California

Marcus & Millichap Arranges $9.6M Sale of Affordable Housing Property in Coronado, California

by Amy Works June 16, 2025

CORONADO, CALIF. — Marcus & Millichap has arranged the sale of Del Island, an affordable housing community in Coronado. Motel Del Island sold the asset to 308 Orange LLC for $9.6 million. Aaron Bove and Jared Wallach of Marcus & Millichap represented the seller, while Scott Darnell of Darnell Capital Management procured the buyer in the transaction. Located at 308 Orange Ave., Del Island consists of four contiguous parcels across eight lots. The property is currently operated as 29 affordable housing units with a mix of studio, one- and two-bedroom layouts. The 28,198-square-foot site is situated within the R-4 zoning of Orange Avenue Corridor Specific Plan and offers 30 off-street parking spaces.

June 16, 2025

California Company News Retail Western

Nuveen Real Estate Selects Vestar to Manage Newly Acquired 600,000 SF SoCal Retail Portfolio

by Amy Works June 13, 2025

SOUTHERN CALIFORNIA — Nuveen Real Estate has selected Vestar to provide property management, strategic leasing oversight, marketing and construction management services for its newly purchased retail portfolio in Southern California. Totaling more than 600,000 square feet, the grocery-anchored portfolio has occupancy rates exceeding 98 percent. The portfolio includes: The addition of these five properties brings Vesta’s Southern California footprint to more than 8.5 million square feet, including The District at Tustin Legacy in Tustin, Long Beach Towne Center in Long Beach, Peninsula Center in Rolling Hills Estates and Rancho San Diego Towne Center in San Diego.

June 13, 2025

Acquisitions California Multifamily Western

CBRE Negotiates $8.6M Sale of Multifamily Property in Costa Mesa, California

by Amy Works June 13, 2025

COSTA MESA, CALIF. — CBRE has negotiated the $8.6 million sale of a 13-unit property at 553 and 555 Victoria St. in Costa Mesa, about 40 miles south of Los Angeles. Dan Blackwell, Mike O’Neill and Jack O’Connor of CBRE represented the Costa Mesa-based private seller. The 1031 buyer is a private investor based in Huntington Beach, Calif. The property was on the market for the first time in approximately 47 years. Located on a 0.8-acre lot, the property contains 10 buildings with 13,712 square feet of rentable space. The unit mix includes eight two-bedroom cottages (built in 1962) and five three-bedroom townhomes (built in 1990), each with a private backyard.

June 13, 2025

Bldg1-Tripoint-Logistics-Center-Lathrop-CA

Acquisitions California Industrial Western

Dermody Acquires 1.1 MSF Wayfair-Occupied Industrial Building at Tripoint Logistics Center in Lathrop, California

by Amy Works June 12, 2025

LATHROP, CALIF. — Dermody has purchased Tripoint Logistics Center Bldg. 1, a Class A industrial building in Lathrop. Terms of the acquisition were not disclosed. The 1.1 million-square-foot property is situated on 49.6 acres within a 300-acre master planned logistics park. Wayfair, an e-commerce company, occupies the cross-dock facility that features drive-around access and 40-foot clear heights. Wayfair uses the facility to distribute to all of its North American warehouses. Rebecca Perlmutter and Tom Davis of CBRE brokered the transaction.

June 12, 2025

California Development Multifamily Seniors Housing Western

Continuing Life Underway on 354-Unit Seniors Housing Community in Walnut Creek, California

by Amy Works June 12, 2025

WALNUT CREEK, CALIF. — Continuing Life LLC is currently underway on the development of The Glen at Heather Farm, a new seniors housing community in Walnut Creek. Upon completion, the property will total 354 units in the form of both apartments and single-story homes. In addition to independent living, the community will offer assisted living and memory care services, as well as long-term care options at an adjacent health center. Amenities at the property will include multiple dining venues, a health spa, aquatic center, theaters and pickleball and tennis courts. The Glen at Heather Farm is scheduled to open in late 2027 or early 2028.

June 12, 2025

Acquisitions California Retail Western

Faris Lee Investments Negotiates $6.1M Sale of Bank of America-Occupied Retail Property in Upland, California

by Amy Works June 12, 2025

UPLAND, CALIF. — Faris Lee Investments has arranged the sale of a retail property situated on 1.9 acres in Upland. An Atlanta-based family private office sold the asset to the tenant, Bank of America, for $6.1 million, or $653 per square foot. Bank of America has occupied the 9,348-square-foot building since 1969 and used its right of first refusal to purchase the property, which is located on Foothill Boulevard and Mountain Avenue. Jeff Conover, Scott DeYoung and Greg Lukosky of Faris Lee Investments represented the seller, while Cushman & Wakefield represented the buyer in the deal.

June 12, 2025

California Loans Office Western

Gantry Secures $9M Refinancing for Office Building in Metro Los Angeles

by Amy Works June 11, 2025

DIAMOND BAR, CALIF. — Gantry has secured a $9 million loan to refinance a maturing loan on an office building in Diamond Bar, a suburb 28 miles east of Los Angeles. Located at 20955 Pathfinder Road, the three-story building offers 65,000 square feet of rentable space. The property was 98 percent occupied at the time of financing. Topher Van Mourick of Gantry represented the borrower, a private real estate investor. The three-year, fixed-rate loan was secured from one of Gantry’s correspondent life company lenders. Gantry will service the loan.

June 11, 2025

Acquisitions California Office Western

Newmark Arranges $150.7M Sale of 306,809 SF Creative Workplace Campus in Playa Vista, California

by Amy Works June 10, 2025

PLAYA VISTA, CALIF. — Newmark has arranged the sale of ilo at Playa Vista, a 306,809-square-foot creative office workplace campus in Playa Vista. Barings acquired the asset from Clarion Partners for $150. 7 million. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Moll of Newmark represented the seller in the deal. Jonathan Firestone, Blake Thompson and Henry Cassiday of Newmark Global Debt & Structured Finance provided support on debt strategy and financing considerations throughout the transaction process. The two-building, mixed-used campus has attracted 78,000 square feet of new leasing over the past 24 months. Delivered in 2010, the property has maintained an average occupancy level of more than 90 percent since it was redesigned by Gensler in 2016.

June 10, 2025

California Development Multifamily Western

R.D. Olson, MBK Rental Living Begin Construction on 330-Unit Vintage Farms Multifamily Project in Murrieta, California

by Amy Works June 10, 2025

MURRIETA, CALIF. — R.D. Olson Construction, on behalf of MBK Rental Living, has broken ground on Vintage Farms, a $80 million residential village in Murrieta. Vintage Farms will offer 330 market-rate and luxury apartments spread across 11 buildings and 15 standalone garages on 15 acres. Located at 28749 Clinton Keith Road, Vintage Farms will offer studio, one-, two- and three-bedroom apartments and 15 standalone garages, ranging from seven to 16 stalls, offering a total of 332 parking spaces. The 449,280-square-foot residential space will include nine 40,320-square-foot buildings with 30 apartments and two 43,200-square-foot buildings with 30 apartments. Built in five phases over 18 months, the community’s first phase will include the development of all amenities, including the clubhouse, pool, hot tub, barbecue areas and walkways, and the first two apartment buildings and two garages. The following four phases will include the construction of two apartment buildings and two to four garages in each phase. The five-phase construction plan will turn over units during each phase to ensure an on-time delivery while minimizing noise disruption to the community. The full project is slated for completion by fall 2026. Project partners include Geotek USA, Forma Engineering, SiteScapes, SummA Architecture, Gouvis Engineering, Tek Systems, …

June 10, 2025

Acquisitions California Restaurant Retail Western

Marcus & Millichap Brokers Purchase of Taco Bell-Occupied Restaurant Property in Garden Grove, California

by Amy Works June 10, 2025

GARDEN GROVE, CALIF. — Marcus & Millichap has arranged the acquisition of a restaurant property located at 10901 Garden Grove Blvd. in Garden Grove. The Fouladinejad Family Trust purchased the asset from CY Investment LLC for $2.3 million. Sheila Alimadadian of Marcus & Millichap represented the buyer, while Mie Kim of Coldwell Banker Realty represented the seller in the deal. Taco Bell occupies the 2,527-square-foot building, which was built in 2019, with more than 19 years remaining on the original lease.

June 10, 2025

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