California

PSRS Arranges $9.2M Refinancing for Historic Office Property in Santa Barbara, California

by Amy Works January 22, 2026

SANTA BARBARA, CALIF. — PSRS has arranged $9.2 million in refinancing for The Julia, a historic office building located at 924 Anacapa St. in Santa Barbara. Designed by famed architect Julia Morgan in 1926 initially as a women’s hotel, the 40,000-square-foot property was converted to office use in the 1970s. Seth Ludwick and Thomas Rudinsky of PSRS secured the loan, which features a 25-year amortizing term with rate resets every five years, through one of PSRS’ correspondent life insurance companies.

January 22, 2026

Acquisitions California Multifamily Seniors Housing Western

Berkadia Brokers Sale of 135-Unit Seniors Housing Community on San Francisco Bay

by Amy Works January 21, 2026

SAN MATEO, CALIF. — Berkadia has brokered the sale of Atria Park of San Mateo, a 135-unit assisted living and memory care community located in San Mateo on the western shores of San Francisco Bay. A partnership between Shelter Real Estate Investment Properties and Calson Management acquired the property for an undisclosed price. The community will be rebranded as Harbor at Hillsdale. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders of Berkadia arranged the transaction on behalf of the undisclosed seller.

January 21, 2026

Acquisitions California Office Western

Newmark Brokers Sale of 82,025 SF Office Building in Pasadena, California

by Amy Works January 20, 2026

PASADENA, CALIF. — Newmark has negotiated the sale of The Chamber of Commerce Building, an office property located at 117 E. Colorado Blvd. in Pasadena. A partnership led by Pasadena-based investor Pete Klutzier and his company, Edgewood Realty Partners, acquired the asset for an undisclosed price. Built in 1904 in the tradition of Beaux-Arts architecture, The Chamber of Commerce Building offers 82,025 square feet of 84 percent leased office space and an adjacent standalone parking structure at 48 N. Raymond Ave. The building has undergone significant upgrades over the years and caters to the needs of small- to mid-sized tenants. Kevin Shannon, Rob Hannan, Ken White, Laura Stumm and Michael Moll of Newmark represented the undisclosed seller in the deal.

January 20, 2026

California Market Reports Office Western Western Market Reports

Occupancy Gains Reinforce Inland Empire’s Office Market Recovery

by John Nelson January 20, 2026

— By J.C. Casillas of NAI Capital — The Inland Empire office market continues to show signs of recovery, with broad-based tenant demand pushing occupancy higher and absorbing vacant direct space. While landlords are holding asking rents steady to capitalize on the improving environment, direct vacant space decreased 3.2 percent quarter over quarter and 16.4 percent year over year. Vacant sublease space fell a solid 4.5 percent quarter over quarter, though it nearly doubled year over year to 135,149 square feet at year-end. Renewed tenant activity continues to chip away at vacant space, reinforcing the recovery. In fourth-quarter 2025, net absorption — driven primarily by direct space — totaled about 557,000 square feet for the year, marking a meaningful milestone in the market’s rebound. The vacancy rate edged down 10 basis points quarter over quarter, supported by 106,095 square feet of space coming off the market. It now stands at 4.7 percent, 80 basis points lower than a year ago. Stabilization has been supported by shifting workplace strategies and evolving remote work patterns. Since the economy reopened following the pandemic, occupied office space has increased by nearly 2.1 million square feet, surpassing pre-pandemic levels. Sublease vacancy has fallen 22.5 percent …

January 20, 2026

Acquisitions California Office Western

CBRE Brokers $6.2M Sale of of Orange Plaza Office Building in Redlands, California

by Amy Works January 19, 2026

REDLANDS, CALIF. — CBRE has negotiated the sale of Orange Plaza, an office building located at 1615 Orange Tree Land in Redlands. A corporate seller sold the asset to an undisclosed buyer for $6.2 million. Sammy Cemo, Austin Reuland, Anthony DeLorenzo and Bryan Johnson of CBRE represented the seller in the transaction. Situated on 2.5 acres, the two-story building offers 36,360 square feet of office space and ample parking.

January 19, 2026

Acquisitions California Multifamily Top Stories Washington Western

Interstate Equities, PGIM Acquire Multifamily Portfolio in Silicon Valley, Seattle for $272M

by Taylor Williams January 19, 2026

MOUNTAIN VIEW, REDWOOD CITY AND SUNNYVALE, CALIF., AND SEATTLE — Interstate Equities Corp. (IEC), in partnership with PGIM, has acquired a portfolio of four multifamily properties totaling 574 units in Silicon Valley and Seattle. The sales price was $272 million. The seller was not disclosed. The properties, all of which were built between 1987 and 2015 and offer amenities such as fitness centers, pools, dog parks, business centers and outdoor grilling and dining stations, are collectively known as the mResidences Portfolio. They include: IEC plans to implement strategic value-add improvements and amenity enhancements designed to optimize operations and improve net operating income across the assets. The deal is structured with PGIM holding a majority of the equity interest, while IEC retains a minority. “This acquisition reflects a disciplined, risk-aware approach to capital deployment, with a focus on assets positioned to perform through the full hold period,” says Brendan Gibney, director of investments at IEC. “In Silicon Valley and South Lake Union, structural supply constraints, elevated replacement costs and durable employment fundamentals provide meaningful downside protection for occupancy, while strong rent momentum in the Bay Area supports continued rent growth across the cycle.” — Amy Works and Taylor Williams

January 19, 2026

California Development Loans Multifamily Western

Priority Capital Closes $174M Financing for Multifamily Project in Santa Maria, California

by Amy Works January 16, 2026

SANTA MARIA, CALIF. — Priority Capital Advisory, led by Founder and President Zachary Streit, has closed on $174 million in construction financing on behalf of the ownership of Blosser Ranch, a 160-acre master-planned development in Santa Maria. The financing funds both horizontal and vertical construction for the first phase, a three-story, 302-unit, garden-style apartment community on 12 acres. Additionally, the funding recapitalizes the remaining land within the entire development, positioning the borrower for the project’s six future subphases. The structured capital stack financing includes: The Class A multifamily property will feature studio, one-, two- and three-bedroom floor plans ranging in size from 490 to 1,188 square feet. Community amenities will include a pool and spa, clubhouse, fitness center, business center, outdoor barbecues, fire pits, a pet park and a playground. Completion of the first phase is slated for summer 2027. Upon full build-out, Blosser Ranch is planned to include approximately 1,500 single-family and multifamily residential units, retail space, a public park, a school and a water retention basin.

January 16, 2026

Acquisitions California Office Western

REALM, Cannae Partners Acquire 66,000 SF Office Property in San Francisco

by Amy Works January 16, 2026

SAN FRANCISCO — REALM, in partnership with Cannae Partners, has purchased 340 Bryant Street, an office building in San Francisco’s South Beach submarket, for $10 million. At the time of sale, the 66,000-square-foot property was fully vacant. The seller was not disclosed. Originally constructed in 1932, the property was previously occupied by WeWork and renovated in 2015 with approximately $14.7 million of capital improvements. The four-story building features modern systems, exposed ceilings, creative finishes, a rooftop deck, showers, locker rooms and flexible zoning supporting office and research-and-development (R&D).

January 16, 2026

Acquisitions California Restaurant Retail Western

Hanley Brokers $4.8M Sale of Southern California Restaurant Leased to Starbucks

by Amy Works January 16, 2026

PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $4.8 million sale of a newly constructed, single-tenant retail property located in the Inland Empire city of Perris. A Starbucks café and drive-thru occupies the 2,200-square-foot building on a 10-year triple-net corporate lease with 10 percent rental increases every five years. Bill Asher and Jeff Lefko of Hanley represented the seller and developer, Yellow Rose Ranch LLC, an affiliate of The Lynch Group. Betty Gulezyan of I.D.L. Home represented the buyer, a private investor based in Newport Beach, Calif. Hanley Investment Group has sold 18 single-tenant Starbucks properties totaling $55 million in the past 18 months.

January 16, 2026

California Development Retail Western

Federal Realty Underway on Redevelopment of 925,000 SF Shopping Center in La Mesa, California

by Amy Works January 15, 2026

LA MESA, CALIF. — Federal Realty Investment Trust is underway on the redevelopment of Grossmont Center, a 925,000-square-foot shopping center located in the San Diego suburb of La Mesa. The first phase of the multi-year renovation will include façade upgrades for storefronts; updated landscaping and greenery; enhanced common areas with new outdoor seating; and improvements to pedestrian foot traffic routes, lighting and overall visibility. Completion of Phase I is anticipated for October 2026. All existing businesses will remain open throughout construction. Federal Realty Investment Trust acquired Grossmont Center in 2021. Tenants at the 64-acre property consist of Barnes & Noble, Bath & Body Works, BJ’s Restaurant & Brewhouse, Chuck E. Cheese’s, Chuze Fitness, Cold Stone Creamery, CVS Pharmacy, Famous Footwear and Jamba Juice.

January 15, 2026

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