Griffin Capital, Legacy Partners Sell Transit-Oriented Apartment Community in Southern California for $100M

MONROVIA, CALIF. — Griffin Capital Co. and Legacy Partners have completed the disposition of Moda at Monrovia Station, a Class A multifamily property located in Monrovia. Opportunity Housing Group as property administrator with the California Statewide Communities Development Authority acquired the asset for $100 million.Legacy, which will continue to manage the community, developed the property in a financial partnership with Griffin Capital and Silverpeak Real Estate …

April 16, 2021Acquisitions, California, Multifamily, Western

Irvine Co. Opens Innovation Office Park in Irvine Spectrum Business District

IRVINE, CALIF. — Irvine Company has opened Innovation Office Park, an open-air office village in the Irvine Spectrum business district.Offering more than 1.1 million square feet of creative and flexible workspace on 73 acres, the property features 28 loft-style buildings naturally connected by a center pedestrian path line. The property features expansive indoor and outdoor space; an indoor/outdoor café with rotating cuisine and walk-up artisan coffee bar; an event-ready pavilion; a …

April 16, 2021California, Development, Office, Western

Ready Capital Closes $13.7M Loan for Multifamily Property in Los Angeles

LOS ANGELES — Ready Capital has closed a $13.7 million loan for the acquisition, renovation and stabilization of a Class C apartment community in Los Angeles’ Eastern San Fernando Valley submarket.Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate the interiors of the 85-unit property and improve curb appeal. Additionally, the borrower plans to address deferred maintenance issues.The non-recourse, interest-only, floating-rate loan …

April 16, 2021California, Loans, Multifamily, Western

TMG Arranges $44.4M Sale of Student Housing Community Near California State University, Fullerton

FULLERTON, CALIF. — The Mogharebi Group (TMG) has arranged the $44.4 million sale of Oxford North Student Apartments, a 100-unit community located near the California State University, Fullerton campus.The property was built in 1972 and features 10 buildings with ground-floor parking garages. Communal amenities include a resort-style swimming pool and spa with cabanas; an outdoor entertainment lounge; barbecue grill stations; outdoor televisions; a clubhouse with billiards; and a fitness …

April 15, 2021Acquisitions, California, Multifamily, Student Housing, Western

DJM Plans Mixed-Use Development at Bella Terra Shopping Center in Huntington Beach

HUNTINGTON BEACH, CALIF. — DJM has submitted plans to Huntington Beach’s Planning Commission for a mixed-use residential development at the Bella Terra shopping center in Huntington Beach.Planned on the current Burlington Coat Factory site, the new development would include demolishing the 210,000-square-foot structure and an additional surrounding 30,000 square feet of retail space.DJM plans to replace the demolished structures with a low-rise building boasting 25,000 square feet …

April 15, 2021California, Development, Multifamily, Restaurant, Retail, Western

Kwangwon USA, YS & Son Acquire Industrial Warehouse in Bloomington, California for $30.8M

BLOOMINGTON, CALIF. — Kwangwon USA Inc. and YS & Son Co. have purchased an industrial property at 18750 Orange St. in Bloomington, located in the Inland Empire. An undisclosed seller sold the asset for $30.8 million.The newly built property features 184,770 square feet of manufacturing and warehouse space in proximity to Interstates 10 and 215. The property was initially slated for leasing at the end of 2019, and the United States Post Office briefly occupied the building before the …

April 15, 2021Acquisitions, California, Industrial, Western

Ready Capital Closes $24M Refinancing for Multifamily Property in Hollywood

LOS ANGELES — Ready Capital has closed a $24 million refinancing for a 100-unit apartment community located in the Hollywood submarket of Los Angeles.The undisclosed borrower will use loan proceeds to retire existing debt, construct additional units and renovate existing units at the property. Capital improvements include kitchen, bathroom and living area upgrades.Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension …

April 15, 2021California, Loans, Multifamily, Western

Davenport Partners Buys Office Building in Corona, California for $6.9M

CORONA, CALIF. — Davenport Partners has purchased 1101 California Avenue, a two-story office property located at the corner of California and Rimpau avenues in Corona. An undisclosed seller sold the asset for $6.9 million.Built in 1990, the 40,000-square-foot property was 91 percent leased at the time of

April 14, 2021Acquisitions, California, Office, Western

Ready Capital Closes $104M Refinancing for Multifamily Property in San Francisco

SAN FRANCISCO — Ready Capital has closed $104 million in refinancing for a multifamily property located on the border of San Francisco’s SOMA and Mission districts. The name of the borrower was not released.Loan proceeds will be used to retire existing debt and cover interest costs as the 200-unit property is leased up. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future …

April 13, 2021California, Loans, Multifamily, Western

TA Realty Sells Fremont Research Center in California to Kennedy Wilson for $32.3M

FREMONT, CALIF. — TA Realty has completed the sale of Fremont Research Center, a two-building portfolio in Fremont, to Kennedy Wilson Fund VI for $32.3 million.Located at 47200 Bayside Parkway and 3500 W. Warren Ave., the portfolio offers a total of 115,537 square feet of office, research and life sciences space. At the time of sale, the property was fully leased to two life sciences and aerospace defense users.Intuity Medical, a medical device company, occupies the 61,824-square-foot …

April 13, 2021Acquisitions, California, Industrial, Office, Western