SACRAMENTO, CALIF. — CBRE has negotiated the sale and acquisition financing of 16 Powerhouse, an apartment community in Sacramento. Oakmont Properties acquired the asset from Demmon Partners for $34.5 million. Marc Ross, Joe McNamara and Claire Holt of CBRE represented the seller in the deal. Andrew Behrens and Jesse Weber of CBRE secured acquisition financing for the buyer. Located at 1606 P St., the six-story 16 Powerhouse features 73 one- and two-bedroom floor plans and ground-floor retail space, currently occupied by Orchid Thai, Magpie and Temple Coffee. Built in 2015 and renovated with an addition in 2024, the community features a clubhouse and lounge, spa deck, an outdoor lounge, a rooftop deck and an outdoor kitchen.
SAN FRANCISCO — Bridgeton has completed the sale of Museum Parc, a mixed-use property in San Francisco’s SoMa neighborhood, to DPI Retail for $19.2 million. Eric Kathrein, Andrew Spangenberg and Allie Repaskey of JLL Capital Markets represented the seller in the transaction. Located at 300 3rd St., Museum Parc features 36,000 square feet of fully leased street-level retail space situated below 234 condominium units. Current commercial tenants include Crunch Fitness, El Dorado Latin Fusion, Aquabyte and TowerWAV.
BOSTON AND NEW YORK CITY — A joint venture between Bain Capital and 11North Partners has acquired five open-air retail centers for approximately $300 million. The properties total roughly 757,000 square feet and are located in Carlsbad, Calif.; Falls Church, Va.; Altamonte Springs, Fla.; and Sugar Land, Texas. The seller was not disclosed. Anchor tenants of the portfolio include Harris Teeter, Trader Joe’s, Walmart, Costco and Equinox, with sales from those anchor stores exceeding $900 per square foot. The portfolio, which was more than 93 percent occupied at the time of sale, also features a mix of food, fitness, medical, service and other necessity-based tenants. “Open-air, grocery-anchored retail continues to demonstrate some of the most compelling risk-adjusted fundamentals in the real estate landscape,” says Brian Harper, founder and managing partner of New York City-based 11North. “These assets align squarely with our strategy of building a portfolio of institutional-quality, open-air centers, anchored by best-in-class necessity and lifestyle tenants that serve as cornerstones of their communities,” adds Martha Kelley, a managing director at Boston-based Bain. The acquisition follows Bain and 11North’s recent capital raise of $1.6 billion that is dedicated to investing in open-air retail throughout the co-owned, 11North platform. Together with …
RIALTO, CALIF. — Premier Logistics Properties, in partnership with Penwood Real Estate Investment Management, has purchased two infill big-box warehouses in the Inland Empire. Totaling 1.5 million square feet, the acquisition includes two Class A buildings located at 1568 and 1660 N. Linden Ave. in Rialto. Situated on 107 acres, the assets feature 36- to 42-foot clear heights, full concrete truck courts and “significant” employee parking and trailer storage. Steve Silk and Mark Alfert of Eastdil Secured represented the undisclosed seller, while Bo Mills of KBC Capital Partners represented the buyers in the transaction.
SAN DIEGO — PSRS has secured $24 million in refinancing for a retail asset in San Diego. Located in the historic Gaslamp Quarter, the property offers 54,650 square feet of retail space. Tony Messiah of PSRS arranged the financing through one of the firm’s correspondent life insurance companies. The loan features a five-year term and a 25-year amortization.
SAN MARCOS, CALIF. — CBRE has arranged the sale of a single-tenant industrial property located at 177 Vallecitos de Oro in San Marcos. A local family trust acquired the asset from Davis, Gottleib & Shaw LP for $4.4 million. Window World, a national replacement window and exterior remodeling company, occupies the 24,660-square-foot property on a long-term, triple-net lease basis. Matt Pourcho, Blake Wilson, Roger Carlson and Anthony DeLorenzo of CBRE represented the seller in the transaction.
SAN BERNARDINO, CALIF. — Transwestern Investments has completed the disposition of San Bernardino I, a Class A industrial warehouse located in San Bernardino within the Inland Empire East submarket. Terms of the transaction were not disclosed. Completed in 2019, the asset offers 392,983 square feet of industrial space. The warehouse offers direct access to major interstate highways and proximity to Ontario International Airport and the ports of Los Angeles and Long Beach, Calif. The property was developed through a joint venture between Transwestern Development, Transwestern Investments and the separately managed account client.
HUNTINGTON BEACH, CALIF. — JLL and HJ Sims have arranged $252.1 million in tax-exempt and taxable bond financing for the development of The Marisol, a seniors housing community in Huntington Beach. HJ Sims acted as lead book-running manager on the senior bonds and JLL Securities served as co-manager and led the process in securing the investor for the subordinate bonds. Issued through the California Public Finance Authority, the fixed- and floating-rate financing was structured into Series A senior bonds and subordinate Series B and C bonds. The bonds were divided into three tranches: a Series A $165.7 million tranche, a Series B $74.3 million tranche and a Series C $12.1 million tranche. Located at 2120 Main St., The Marisol is currently under construction and will deliver 214 seniors housing units and a full amenity package in 2028. JLL’s Senior Housing Capital Markets team served as real estate advisor on the project.
YORBA LINDA, CALIF. — A joint venture between Harbor Associates and Farallon Capital Management has purchased Yorba Linda Commerce Center, a small-bay industrial campus in Yorba Linda, in an off-market transaction valued at $81 million. The seller was a private family that had owned the property for more than 30 years. Located at 3910 Prospect Ave., Yorba Linda Commerce Center features 280,000 square feet of industrial space spread across 10 single- and multi-tenant buildings featuring 83 units ranging in size from 1,200 square feet to 24,000 square feet. Each unit includes office space, clear heights up to 22 feet, ground-level doors, ample electrical capacity, LED lighting and updated HVAC systems. Built in 1987, the asset was 98 percent leased at closing. Gary Martinez of Ashwill Associates represented the seller in the transaction. Shaun Moothart, Bob Ybarra and Andrew Post of CBRE represented Harbor in securing a $56 million fully funded loan that was provided by an affiliate of QuadReal Property Group with Brandon Bachner leading the financing on behalf of QuadReal.
LOS ANGELES — Seachange Partners has received $15.6 million in nonrecourse construction financing for two affordable multifamily developments in Los Angeles. Keith Rosso and Jeremy Kanter of Berkadia arranged the financing through Genesis Capital, a private Los Angeles-based residential construction lender. Located at 1723 Corinth Ave. and 3751 Delmas Terrace, the two five-story properties will deliver a combined 79 units of deed-restricted affordable housing. Construction is underway, with completion slated for 2027. Seachange Partners was founded in 2024 by Kyle Jenkins and Cameron Whiting. To date, the firm has initiated four affordable housing development projects in the greater Los Angeles area. The Corinth Avenue and Delmas Terrace developments are Seachange’s inaugural projects.
Newer Posts