REBusinessOnline

Hines Sells Industrial Logistics Facility in Santa Ana, California for $113.5M

SANTA ANA, CALIF. — Hines has completed the sale of 515 E. Dyer, an industrial logistics facility in Santa Ana. An undisclosed buyer acquired the property for $113.5 million.Situated close to State Route 55, Interstate 5 and John Wayne Airport, the facility offers 373,942 square feet of last-mile distribution or more traditional manufacturing and warehouse space in Southern California. Hines purchased the facility in 2017 and implemented a robust capital improvement plan, including new …

Acquisitions, California, Industrial, Western

Waterton Acquires 318-Unit The Vue Residential High-Rise in San Pedro, California

SAN PEDRO, CALIF. — Chicago-based Waterton has purchased The Vue, a 16-story apartment community located at 255 W. Fifth St. in San Pedro. Originally built in 2008 as a condominium project, the property features 318 apartments in a mix of one-, two- and three-bedroom floor plans. Terms of the transaction were not released.Averaging 1,035 square feet, the units feature large living spaces and bedrooms, nine-foot ceilings and floor-to-ceiling windows. Waterton plans to renovate the units …

Acquisitions, California, Multifamily, Western

Money360 Appoints Tom MacManus as CEO

LADERA RANCH, CALIF. — Money360, a Ladera Beach-based commercial real estate direct lender, has promoted Tom MacManus to president and chief executive office (CEO). Current CEO Evan Gentry will step back from day-to-day operations and transition responsibilities effective April 5, 2021.MacManus joined Money360 as president in October 2020 with more than 30 years of experience in commercial real estate, including serving as president of GMAC Commercial Mortgage and CEO of North American …

California, Company News, Western

Hanley Investment Negotiates $2.6M Sale of Chili’s-Occupied Building in Lake Elsinore, California

LAKE ELSINORE, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant restaurant property located at Lake Elsinore Marketplace, a 144,034-square-foot shopping center in Lake Elsinore. Irvine-based Pacific Castle sold the asset to an Orange County-based private investor for $2.6 million.Built in 2005 and renovated in 2019, the 6,300-square-foot restaurant pad is located at 29233 Central Ave. Chili’s Grill & Bar occupies the property under an absolute triple-net …

Acquisitions, California, Net Lease, Restaurant, Retail, Western

Marcus & Millichap Grows Financing Division with Two Appointments

CALABASAS, CALIF. — Marcus & Millichap is continuing its growth plan for the firm’s financing subsidiary, Marcus & Millichap Corp. (MMCC), with the appointment of two key executives. The company named Evan Denner as executive vice president and head of business and Paul Lewis to the newly created position of senior vice president and director of agency programs.With nearly 30 years of experience in the commercial real estate industry, including 23 years of capital markets and …

California, Company News, Western

Progressive Real Estate Partners Brokers $4.8M Sale of Former Food 4 Less Store in Corona, California

CORONA, CALIF. — Progressive Real Estate Partners has arranged the sale of a former Food 4 Less grocery store located at 109 N. McKinley St. in Corona. Expert Hardware Flooring acquired the property for $4.8 million.The buyer plans to use the 55,000-square-foot building as a showroom and wholesale distribution center for its commercial flooring. Built in 1989, the building features an open floor plan, two loading docks and bay doors, pylon signage along McKinley Street and expansive …

Acquisitions, California, Retail, Western

Soaring Demand for Inland Empire Warehouse Space Brings Opportunities for Developers

By Richard Lee and J.C. Casillas, NAI Capital CommercialIn the fourth quarter of 2020, the Inland Empire industrial market continued to battle the effects of an economy that has so far spent three-fourths of the year under a COVID-19 shutdown. After dipping for several quarters, the average asking rent held steady at $0.72 triple net, down 6.5 percent from the fourth quarter of 2019. The vacancy rate nudged up 10 basis points from the previous quarter’s record low, down 90 basis points …

California, Industrial, Market Reports, Western, Western Market Reports

St. Anton Communities Starts Construction of 196-Unit Affordable Housing Property in Santa Clara

SANTA CLARA, CALIF. — St. Anton Communities is developing St. Anton Tasman, a $100 million affordable housing community in Santa Clara. Located at 2233 Calle De Mundo, the property will feature 196 affordable units, with nearly 20 percent for very low-income tenants making up to 50 percent area median income (AMI) and the remaining units for low-income tenants making up to 80 percent AMI. The community is regulated to stay as affordable housing for at least 55 years.St. Anton Tasman will …

Affordable Housing, California, Development, Multifamily, Western

Waterton Enters San Francisco Market, Buys 154-Unit Delphine on Diamond Apartment Community

SAN FRANCISCO — Waterton, a Chicago-based national real estate investor and operator, has purchased Delphine on Diamond, formerly known as eaves Diamond Heights, as its entry into the San Francisco market.Situated in the city’s Noe Valley neighborhood, Delphine on Diamond features 154 one-, two- and three-bedroom apartments spread across two podium buildings with subterranean parking.Waterton plans to renovate the community, which was built in 1972, including new siding and windows, …

Acquisitions, California, Multifamily, Western

SLIB Arranges $7.8M Sale of FountainWood Lodge Assisted Living Community in Orangevale, California

ORANGEVALE, CALIF. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of FountainWood Lodge, a 90-unit assisted living and memory care community in Orangevale, a suburb of Sacramento.The community was built in 1981 and has undergone several renovations. The 63,930-square-foot building is located on six acres of land.The seller is a nonprofit owner-operator. A regional owner-operator acquired the property for $7.8 million.Brad Goodsell, Jason Punzel and Vince …

Acquisitions, California, Multifamily, Seniors Housing, Western
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