California

Hines Sells Industrial Logistics Facility in Santa Ana, California for $113.5M

by Amy Works January 22, 2021

SANTA ANA, CALIF. — Hines has completed the sale of 515 E. Dyer, an industrial logistics facility in Santa Ana. An undisclosed buyer acquired the property for $113.5 million. Situated close to State Route 55, Interstate 5 and John Wayne Airport, the facility offers 373,942 square feet of last-mile distribution or more traditional manufacturing and warehouse space in Southern California. Hines purchased the facility in 2017 and implemented a robust capital improvement plan, including new roof, seismic retrofit, expanded trailer parking, office upgrades, landscaping and signage. The facility is fully leased through 2034. Cushman & Wakefield, including John Griffin, represented both parties in the transaction.

January 22, 2021

Acquisitions California Multifamily Western

Waterton Acquires 318-Unit The Vue Residential High-Rise in San Pedro, California

by Amy Works January 22, 2021

SAN PEDRO, CALIF. — Chicago-based Waterton has purchased The Vue, a 16-story apartment community located at 255 W. Fifth St. in San Pedro. Originally built in 2008 as a condominium project, the property features 318 apartments in a mix of one-, two- and three-bedroom floor plans. Terms of the transaction were not released. Averaging 1,035 square feet, the units feature large living spaces and bedrooms, nine-foot ceilings and floor-to-ceiling windows. Waterton plans to renovate the units with stainless steel appliances, updated plumbing fixtures, tile backsplashes, new cabinet fronts and quarter countertops in the kitchens. Additionally, the renovations will include faux wood vinyl plank flooring, new lighting fixtures and the addition of full-sized vented washers/dryers. Waterton also plans to upgrade the lobby and common areas, as well as make cosmetic improvements to the existing amenities, including the pool deck, fitness center, rooftop lounge and business center.

January 22, 2021

California Company News Western

Money360 Appoints Tom MacManus as CEO

by Amy Works January 22, 2021

LADERA RANCH, CALIF. — Money360, a Ladera Beach-based commercial real estate direct lender, has promoted Tom MacManus to president and chief executive office (CEO). Current CEO Evan Gentry will step back from day-to-day operations and transition responsibilities effective April 5, 2021. MacManus joined Money360 as president in October 2020 with more than 30 years of experience in commercial real estate, including serving as president of GMAC Commercial Mortgage and CEO of North American operations. In his current role, he is responsible for leading the company’s sales team, driving strategic growth and broadening its origination network. Since MacManus joined the company, Money360 has hired four new executives to its originations team and funded loan volume in December 2020 of over $110 million. Money360 expects to fund more than $1 billion in loans in 2021. “I look forward to expanding my role at Money360 and further accelerating our growth during this unique period of opportunity for bridge lending,” says MacManus. “As other private lenders and some traditional banks have pulled back from the market amid the pandemic, there is a significant opportunity for us to grow market share by meeting the robust pent-up demand for transitional capital.”

January 22, 2021

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment Negotiates $2.6M Sale of Chili’s-Occupied Building in Lake Elsinore, California

by Amy Works January 22, 2021

LAKE ELSINORE, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant restaurant property located at Lake Elsinore Marketplace, a 144,034-square-foot shopping center in Lake Elsinore. Irvine-based Pacific Castle sold the asset to an Orange County-based private investor for $2.6 million. Built in 2005 and renovated in 2019, the 6,300-square-foot restaurant pad is located at 29233 Central Ave. Chili’s Grill & Bar occupies the property under an absolute triple-net lease. Additional tenants at Lake Elsinore Marketplace include Starbucks Coffee, Popeyes, Wendy’s, Del Taco, Panda Express, Valvoline and Wells Fargo. Kevin Fryman and Bill Asher of Hanley Investment Group represented the seller, while Dhanesh Solanki of Brea-based KW Commercial represented the buyer in the transaction.

January 22, 2021

California Company News Western

Marcus & Millichap Grows Financing Division with Two Appointments

by Amy Works January 21, 2021

CALABASAS, CALIF. — Marcus & Millichap is continuing its growth plan for the firm’s financing subsidiary, Marcus & Millichap Corp. (MMCC), with the appointment of two key executives. The company named Evan Denner as executive vice president and head of business and Paul Lewis to the newly created position of senior vice president and director of agency programs. With nearly 30 years of experience in the commercial real estate industry, including 23 years of capital markets and financing experience, Denner has served as Marcus & Millichap’s head of corporate strategy since 2019. He played a key role in the firm’s recent acquisition of Metropolitan Capital, Mission Capital and LMI. Denner’s experience includes serving a leadership position at Ackman-Ziff Real Estate Group, CEO of the U.S. arm of Hypo Real Estate Capital, head of merchant banking at Cantor Fitzgerald and co-founder and CEO of REIT Quadra Realty Trust. Lewis brings nearly 20 years of experience to Marcus & Millichap. Previously, Lewis served at Fannie Mae and structured $50 billion in multifamily financings with no attributed credit loss, designing key multifamily programs and implementing changes to Fannie Mae’s counterparty risk functions. “The acceleration of MMCC’s growth is a top priority for our …

January 21, 2021

Acquisitions California Retail Western

Progressive Real Estate Partners Brokers $4.8M Sale of Former Food 4 Less Store in Corona, California

by Amy Works January 21, 2021

CORONA, CALIF. — Progressive Real Estate Partners has arranged the sale of a former Food 4 Less grocery store located at 109 N. McKinley St. in Corona. Expert Hardware Flooring acquired the property for $4.8 million. The buyer plans to use the 55,000-square-foot building as a showroom and wholesale distribution center for its commercial flooring. Built in 1989, the building features an open floor plan, two loading docks and bay doors, pylon signage along McKinley Street and expansive parking. Greg Bedell and Paul Su of Progressive Real Estate Partners represented the seller, a West Los Angeles-based private investor group, while Barrett Woods with Lee & Associate represented the buyer in the deal.

January 21, 2021

California Industrial Market Reports Western Western Market Reports

Soaring Demand for Inland Empire Warehouse Space Brings Opportunities for Developers

by Jeff Shaw January 21, 2021

By Richard Lee and J.C. Casillas, NAI Capital Commercial In the fourth quarter of 2020, the Inland Empire industrial market continued to battle the effects of an economy that has so far spent three-fourths of the year under a COVID-19 shutdown. After dipping for several quarters, the average asking rent held steady at $0.72 triple net, down 6.5 percent from the fourth quarter of 2019. The vacancy rate nudged up 10 basis points from the previous quarter’s record low, down 90 basis points from the fourth quarter of 2019 to 3.9 percent. Pointing to the market’s resilience this time around, vacancy remains 8.4 percentage points lower than the prior peak, which hit in the third quarter of 2009 during the Great Recession. There has been exponential growth in demand for ecommerce due to COVID-19 and related industries, such as packaging and third party logistics. This has resulted in a fast recovery for the Inland Empire industrial market. Soaring demand for warehouse and distribution space has created opportunities for developers. The vacancy rate has increased, due to the 1.9 million square feet of completed construction added to the market in the fourth quarter of 2020. Since the first quarter of this …

January 21, 2021

Affordable Housing California Development Multifamily Western

St. Anton Communities Starts Construction of 196-Unit Affordable Housing Property in Santa Clara

by Amy Works January 19, 2021

SANTA CLARA, CALIF. — St. Anton Communities is developing St. Anton Tasman, a $100 million affordable housing community in Santa Clara. Located at 2233 Calle De Mundo, the property will feature 196 affordable units, with nearly 20 percent for very low-income tenants making up to 50 percent area median income (AMI) and the remaining units for low-income tenants making up to 80 percent AMI. The community is regulated to stay as affordable housing for at least 55 years. St. Anton Tasman will offer 153 studio units and 43 one-bedroom apartments, a podium deck, clubroom, fitness center, dog run and classroom/business center. Additionally, the community will offer services including instructor-led educational, health and wellness and skill-building classes. KTGY Architecture + Planning designed the six-story residential community, which is slated to open for occupancy in mid-2022. Bank of America provided primary construction and permanent financing for the project, with The Irvine Co. providing gap funding.

January 19, 2021

Acquisitions California Multifamily Western

Waterton Enters San Francisco Market, Buys 154-Unit Delphine on Diamond Apartment Community

by Amy Works January 19, 2021

SAN FRANCISCO — Waterton, a Chicago-based national real estate investor and operator, has purchased Delphine on Diamond, formerly known as eaves Diamond Heights, as its entry into the San Francisco market. Situated in the city’s Noe Valley neighborhood, Delphine on Diamond features 154 one-, two- and three-bedroom apartments spread across two podium buildings with subterranean parking. Waterton plans to renovate the community, which was built in 1972, including new siding and windows, landscaping, mechanical upgrades and updates to hallways, common areas and amenities. Additionally, units will be updated with new light fixtures, carpeting and faux wood flooring throughout, while kitchens will be outfitted with new cabinets, solid surface countertops and modern plumbing fixtures. The property is located at 5285 Diamond Heights Blvd. Terms of the acquisition were not released.

January 19, 2021

Acquisitions California Multifamily Seniors Housing Western

SLIB Arranges $7.8M Sale of FountainWood Lodge Assisted Living Community in Orangevale, California

by Amy Works January 19, 2021

ORANGEVALE, CALIF. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of FountainWood Lodge, a 90-unit assisted living and memory care community in Orangevale, a suburb of Sacramento. The community was built in 1981 and has undergone several renovations. The 63,930-square-foot building is located on six acres of land. The seller is a nonprofit owner-operator. A regional owner-operator acquired the property for $7.8 million. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction. “FountainWood Lodge has a great reputation in the local market, and the buyer plans on improving upon this as they take over,” says Goodsell. “This acquisition is a nice fit for the buyer, as they grow their portfolio and already successfully operate in the area.”

January 19, 2021

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