California

NAI Capital Negotiates $5.1M Sale of Assisted Living Site Slated for Adaptive Reuse in Pasadena

by Amy Works July 10, 2025

PASADENA, CALIF. — NAI Capital Commercial has arranged the sale of a former assisted living facility located at 1450 N. Fair Oaks Ave. in Pasadena. Agri Capital sold the asset to 1450 N Fair Oaks LLC for $5.1 million, or $180 per square foot of building area and $147 per square foot of land. Stephen Lam, Guillermo Olaiz and John Archibald of NAI Capital represented the seller in the deal. The 28,512-square-foot, 42-unit former nursing facility is situated on a 34,980-square-foot lot and was vacant at the time of sale. The owner plans to repurpose the building as a temporary housing facility focused on mental health support and substance use prevention.

July 10, 2025

Acquisitions California Restaurant Retail Western

CBRE Brokers $1.7M Sale of Starbucks-Occupied Retail Property in San Diego

by Amy Works July 10, 2025

SAN DIEGO — CBRE has arranged the sale of a retail property located at 3352 Adams Ave. in San Diego. Corner Properties sold the asset to 3352 Adams LLC for $1.7 million. The 1,730-square-foot property features a long-term, triple-net lease with Starbucks Coffee. Reg Kobe, Joel Wilson and Michael Peterson of CBRE represented the seller, while Andrew Slade of CIRE Partners represented the buyer in the deal.

July 10, 2025

Acquisitions California Multifamily Western

Levin Johnston Arranges $18M Sale of Multifamily Portfolio in Santa Clara, California

by Amy Works July 9, 2025

SANTA CLARA, CALIF. — Levin Johnston of Marcus & Millichap has directed the $18 million purchase of a portfolio of three contiguous garden-style multifamily buildings on Bellomy Street in Santa Clara. Located at 1962, 1972 and 1978 Bellomy St., the portfolio offers 59 studio, one-, two-, three- and four-bedroom apartments spread across low-density, two-story buildings. Built in 1951, the buildings feature shared landscaped areas, an outdoor pool and surface parking. The Levin Johnston team procured a local investment group focused on value-add acquisitions as the buyer in the transaction. The name of the seller was not released.

July 9, 2025

Acquisitions California Industrial Western

Lee & Associates Brokers $3.4M Sale of Industrial Property in Fullerton, California

by Amy Works July 9, 2025

FULLERTON, CALIF. — Lee & Associates has arranged the acquisition of an industrial building located at 1041 S. Placentia Ave. in Fullerton. An undisclosed buyer purchased the property for $3.4 million. The buyer plans to repurpose the 9,982-square-foot building into a dental laboratory. The property features a clear height of 19 feet, a sprinkler system, two ground-level doors and a parking ratio of 1.9 cars per 1,000 square feet. John Son and Christopher Destino of Lee & Associates represented the buyer in the deal.

July 9, 2025

California Development Retail Western

Capstone Advisors Completes $1M Renovation of Mission Escondido Shopping Center in Metro San Diego

by Amy Works July 9, 2025

ESCONDIDO, CALIF. — Capstone Advisors has completed the $1 million renovation of Mission Escondido Shopping Center, a 41,530-square-foot shopping center located in Escondido, approximately 30 miles north of San Diego. The property was originally built in 1980. The renovation project included a contemporary design with a refreshed color palette and standing seam metal roof, as well as drought-tolerant landscaping, updated site and tenant signage and parking lot improvements. Additionally, the center is now fully leased to 14 tenants including Dongbu Korean BBQ, Prism Jiu Jitsu and Swan Hair Salon. AO and MW Peltz + Associates of Solana Beach designed the renovation, while Dowling Construction, San Diego Electric Sign, Pacific Western Painting, Pyle Landscape Care and Doo-Rite Roofing completed the project. Capstone Advisors acquired Mission Escondido Shopping Center in 2011 for $3.9 million.

July 9, 2025

Affordable Housing California Development Loans Multifamily Western

KeyBank Provides $47M in Construction Financing for Affordable Housing Project in Oceanside, California

by Amy Works July 8, 2025

OCEANSIDE, CALIF. — KeyBank Community Development Lending and Investment (CDLI) has provided Mirka Investments a $32 million tax-exempt construction loan and a $15 million taxable construction loan to finance the development of El Camino Real, an affordable housing community at 2136 S. El Camino Real in Oceanside. Additionally, a $27.8 million permanent loan will be privately placed with one of KeyBank Commercial Mortgage Group’s (CMG) institutional investors. El Camino Real will feature a four-story residential building with 111 two- and three-bedroom apartments for families earning between 30 and 80 percent of the area median income. The property will include a leasing office and community area within a 6,500-square-foot common space, including outdoor recreation space and central laundry rooms on each floor. Supportive services will be provided by Mission Neighborhood Centers, which offers educational programs, workforce development, homelessness prevention and social services. The project received an additional $32 million construction loan from the California Municipal Finance Authority through a Multifamily Housing Private Activity Bond issuance, $12.9 million in certificated credits from the City of Oceanside State Housing Tax Credit program via Monarch Private Capital and $16 million in federal Low-Income Housing Tax Credit equity from WNC. Matthew Haas of KeyBank CDLI structured …

July 8, 2025

Acquisitions California Retail Western

Hanley Investment Group Arranges $4.2M Sale of Single-Tenant Retail Property Near Palm Springs

by Amy Works July 8, 2025

CATHEDRAL CITY, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $4.2 million sale of a newly constructed, single-tenant retail property located in Cathedral City, approximately seven miles southeast of Palm Springs. A 3,700-square-foot Circle K convenience store occupies the building, which is situated within Cathedral Cove Center on a 20-year triple-net-lease with 10 percent rent increases every five years. Circle K is scheduled to open in fall 2025. Bill Asher and Jeff Lefko of Hanley represented the seller and developer, Newport Beach, Calif.-based Fountainhead Development, in the transaction. Joe Ahearn of Pinnacle Estate Properties represented the 1031 exchange buyer, a Ventura, Calif.-based private investor.

July 8, 2025

Acquisitions California Industrial Western

EQT Real Estate Buys 2 MSF Industrial Portfolio in Manteca, California

by Amy Works July 7, 2025

MANTECA, CALIF. — EQT Real Estate’s EQT Exeter Industrial Value Fund VI has purchased a 2 million-square-foot portfolio of logistics facilities in Manteca. The four Class A buildings are located near interstates 5 and 99 and offer immediate access to a major Union Pacific intermodal terminal. The properties are fully leased to four tenants across a diverse set of industries with a weighted average lease term of less than three-and-a-half years. The buildings feature 36-foot clear heights, a mix of cross-dock and single-load configurations, ample trailer and auto parking spaces and truck maneuverability and circulation. Michael Kendall, Michael Goldstein, Gian Bruno and Nick Mascheroni of Colliers advised EQT Real Estate in the transaction.

July 7, 2025

125-157-Twin-Oaks-Valley-Rd-San-Marcos-CA

Acquisitions California Retail Western

Brixton Capital Purchases Four-Building Retail Center in San Marcos, California

by Amy Works July 7, 2025

SAN MARCOS, CALIF. — Brixton Capital has acquired Civic Center Plaza, located at 125-157 Twin Oaks Valley Road in San Marcos, from the City of San Marcos for an undisclosed price. Developed in 2007 in conjunction with the city, the four-building retail center offers 60,000 square feet of retail space. At the time of sale, the property was 97 percent occupied. Current tenants include LA Fitness, FedEx, Subway, Robek’s, PizzaNova and Ryan Bros Coffee. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the city, while Brixton was self-represented in the transaction.

July 7, 2025

Acquisitions California Office Retail Western

Marcus & Millichap Brokers Sale of 42,363 SF Mixed-Use Property in San Diego

by Amy Works July 7, 2025

SAN DIEGO — Marcus & Millichap has arranged the sale of The Laurel at Balboa, a mixed-use property located at 2445 Fifth Ave. in San Diego. Grady Development and Fifth & Laurel Associates sold the asset to Golden Balboa LLC for $16.4 million. Situated in San Diego’s Bankers Hill neighborhood, the 42,363-square-foot property features ground-floor retail space anchored by CUCINA Urbana, operated by Urban Kitchen Group, and three levels of office space. Built in 1989, the asset includes 82 secured underground parking spaces and and was approximately 92 percent leased at the time of sale. Ross Sanchez and Nick Totah of Marcus & Millichap’s San Diego Del Mar office represented the seller and procured the buyer in the deal.

July 7, 2025

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