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45541-45581-Northport-Loop-W-Fremont-CA
CaliforniaIndustrialLoansWestern

Gantry Arranges $12.2M Refinancing for Industrial Property in Fremont, California

by Amy Works

FREMONT, CALIF. — Gantry has placed a $12.2 million permanent loan for a private real estate investor to refinance an industrial building at 45541-45581 Northport Loop West in Fremont, located in the Bay Area. The 71,500-square-foot facility features 10 bay doors with 18-foot clear heights. At the time of financing, two long-term tenants fully occupied the property. Tony Kaufmann, Alex Poulos and Joe Foley of Gantry arranged the long-term, fixed-rate loan, which one of Gantry’s exclusive correspondent life company lenders provided.

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Kanvas-Apts-Los-Angeles-CA
CaliforniaLoansMultifamilyWestern

Priority Capital Arranges $21.6M Recapitalization for Kanvas Apartments in Los Angeles

by Amy Works

LOS ANGELES — Priority Capital Advisory (PCA) has arranged $21.6 million in financing on behalf of EGC Real Estate Group for the recapitalization of Kanvas, a recently completed multifamily property in Los Angeles’ Koreatown submarket. Zachary Streit of PCA arranged the financing, which BOLOUR provided. Designed by 64North, Kanvas offers 13 studios, 33 one-bedroom and 21 two-bedroom units, seven of which are designated as affordable. Units feature contemporary finishes, stainless steel appliances, gas ranges, balconies and in-unit washers/dryers. Community amenities include a rooftop amenity deck, fitness center, courtyard, storage space, 1,105 square feet of ground-floor retail space, bicycle parking and abundant subterranean and surface parking.

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4025-Camino-del-Rio-S-San-Diego-CA
AcquisitionsCaliforniaOfficeWestern

CES Remington Buys Aerofund Financial Plaza Office Building in San Diego for $9.8M

by Amy Works

SAN DIEGO — CES Remington has acquired Aerofund Financial Plaza, a multi-tenant office building situated on 1.3 acres in San Diego’s Mission Valley neighborhood, for $9.8 million. The seller was not disclosed. Located at 4025 Camino del Rio S., the three-story, u-shaped building offers 48,571 square feet of space. At the time of sale, the property was fully leased to nine tenants across a diversified mix of industries and sizes. Jeffrey Cole, Nico Napolitano, Mark Avilla and Brooks Campbell of Cushman & Wakefield’s capital markets and private capital groups in Southern California collaborated to represent the seller, while Brandon Keith of Voit Real Estate Services represented the buyer in the deal.

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3110-R-St-Merced-CA
AcquisitionsCaliforniaRetailWestern

Matthews Negotiates $5.8M Sale of Retail Strip Center in Merced, California

by Amy Works

MERCED, CALIF. — Matthews Real Estate Investment Services has arranged the sale of 3110 R Street, a retail strip center in the San Joaquin Valley city of Merced. The asset traded for $5.8 million, or $828 per square foot. The retail center is occupied by corporate-guaranteed tenants, with Chipotle and Panera Bread occupying the end-cap storefronts. Chipotle recently extended its lease for an additional 10 years. Clay Smith of Matthews represented the seller in the transaction.

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Wellness-Village-Mead-Valley-CA.jpg
CaliforniaDevelopmentHealthcareWestern

PMB, Riverside University Health System Break Ground on $580M Behavioral Health Campus in Mead Valley, California

by Amy Works

MEAD VALLEY, CALIF. — PMB and Riverside University Health System (RUHS) have broken ground on The Wellness Village, a $580 million behavioral health campus in Mead Valley, located in the Inland Empire region. The 18-acre campus will be located at the intersection of Harvill and Placentia avenues. Slated for completion in 2026, the 445,000-square-foot Wellness Village will include a Youth and Family Care Center; Wellness and Education Center; Recovery Center; and The Residences and Restorative Care adult residential facility and mental health rehabilitation center. The center will also offer green spaces and gardens for relaxation and meditation; sports courts and an activity lawn for physical activity and recreation; public market and café for community gatherings; community meeting space for local events and activities; and boarding for pets while their owners receive treatment. The project team includes PMB as developer, Boulder Associates as architect, Snyder Langston as design-builder and PMB Real Estate Services as property manager.

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CaliforniaMarket ReportsRetailWesternWestern Market Reports

Going Local for Retail Success in Dana Point, California

by Jeff Shaw

— By Kelly Reenders — The California coastal city of Dana Point sought to redevelop its underutilized Town Center, with the goal being to create a pedestrian-friendly live-work-play neighborhood that encouraged further reinvestment and development.  Now called the Lantern District, the four-block downtown is anchored by Prado West, a three-building mixed-use complex with 109 apartments and nearly 30,000 square feet of ground-floor restaurants, shops and public outdoor space. Though the endeavor is now something the city and residents can be proud of, the project had its share of challenges. These included gaining community support for proposed changes, in addition to overcoming a leasing timeline that included a pandemic shutdown. Embracing the Local Community For Dana Point and Prado West’s developer, Raintree Partners, the solution was to embrace local entrepreneurs. Raintree recognized the value of encouraging other owners to reinvest in their properties early on as the downtown plan took shape.  This caught the attention of Max Fisher, owner of the Shwack Beach Grill, which sits across the street from Prado West. Soon enough, Fisher and his partners agreed to open HomeSlice, an Italian- and pizza-focused restaurant, in Prado West across from their existing grill. As local owners, the partners felt the …

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CaliforniaDevelopmentIndustrialMarket ReportsUtahWesternWestern Market Reports

Badiee’s Industrial Trifecta: San Diego, Sacramento, Salt Lake City

by Jeff Shaw

Badiee Development has logistics and industrial projects throughout the Western U.S., but its current focus is the region’s three S’s: San Diego, Sacramento, Calif., and Salt Lake City. “Badiee Development is prioritizing leasing at our existing projects in San Diego and Sacramento, and entitling future projects in San Diego, Sacramento and Salt Lake City,” says Ben Badiee, the firm’s founder and CEO. “Our company holds a ‘land bank’ with plans to develop more than 2 million square feet across four distinct projects in three markets.” San Diego Badiee’s headquarters is ripe with industrial ventures for the firm. These include the two-building, 242,969-square-foot Sanyo Logistics Center and the 38-acre Britannia Airway Logistics Center, both of which are being built near the Mexican border in Otay Mesa.  Britannia Airway has also been entitled for an interim use of industrial outdoor storage (IOS), allowing the project to accommodate about 1,000 trucks and trailers.  “Being in our ‘backyard,’ Otay Mesa has proven to be a highly successful market for the firm,” Badiee says. “It is at the forefront of the onshoring/nearshoring trend for the U.S. and Mexico, and land availabilities are scarce.” Sacramento Land scarcity has also been a driver for Badiee in Sacramento …

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Plaza-de-Perris_Perris-CA
CaliforniaDevelopmentLoansRetailWestern

BWE Arranges $66.5M Construction Financing for Plaza de Perris Shopping Center Expansion in Perris, California

by Amy Works

PERRIS, CALIF. — BWE has arranged $66.5 million in construction financing for a new phase of development at Plaza de Perris, a retail center located in the Inland Empire city of Perris. Upon completion, the property will span 363,582 square feet and feature a Target location. Wood Investments, the borrower and developer, purchased the center in 2017 and previously completed the addition of 118,000 square feet of retail space at the property in 2019 and 2020. Upon completion of construction, Target will join the center as a tenant. Other tenants at the center, which was 99 percent leased at the time of financing, include Ross Dress for Less, Ulta Beauty, Burlington Coat Factory, Planet Fitness and Five Below. Tom Kenny and Josh Boehling of BWE secured a $55.5 million loan through a life insurance company, as well as an $11 million joint-venture equity investment, on behalf of the borrower. 

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Element-Hotel-Mission-Valley-San-Diego-CA
CaliforniaDevelopmentHospitalityWestern

Driftwood Capital Breaks Ground on 150-Room Element Hotel by Marriott in San Diego

by Amy Works

SAN DIEGO — Driftwood Capital, along with architect AO and general contractor R.D. Olson Construction, has broken ground on Element Hotel by Marriott in the Mission Valley submarket of San Diego. The seven-story, 150-room hotel will be located next to the existing full-service Marriott Hotel Mission Valley. The two hotels will share the pool amenity deck and restaurant space, while each maintaining its own entrance, lobby, lounge and other amenities. Slated for completion in winter 2026, the 98,000-square-foot hotel will feature a 5,300-square-foot conference and ballroom space, a fitness center, meeting rooms and a lobby/lounge, as well as shared exterior main and lounge area. Once completed, the hotel will comply with Title 24 energy and water use criteria, which is similar to LEED’s silver level. Additional project partners include Ficcadenti Waggoner and Castle as structural engineer, Kimley-Horn as civil engineer, RTM Engineering as MEP engineer and Linda Snyder Associates as interior designer.

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125-16th-St-Huntington-Beach-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Negotiates $8.6M Sale of Beachwood Apartments in Huntington Beach, California

by Amy Works

HUNTINGTON BEACH, CALIF. — CBRE has brokered the sale of Beachwood Apartments, a multifamily property located at 125 16th St. in Huntington Beach, approximately 35 miles southeast of Los Angeles. The asset traded for $8.6 million, or $480,556 per unit. Built in 1971, Beachwood Apartments features 18 one-, two- and three-bedroom apartments totaling 15,809 rentable square feet. Select units have private patios or balconies and some units offer ocean views. Each unit features an individual water heater and individual meters for gas and electricity. Community amenities include a courtyard, sun deck, laundry facilities, 24 garage spaces and an on-site manager. Dan Blackwell and Mike O’Neill of CBRE represented the Huntington Beach-based seller and the Fountain Valley-based buyer in the transaction.

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