LOS ANGELES — Lendlease, in joint venture with Aware Super, has opened Habitat, a two-building live-work-thrive campus in Los Angeles. Located at 3411 S. La Cienega Blvd., the campus includes Habitat Residences, a 12-story residential building, and a six-story, 260,000-square-foot creative office building. Designed by SHoP Architects, with Steinberg Hart acting as architect of record, the buildings are situated on a 3.5-acre campus. The residential component includes 260 studio, one- and two-bedroom apartments and penthouses on the top two floors. Apartments include quartz countertops, full quartz backsplashes, full-height windows and balconies or terraces in 50 percent of the units. Community amenities include a resort-style deck with an outdoor pool, spa, shaded cabanas, grilling stations and al fresco dining areas, a rooftop bookable dining room and outdoor terrace and an indoor-outdoor fitness center. The property also includes a fleet of Habitat-branded e-bikes for residential use, coworking space, a social lounge, media room, library, dedicated storage, pet spa, dog run and dining room with planned chef demonstrations, wine tastings and seasonal pop-ups. Kelly Wearstler and Jules Wilson Design Studio designed the interiors of the residential building. The office portion includes 40,000-square-foot to 50,000-square-foot floor plates, 14-foot floor-to-floor heights and private terraces, as …
SAN JOSE, CALIF. — Silicon Valley Initiative Partnership has received $74.1 million in financing for the conversion of the historic Bank of Italy building, located at 12 S. 1st St. in downtown San Jose, into a mixed-use residential and retail property. Deutsche Bank provided the financing. Originally constructed in 1926, the 13-story office tower will be transformed into a 126,000-square-foot multifamily and commercial space. The residential portion will feature 109 studio, one- and two-bedroom, market-rate apartments complemented by a fitness center, lounge and an outdoor terrace. Dave Karson, Chris Moyer, Alex Lapidus and Chris Meloni of Cushman & Wakefield arranged the financing on behalf of of the borrower.
UPLAND, CALIF. — WMC Commercial Properties has purchased Upland Village Green, a multifamily community in Upland, from an undisclosed seller for $48.5 million. Kevin Green, Joseph Grabiec, Chris Zorbas and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Upland Village Green features 24 residential buildings with electronic access entry gates, a swimming pool, spa and sundeck. Apartments feature open floor plans, private patios or balconies and illuminated ceiling fans.
LOS ANGELES — JLL Capital Markets has arranged the sale of Project Bronco, a multi-submarket industrial portfolio in Los Angeles’ San Gabriel Valley and Orange County submarkets. EQT Real Estate and Berkeley Partners each acquired separate assets from the 365,774-square-foot portfolio through distinct closings. Patrick Nally, Ryan Spradling, Evan Moran, Makenna Peter and Shae Vomund of JLL Capital Markets represented the undisclosed seller in both transactions.
MADERA, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the $12.2 million sale of a newly constructed, single-tenant retail property located in the San Joaquin Valley city of Madera. The property spans 4,644 square feet and is occupied by a 7-Eleven convenience store and gas station, with commercial diesel fueling lanes. This transaction marks the highest‑priced, single‑tenant 7‑Eleven property ever sold in California and the first and only 7‑Eleven location in the city, according to Hanley Investment Group. Sean Cox and Bill Asher of Hanley Investment Group represented the seller and developer, Clovis, Calif.-based Stock Five Development Inc. Dev Patel of Kidder Mathews represented the buyer, a private investor from the San Francisco Bay Area.
LOS ANGELES — Institutional Property Advisors (IPA) has arranged the $28 million sale of Park Encino, a 52-unit apartment property in the Encino neighborhood of Los Angeles. IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the undisclosed seller and procured the buyer, locally based Universe Holdings Development. Completed in 2014, Park Encino is a gated community with a central courtyard, clubhouse, fitness center, patio and grill. The unit mix is comprised of two- and three-bedroom floor plans. Units feature washers and dryers and walk-in closets.
CARLSBAD, CALIF. — Lee & Associates has negotiated the sale of an industrial property located at 3186 Lionshead Ave. in Carlsbad. The asset traded for $6.3 million. Situated within Carlsbad Raceway Business Park, the 20,142-square-foot property features a clear height of 24 feet, one dock well and two grade-level doors. At the time of sale, the property was partially leased. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates — North San Diego County represented the seller, while Chris Vassilian of Lee & Associates Irvine represented the buyer in the deal.
FRESNO, CALIF. — Northmarq has arranged the sale of Sunset Sands Apartments, a multifamily property in Fresno. XLNT Sunset Sands LP sold the asset to SRI Cedar LLC for $10.9 million. Located at 4585 E. McKinley Ave., Sunset Sands features 96 garden-style apartments that were built in 1974. Robin Kane and Brendan Kane of Northmarq represented the seller in the deal.
ONTARIO, CALIF. — GreenRock Capital, with J.P. Morgan as underwriter, has closed $103 million in financing for the Ontario Airport Hotel and Conference Center in Ontario. The $103 million package pairs $26 million in tax-exempt C-PACE bonds with $77 million in tax-exempt mortgage revenue bonds. The financing was placed with municipal bond investors. National CORE owns the asset, which is being converted into the Hyatt Regency Ontario through a comprehensive renovation and repositioning process. Financing proceeds will support the redevelopment of the existing 309-room hotel into a 295-room Hyatt Regency. The new property will feature expanded suites, fully renovated guest rooms and commons area, a redesigned lobby, upgraded food-and-beverage offerings, a new Club Lounge and more than 16,000 square feet of meeting space. Keaton Yellin of JLL Capital Markets arranged the financing. Fred Schuster of FGS Realty Advisors assisted the sponsor with the transaction.
DOWNEY, CALIF. — B.A.G. Investments has acquired Parc @ 5, a 104-unit garden-style multifamily asset located in Downey, approximately 13 miles from downtown Los Angeles. Parc @ 5 Downey LLC sold the asset for an undisclosed price. Parc @ 5 features 20 one-bedroom units, 64 two-bedroom units and 20 three-bedroom units. Shane Shafer of Colliers represented the seller in the transaction.
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