California

Federal Realty Acquires 674,000 SF Retail Center in Monterey, California for $123.5M

by Amy Works February 27, 2025

MONTEREY, CALIF. — Federal Realty Investment Trust has acquired Del Monte Shopping Center, a 674,000-square-foot retail development located in Monterey, for $123.5 million. Originally built in 1967 and renovated in 2007, the center is situated on 47 acres. Whole Foods Market anchors the property, which was 83 percent leased at the time of sale. Other tenants at the center include Sephora, lululemon, Pottery Barn and Anthropologie. According to Placer.ai, the development ranks among the top 5 percent of shopping centers in the United States for annual foot traffic. Federal Realty plans to implement a strategic lease-up process at the center, as well as merchandising and placemaking enhancements.

February 27, 2025

Acquisitions Affordable Housing California Loans Multifamily Western

Northmarq Secures $64.6M in Acquisition Financing for Seven-Property Affordable Housing Portfolio in San Fernando Valley

by Amy Works February 27, 2025

VAN NUYS, NORTH HILLS, PANORAMA CITY AND GARDENA, CALIF. — Northmarq has arranged $64.6 million in financing for the acquisition of a 596-unit, seven-property multifamily portfolio in the San Fernando Valley. The borrower is a Moorpark, Calif.-based private owner. Zalmi Klyne of Northmarq’s Los Angeles office secured the 76 percent loan-to-value acquisition financing through numerous correspondent relationships with banks. The fixed-rate transaction was priced in the high 5 percent range and structured with interest-only payments. The portfolio includes:

February 27, 2025

Acquisitions California Mixed-Use Restaurant Retail Western

Bolour Associates Sells Beachfront Retail Portfolio in Hermosa Beach, California for $33.5M

by Amy Works February 27, 2025

HERMOSA BEACH, CALIF. — Bolour Associates has completed the $33.5 million sale of a beachfront retail portfolio in Hermosa Beach. Situated on nearly one acre, the asset is located at 11-29 Pier Avenue and 1250-1272 The Strand. At the time of sale, the property was 88 percent occupied by beach-centric tenants, including Hermosa Cyclery, Oakberry, Hermosa Beach Trading Co., Waves, Playa Hermosa Fish & Oyster and Heavenly Couture. Tim Kuruzar, Bryan Ley, Brendan McArthur and Tess Berghoff of JLL served as investment advisors in the Strand and Pier transaction. Jeff Sause and Chad Morgan of JLL served as debt advisors.

February 27, 2025

Acquisitions California Multifamily Western

CBRE Arranges Sale of 20-Unit Multifamily Property in San Rafael, California

by Amy Works February 27, 2025

SAN RAFAEL, CALIF. — CBRE has arranged the $5.6 million purchase of Pacifica Apartments, a market-rate multifamily asset in San Rafael. 55 Canal Street LLC acquired the asset from an undisclosed seller for $5.6 million. Ben Mollahan and Adam Foley of CBRE represented the buyer in the deal. Located at 55 Canal St., Pacific Apartments offers 20 two-bedroom units. Onsite amenities include a large community laundry facility, covered parking and storage for each tenant, an enclosed courtyard with kids play area and a large garden.

February 27, 2025

California Development Multifamily Western

USA Properties Fund Begins Construction of 265-Unit Affordable Housing Project in Roseville, California

by Amy Works February 26, 2025

ROSEVILLE, CALIF. — USA Properties Fund has started construction on The Crawford, an affordable multifamily community in Roseville. Located at Fiddyment Road and Harvey Way, The Crawford will offer 265 one-, two- and three-bedroom apartments, with some available as early as fall 2026. Completion is slated for spring 2027. Community amenities will include a community room, fitness room, swimming pool and dog park. Additionally, residents will have access to LifeSTEPS, a social-services provider that offers numerous services for residents. The Crawford residents must meet income requirements, earning 30 percent to 70 percent of the area median income of Placer County, Calif., about $35,370 to $82,530 per year for a four-year household. The City of Roseville Housing Authority provided eight project-based vouchers, securing apartments for very low-income residents, for the project. Bank of America is the tax credit investor and construction lender, while Citi Community Capital is the permanent lender on the $112 million project. Safehold is the leaseholder of the property.

February 26, 2025

Acquisitions California Office Western

J+R Group Divests of Office Property in Irvine, California for $37.6M

by Amy Works February 26, 2025

IRVINE, CALIF. — J+R Group has completed the sale of 2525 Main Street, an office building in Irvine, to Pacific Tree Capital for $37.6 million, or $262 per square foot. Situated on 3.7 acres, 2525 Main Street offers 143,269 square feet of office space. At the time of sale, the property was 98 percent leased to nine tenants. Prior to sale, J+R Group invested significant capital into all aspects of the building, including all common areas, tenant spaces, a brand new six-story parking garage and approved residential entitlements on excess land. Jeffrey Cole, Nico Napolitano, Kevin Nolen, Jason Kimmel and Kristen Schottmiller of Cushman & Wakefield represented the seller in the transaction.

February 26, 2025

Element-by-Westin-Mission-Valley-San-Diego-CA

California Development Hospitality Loans Western

Driftwood Capital Secures $37.9M in Construction Financing for Element by Westin Mission Valley in San Diego

by Amy Works February 25, 2025

SAN DIEGO — Driftwood Capital has obtained $37.9 million in construction financing for the development of Element by Westin Mission Valley, an extended stay hotel in San Diego’s Mission Valley neighborhood. Upon completion, the hotel will feature 148 suite-style rooms, more than 5,000 square feet of meeting and event space, a fitness center, courtyard, lobby bar and lounge and a restaurant. Situated on 1.5 acres, The Element by Westin Mission Valley is slated for completion by the end of 2026. Driftwood Capital currently owns the adjacent hotel, Marriott Mission Valley, which was purchased in 2019 with the adjacent development parcel with the plans to renovate the existing property and later develop an extended-stay hotel that would benefit from Marriott’s amenities, resort-style pool and parking. Jordan Ray, Jamie Matheny, Steven Buchwald and Rachael Krawiecki of IPA Capital Markets secured the financing from Fifth Third Bank for the sponsor, a vertically integrated commercial real estate investment, development and lending platform specializing in hospitality properties.

February 25, 2025

Acquisitions California Industrial Western

NAI Capital Brokers $9.8M Sale of Industrial Building in Los Angeles

by Amy Works February 25, 2025

LOS ANGELES — NAI Capital Commercial has arranged the sale of an industrial property located at 13030 Raymer St. in the North Hollywood neighborhood of Los Angeles. Tiptop Restoration acquired the asset from 13030 Raymer LLC for $9.8 million. Tiptop will use the 30,000-square-foot property as its corporate headquarters, as well as warehouse, storage and distribution space. Built in 1996, the property underwent significant renovations in 2022. Renovations included remodeled office space, kitchen and restrooms, new paint and upgraded LED warehouse lighting. The asset offers dock-high and ground-level loading, 1,200 amps of power, a 17-foot warehouse clearance height, fire sprinklers and a fenced rear yard. Chad Gahr and David Young of NAI Capital Commercial represented the seller, while Daniel O’Neil and Parker Jones of Rancho Realty Group Corp. represented the buyer in the off-market transaction.

February 25, 2025

California Loans Multifamily Western

Marcus & Millichap Arranges $3.8M in Financing for Multifamily Complex in Santa Clara, California

by Amy Works February 25, 2025

SANTA CLARA, CALIF. — Marcus & Millichap has secured $3.8 million in financing for the purchase of a 20-unit apartment property located at 1577 Pomeroy Ave. in Santa Clara. David Campbell of Marcus & Millichap’s Palo Alto, Calif., office arranged the financing with a Western-based bank on behalf of a private client. Terms of the 30-year loan include a 6 percent interest rate with 30-year amortization and a 60 percent loan-to-value ratio.

February 25, 2025

Irvine-High-School-Performing-Arts-Center-Irvine-CA

California Civic Development Western

C.W. Driver Cos. Completes $35M Irvine High School Performing Arts Center in California

by Amy Works February 24, 2025

IRVINE, CALIF. — C.W. Driver Cos. has completed Irvine High School Performing Arts Center, a facility designed to inspire creativity and support the performing arts. The $35 million, 25,000-square-foot complex opened to the community in early February. The state-of-the-art venue features a 650-seat main theater equipped with advanced sound, lighting and rigging systems, providing students and the community with a professional-grade performance experience. Additionally, the center includes a Black Box theater, scene shop, dressing rooms and a modern lobby. The single-story complex consists of a steel and metal frame diaphragm building featuring a combination of metal panels, plaster and curtain wall system finishes. The ground-up construction began in January 2023. Ruhnau Clarke Architects served as architect for the project.

February 24, 2025

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