021

SANTA ANA, CALIF. — Alliance Residential has completed the development of Broadstone Archive, a multifamily property located 1901 E. Dyer Road in Santa Ana. Broadstone Archive features 403 apartments in a mix of studio, one-, two- and three-bedroom layouts ranging from 598 square feet to 1,470 square feet. All units offer quartz countertops, built-in under-counter wine fridges, in-unit washers/dryers and Samsung stainless steel appliances. The property also features smart technologies including fobless amenity and building entry, keyless unit entry, Nest thermostats, Dwelo smart home technology and Google Fiber. Community amenities include communal and private co-working spaces; a rooftop terrace with fireplace; resident clubroom with full kitchen, multi-level bar lounge, outdoor kitchen and dining space; Crossfit-style fitness center; basketball courts; karaoke studio; and racing simulator. The five-story property is the second of three multifamily communities developed in Park & Paseo, an 18-acre master-planned community that will total 1,221 residential units, 18,000 square feet of retail space and 56,000 square feet of office space at completion. The project team includes Alliance Residential as general contractor, AO as architect, MJS Landscape, Fuscoe Engineering and Bells + Whistles. Greystar will manage the property.

January 27, 2021

Acquisitions California Multifamily Western

Waterton Purchases 293-Unit OLiVE DTLA Multifamily Community in Downtown Los Angeles

by Amy Works January 26, 2021

LOS ANGELES — Waterton has purchased OLiVE DTLA, a seven-story mid-rise multifamily community located at 1243 S. Olive St. in downtown Los Angeles. Blake Rogers, Alexandra Caniglia, Hunter Combs, Javier Rivera and Kevin Sheehan of Walker & Dunlop represented the undisclosed seller in the deal. Justin Nelson and Allan Edelson, also of Walker & Dunlop, arranged acquisition financing for Waterton. Built in 2017, OLiVE DTLA features 293 apartments in a mix of studio, one- and two-bedroom floor plans. Units offer stainless steel appliances, subway tile backsplashes, European-style cabinets, quartz countertops, double pane floor-to-ceiling windows and wood-plank flooring. Additionally, select units feature balconies. Community amenities include a lobby, lounge, rooftop courtyard, resort-style pool area with sundeck, fire pit, grilling stations, business center, fitness center, on-site pet park and underground, controlled-access parking. The property also features 14,500 square feet of street-level retail space, 2,400 square feet of which Waterton plans to convert into 110 residential storage units. The company also plans to improve in-tenant technology access.

January 26, 2021

Acquisitions California Hospitality Western

McClellan Business Park in Sacramento Expands with Addition of Lions Gate Hotel

by Amy Works January 26, 2021

SACRAMENTO, CALIF. — McClellan Business Park, a privately-owned, 3,000-acre mixed-use project in Sacramento, has acquired Lions Gate Hotel, located at 3410 Westover St. in McClellan Park, a census-designated place in Sacramento County. Oceanic Victorville LP, which owned the property since 2017, will remain under contract to operate the historic hotel. From 1938 to 2000, the 112-room asset served as military housing for McClellan Air Force Base. The property was renovated in 2019 and is adjacent to The Officer’s Club, a restaurant and event center also owned by McClellan Business Park. The hotel features a business center, room service, a swimming pool, ample parking and proximity to the Sacramento McClellan Airport.

January 26, 2021

Acquisitions California Industrial Net Lease Western

BentallGreenOak Acquires 607,208 SF North Bay Logistics Center in Fairfield, California

by Amy Works January 25, 2021

FAIRFIELD, CALIF. — BentallGreenOak, on behalf of a discretionary investment vehicle, has purchased North Bay Logistics Center, a fully net-leased distribution warehouse in Fairfield. Terms of the transaction, including the name of the seller and acquisition price, were not released. Built in 1995, the cross-dock, 607,208-square-foot property features functional tenant space with 30-foot clear heights, wide column spacing, ESFR sprinklers, 56 dock-high doors, eight grade-level doors, ample truck and trailer parking and low office finish space. Situated on more than 28 acres, North Bay Logistics Center is within a mile of the convergence of interstates 80 and 680 and CA-12. Mark Detmer, Ryan Sitov, Andie Fezell, Matt Bracco and Glen Dowling of JLL Capital Markets represented the seller in the deal. Additionally, Bruce Ganong, Alex Witt, Tom Gilliland and Lauren Mezzanotte of JLL Capital Market Debt Placement secured an acquisition loan for the buyer. BentallGreenOak has retained JLL to manage the property, with Tracy Scifo of JLL Property Management leading the team.

January 25, 2021

Acquisitions California Healthcare Office Western

Cypress West Partners Sells Park Plaza Medical Campus in Redlands, California for $18.3M

by Amy Works January 25, 2021

REDLANDS, CALIF. — Rancho Santa Margarita, Calif.-based Cypress West Partners has completed the disposition of Park Plaza Medical Campus, a medical office complex located in Redlands. An undisclosed buyer acquired the asset for $18.3 million. Totaling 53,325 square feet spread across three outpatient medical office buildings, Park Plaza Medical Campus is located at 1776, 1782 and 1790 W. Park Ave. Loma Linda University Health Care occupies 99 percent of the property. Loma Linda University Health Care is an academic medical center that operates 1,077 beds across six hospital. The healthcare provider utilizes the Park Plaza buildings for a variety of specialty practices, including its Behavioral Medical Center program. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE’s U.S. Healthcare and Life Sciences Capital Markets partnered with Anthony DeLorenzo, Gary Stache, Sammy Cemo and Doug Mack of CBRE to represent the seller in the transaction.

January 25, 2021

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