California

BLT Enterprises Acquires 221,660 SF Manufacturing Facility in North San Diego for $31.1M

by Amy Works November 20, 2018

VISTA, CALIF. — BLT Enterprises has purchased a corporate headquarters-quality industrial manufacturing and warehousing facility located at 3250 Business Park in Vista, a suburb northwest of San Diego. DENSO Wireless Systems America sold the property for $31.1 million in the sale-leaseback transaction. Built in 1997 by DENSO, the 221,660-square-foot facility is fully leased by the company, a supplier of advanced automotive technology, systems and components. The property features 28-foot to 30-foot clear heights, 12,000 amps of power and a backup generator system. Additionally, the property features sculptured concrete, reflective glass, a stylish canopy entry and a two-story glass-clad lobby. Situated on 16 acres, the asset also includes a yard and vehicle parking area, as well as a 3.7-acre parcel that is currently unpaved, offering the opportunity for future development. Rob Jacobsen of SD Realty Partners represented the buyer, while Aric Starck of Cushman & Wakefield represented the seller in the deal.

November 20, 2018

California Development Mixed-Use Office Restaurant Retail Western

Primestor Development Starts Construction of $48M Mixed-Use Development in Los Angeles

by Amy Works November 20, 2018

LOS ANGELES — Nadel Architects has announced that construction is underway on Jordan Downs Plaza, a $48 million mixed-use development in Los Angeles. Designed for Primestor Development, the overall $5 billion project will bring 115,000 square feet of retail and dining space to the Watts neighborhood of Los Angeles. Slated for completion in summer 2019, Jordan Downs Plaza will feature an open-air shopping and dining space, as well as a full-service supermarket, financial institutions, a fitness center, sit-down restaurants, cafés and a variety of local and national retailers. The revitalization project is situated on 10 acres and will be a “community living room” gathering-style plaza for the 34,000 area residents. The Nadel Architect team includes Greg Lyon, David Anderson, Keith Martinez and Andrew Wolff.

November 20, 2018

California Development Multifamily Seniors Housing Western

Continuing Life Plans 480-Unit Seniors Housing Community in Orange County, California

by Amy Works November 19, 2018

SAN JUAN CAPISTRANO, CALIF. — Continuing Life has unveiled plans for Reata Glen, a 480-unit continuing care retirement community in San Juan Capistrano. Reata Glen is located on 60 acres in South Orange County, where 13 percent of the population are seniors. That number is expected to double by 2040, according to Continuing Life. Partners on the project include California-based W.E. O’Neil Construction and KTGY Group Architects. Construction is already underway, with a planned delivery in spring 2019.

November 19, 2018

Acquisitions California Multifamily Western

IPA Arranges $45M Sale of Vue Hollywood Apartment Building in Los Angeles

by Amy Works November 19, 2018

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Vue Hollywood, an apartment building located at 1425 N. Alta Vista Blvd. in Los Angeles’ Hollywood neighborhood. Phoenix Group purchased the property from a private multifamily investment firm for $45 million, or $489,326 per unit. Built in 1987, the property features 92 non-rent-controlled apartments. The building features mostly two-bedroom units with an average size of 966 square feet. Since 2015, the asset has undergone significant exterior, common area and apartment interior improvements. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the seller and procured the buyer in the deal.

November 19, 2018

Acquisitions California Industrial Western

TH Real Estate Sells 468,682 SF Industrial Warehouse in Inland Empire for $68.9M

by Amy Works November 16, 2018

RANCHO CUCAMONGA, CALIF. — TH Real Estate, an affiliate of Nuveen, has completed the sale of an industrial warehouse located at 9050 Hermosa Ave. in Rancho Cucamonga. Deutsche Wealth Services acquired the property for $68.9 million, or $147.11 per square foot. Built in 2004 on a 20-acre site, the freestanding, cross-docked property features 468,682 square feet of Class A industrial space. The asset offers fully-secured concrete truck courts, gate-controlled drive-around access, an ESFR sprinkler system, 104 dock-high and four ground-level loading doors and heavy power. Ingram Micro, a distributor of information technology products, fully occupies the property. Jeffrey Cole, Jeff Chiate, Mike Adey and Ed Hernandez from Cushman & Wakefield’s Capital Markets Group brokered the transaction. Chuck Belden and Phil Lombardo of Cushman & Wakefield, along with Mike McCrary and Peter McWilliams of JLL, served as market advisors.

November 16, 2018

Acquisitions California Multifamily Student Housing Western

NB Private Capital Acquires Student Housing Property Near Sacramento State University for $38.5M

by Amy Works November 16, 2018

SACRAMENTO, CALIF. — NB Private Capital has purchased The Element, a student housing community located at 6730 Fourth Ave. in Sacramento, from an undisclosed seller. The property was offered as a Delaware Statutory Trust and eligible for 1031 investors, and was 100 percent occupied upon syndication with 12-month leases. The initial total offering price was $91.8 million, of which approximately $38.5 million came from investor equity. Serving students at Sacramento State University, The Element features 216 units, totaling 792 beds, in a mix of one-, two-, three- and four-bedroom layouts. Built in 2003 and renovated in 2016, the property features stainless-steel appliances, common area furniture and window treatments. Community amenities include a resort-style pool, high-tech fitness center, study lounge, tanning bed, covered basketball half-court, lighted sand volleyball court, game room and private campus shuttle. NB Private Capital is a new investment firm founded by Brian Nelson, previously of Nelson Brothers Professional Real Estate.

November 16, 2018

Acquisitions California Retail Western

CBRE Brokers Sale of 112,335 SF Santa Fe Trail Plaza in El Monte, California

by Amy Works November 16, 2018

EL MONTE, CALIF. — CBRE has arranged the sale of Santa Fe Trail Plaza, a grocery-anchored community center in El Monte, east of downtown Los Angeles. A joint venture between Los Angeles-based Festival Capital and Hartford, Conn.-based Hutensky Capital Partners sold the 112,335-square-foot shopping center to Newport Beach, Calif.-based TA Realty for an undisclosed price. Completed in 2006, Santa Fe Trail Plaza is situated on 9.2 acres at 10601-10761 Valley Blvd. and 10714 King Court. Superior Grocers, Ross Dress for Less, Petco, Five Below, Starbucks Coffee, Subway, Jack in the Box, AT&T, Chipotle, Jersey Mike’s Subs, Flame Broiler, Wing Stop and The UPS Store are tenants at the property. Philip Voorhees, Kirk Brummer and Sean Heitzler of CBRE’s National Real Partners-West represented the seller and buyer in deal.

November 16, 2018

Acquisitions California Mixed-Use Office Retail Western

Newmark Knight Frank Negotiates Sale of 586,407 SF Mixed-Use Property in San Leandro

by Amy Works November 15, 2018

SAN LEANDRO, CALIF. — Newmark Knight Frank has arranged the sale of Westgate Center, a grocery-anchored mixed-use retail center located at 1933 Davis St. in San Leandro. SKB and WHI Real Estate Partners sold the property to a New York-based global private equity firm for an undisclosed price. The 586,407-square-foot property features a 361,132-square-foot retail component and 225,275 square feet of flex office and prototyping space. Walmart, Home Depot, Ross Dress for Less, Burlington and Dollar Tree are tenants at the retail portion. The second-floor flex space, branded as Gate510, offers an environment for entrepreneurs and creators to collaborate, invent, work and manufacture. Nicholas Bicardo, Brandon Rogoff and Grant Lammersen of NKF represented the seller in the deal.

November 15, 2018

Acquisitions California Industrial Western

Cushman & Wakefield Brokers $1.8M Sale of Industrial Building in Metro San Diego

by Amy Works November 15, 2018

VISTA, CALIF. — Cushman & Wakefield has arranged the sale of a freestanding industrial building, located at 2530 Pioneer Ave. in Vista. Ki’s Kitchen purchased the 9,150-square-foot property from BS Ventures for $1.8 million. Built in 1989, the property features a modernized conference room, private office space, open break room/reception, floor-to-ceiling glass walls, multiple restrooms, motorized grade loading and a secured fenced yard. The buyer, a privately owned commercial kitchen company, plans to relocate its own operations to the property from its current location in Carlsbad. Chris Baumgart and Jeffrey Sallen of Cushman & Wakefield’s San Diego office represented the seller in the deal.

November 15, 2018

Acquisitions California Hospitality Western

Braemar Hotels & Resorts to Acquire Ritz-Carlton Lake Tahoe for $120M

by Amy Works November 14, 2018

TRUCKEE, CALIF. — Braemar Hotels & Resorts has agreed to acquire Ritz-Carlton Lake Tahoe, an upscale hotel and resort property located 13031 Ritz Carlton Highlands Court in Truckee. Additionally, the company is acquiring a 3.4-acre parcel of vacant land adjacent to the hotel. The land is being entitled for luxury residential townhome development. Total consideration for the acquisition is $120 million and consists of $103.4 million for the hotel, or $608,000 per key; $8.4 million for the adjacent development parcel; and $8.2 million for capital reserves. The acquisition is expected to close by Jan. 15, 2019. Built in 2009, the property features 170 guest rooms, including 17 suites; ski-in/ski-out access to Northstar Ski Mountain; Lake Club on the shore of Lake Tahoe, a 17,000-square-foot full-service spa; six food and beverage outlets; more than 37,000 square feet of flexible indoor/outdoor meeting space; two outdoor pools; a fitness club and yoga studio; and the Ritz Kids Club. Ritz-Carlton will continue to manage the property following the acquisition.

November 14, 2018

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