California

PRDO Retail Investors Sells Plaza Rancho Del Oro Retail Center in Oceanside, California for $34.3M

by Amy Works September 5, 2024

OCEANSIDE, CALIF. — PRDO Retail Investors LP (A&C Properties, a private investment firm based in Phoenix, Ariz.) has completed the disposition of Plaza Rancho Del Oro, a neighborhood shopping center in Oceanside, to Lotfi and Flora Mehdian for $34.3 million. Located at 4120-4196 Oceanside Blvd., Plaza Rancho Del Oro features 65,054 square feet of retail, restaurant and service-retail space. Built in 1989, the property consists of eight buildings and more than 400 parking spaces. At the time of sale, the property was 92 percent occupied by a variety of tenants, including Starbucks Coffee, My Salon Suites, Upper Crust Pizza, Wells Fargo and Carl’s Jr. Currently, the property consists of 29 local and national retailers. Jimmy Slusher, Philip Voorhees, James Tyrrell, Megan Lanni, Reg Kobzi, Joel Wilson, Michael Peterson and Lane Robertson of CBRE’s National Retail Partners represented the seller in the deal.

September 5, 2024

Acquisitions California Retail Western

Marcus & Millichap Brokers Sale of 2,780 SF Retail Property in El Cajon, California

by Amy Works September 5, 2024

EL CAJON, CALIF. — Marcus & Millichap has arranged the sale of a multi-tenant retail property in El Cajon, an eastern suburb of San Diego. Two Squared LLC sold the asset to an undisclosed buyer for $1.5 million. At the time of sale, the 2,870-square-foot property was fully leased to two tenants, Final Touch Nails, Hair & Spa and Subway. The asset is located along the North 2nd Street retail corridor. Nick Totah and Ross Sanchez of The Totah Group of Marcus & Millichap’s San Diego downtown office represented the seller in the deal.

September 5, 2024

Acquisitions California Retail Western

Atlantic Capital Partners Negotiates $95M Sale of The Plant Shopping Center in San Jose

by Amy Works September 4, 2024

SAN JOSE, CALIF. — Atlanta Capital Partners has brokered the sale of The Plant, a regional power center in San Jose. Milan Capital Management, along with Arc Capital Partners, acquired the asset from an undisclosed seller for $95 million. Target, The Home Depot, Best Buy, PetSmart, Ross Dress of Less and Ulta Beauty are tenants at the 367,000-square-foot retail property, which was 65 percent occupied at the time of sale. Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the seller and secured the buyer in the deal. Will Bryson of Atlantic Capital Partners was handling leasing of the property for the seller. Stephen Joseph, also of Atlantic Capital Partners, arranged a $71.2 million bridge loan on behalf of the buyers to facilitate the acquisition. The loan was placed with Bayview Asset Management.

September 4, 2024

California Development Loans Multifamily Western

Max Benjamin Partners Arranges $16.5M Construction Loan for Multifamily Project in San Diego

by Amy Works September 4, 2024

SAN DIEGO — Max Benjamin Partners has secured a $16.5 million loan for the construction of 10th & Robinson, a multifamily community in San Diego’s Hillcrest neighborhood. Jason Moyal and Max B. Mellman of Max Benjamin Partners arranged the loan for the undisclosed investor. The development will offer 70 apartments and, along with its sister building, will feature a pool, co-working space, gym and high-end finishes.

September 4, 2024

California Development Mixed-Use Top Stories Western

Barings, Counterpointe Provide $315.5M Construction Financing for Habitat Mixed-Use Project in Los Angeles

by Kristin Harlow September 4, 2024

LOS ANGELES — Barings has provided a $160 million construction loan alongside $155.5 million in C-PACE financing from a subsidiary of Counterpointe Sustainable Advisors for the development of Habitat, a “live-work-thrive” campus in Los Angeles. Lendlease is developing the project, which will include creative office space, luxury apartments, retail and an integrated park. Located at 3401 S. La Cienega Blvd. and offering immediate access to the LA Metro and Expo Bike Path, Habitat is situated where Culver City meets the heart of Los Angeles. Upon completion, which is slated for early 2026, the property will feature a six-story, 253,000-square-foot creative office building and a 12-story, 260-unit multifamily building. There will also be restaurant, retail and amenity space. Habitat will feature a unique terraced design along with walking paths, indoor-outdoor workspaces, integrated green spaces and private outdoor terraces. Lendlease is targeting LEED Gold certification for the residential building and LEED Platinum for the commercial portion. The project is certified Net Zero Carbon in construction and operations. Plans call for solar panels, 64 dedicated electric vehicle parking spots, 222 secured bike parking spaces and onsite stormwater treatment and infiltration. The $160 million senior loan features a five-year term, and the $155.5 million …

September 4, 2024

Acquisitions California Multifamily Western

Advanced Real Estate Acquires Canvas LA Apartments in Downtown Los Angeles for $62M

by Amy Works September 3, 2024

LOS ANGELES — Advanced Real Estate has purchased Canvas LA, a multifamily property along 110 Freeway in downtown Los Angeles, for $62 million. Canvas LA offers 210 apartments; a resort-style pool with cabanas; large gym with separate cardio studio; game room; conference and office space; screening room; and sky deck with fire pit. Advanced Real Estate plans to lightly renovate the asset, which underwent a $3 million renovation in 2018. Blake Rogers, Kevin Sheehan, Ryan Fitzpatrick, Chelsea Jervis, CJ Angle, Alexandra Caniglia and Kip Malo of JLL Capital Markets brokered the sale. Advanced procured a $39.9 million Freddie Mac loan at a fixed rate for seven years with full-term interest-only payments for the acquisition. Kevin MacKenzie, Greg Brown and Charlie Vorsheck of JLL Capitla Markets arranged the financing. The seller was not disclosed.

September 3, 2024

California Development Multifamily Student Housing Western

San Francisco State University Completes 700-Bed Residence Hall Project

by Amy Works September 3, 2024

SAN FRANCISCO — San Francisco State University (SFSU) has completed West Grove Commons, a 700-bed residence hall located on the university’s campus in San Francisco. The 120,000-square-foot community features a cluster format wherein groups of 35 students occupy triple rooms with a dedicated lounge and all-gender bathroom facilities. The six-story project was funded by a California Affordable Student Housing grant and the community will offer beds with a 25 percent reduction in room fees compared to SFSU’s standard rates. The project also includes a second 50,000-square-foot building, which will feature a dining commons and student health and wellbeing center. The development team for the project included general contractor McCarthy Building Cos. and EHDD Architecture.

September 3, 2024

California Loans Retail Western

PSRS Arranges $5M Refinancing for Six Retail Properties in Southern California’s Inland Empire

by Amy Works September 3, 2024

RIVERSIDE AND SAN BERNARDINO, CALIF. — PSRS has arranged a $5 million loan for the refinancing of six non-contiguous retail properties, totaling 38,000 square feet in Riverside and San Bernardino counties. The portfolio loan enabled the undisclosed borrower to cash out and restructure high-interest-rate private financing. Michael Warner of PSRS secured the financing, which features five years of interest-only payments, a 30-year amortization and no prepayment penalties. A credit union is providing the capital.

September 3, 2024

California Market Reports Western Western Market Reports

Southern California’s Imperial Valley Has an Innovative Future

by Jeff Shaw September 3, 2024

— By Matt Davis — Imperial County is deeply intertwined with agriculture, experiencing significant growth in both farmable acreage and the value of its agricultural outputs. The region has had a 20 percent increase in the number of farms, a 40 percent expansion in farmed acreage and a nearly 65 percent rise in the market value of agricultural products sold over the past five years. However, agriculture is not the only growing industry in the Valley. It will also soon be recognized for its lithium extraction and geothermal energy production, as well as its role as a strategic logistics hub. As newer industry sectors continue to grow and evolve in the region, their demand for land will also increase. Fortunately, Imperial County boasts ample available land to meet these needs. Investor interest in Imperial Valley land has surged as agricultural areas — despite continued growth — are increasingly transitioning to higher and better uses in key areas of the Valley. From Farming To Energy Forward-thinking investors and developers have begun to purchase and reposition legacy agricultural land to support emerging lithium mining operations in northern Imperial County and logistics users near the Calexico-East port of entry in the south. They …

September 3, 2024

Acquisitions California Loans Retail Western

RCB Equities, REDA Receive $115M Acquisition Loan for Puente Hills Mall in City of Industry, California

by Amy Works August 30, 2024

CITY OF INDUSTRY, CALIF. — A joint venture between RCB Equities and Real Estate Development Associates (REDA) has received a $115 million loan for the acquisition of Puente Hills Mall in City of Industry. Located at 1600 S. Azusa Ave., the 56.4-acre Puente Hills Mall is a redevelopment opportunity. The buyers plan to work closely with the City of Industry to formulate a redevelopment plan for the property. Mark Wintner of JLL Capital Markets Debt Advisory obtained the non-recourse, three-year, floating-rate loan through Hankey Capital on behalf of the borrower.

August 30, 2024

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