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California

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AcquisitionsCaliforniaMultifamilyWestern

IPA Brokers 138-Unit Apartment Property in California’s Inland Empire for $36.7M

by Amy Works

POMONA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $36.7 million sale of Terramonte at Foothill, an apartment property in Pomona. Positive Investments sold the asset to Sack Capital Partners for $265,942 per unit. Kevin Green, Chris Zorbas, Joseph Grabiec, Alexander Garcia Jr. And Greg Harris of IPA represented the seller and procured the buyer in the transaction. Built in 1963 on 9 acres and renovated between 2012 and 2023, Terramonte at Foothills features 138 apartments, two swimming pools, sundecks, a spa, fitness center, barbecue pavilion, coworking space and garages. The unit mix is 70 percent two-bedroom units, plus studios and one- and three-bedroom apartments, with an average unit size of 910 square feet.

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AcquisitionsCaliforniaRetailWestern

Henderson Park, Lowe Acquire 1 MSF Plaza Bonita Shopping Mall in National City, California

by Amy Works

NATIONAL CITY, CALIF. — Henderson Park and Lowe have acquired Plaza Bonita, a 1 million-square-foot enclosed regional shopping mall in National City, a suburb of San Diego. The joint venture partners plan to upgrade and reposition the mall through significant capital improvements and leasing investment into a dominant regional enclosed mall. Originally built in 1981, Plaza Bonita is set on more than 78 acres and serves the communities of National City and Chula Vista. The center currently offers a mix of more than 150 shops and restaurants, including Macy’s, Target, JC Penney, AMC Theatres, Nordstrom Rack and Round 1. Henderson Park and Lowe have engaged Centennial to manage and lease the property. Eastdil advised on the acquisition and sourced the financing, with Morgan Stanley providing the acquisition loan.

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AcquisitionsCaliforniaMultifamilySeniors HousingWestern

Clarion Partners Purchases Seniors Housing Property in Rohnert Park, California

by Amy Works

ROHNERT PARK, CALIF. — Clarion Partners has purchased Clearwater at Sonoma Hills, a seniors housing community in Northern California in Rohnert Park. Built in 2020, Clearwater of Sonoma Hills features 70 assisted living residences and 24 memory care residences with capacity for 100 residents. The 49,000-square-foot community features restaurant-style dining, a theater, an art studio, fitness center, putting green, landscaped indoor and outdoor gathering spaces and thoughtfully designed residences that support both independence and personalized care. John Sweeny, Aron Will and Austin Summy of CBRE advised the sale. Clearwater Living will continue as the property’s operating partner.

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2029-S-Hacienda-Blvd-Hacienda-Heights-CA
AcquisitionsCaliforniaRetailWestern

Marcus & Millichap Brokers $13M Sale of Retail Center in Hacienda Heights, California

by Amy Works

HACIENDA HEIGHTS, CALIF. — Marcus & Millichap has brokered the $13 million sale of Hacienda Village, a retail center located at 2029 S. Hacienda Blvd. in Hacienda Heights, part of Southern California’s San Gabriel Valley. A Los Angeles-based private investor acquired the property for $549.80 per square foot. Ron Duong of Marcus & Millichap represented the seller, an Orange County, Calif.-based private partnership, in the transaction. Built in 1963, the property features 23,645 square feet of retail space divided into 17 suites.

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2290-De-La-Cruz-Blvd-Santa-Clara-CA
CaliforniaIndustrialLoansWestern

Gantry Arranges $9.6M Loan for Refinancing of Santa Clara Industrial Property

by Amy Works

SANTA CLARA, CALIF. — Gantry has arranged a $9.6 million permanent loan for the refinancing of a two-building, infill light industrial property in Santa Clara. Tony Kaufmann and Jake Davis of Gantry represented the borrower, a private real estate investor, in the transaction. The 10-year, fixed-rate, nonrecourse loan was secured from one of Gantry’s correspondent insurance company lenders with a 30-year amortization schedule. Gantry will service the loan for the lender. Located at 2290 De La Cruz Blvd., the property features 37,600 square feet spread across two buildings, inclusive of a recently constructed 11,500-square-foot building addition. At the time of financing, the property was fully leased to a national auto collision repair business on a long-term agreement.

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AcquisitionsCaliforniaMultifamilyWestern

USA Properties, Strand Financial Sell 293-Unit Talavera Multifamily Community in Folsom, California

by Amy Works

FOLSOM, CALIF. — USA Properties and Strand Financial has sold Talavera, a 293-unit apartment property in Folsom, located outside of Sacramento. New York-based Sentinel Real Estate acquired the property for an undisclosed price. Marc Ross, Eli Hanacek, Joe McNamara and Claire Holt of CBRE represented the sellers in the deal. According to CBRE, Talavera is the first property to become available in the Folsom submarket in four years. Located at 1550 Broadstone Parkway, the four-building community features studio, one- and two-bedroom apartments. The elevator-served property also offers a pool, hot tub, courtyard, fitness center, package lockers, pet spa, EV charging stations, fire pits, resident garages, 506 parking spaces and a DIY (do it yourself) workshop.

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401-Cypress-Ave-South-SanFran-CA
AcquisitionsCaliforniaMultifamilyWestern

Sares Regis Sells 195-Unit Celeste Apartments in South San Francisco

by Amy Works

SAN FRANCISCO — Sares Regis Group of Northern California, along with an institutional equity partner, has sold the 195-unit Celeste Apartments in South San Francisco. North Carolina-based Bell Partners purchased the property on behalf of its Bell Growth & Income Fund investors. The new owner will rename the asset, located at 401 Cypress Ave., to Bell South City II. Terms of the acquisition were not released. Completed in 2024, the eight-story multifamily building features studio, one- and two-bedroom apartments, a fitness loft and secure EV parking. At delivery, the property was 95 percent occupied. Berkadia represented the seller in the transaction.

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Extra-Space-Storage-Goleta-CA
CaliforniaIndustrialLoansSelf-StorageWestern

Talonvest Capital Arranges $45M Refinancing for Self-Storage Facility in Goleta, California

by Amy Works

GOLETA, CALIF. — Talonvest Capital has arranged a $45 million senior bridge loan to refinance a self-storage property owned by 1784 Holdings, a national self-storage owner and developer. Located in Goleta, the property comprises 95,523 net rentable square feet across 972 climate-controlled self-storage units. Extra Space Storage manages the asset. Tom Sherlock, Kim Bishop, Nathan Lefevre and Mason Brusseau of Talonvest arranged the financing, which features a bridge loan with a three-year initial term and two one-year extension options.

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AcquisitionsAffordable HousingCaliforniaMultifamilyWestern

Marcus & Millichap Brokers $12.5M Sale of Affordable Seniors Housing Property in Southern California

by Amy Works

LA MESA, CALIF. — Marcus & Millichap has brokered the $12.5 million sale of Guava Gardens, an affordable seniors housing property in La Mesa. Los Angeles-based Positive Investments was the buyer.  Built in 1986, the property totals 81 units, with 40 studio apartments and 41 one-bedroom apartments. Residences are reserved for seniors aged 62 and older. Amenities at the community include a pool, spa, recreation room, outdoor gathering areas, laundry facilities and dedicated parking.  Christopher Zorbas, Graeme Henderson and Austin Huffman of Marcus & Millichap represented the undisclosed seller in the transaction. 

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