California

Stos Partners Sells 21,980 SF Warehouse Building in La Mirada, California

by Amy Works July 10, 2024

LA MIRADA, CALIF. — Stos Partners has completed the sale of an industrial building, located at 14575 Firestone Blvd. in the Los Angeles suburb of La Mirada, to an owner/user for $9.2 million. Bulit in 1964, the building features 21,980 square feet of warehouse space with 24-foot clear heights. Stos Partners originally acquired the vacant building in June 2022. The seller implemented a capital improvements program, including parking lot resurfacing, door renovations, LED lighting systems and mechanical improvements. Brad Schenider and Nick Krakower of Lee & Associates represented the seller in the deal.

July 10, 2024

Acquisitions California Industrial Self-Storage Western

Colliers Arranges Sale of 522-Unit Self-Storage Facility in San Pablo, California

by Amy Works July 10, 2024

SAN PABLO, CALIF. — Colliers has brokered the sale of San Pablo Mini Storage, a self-storage facility located at 5310 Riverside Ave. in the Bay Area city of San Pablo. The Reeves Family Trust sold the property to Merit Hill Capital for an undisclosed price. Jacob Becher of the de Jong | Becher Self-Storage Team of Colliers represented the seller and procured the buyer in the deal. Situated on 2.4 acres, the 11-building San Pablo Mini Storage features 50,503 square feet of rentable space and 522 units. At the time of sale, the property was 83 percent occupied.

July 10, 2024

California Market Reports Retail Western Western Market Reports

Inland Empire Retail Market Remains Upbeat

by Jeff Shaw July 10, 2024

— By Brad Umansky, President & Head Coach, Progressive Real Estate Partners — Occupancy and lease rates have continued to trend higher throughout Southern California’s Inland Empire retail market as a lack of new construction combined with strong retail demand has kept vacancies near record lows. Looking ahead, factors affecting the market are 99 Cent Only’s bankruptcy, the substantial slowdown in sales activity, and the minimum wage increase to $20/hour for fast food workers. Occupancy & Lease Rates Occupancy is currently reported at 94.3% by Costar, but removing spaces 10,000 SF or larger, results in occupancy of 97.2% which demonstrates the lack of available shop space. In my 30+ years of working in this market, I have never seen such a lack of options for shop tenants. As a result, when shop spaces become available owners are mostly commanding a higher lease rate than what the previous tenant was paying. 99 Cent Only Bankruptcy Dominates Recent Activity Since April, when 99 Cent Only declared bankruptcy and promptly decided to liquidate all 371 stores in the chain, industry participants have been analyzing these locations. As of June 2nd, it has been determined that Dollar Tree is acquiring 170 of the …

July 10, 2024

Acquisitions California Industrial Western

Dunleer Buys Industrial Park in Huntington Beach, California for $5.8M

by Amy Works July 9, 2024

HUNTINGTON BEACH, CALIF. — Los Angeles-based Dunleer has acquired a two-building industrial business park at 7602 Talbert Ave. in Huntington Beach, southeast of Los Angeles. A local private owner, a family member of the original developer, sold the asset for $5.8 million in an off-market transaction. Built in 1978 on 1.15 acres, the 22,382-square-foot park features 16 industrial units, eight small office units, 15 ground-level doors, 12-foot ceiling heights and 33 parking spaces. At the time of sale, the property was fully occupied by 19 tenants. Alexander Harrold of Matthews Real Estate Investment Services represented the buyer and seller in the deal.

July 9, 2024

California Loans Retail Western

Majestic Realty Co. Receives $12.6M Refinancing for Two Shopping Centers in Walnut, California

by Amy Works July 9, 2024

WALNUT, CALIF. — Majestic Realty Co. Capital Markets has completed the refinancing of two shopping centers in Walnut, located between Los Angeles and the Inland Empire. PGIM Real Estate provided a $12.6 million first trust deed loan on Snow Creek Village West Shopping Center and retired the existing debt on Snow Creek Village East Shopping Center. Both assets are located at the intersection of Valley Boulevard and Grand Avenue. Developed by Majestic Realty Co. affiliates, the properties offer a total of 128,922 square feet of retail space. Current tenants include TJ Maxx, HomeGoods, Aldi, Panera Bread, McDonalds, Starbucks Coffee and Applebee’s Grill + Bar.

July 9, 2024

Acquisitions California Mixed-Use Multifamily Retail Western

Marcus & Millichap Brokers Sale of 13,827 SF Mixed-Use Property in Placerville, California

by Amy Works July 9, 2024

PLACERVILLE, CALIF. — Marcus & Millichap has arranged the sale of a mixed-use property at 414-434 Main St. in Placerville, approximately 45 miles northeast of Sacramento. A private investor sold the asset to another private investor for $1.7 million. Constructed in the 1920s as a movie theatre, the 13,827-square-foot property has been converted into five ground-floor retail spaces and three top-floor residential units. Edward Nelson, Wyatt Figueroa and William Graves Jr. represented the seller, while Nelson procured the buyer in the deal.

July 9, 2024

California Healthcare Loans Office Western

PSRS Arranges $16.3M Refinancing for Foothill Centre Medical Office Campus in Santa Barbara, California

by Amy Works July 8, 2024

SANTA BARBARA, CALIF. — Seth Ludwick of PSRS has arranged $16.3 million in refinancing for Foothill Centre, a medical office campus in Santa Barbara, approximately 115 miles northwest of Los Angeles. The single-tenant campus offers 61,664 square feet of medical office space and 225 parking spaces. Financed with a bank extension, PSRS provided the undisclosed borrower with a non-recourse, 10-year loan with 30-year amortization and no reserves.

July 8, 2024

Acquisitions California Hospitality Western

Marcus & Millichap Negotiates $11.5M Sale of Comfort Suites Barstow Hotel in California

by Amy Works July 3, 2024

BARSTOW, CALIF. — Marcus & Millichap has arranged the sale of Comfort Suites Barstow, a hotel in the Mojave Desert city of Barstow. A limited liability company sold the asset to an individual trust for $11.5 million. Located at 2571 Fisher Blvd., Comfort Suites Barstow offers 83 guest rooms. Andy Patel and Gordon Allred of Marcus & Millichap represented the seller and procured the buyer in the transaction.

July 3, 2024

California Loans Retail Western

PSRS Arranges $9.6M Refinancing of Southwood Village Retail Property in Torrance, California

by Amy Works July 3, 2024

TORRANCE, CALIF. — PSRS has arranged $9.6 million in refinancing for Southwood Village, a retail property in Torrance. Trevor Blood of PSRS originated a non-recourse, five-year loan with a 30-year amortization and two years of interest only through a life insurance company. The borrower was not disclosed. Built in the 1950s and renovated in 2003, Southwood Village offers 67,302 square feet of multi-tenant retail space. Current tenants include Ace Hardware, Goodwill, Dollar Tree and Embroidme.

July 3, 2024

California Industrial Loans Self-Storage Western

Seven Hills Realty Trust Provides $23.8M Loan for Self-Storage Facility in Los Angeles

by Amy Works July 2, 2024

LOS ANGELES — Seven Hills Realty Trust (SEVN) has secured $23.8 million floating-rate first mortgage loan to recapitalize a self-storage facility located at 2515 S. Broadway in Los Angeles. Staley Point Capital is the borrower. The Extra Space Storage-branded facility offers 80,000 square feet of self-storage space. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by JLL, which advised Staley Point Capital.

July 2, 2024

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