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AcquisitionsCaliforniaIndustrialWestern

Bridge Logistics Properties Buys 1.1 MSF Distribution Facility in Fontana, California for $174M

by Amy Works

FONTANA, CALIF. — Bridge Logistics Properties (BLP) has acquired a 1.1 million-square-foot multi-tenant distribution facility in Fontana for $174 million in an off-market transaction. Additional details of the transaction were not released. Michael Hefner, Juan Guiterrez and Shy Assar of Voit Real Estate Services Anaheim-Ontario brokerage team represented the buyer in the deal. Situated on 45.9 acres at 10681 Production Ave., the cross-dock distribution center features 220 dock-high loading doors, 185-foot truck courts, 274 trailer parking stalls, an ESFR sprinkler system and immediate access to Interstate 10.

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CaliforniaLoansMultifamilyWestern

Bravo Capital Provides $49.4M Refinancing for Multifamily Community in San Diego

by Amy Works

SAN DIEGO — Bravo Capital has provided a $49.4 million HUD 223(f) refinance for a 206-unit multifamily property in San Diego. The loan provides the undisclosed borrower with long-term, fixed-rate, nonrecourse financing and improves cash-flow stability. The HUD loan refinanced the property’s existing debt and secured favorable terms for the borrower, according to Bravo.

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23021-Lake-Center-Dr-Lake-Forest-CA
CaliforniaHospitalityLoansWestern

S3 Hotel Group Receives $38.6M Refinancing for Dual-Branded Hotel in Lake Forest, California

by Amy Works

LAKE FOREST, CALIF. — S3 Hotel Group has received $38.6 million in refinancing for the 208-key, dual-branded Homewood Suites by Hilton and Hampton Inn Irvine Spectrum Lake Forest hotel. Olga Walsh of JLL Capital Markets Debt Advisory led the team to secure a five-year, fixed-rate loan through a private wealth management division of a global financial services firm for the borrower. Located at 23021 Lake Center Drive in Lake Forest, the property features 116 Homewood Suites rooms and 92 Hampton Inn rooms. The Homewood Suites offers extended-stay accommodations with full kitchens, dishwashers and cooking utensils, while Hampton Inn rooms provide traditional hotel amenities with modern furnishings. Onsite amenities include 2,000 square feet of meeting space, a 24-hour fitness center, an outdoor pool with barbecue facilities, guest laundry, complimentary hot breakfast buffet, evening bar service and a 24-hour convenience shop. The Homewood Suites portion features additional amenities including complimentary evening social events Monday through Thursday.

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AcquisitionsCaliforniaRetailWestern

JLL Negotiates $12.9M Sale of Retail Plaza in Coachella, California

by Amy Works

COACHELLA, CALIF. — JLL Capital Markets has arranged the sale of Coachella Plaza, a shopping center located at 50249 Cesar Chavez St. in Coachella. The asset traded between two private investors for $12.9 million. Planet Fitness, WSS, Absolute Dollar and Innercare are tenants at the fully occupied, 84,820-square-foot property, which is shadow anchored by Cardenas Markets. Max Kinsbruner and Brian Quinn of JLL represented the seller and buyer in the deal.

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OscarJames-San-Francisco-CA
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

Jonathan Rose Cos. Opens $133M Affordable Housing Community in San Francisco

by Amy Works

SAN FRANCISCO — Jonathan Rose Cos. has opened Oscar James Residences, located about 1.4 miles from the 866-acre Hunters Point Shipyard in San Francisco. The project marks New York City-based Jonathan Rose Cos.’ first ground-up development in San Francisco and its second in California. Oscar James Residences was co-developed with nonprofit partner Bayview Senior Services, though the project is conventional affordable housing, not seniors housing. The $132.9 million project was made possible through a combination of public and private funding sources, with Bank of America serving as an equity investor and conventional lender. The two-building complex features 49 one-bedroom, 31 two-bedroom, 23 three-bedroom, eight four-bedroom and one five-bedroom unit. The apartments are reserved for families earning between 30 and 50 percent of the area median income. The John Stewart Co. is the property manager. According to Bayview Senior Services, Oscar James Residences represents the agency’s second multifamily housing development focused on rebuilding the Hunters Point Shipyard to give back to the descendants of shipyard workers and their neighbors. The shipyard was established in 1870 and purchased by the U.S. Navy in 1940. The Navy conducted studies on the impact of nuclear weapons at the site before it was decommissioned in …

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AcquisitionsCaliforniaMultifamilyWestern

Colliers Arranges Sale of 250-Unit Multifamily Community in Sunnyvale, California

by Amy Works

SUNNYVALE, CALIF. — Colliers has negotiated the sale of 1250 Lakeside, an apartment property located at 1250 Lakeside Drive in Sunnyvale. Completed in 2021, 1250 Lakeside features 250 studio, one- and two-bedroom apartments, averaging 807 square feet, with floor-to-ceiling windows, private terraces and high-end finishes. Community amenities include coworking lounges, a pet spa and more than 100,000 square feet of outdoor common spaces. Peter Nicoletti and Will Matthews of Colliers represented the seller in the transaction.

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AcquisitionsCaliforniaIndustrialWestern

Dalfen Industrial Acquires 13-Building Portfolio in West Sacramento, California

by Amy Works

WEST SACRAMENTO, CALIF. — Dalfen Industrial has purchased West Sacramento Logistics Portfolio, a multi-building infill industrial portfolio within the West Sacramento industrial corridor. Totaling 1.3 million square feet on 68 acres, the portfolio features 13 buildings that are 97 percent leased to 31 tenants with an average weighted lease term of 3.5 years and an average suite size of approximately 30,000 square feet. Notable tenants include Crown Equipment Corp., Beckman Coulter Inc., MacArthur Co., KP LLC, Cameron Ashley Building Products and the State of California. With this acquisition, Dalfen Industrial now owns and operates 10.2 million square feet of industrial real estate in the Western United States.

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2131-Faraday-Ave-Carlsbad-CA
AcquisitionsCaliforniaLife SciencesNet LeaseWestern

Cushman & Wakefield Arranges $19.3M Sale of Life Sciences Property in Carlsbad, California

by Amy Works

CARLSBAD, CALIF. — Cushman & Wakefield has brokered the sale of a single-story life sciences corporate headquarters facility at 2131 Faraday Ave. in Carlsbad. The Wonderful Co. acquired the asset from RPG for $19.3 million. Boston Scientific (NYSE: BSX) fully occupies the 47,075-square-foot property on a triple-net lease basis. The newly renovated, freestanding Class A building features a state-of-the-art central laboratory, high-end corporate offices, onsite amenities, an extensive glass line and robust mechanical systems suited for biotech, medical devices and corporate users. Aric Starck and Drew Dobbs of Cushman & Wakefield represented the seller in the deal.

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AcquisitionsCaliforniaIndustrialSelf-StorageWestern

Wentworth Storage Buys 667-Unit Self-Storage Facility in Fairfield, California

by Amy Works

FAIRFIELD, CALIF. — Wentworth Storage Co. has purchased STORE on Pittman Self Storage, a Class A self-storage facility in Fairfield, from Denova Northwest for an undisclosed price. Wentworth Storage Co. has engaged STORE Management to operate the asset, marking the first property in the Wentworth portfolio to be managed by STORE. Greg Wells and Kevin Cuff of Cushman & Wakefield represented the seller in the transaction. Located at 555 Pittman Road, the 67,883-square-foot property offers 667 self-storage units. The facility features 34 rentable outdoor parking spaces, 554 climate-controlled units and 79 drive-up units. At the time of sale, the property was 85 percent physically occupied. The asset offers a drive-up ramp design offering tenants 100 percent ground-level access to units. Additionally, the property is approved for a 13,900-square-foot single-storage expansion.

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Hills-Apts-Hacienda-Heights-CA
AcquisitionsCaliforniaMultifamilyWestern

Eagle Partners Buys 350-Unit Multifamily Property in Hacienda Heights, California for $107M

by Amy Works

HACIENDA HEIGHTS, CALIF. — Eagle Partners has acquired Hills at Hacienda Heights, an apartment property located in Hacienda Heights, for $107 million, or $305,714 per unit. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller and procured the buyer in the deal. Built in 1970 on more than 10 acres and renovated in 2015, the gated Hills at Hacienda Heights features 350 apartments, three swimming pools, a spa, fitness center, coworking lounge and covered parking. Apartments feature 8-foot ceilings, washers/dryers, stainless steel appliances, and quartz or granite countertops. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets arranged $71 million in acquisition financing for the buyer.

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