California

Old Grove Acquires Two Industrial Buildings in Vista, California for $29.4M

by Amy Works December 11, 2023

VISTA, CALIF. — Old Grove LLC, an out-of-town 1031 exchange buyer, has purchased two industrial properties in Vista from DXW LLC for $29.4 million. Located at 3215 and 3225 Executive Ridge, the two buildings offer a total of 120,239 square feet. BioFilm, a manufacturer and distributor of healthcare products, occupies both assets on a triple-net lease. Matt Poucho, Anthony DeLorenzo, Matt Harris, Roger Carlson and Blake Wilson of CBRE represented the seller, while James DeRegt of Lee & Associates represented the buyer in the deal. BioFilm occupies the 44,630-square-foot building at 3225 Executive Ridge as its corporate headquarters. Situated on 2.6 acres, the building features three loading docks, three grade-level doors and 28-foot clear heights. Thirty-three percent of the building serves as an office area, while the remaining space serves the company’s manufacturing needs. The tenant also occupies the 44,630-square-foot building at 3215 Executive Ridge, which is 71 percent warehouse space and 29 percent office space. The facility features drive-around truck access to two loading docks and four grade-level doors. Additionally, the property is equipped with heavy power.

December 11, 2023

California Hospitality Loans Western

Seven Hills Realty Trust Arranges $29M Refinancing for SunCoast Park Hotel Anaheim

by Amy Works December 8, 2023

ANAHEIM, CALIF. — Seven Hills Realty Trust (NASDAQ: SEVN) has arranged a $29 million first mortgage floating rate bridge loan to refinance SunCoast Park Hotel Anaheim, located at 1640 S. Clementine St. in Anaheim. The borrower is Irvine-based SunCoast Properties. Part of the Tapestry Collection by Hilton, the select-service hotel features 174 guest rooms. The loan has a two-year initial term with three one-year extension options, subject to the borrower meeting certain requirements. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by Robert Douglas, which advised SunCoast Properties. Tremont Realty Capital is an affiliate of The RMR Group.

December 8, 2023

Acquisitions California Multifamily Western

MBK Rental Living Divests of 318-Unit Azure Apartment Community in Santa Maria, California

by Amy Works December 7, 2023

SANTA MARIA, CALIF. — MBK Rental Living has completed the sale of Azure, a multifamily property in the Central Coast city of Santa Monica. Terms of the transaction were not released. Developed in MBK Rental Living and opened in September 2020, Azure features 318 one-, two- and three-bedroom units ranging in size from 406 square feet to 1,211 square feet. The units feature open floor plans with vaulted ceilings, wood-style flooring, wall-controlled ceiling fans, gas ranges, stainless steel appliances, quartz countertops, closets with built-in shelves and covered patios with storage rooms. Community amenities include a modern farmhouse-style clubhouse with an entertainment kitchen; two resort-style swimming pools surrounded by cabanas and a firepit; two spas; traditional and Santa Maria-style barbecue grills; a 24-hour fitness center; futsal sports court; Tesla charging stations; two playgrounds; a dog park; pet spa; and business center. Azure is situated on 14 acres at 703 E. Meehan St. Kevin Green, Joseph Grabiec and Greg Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the deal.

December 7, 2023

California Development Multifamily Student Housing Western

McCarthy Building Co. Breaks Ground on $285M Student Housing Project at University of California, Riverside

by Amy Works December 6, 2023

RIVERSIDE, CALIF. — McCarthy Building Cos. has broken ground on the $285 million North District Phase II student housing development at University of California, Riverside (UCR). The intersegmental projects, one of the first of its kind in California, will house students from UCR and Riverside Community College District (RCCD). The 424,000-square-foot project will feature 429 single- and double-occupancy apartment-style units ranging from one to four bedrooms complete with kitchen/living room spaces, high-speed Wi-Fi, air conditioning and designated study areas. Additionally, the community will feature a café/market, recreation fields and a central park. The project has received funding through the State Higher Education Student Housing Grant Program to provide affordable beds for UCR and RCCD students, bringing the total number of beds to 1,568. The first students are expected to move-in in 2025.

December 6, 2023

California Loans Retail Western

PSRS Arranges $3.7M Refinancing for Retail Strip Center in Mammoth Lakes, California

by Amy Works December 6, 2023

MAMMOTH LAKES, CALIF. — PSRS has arranged $3.7 million in refinancing for Mammoth Gateway, a retail strip center in Mammoth Lakes. Grady Seldin and Thomas Rudinsky of PSRS secured the 10-year, fixed-rate loan for the undisclosed borrower. Built in 1973 on 3.5 acres, Mammoth Gateway features 54,854 rentable square feet. Rite Aid anchors the property, which offers 13 retail spaces, including a hardware store, pet store and a variety of restaurants and cafés.

December 6, 2023

California Loans Multifamily Western

Berkadia Arranges $67.2M Refinancing for Northpoint Apartments in San Francisco

by Amy Works December 5, 2023

SAN FRANCISCO — Berkadia has secured a $67.2 million loan for California-based NP Apartments LLC to refinance debt on Northpoint Apartments in San Francisco. Andy Ahlers of Berkardia San Francisco secured the permanent five-year loan through Fannie Mae. Located at 2211 Stockton St., Northpoint Apartments features 514 studio, one- and two-bedroom floor plans with private patios or balconies and dishwashers. Community amenities include two swimming pools, a fitness center and laundry facilities.

December 5, 2023

Acquisitions California Multifamily Western

CBRE Brokers $7M Sale of Tropicana Apartments in Huntington Beach, California

by Amy Works December 5, 2023

HUNTINGTON BEACH, CALIF. — CBRE has arranged the sale of Tropicana Apartments, a multifamily property in Huntington Beach. A Huntington Beach-based private buyer acquired the asset from a local private investor for $7 million, or $337,714 per unit, in an all-cash deal. According to CBRE, the sale was the largest apartment transaction in downtown Huntington Beach in the past 10 years. Dan Blackwell and Mike O’Neill of CBRE represented the seller, which was exchanging into a Delaware Statutory Trust, in the transaction. Located at 201 10th St., Tropicana Apartments features 21 residences spread across four two-story buildings, totaling 10,096 rentable square feet across six lots on two parcels. Built in 1963, the gated community offers a mix of one- and two-bedroom floor plans with ocean views in select units. Community amenities include an ocean-view deck, pool and laundry facilities. Additionally, the property features 18 carports and three garages for residents.

December 5, 2023

Acquisitions California Office Western

Private Seller Divests of 200,443 SF Office Building in Santa Ana, California

by Amy Works December 4, 2023

SANTA ANA, CALIF. — A private seller has completed the disposition of 3 Hutton Centre Drive, an office building in Santa Ana. A high-net-worth investor acquired the asset for an undisclosed price in an all-cash transaction. Situated on 2.47 acres within a 46-acre, master-planned, mixed-use community, 3 Hutton Centre features 200,443 square feet of office space. Built in 1985, the building underwent $3.5 million in capital and tenant improvements in 2018. Property amenities include a state-of-the-art fitness center on the penthouse level. At the time of acquisition, the property was 62.2 percent occupied by seven tenants. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson, Matt Pourcho and Nick Williams of CBRE handled the transaction.

December 4, 2023

The-Collection-Janss-Marketplace-Thousand-Oaks-CA

Acquisitions California Retail Western

NewMark Merrill Buys 172,008 SF Collection at Janss Marketplace Retail Center in Thousand Oaks, California

by Amy Works December 4, 2023

THOUSAND OAKS, CALIF. — NewMark Merrill Cos. has acquired a 172,008-square-foot retail center, which it has renamed the Collection at Janss Marketplace, in the Los Angeles suburb of Thousand Oaks. Seritage Retail Group sold the asset for an undisclosed price. With this purchase, NewMark Merrill is responsible for the oversight of new acquisition and the adjacent 458,000-square-foot Janss Marketplace for a combined 630,000-square-foot regional center. Originally built as a multi-story Sears department store, The Collection was over 60 percent leased to Dave & Buster’s, DSW and Nordstrom Rack at the time of sale. The property shares parking and access points with the adjoining center, including a newly remodeled Regal Cinemas and Gold’s Gym. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison of Newmark Merrill oversaw the acquisition. Phil Voorhees and Jimmy Slusher of CBRE represented the seller in the deal. Bryna Gortikov with Gortikov Financial secured financing for the deal from Prime Finance.

December 4, 2023

Acquisitions California Hospitality Loans Western

MetLife Provides $22.5M Acquisition Financing for Hampton Inn & Suites Tahoe-Truckee in California

by Amy Works December 4, 2023

TRUCKEE, CALIF. — JLL Capital Markets has arranged $22.5 million in acquisition financing for The Hampton Inn & Suites Tahoe-Truckee. The property is located in Truckee, just north of Lake Tahoe and west of the Nevada border. Jordan Angel, Mike Huth and Ethan Habecker of JLL Capital Markets secured the loan from MetLife Investment Management for the borrower, JMA Ventures LLC. The Hampton Inn & Suites Tahoe-Truckee features 109 guest rooms and suites spread across two buildings, a heated outdoor pool, hot tub, fitness center and more than 1,000 square feet of meeting space. The hotel offers access to major transportation routes, including Interstate 80, CA 267 and the Truckee Airport, as well as bike lanes.

December 4, 2023

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