California

Voit Real Estate Negotiates $11.3M Sale of Harbor Warner Business Center in Santa Ana, California

by Amy Works December 22, 2023

SANTA ANA, CALIF. — Voit Real Estate Services has arranged the sale of Harbor Warner Business Center, an industrial business park in Santa Ana. Rexford Industrial sold the asset to a private investment fund for $11.3 million. Located at 2525 S. Harbor Blvd. and 3720-3752 W. Warner Ave., Harbor Warner Business Center features 38,643 square feet of multi-tenant industrial space. At the time of sale, the property was fully leased. Mike Hefner of Voit’s Anaheim office represented the seller and buyer in the transaction. Matt Peters of Voit’s Irvine office represented Rexford in leasing the asset and acted as the local market advisor for the transaction.

December 22, 2023

Acquisitions California Multifamily Western

CBRE Arranges $2.4M Sale of Multifamily Property in Huntington Beach, California

by Amy Works December 22, 2023

HUNTINGTON BEACH, CALIF. — CBRE has arranged the purchase of a multifamily property in Huntington Beach. A San Diego-based 1031 exchange buyer acquired the asset from a Huntington Beach-based private investor for $2.4 million, or $479,000 per unit. Located at 7872 Liberty Drive, the two-story, 3,604-square-foot building features five apartments in a mix of one-, two- and three-bedroom layouts. All units feature spacious floorplans with patios or balconies. The property also offers garage parking and a laundry facility. Recent improvements include full renovations to two units, a new central water heater, updated windows, garage doors, exterior paint and landscaping. Dan Blackwell and Amanda Fielder of CBRE represented the buyer in the transaction.

December 22, 2023

California Development Life Sciences Office Western

Healthpeak Properties Receives Entitlements for Additional 1.3 MSF Development at Vantage Lab Campus in San Francisco

by Amy Works December 21, 2023

SAN FRANCISCO — Healthpeak Properties has received approval of entitlements for Phases II and III of Vantage, a purpose-built lab development in South San Francisco. The new entitlements enable Healthpeak to deliver an additional 1.3 million square feet of lab space, bringing the campus to approximately 1.7 million square feet upon full build out. The 20-acre campus offers tenants a highly amenitized, world-class campus setting with access to multiple modes of transportation, including direct access to the Rails-to-Trails pathway. The new entitlements represent double the allowable density compared to when Healthpeak originally acquired the land. The long-term nature of the entitlements offers flexibility to deliver the balance of the development in phases to align with market demand. In 2022, Healthpeak started construction on Phase I of the Vantage campus, consisting of 343,000 rentable square feet across two buildings, as well as a 40,000-square-foot amenity building with multiple dining options, conferencing space and a fitness center. Phase I is currently 52 percent leased to Astellas Pharma, which took initial occupancy of its space in December 2023.

December 21, 2023

Acquisitions California Multifamily Western

CBRE Arranges Acquisitions of Five Multifamily Properties in California Totaling $17M

by Amy Works December 21, 2023

TORRANCE AND LONG BEACH, CALIF. — CBRE has brokered the purchases of five multifamily properties in Torrance and Long Beach, totaling $17 million. The transactions fulfilled the buyer’s 1031 exchange requirement following the sale of a 3.8-acre property in Torrance. Dan Blackwell and Trey Mitchell of CBRE Multifamily SoCal represented the San Diego-based exchange buyer. The properties were sold by five different private sellers. The transactions include:

December 21, 2023

Acquisitions California Restaurant Retail Western

College West Partners Sells Raising Cane’s-Occupied Building in Santa Maria, California for $5.1M

by Amy Works December 21, 2023

SANTA MARIA, CALIF. — Tustin-based College West Partners has completed the sale of a restaurant building located at 485 Betteravia Road in Santa Maria. A Los Angeles-based private investor acquired the asset for $5.1 million, or $1,608 per square foot. Alexander Moore, Sean Cox and Kevin Fryman of Hanley Investment Group Real Estate Advisors represented the seller and the buyer in the deal. A Raising Cane’s Chicken Fingers double drive-thru restaurant occupies the 3,172-square-foot freestanding building, which was built in 2022 on a 0.8-acre pad. The property is located within Enos Ranch, a 110-acre mixed-use development.

December 21, 2023

California Market Reports Multifamily Western Western Market Reports

Multifamily Investors in Long Beach Navigate Opportunities Amidst Market Adjustments, New Developments

by Jeff Shaw December 21, 2023

— By Juan Huizar, President, Sage Real Estate — Nationwide, multifamily sales are declining, while interest rates are rising. Buyers are adopting a patient approach, leading to properties lingering on the market for extended periods. This, of course, is accompanied by noticeable price reductions. Buyers are anticipating further price drops, while some sellers are slowly becoming more realistic in their pricing. Long Beach has perennially attracted multifamily investors with more than 7,500 individual apartment buildings. This is mainly composed of older housing stock, which creates a fertile ground for investors and syndicators. Often regarded as the last affordable beach city, Long Beach — despite being overshadowed by other Southern California communities or grouped with Los Angeles — stands as a significant population and employment hub, ranking as the sixth-largest city in California. Existing apartment sales for properties with five or more units have plummeted by more than 65 percent. Notably, 2021 was an exceptional year due to a confluence of factors, including rising real estate values and a low cost of capital. The current decline is more a reflection of increased capital costs than a trend over the past decade, with some properties selling for less than their 2019 prices. …

December 21, 2023

Acquisitions California Office Western

Harbert Management Sells 346,731 SF Concord Corporate Centre in San Francisco

by Amy Works December 20, 2023

SAN FRANCISCO — Harbert Management Corp. has completed the disposition of Concord Corporate Centre, an office campus in San Francisco’s East Bay area. Sierra Pacific acquired the asset for an undisclosed price. Located at 1320 and 1390 Willow Pass Road, the 346,731-square-foot, two-building campus was 73 percent leased at the time of sale. The property also includes a 1,167-stall parking garage. The buyer plans to add updated amenities and renovate the common areas of the property. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark represented the seller in the deal.

December 20, 2023

Acquisitions California Retail Western

Hanley Brokers $4.2M Sale of Retail Center in Southern California

by Amy Works December 20, 2023

INGLEWOOD, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $4.2 million sale of a retail center located in Inglewood. Dollar General anchors the 12,750-square-foot property, which was built in 1961 and renovated in 2004. Kevin Fryman, Carlos Lopez, Sean Cox and Alexander Moore of Hanley represented the seller, a Los Angeles-based private investor. Robert Toofer of Exclusive Realty represented the buyer.

December 20, 2023

California Development Multifamily Western

Begonia Real Estate, C.W. Driver Complete $37.8M Apartment Building in Temple City, California

by Amy Works December 19, 2023

TEMPLE CITY, CALIF. — Begonia Real Estate Development and C.W. Driver Cos., as builder, have completed Begonia Place, a four-story, mixed-use project in Temple City. Located at 5570 Rosemead Blvd., the $37.8 million property features 74 one- and two-bedroom apartments, ranging from 732 square feet to 1,251 square feet. Nineteen of the units are multi-floor penthouses and two units are ground-level, townhome-style, live-work layouts. All apartments feature private balconies or patios, with some larger units offering built-in barbecues and fire pits. Community amenities include a clubhouse, business conference center, 24-hour access to a fitness facility, an outdoor courtyard and multiple lounge areas with water features. The first floor of Begonia Place features 14,000 square feet of retail and commercial space with a secured subterranean garage for visitors and residents. The pet-friendly community is C.W. Driver Cos.’ first partnership with Begonia Real Estate Development. Creative Design Associates served as architect for the project.

December 19, 2023

Acquisitions California Civic Multifamily Western

Urban Catalyst Sells Apartment Project Site in San Jose for $23.4M

by Amy Works December 19, 2023

SAN JOSE, CALIF. — Urban Catalyst, in partnership with a trust affiliated with the late local architect Thang Do, has completed the disposition of an approved multifamily development site in San Jose. The Santa Clara Valley Transportation Authority (VTA) acquired the asset for $23.4 million. The deal enables the buyer and a group of local government and transit agencies to redevelop the Diridon Station area. The transaction includes 1.2 acres spanning two adjacent parcels at 32 and 60 Stockton Ave., situated between a Whole Foods Market and SAP Center. Urban Catalyst acquired the site in two separate transactions for $15.1 million in 2021 and last year. Working with Do and his firm, Aedis Architects, Urban Catalyst received entitlements for a 20-story, 472-unit development project called Apollo. The project involved demolishing existing structures on the Stockton Avenue and replacing them with apartments ranging from studios to three-bedroom units. The planned development was unilaterally approved last year by the city. After Apollo received planning approval in November 2022, it was discovered that the site is within an area anticipated for future rail infrastructure, as a designated property among the right-of-way parcels needed for the first phase of California’s bullet train. VTA and the …

December 19, 2023

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