California

Gantry Arranges $43.4M in Financing for CreekBridge Village Apartments in Salinas, California

by Amy Works December 21, 2020

SALINAS, CALIF. — Gantry has secured a $43.4 million loan for CreekBridge Village Apartments, a multifamily community in Salinas. Tom Dao of Gantry arranged the 35-year, 2.13 percent HUD (223f) cash-out financing through Eastern Mortgage Capital for the undisclosed borrower. Located at 1701 Independence Blvd., the 220-unit property features one-, two-, three- and four-bedroom floor plans, ranging from 803 square feet to 1,429 square feet. Units feature wall-to-wall carpeting, full-size washers/dryers, private patios or balconies, electronic thermostats and fireplaces, as well as assigned parking. The gated community also features a lighted tennis court, lap pool, spa, picnic areas, 24-hour fitness center and recreation center with a banquet room for events and gatherings.

December 21, 2020

Acquisitions California Retail Western

Hanley Investment Group Negotiates $3.4M Sale of Two 7-Eleven Properties in California

by Amy Works December 21, 2020

SANTA MARIA AND FRESNO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of two retail assets located in Santa Maria and Fresno. The total price for the two transactions was $3.4 million. Located at 1104 S. Blosser Road in Santa Maria, 7-Eleven fully occupies the 2,413-square-foot property. The building was built in 1974. Hermosa Beach-based Equitas Investments sold the asset to a private investor from Fowler for $1.6 million. Jeremy McChesney of Hanley Investment represented the seller, while Luc Hawkshaw of Apex Partners represented the buyer in the deal. A Fresno-based private partnership sold the two-tenant retail property, located at 2414-2418 N. Fruit Ave. in Fresno, to a Los Angeles-based private investor for $1.8 million. The 4,640-square-foot building consists of a 3,120-square-foot 7-Eleven and a 1,520-square-foot coin laundromat. McChesney represented the seller, while Sandra Miller of Engel & Volkers represented the buyer in the transaction.

December 21, 2020

Goodman-Logistics-Center-Fontana-III-Fontana-CA

California Development Industrial Western

Goodman Starts Construction of 1.1 MSF Logistics Center Fontana III in Inland Empire

by Amy Works December 18, 2020

FONTANA, CALIF. — Goodman has started construction of Goodman Logistics Center Fontana III, a logistics facility located in Fontana. Slated to open in summer 2021, the property will provide infrastructure to meet the demand for logistics space with access to large consumer markets. Totaling 1.1 million square feet, Goodman designed the campus to accommodate tenant requirements from 212,420 square feet to 453,020 square feet. The site provides access to 18 million consumers within a same-day drive time, with a combined consumer purchasing power of $215 billion annually, according to the developer. Goodman recently completed and leased two additional logistics centers located adjacent to the Fontana III property. Amazon and eFulfill, an e-commerce furniture supplier, are the tenants of those assets.

December 18, 2020

California Company News Retail Western

Court Approves Guitar Center’s Exit from Chapter 11 Bankruptcy

by Jeff Shaw December 18, 2020

WESTLAKE VILLAGE, CALIF. — Just over three weeks after filing for Chapter 11 bankruptcy, Guitar Center appears ready to already emerge from the process. In its original filings, the Westlake Village-based musical instrument and supplies retailer reported its business of instrument purchases, rentals, repairs and music lessons suffered amid the upheaval stemming from government-mandated shutdowns in response to the COVID-19 pandemic. At a virtual hearing Thursday, U.S. Bankruptcy Judge Kevin Huennekens, based in Richmond serving the Eastern District of Virginia, approved Guitar Center’s bankruptcy plan, according to Bloomberg. The retailer expects to emerge from the Chapter 11 process before the end of next week, reducing its debt load by around $800 million. The company worked out a restructuring support agreement that includes new financing from existing creditors, $165 million in new equity from owner Ares Management Corp., Carlyle Group and Brigade Capital Management, Bloomberg reports. Recently sold bonds will also help pay for the move. The judge noted that creditors will still be paid in full as a result of the new structure, and creditors unanimously supported the deal. No plans were released regarding Guitar Center’s 297 brick-and-mortar locations. When it originally filed for bankruptcy, the company also hired A&G …

December 18, 2020

California Hawaii Loans Multifamily Seniors Housing Walker & Dunlop Western

Walker & Dunlop Arranges $86M in Financing for Two Seniors Housing Communities in California, Hawaii

by Amy Works December 18, 2020

PALO ALTO, CALIF., AND HONOLULU — Walker & Dunlop Inc. has arranged a total of $86 million in financing for two seniors housing properties. The loans provided $45 million to EWS Real Estate Investment Co. for Palo Alto Commons, a 181-unit property in Palo Alto, and $41 million to The MW Group for The Plaza at Moanalua, a 160-bed community in Honolulu. Both properties offer assisted living, independent living and memory care. Palo Alto Commons, built in 1989 and 2010, is a three-story, two-building complex with a mix of studio, one- and two-bedroom units. The Plaza at Moanalua is a Class A seniors housing community built in 2011. Russell Dey led Walker & Dunlop’s team in structuring the financing for MW Group, while Dey and Jay Thomas worked together to complete the loan for Palo Alto Commons. Both transactions were arranged with Freddie Mac financing and featured fixed rates and an interest-only component.

December 18, 2020

California Development Multifamily Student Housing Western

ACC, University of Southern California Complete Second Phase of Student Housing Development in Los Angeles

by Amy Works December 17, 2020

LOS ANGELES — A public-private partnership between American Campus Communities and the University of Southern California (USC) has completed a second phase of a student housing development. The residence hall is located at 1630 San Pablo St. near the university’s Curry Hall and the LAC+USC Medical Center. Shared amenities at the property include outdoor and indoor study areas, retail space and a rooftop courtyard. “We were able to commit 35 percent of the overall area to open space,” says Benjamin Kasdan, principal at KTGY Architecture + Planning, which designed the community. “This is desirable not only during the COVID period, but beyond. The project includes many trends and features we expect to see in the future based on input from students and housing developers.”

December 17, 2020

Acquisitions California Office Western

Thor Equities Divests of 46,752 SF Mixed-Use Office Property in San Francisco

by Amy Works December 17, 2020

SAN FRANCISCO — Thor Equities Group has completed the sale of 634 Second Street, a mixed-use commercial building located in San Francisco’s SOMA neighborhood. Terms of the transaction were not released. The 46,752-square-foot property features three stories, a rooftop deck and 100 feet of frontage along Second Street. At the time of sale, the property tenants included Okta, a cloud security company; Cloudflare, a hosting provider; and Sajj Mediterranean, a restaurant. Kyle Kovac, Mike Taquino and Mandy Lee of CBRE represented Thor Equities in the transaction. Ben Vago and Avram Posner of Wachtel Missry LLP served as legal counsel for Thor Equities.

December 17, 2020

Arizona California Industrial Loans Nevada Western

CBRE Arranges $69M in Financing for 1 MSF Industrial Portfolio in Southwest

by Amy Works December 16, 2020

LOS ANGELES — CBRE Capital Markets’ Debt & Structured Finance team has arranged $69 million for the recapitalization of a four-property industrial portfolio totaling 991,634 square feet across the southwestern United States. Shaun Moothart, Bruce Francis, Jennifer Ansari, Dana Summers, Bob Ybarra and Doug Birrell of CBRE secured the 20-year, 2.13 percent loan on behalf of the borrower, Moulton Co., a family-owned and operated private equity asset management firm based in Southern California. The portfolio consists of four core industrial assets: Harbor Gateway, located at 20100 S. Western Ave. in Torrance, Calif. Longley Commerce Center at 6550 Longley Lane in Reno, Nev. The Landing at PMG, located at 7613-7753 E. Ray Road in Mesa, Ariz. Northgate Distribution Center at 4800 E. Tropical Parkway in Las Vegas At the time of sale, all four facilities were fully leased.

December 16, 2020

Acquisitions California Industrial Western

Hill Properties, Westport Capital Buy 61,000 SF Industrial Portfolio in San Diego

by Amy Works December 16, 2020

SAN DIEGO — A joint venture between San Diego-based Hills Properties and a fund managed by Westport Capital Partners has acquired an industrial portfolio in San Diego’s Miramar industrial neighborhood. Providence II Camino Santa Fe LLC sold the assets for $11.3 million. Located at 8250-8260 Camino Santa Fe, the two-building portfolio features 61,000 square feet of multi-tenant industrial space. Evan McDonald of Colliers International represented the seller in the deal.

December 16, 2020

Acquisitions California Retail Western

Private Developer Divests of Grocery-Anchored Shopping Center in Los Angeles’ Koreatown for $57.5M

by Amy Works December 15, 2020

LOS ANGELES — A private developer has completed the sale of California Marketplace, a shopping center located at 450 S. Western Ave. in the Koreatown neighborhood of Los Angeles. A private investment company acquired the asset for $57.5 million. A Korean grocery store occupies the three-story retail property, which features an adjacent, four-level parking structure. At the time of sale, the property was 86 percent leased to 25 tenants, including Gaju Market, Pacific City Bank, Myungrang Hot Dog and BMB Medical. Michael Shustak, Derrick Moore, Chris Caras and Phillip Sample of CBRE’s downtown Los Angeles office represented the seller in the deal.

December 15, 2020

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