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.
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.
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 …
SAN JOSE, CALIF. — Brixton Capital has purchased Monterey Plaza, a shopping center in southeast San Jose, from a joint venture between Kimco Realty and Prudential Global Investment Management for an undisclosed amount. A FoodMaxx grocery store anchors the 178,204-square-foot, open-air property. Additional tenants include City Sports Club (an LA Fitness affiliate), Dollar Tree, McDonald’s and Taco Bell, as well as other restaurants, retailers, entertainment companies and medical-service providers. Brixton plans to re-tenant a former Walmart storefront and revitalize the shopping center, including new exterior aesthetics and landscaping. Nicholas Bicardo of Newmark represented the New York-based seller, while Brixton Capital was self-represented in the deal.
OAKLAND, CALIF. — Cityview is developing Portico, a 378-unit multifamily community located in an Opportunity Zone in Oakland’s Brooklyn Basin neighborhood. Slated for completion December 2023, the eight-story project will feature studio, one-, two- and three-bedroom apartments, as well as townhomes, with more than 80 percent of the units overlooking the waterways separating Oakland from Alameda. All units will feature stainless steel appliances, smart thermostats, large closets, air conditioning, full-sized washers/dryers, keyless entry, luxury vinyl plank flooring, and kitchens with fully tiled backsplashes and quartz countertops. Community amenities will include 331 parking spaces for residents and guests, a rooftop sky lounge, pool and spa deck, courtyard, an outdoor pet spa, indoor and outdoor fitness areas, a movement studio, clubroom, wine cellar, game room and leasing lobby lounge. Managed Wi-Fi will be available throughout the community and a coworking space will provide private and community workspaces for residents. Designed to meet LEED Silver standards, Portico will feature low-flow fixtures, Energy Star-certified appliances, a solar thermal system that helps provide hot water for units and energy efficient windows. The project team includes James E. Roberts Obayashi and Webcor as general contractors, AC Martin as architect and Nadia Gellar Designs as interior designer. Portico …
SAN DIEGO — Family Health Centers has acquired a retail property, located at 4650 Mission Bay Drive in San Diego, from an undisclosed seller for $11 million. Located on the corner of Garnet Avenue and Mission Bay Drive, the two-story building features 20,987 square feet of retail space. The building was built in 1977 on a 1.7-acre lot. Reg Kobzi, Michael Peterson, Joel Wilson and Rosie Cooper of CBRE represented the seller, while Kelly Moriarty and Chris Ross of JLL represented the buyer in the deal.
RANCHO DOMINGUEZ, CALIF. — DAUM Commercial Real Estate Services has negotiated the lease of an industrial warehouse facility at 3040 E. Ana St. in Rancho Dominguez. JCQ Industrial leased the asset to DCW Inc., a warehousing, fulfillment, distribution and transportation services company. The site was leased for a total consideration of $10.1 million. The 115,734-square-foot property features 35 trailer or container spaces, 18 dock-high doors, 20-foot to 22-foot warehouse ceiling heights and loading access across the front of the building. The building’s office space allows for configurations that range from 6,500 square feet to 21,000 square feet. Additionally, the asset offers ample parking and reception and kitchen areas. Chuck Brill, Casey Mungo and Nat Ortega of DAUM represented the lessor, while Tyler Rollema of Klabin Co. represented the lessee in the deal.
THOUSAND OAKS, CALIF. — FPA Multifamily, on behalf of its Core Plus Fund V, has acquired a two-property multifamily portfolio totaling 399 units in Thousand Oaks, a suburb west of Los Angeles. Decron Properties sold the assets for $171.2 million. The portfolio consists of Los Robles Apartments, a 253-unit asset built in 1972, and The Retreat at Thousand Oaks, a 146-unit property built in 1966. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Los Robles Apartments features studio, one- and two-bedroom apartments, averaging 882 square feet, spread across 32 residential buildings. Units have ductless heating and cooling systems, washers/dryers and new plank flooring. Community amenities include a new leasing office, resort-style pool, fitness center and outdoor lounge areas. The Retreat at Thousand Oaks offers a mix of one- and two-bedroom apartments, three-bedroom townhomes and four-bedroom flats, with an average unit size of 1,260 square feet. The property is within walking distance of Janss Marketplace, an outdoor retail center.
GARDEN GROVE, CALIF. — The City of Garden Grove, located in Orange County, has purchased Garden Grove Plaza, located at 12966 Euclid St. in Garden Grove. A private seller sold the asset for $12.12 million, or $188 per square foot. Anthony DeLorenzo, Bryan Johnson, Nick Williams and Peter Wells of CBRE represented the seller in the deal. Situated on two acres, the five-story glass-and-steel building offers approximately 64,468 square feet of office space. The property was recently renovated and is currently 77 percent occupied.
— By Jason DuFault, Regional Managing Director – Southern California, KW Commercial — With a population of about 440,000, the City of Long Beach has grown substantially over the past two decades. This is due, in part, to the draw of its coastal location, public spaces, dining and nightlife, employment, the ports of Los Angeles and Long Beach, and its many tourist attractions, including the Queen Mary and the Aquarium of the Pacific. This all bodes well for the retail sector. However, over the past 18 months, the retail market has been inconsistent for success based on location. The city’s overall vacancy rate is currently around 4.3 percent, with the most challenged market being downtown Long Beach, which is currently at 4.6 percent. While the vacancy is still low by most standards, I believe it will likely increase before it gets better. Like many CBDs across the nation, Long Beach’s office vacancy has been high. The decline in the daytime population has retailers struggling. The most challenging projects to rent out retail-wise seem to be the newer vintage mixed-use properties. On the other hand, smaller submarkets in east Long Beach, such as Second Street and Naples, have been strong, giving …
