California

RAF Pacifica Group Sells 1 MSF Industrial Portfolio in Metro San Diego for $170M

by Taylor Williams October 1, 2018

CARLSBAD, VISTA, SAN MARCOS AND TEMECULA, CALIF. — RAF Pacifica Group has completed the disposition of a 12-asset industrial portfolio in San Diego County. An undisclosed buyer acquired the properties for $170 million. Totaling more than 1 million square feet, the portfolio consists of institutional-quality assets in the southern California cities of Carlsbad (3261, 3266 and 3193 Lionshead Ave. and 2281 Las Palmas); Vista (1125 Joshua Way, 1385 Park Center Drive, 2641 and 2651 La Mirada Drive); San Marcos (120 Mata Way, 195 Bosstick Blvd., and 2946, 2950 and 2954 Norman Strasse Road); and Temecula (26201 Ynez Road and 42259 Rio Nedo Road). The Class A properties feature highly efficient warehouse designs and loading capabilities, low office build-out percentages, expansive clear heights and strategic layouts for parking, loading and truck traffic flow. Aric Starck of Cushman & Wakefield’s San Diego office represented the seller, while the buyer was self-represented in the transaction. “The RAF portfolio incorporates a remarkable mix of existing core assets, fully renovated warehouse/distribution centers, as well as newly developed, state-of-the-art projects,” said Starck. “Each asset is strategically positioned in sought-after locations characterized by superior access to freeways, amenities, airports and residential communities.” According to Starck, the deal …

October 1, 2018

Affordable Housing California Loans Multifamily Western

Berkeley Point Capital Provides $52.4M Refinancing for Affordable Housing in San Diego

by Amy Works September 28, 2018

SAN DIEGO — Berkeley Point Capital has provided a $52.4 million multifamily affordable housing refinancing for Lantana Hills Apartment Homes in San Diego. The borrow is an affiliate of the Convermat Corp. Lantana Hills Apartments Homes was built in two phases with 300 units constructed in 1955 and the remaining 80 units constructed in 1986. The complex comprises one- and two-bedroom apartments, 23 acres of landscaping and parks, two swimming pools, a newly remodeled fitness center, and garage and surface parking. The new loan, provided via Fannie Mae’s Affordable Housing Group, features a 12-year term with eight years of interest-only payments. The financing was used to retire tax-exempt, variable-rate bonds totaling $37.5 million that were issued by the City of San Diego in 2004. The complex underwent a $5.9 million in renovations between 2014 and 2017 that included new wood flooring, quartz kitchen countertops, new kitchen appliances and accessories, while also becoming a pet-friendly community. The borrower plans on spending an additional $1.4 million in capital expenditures in 2018. Mitch Clarfield of Berkeley Point’s Santa Monica, Calif., office facilitated the loan for the borrower.

September 28, 2018

Acquisitions California Retail Western

Goldman Sachs Sells 331,804 SF Regional Mall in Santa Maria, California

by Amy Works September 28, 2018

SANTA MARIA, CALIF. — Goldman Sachs has completed the sale of Santa Maria Town Center, a regional mall located at 100 Town Center East in Santa Maria. A global insurance company acquired the property for an undisclosed price. Built in 1976 and situated on 6.11 acres, the mall features 331,804 square feet of retail space. Tenants include Edwards Theatres RPX Digital Cinema. The Sears and Macy’s at the site were not part of the sale. Philip Voorhees, Jimmy Slusher, George Good, James Tyrrell of CBRE’s National Retail Partners-West represented the seller in the deal.

September 28, 2018

Acquisitions California Multifamily Western

Ridge Capital Investors, Contrarian Capital Acquire Two Multifamily Properties Near Sacramento for $39.5M

by Amy Works September 27, 2018

SACRAMENTO, CALIF. — Ridge Capital Investors and Contrarian Capital Management have acquired two apartment communities in metro Sacramento. JCM Partners sold the properties in two separate transactions totaling $39.5 million. The properties are La Rivera Commons, built in 1975 and located at 8719 Woodwan Way, and Antelope Woods, built in 1986 and located at 6413 Tupelo Drive. Both properties are Class B apartment communities and feature a total of 268 units. The ownership group plans to execute a renovation program across the two-property portfolio that will include substantial improvements to unit interiors and exteriors, as well as upgrades to property amenities, branding and signage. Upon completion, the properties will compete with comparable Class B+ and A- properties, according to the new owners. Marc Ross of CBRE represented the seller on the La Rivera Commons transaction. Steve Nelson, Dusty Haeling, Phil Saglimbeni, Sal Saglimbeni and Ken Blomsterberg of Marcus & Millichap/IPA represented the seller in the Antelope Woods deal.

September 27, 2018

Rancho-Vista-Corporate-Center-San-Diego-CA

California Development Office Western

Ware Malcomb Completes Redevelopment of 838,300 SF Office Campus in San Diego

by Amy Works September 27, 2018

SAN DIEGO — Ware Malcomb has completed the redevelopment construction of Rancho Vista Corporate Center, located at 16399 W. Bernardo Drive in San Diego. Swift Real Estate Partners is the developer, Level 10 Construction served as general contractor and Ware Malcomb provided architecture, interior design and branding services for the project. The newly renovated corporate campus features Class A office and R&D buildings totaling 838,300 square feet on 67.5 acres. The project included the renovation of the exteriors, with upgraded landscape and hardscape throughout, as well as upgrading the on-site amenities for tenants. Additionally, the project now features a remodeled conference center, courtyard and 15,600-square-foot café with an operable glass wall system, as well as a new indoor workout facility, activity center with basketball and volleyball courts, outdoor collaboration areas and an outdoor dining area with a stretched fabric canopy. Ware Malcomb’s Branding Studio also provided signage design services for the redevelopment. The main goal for the project was to create site and brand identity with a design focused on energy efficiency, with xeriscaping to minimize water use and abundant shared areas to allow users to utilize site amenities.

September 27, 2018

Acquisitions California Retail Western

NKF Capital Markets Arranges Sale of Esplanade Shopping Center in Oxnard, California

by Amy Works September 27, 2018

OXNARD, CALIF. — NKF Capital Markets has arranged the sale of Esplanade Shopping Center, a regional shopping center located at 195 W. Esplanade Drive in Oxnard. Brixmor Property Group sold the property to G&I IX Esplanade Property LP for undisclosed price. At the time of sale, the 488,867-square-foot property was 92.3 percent occupied. Current retailers include Nordstrom Rack, Walmart Neighborhood Market, T.J. Maxx, Staples, Dick’s Sporting Goods, Cost Plus World Market and The Home Depot. Restaurants include BJ’s Restaurant, Blaze Pizza, In-N-Out Burger, Pick Up Stix, Jamba Juice and Starbucks Coffee. Bill Bauman, Kyle Miller and Matthew Schwartz of NKF Capital Markets represented the seller. Additionally, NKF’s David Milestone and Brett Green secured financing for the buyer in the transaction.

September 27, 2018

Acquisitions California Office Western

Irvine Co. Acquires 302,289 SF Office Campus in San Diego’s University Town Center

by Amy Works September 26, 2018

SAN DIEGO — The Irvine Co. has purchased Sunroad Corporate Center, a three-building office property located in San Diego’s University Town Center submarket. Sunroad Enterprises sold the property for an undisclosed price. Situated on 8 acres at 4401, 4435 and 4445 Eastgate Mall, Sunroad Corporate Center comprises three four-story buildings featuring a total of 302,289 square feet of Class A office space. The campus features a fitness facility and the buildings are adjoined by an outdoor environment complete with a newly constructed pavilion, which includes a floating café and lounge and modern water features. Additionally, each building has its own subterranean elevator-served executive parking facility, as well as ample surface parking and a standalone parking structure. Kevin Shannon, Brunson Howard, Paul Jones, Ken White and Rick Stumm of NKF represented the seller, while The Irvine Co. was self-represented in the transaction.

September 26, 2018

Acquisitions California Retail Western

CBRE Negotiates $4M Sale of Retail Building in San Diego

by Amy Works September 26, 2018

SAN DIEGO — CBRE has negotiated the sale of a retail building, located at 2801-2811 University Ave. in San Diego’s North Park submarket. Sally K. Butcher, special trustee of Donald L. Butcher and Sally K. Butcher Trust, sold the property to Cahuenga Lofts LLC for $4 million. Joel Wilson, Reg Kobzi and Michael Peterson of CBRE’s San Diego office represented the seller, while Cory Stehr of Lee & Associates represented the buyer in the deal. The Mission North Park, a breakfast and lunch restaurant, and Fido & Co. Canine Country Club, a dog daycare and grooming salon, occupy the two-tenant, 9,000-square-foot retail property.

September 26, 2018

Acquisitions California Loans Office Western

PCCP Provides $128M Acquisition Loan for 540,000 SF Office Portfolio in Southern California

by Amy Works September 25, 2018

NEWPORT BEACH AND IRVINE, CALIF. — PCCP has provided a $128 million senior loan to a joint venture between Angelo Gordon and Lincoln Property Co. for the acquisition and leasing of a four-property office portfolio in Newport Beach and Irvine. Totaling 540,000 square feet, the portfolio includes the 181,000-square-foot Redstone Plaza, an 83,000-square-foot property at 1201 Dove St. in Newport Beach, the 163,000-square-foot Inwood Park and the 112,000-square-foot Newport Summit in Irvine. Tenants from a range of industries — including finance, marketing, tech, food and beverage, legal, healthcare and real estate — occupy the properties. The buyer plans to execute an improvement plan to capitalize on strong rent growth and leasing in the submarket, as well as fill any remaining vacancy.

September 25, 2018

Acquisitions California Multifamily Western

Champion Real Estate Co. Buys Two-Property Multifamily Portfolio in Glendale for $14.1M

by Amy Works September 25, 2018

GLENDALE, CALIF. — Champion Real Estate Co. has purchased a two-property apartment portfolio in Glendale. A private individual sold the portfolio for $14.1 million. The acquisition includes a 36-unit community located at 348 W. Chevy Chase Drive and a 26-unit community located at 1119-1123 E. Elk Ave. Champion South Glendale, a subsidiary of Champion, will immediately implement a $2.6 million comprehensive interior and exterior physical improvement and renovation program. The upgrade plan will also address significant deferred maintenance issues stemming from the previous long-term owner including seismic retrofitting on both properties. Built in 1963, 348 W. Chevy Chase Drive features four studio units, 20 one-bedroom/one-bath units and 12 two-bedroom/one-bath units. 1119-1123 E. Elk Ave. was built in 1961 and features 24 one-bedroom/one-bath units and two two-bedroom/one-bath units. With this acquisition, Champion now owns and operates more than 225 units in the Tri-Cities region, which also includes Pasadena and Burbank.

September 25, 2018

Newer Posts

Older Posts