California

TMG Negotiates Sale of 100-Unit Rosemont Terrace Apartments in Sacramento

by Amy Works October 6, 2023

SACRAMENTO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Rosemont Terrace, a garden-style apartment property in Sacramento. A Southern California-based private investment group sold the community to an undisclosed buyer for $17.9 million. Located at 3690 S. Port Drive, Rosemont Terrace features 100 apartments in a mix of one-, two- and three-bedroom layouts spread across 15 two-story residential buildings. Community amenities include a swimming pool, laundry facilities, an outdoor picnic area and carport parking. The property was built in 1970. Otto Ozen of TMG represented the seller in the deal.

October 6, 2023

Acquisitions California Multifamily Western

MIG Real Estate Buys 456-Unit Waterleaf Apartment Complex in Vista, California for $174M

by Amy Works October 5, 2023

VISTA, CALIF. — MIG Real Estate has acquired Waterleaf, a multifamily community in Vista, from an undisclosed seller for $174 million. Located at 333 N. Emerald Drive, Waterleaf features 456 one- and two-bedroom floor plans with eight-foot ceilings, full-size washers/dryers, air conditioning and balconies or patios. Built in 1985, the property offers easy access to Camp Pendleton, Oceanside Business Park, Vista Industrial Park and McClellan Palomar Airport. The buyer plans to modernize the interiors, paint the exterior and enhance the common areas of the property. Walker & Dunlop represented MIG and the seller in the deal.

October 5, 2023

California Development Healthcare Western

McCarthy Building Cos. Completes 200,000 SF Patient Tower at Providence Cedars-Sinai Tarzana Medical Center

by Amy Works October 5, 2023

TARZANA, CALIF. — McCarthy Building Cos. has completed the construction of the Friese Family Tower, five-story patient tower at Providence Cedars-Sinai Tarzana Medical Center in Tarzana. The tower is named for the Daniel Friese family in recognition of their $50 million donation to the building’s construction. The 200,000-square-foot facility features 150 private patient rooms; an expanded emergency department; a pharmacy with a pneumatic tubing system; a pediatric unit with a playroom for younger patients and a dedicated room for adolescent patients; a cardiovascular unit; critical care unit; and a progressive care unit. The Friese Family Tower also features visitor waiting rooms on all levels and recliners and sleeper sofas in all patient rooms. Perkins & Will designed the facility, which McCarthy Building Cos. constructed.

October 5, 2023

California Development Healthcare Life Sciences Office Western

Stockdale Capital Partners Plans 145,000 SF Medical Office, Life Sciences Project in West Los Angeles

by Amy Works October 3, 2023

LOS ANGELES — Stockdale Capital Partners has announced plans for 656 S. Vincente Boulevard, a medical office and life sciences property in Los Angeles’ Golden Triangle area. The project will be the first new medical office and life sciences building constructed in the area in more than 20 years. The 12-story property will feature 145,000 square feet of Class A medical office and life sciences space that combines both environmental sustainability and best-in-class amenities. The building will feature electric vehicle charging stations, ample bicycle parking, direct access to a major transit thoroughfare and 418 parking spaces with full valet service for tenants and patients. The project team includes Atelier R and HMC for architectural and design services. Jones Lang LaSalle’s construction management team will support pre-construction and consulting services through the design and construction phases. The building will include an integrated solar framework capable of offsetting building energy usage; recycled building materials designed to maximize energy efficiency; high-efficiency heating and cooling systems; low-water usage plumbing and mechanical systems; drop irrigation; extensive green space; and interior and exterior gardens to help optimize air quality throughout the building. Core-and-shell completion is slated for October 2026. Angie Weber and Dana Nialsi of CBRE will …

October 3, 2023

California Market Reports Western Western Market Reports

San Francisco Rolls with the Punches as the Market Demonstrates Signs of Recovery

by Jeff Shaw October 3, 2023

— By Dina Gouveia and Louis Thibault — The San Francisco market ended the second quarter of 2023 with a 27.2 percent vacancy rate for the office sector, according to Avison Young’s market report. As companies scaled back operations and experienced slower growth, vacancy rates continued to increase. As of late, we are seeing many tenants in a wait-and-see mode when it comes to leasing decisions. This is despite a majority of companies desiring to have employees back in the office. Below are a few key trends and observations when it comes to the office market, as well as some green shoots where we see opportunities for an accelerated recovery. Return to the Office The slow return to office (RTO) largely comes down to overall economic conditions and who has the upper hand in the job market. The trend that we’ve seen in the San Francisco region is that larger tech companies like Apple and Google have led the RTO efforts with CEOs like OpenAI’s Sam Altman opining that remote work is essentially detrimental to collaboration and creativity. It appears there is a widespread appetite to bring employees back into the office full-time. As the job market continues to soften, …

October 3, 2023

Acquisitions Affordable Housing California Multifamily Western

Standard Communities Buys Six Affordable Housing Communities in Metro Los Angeles for $122M

by Amy Works October 2, 2023

LOS ANGELES — Standard Communities has led a public-private partnership that acquired six Section 8 communities in Los Angeles County with a total of 407 units. Five of the communities are affordable seniors housing. Standard will extend the communities’ affordability by 20 years under new HUD Housing Assistance Payments contracts. The transaction has a total capitalization of approximately $122 million, including planned renovation costs of over $8 million. The six communities were built between 1969 and 1980. “Extending the affordability of all 407 apartment units isn’t just a matter of housing; it’s a commitment to sustaining the heart of our community. We are not only ensuring that seniors and families have an affordable place to call home, we’re also nurturing the vibrant social and economic fabric of Los Angeles County,” says Jeffrey Jaeger, co-founder and principal of Standard Communities. “This investment brings our portfolio in Los Angeles County to over 1,700 units.” The assets include: • Oxford Park, a 109-unit senior community • Rayen Park, an 84-unit senior community • Sherman Arms, a 74-unit senior community • Villa Marisol, a 48-unit senior community • Columbus Terrace, a 42-unit senior community • Villa San Dimas, a 50-unit family community Standard Communities partnered in this transaction with the …

October 2, 2023

California Industrial Loans Western

PSRS Arranges $5.1M Refinancing for Baker Bradford Industrial Complex in Carpinteria, California

by Amy Works October 2, 2023

CARPINTERIA, CALIF. — PSRS has arranged $5.1 million in refinancing for Baker Bradford Complex, a 172,000-square-foot industrial complex in Carpinteria. PSRS secured the nonrecourse, 10-year, interest-only loan through a correspondent life insurance company. The borrower was not disclosed.

October 2, 2023

California Development Mixed-Use Multifamily Office Retail Western

Carmel Properties Plans 1 MSF Forge at Alloy Mixed-Use Project in Los Angeles

by Amy Works September 29, 2023

LOS ANGELES — Carmel Properties has announced plans for Forge at Alloy, a 1 million-square-foot mixed-use property at 530 Mateo St. in Los Angeles’ Art District. The developer has retained Mike Condon Jr., Brittany Winn, McKenna Gaskill, Pete Collins and Steven Marcussen of Cushman & Wakefield to lead leasing effort for the project, which is slated for completion in third-quarter 2024. Forge at Alloy will consist of a six-story, Class A building featuring 127,456 square feet of creative office space and 18,000 square feet of ground-floor retail space, outdoor space with seating and lounge areas, a rooftop deck and three levels of parking. The second building will be a 35-story, 475-unit residential tower. The office and residential components will be connected via a pedestrian and retail paseo, formerly a rail spur, between Mateo Street and Santa Fe Avenue. The paseo will house year-round activities and attractions, including public art installations, outdoor concerts, movies and other special events.

September 29, 2023

California Industrial Loans Western

CBRE Arranges $30M Refinancing for Dixon Commerce Center in California

by Amy Works September 29, 2023

DIXON, CALIF. — CBRE has secured $30 million in refinancing for Dixon Commerce Center, a warehouse facility at 2299 Commerce Way in Dixon, approximately midway between Sacramento and the Bay Area. Shaun Moothart, Bruce Francis, Doug Birrell, Bob Ybarra, Nick Santangelo and Jim Korinek of CBRE Capital Market Debt and Structured Finance secured the fixed-rate, nonrecourse loan through a large regional bank. The borrower was Nearon Enterprises. Totaling 447,042 square feet, the building was built in two phases — one in 1997 and the second in 2007. Situated on 30 acres, the single-tenant asset was renovated in 2019 and features 27.5-foot to 32-foot clear heights, 30 dock doors and two grade-level doors with ample parking.

September 29, 2023

Acquisitions California Office Western

HQ Development Acquires 28,512 SF Office Building in West Hollywood for $19M

by Amy Works September 28, 2023

WEST HOLLYWOOD, CALIF. — HQ Development, led by Robert Herscu, has purchased a vacant property at 825 N. San Vincente Blvd. in West Hollywood. Hilldale Property Owner sold the asset for $19 million. Christopher Bonbright and Jonathan Larsen of Avison Young handled the transaction on behalf of the seller, the property’s original owner and developer. Avison Young positioned the building as an opportunity for redevelopment, as the site is located between Sunset and Santa Monica boulevards near famous and popular venues like The Comedy Store, The Viper Club, The Troubadour and Whiskey A Go Go. Built in 1984 and renovated in 2014, the three-story property features 28,512 square feet of space and parking for 135 cars. According to Avison Young, the asset satisfies West Hollywood’s parking and zoning requirements for office, medical, co-working, health club and hospitality uses, including a boutique hotel and restaurant.

September 28, 2023

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