California

Lowe, Centennial Open 309-Unit Paloma Apartments at MainPlace Mixed-Use Redevelopment in Santa Ana, California

by Amy Works October 27, 2023

SANTA ANA, CALIF. — Los Angeles-based Lowe and Centennial have opened Paloma, a multifamily property in the Orange County city of Santa Ana. The development brings 309 studio, one- and two-bedroom apartments to MainPlace, a shopping center that is being redeveloped into a mixed-use asset. Apartments feature stylish kitchens, bathrooms, flooring and fixtures, as well as in-unit washers and dryers. The five-story community offers two private courtyards; a rooftop deck; central pool and spa; open-air kitchen with screened area; two-story fitness center and yoga room; business center with private offices; and multiple co-working spaces. Additional amenities include a dog run, dog spa, concierge package service, bike repair, bike storage and designated resident parking. Centennial owns MainPlace, which a three-story super-regional shopping center in Santa Ana that is being transformed into a mixed-use environment. Current retail tenants include Macy’s, JCPenney, H&M, Bath & Body Works, Victoria’s Secret, California Pizza Kitchen, Boudin SF, 24 Hour Fitness, T-Mobile, Candeeland, LensCrafters, Picture Show Theater and Round One Bowling & Amusement.

October 27, 2023

California Loans Multifamily Western

Greystone Provides $15.1M in Financing for University Village Apartment Property in Hayward, California

by Amy Works October 27, 2023

HAYWARD, CALIF. — Greystone has provided a $15.1 million Fannie Mae Delegated Underwriting & Servicing (DUS) loan to refinance a multifamily community in the Bay Area city of Hayward. Tim Thompson of Greystone originated the financing for the borrower, WSB University Village LLC. Constructed in 1964, University Village features 68 one- and two-bedroom apartments, on-site parking, laundry facilities and a fitness center. The nonrecourse, fixed-rate loan features a 10-year term with five years of interest-only payments. In addition to refinancing, the loan proceeds will enable the borrower to continue with ongoing property maintenance.

October 27, 2023

California Industrial Market Reports Western Western Market Reports

CapRock Continues Industrial Development in Southern California

by Jeff Shaw October 27, 2023

— By Nellie Day — Jon Pharris, co-founder and president of Newport Beach, Calif.-based CapRock Partners, is in delivery mode. The firm recently debuted Palomino Ranch Business Park and Saddle Ranch South, two new LEED Silver-certified industrial building complexes in Norco, Calif. Palomino Ranch is a three-phased, 2-million-square-foot industrial development, while Saddle Ranch South is a 374,000-square-foot three-building industrial park. Next up is Central Point III, a component of CapRock’s 5-million-square-foot, master-planned Central Point industrial development in Visalia. WREB recently sat down with Pharris to discuss these new projects, the types of tenants/users CapRock is now targeting and why location is more important than ever. WREB: Why was Norco the right choice for both the Saddle Ranch South and Palomino Ranch developments? Pharris: Norco is an important location for logistics and distribution due to its position near the convergence of Riverside, San Bernardino and Orange counties, in addition to its seamless transportation connectivity, robust infrastructure, proximity to major ports and airports, favorable business environment and skilled workforce. These factors collectivelycontribute to the city’s efficiency, cost-effectiveness, and competitiveness for facility operations, attracting businesses seeking to optimize their supply chains and expand their market reach. Norco is highly desired by Orange County, …

October 27, 2023

California Development Retail Western

NewMark Merrill Opens 96,011 SF Rialto Village Shopping Center in California

by Amy Works October 26, 2023

RIALTO, CALIF. — Calabasas-based NewMark Merrill Cos. has completed the development of Rialto Village, a 96,011-square-foot, grocery-anchored retail center at the corner of Riverside Avenue and San Bernardino Boulevard in Rialto. Rialto Village is 100 percent leased. Current tenants include Sprouts Farmers Market, Burlington, In-N-Out Burger and Quick Quack Car Wash. Other tenants slated to open in the coming months include Ulta Beauty, Five Below, Mochinut, Red Phoenix Nail Salon, West Coast Dental, Coffee Bean, Cold Stone Creamery, Nekter Juice Bar, Sharetea, The Joint Chiropractor, AhiPoki Bowl, Every Table, Arrowhead Credit Union and Mattress Firm. Greg Giacopuzzi and Darren Bovard of NewMark Merrill, along with Brian McDonald, Walter Pagel and Hannah Curran of CBRE, secured the leases and are overseeing leasing at the center.

October 26, 2023

Acquisitions California Industrial Western

ViaWest Group Divests of 53,978 SF Distribution Facility in San Diego

by Amy Works October 26, 2023

SAN DIEGO — ViaWest Group has completed the sale of an industrial distribution building in the Kearny Mesa submarket of San Diego to Southern California-based Burke Real Estate Group. Terms of the transaction were not released. Situated at 7440 Convoy Court, the property features 53,978 square feet of Class A industrial space. At the time of sale, the asset was fully leased Genuine Parts Co. (NYSE: GPC) and Hajoca Corp. Michael Kendall, Gian Bruno, Kenny Patricia, Louay Alsadek, Maddie Mawby, Eric Parra, Evan McDonald and Tucker Hohenstein of Colliers handled the transaction for both the buyer and seller.

October 26, 2023

California Loans Multifamily Western

PGIM Real Estate Arranges $259M Fannie Mae Credit Facility for Six West Coast Multifamily Assets

by Amy Works October 25, 2023

SAN FRANCISCO — PGIM Real Estate, the San Francisco-based real estate investment and financing business of PGIM, has arranged a $259 million Fannie Mae credit facility addition secured by six multifamily properties on the West Coast. The borrower is The Sobrato Organization. The properties, totaling 1,141 units, are located in suburban West Coast locations benefiting from strong regional demographics and proximity to major employment nodes, according to PGIM. Natalia Todorov, Lauren Kiesel, Elizabeth Velazquez and A.J. Hamer of PGIM handled the transaction. Further details were not disclosed.

October 25, 2023

Acquisitions California Restaurant Retail Western

Hanley Brokers Sale of Five Retail Outparcels Totaling 25,916 SF in Riverside, California

by Amy Works October 25, 2023

RIVERSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the acquisition of five retail outparcels located at Citrus Landing, a 124,904-square-foot retail center in the Inland Empire city of Riverside. Tenants at the outparcels, which total 25,916 square feet, include Carl’s Jr., Quick Quack Car Wash, Arrowhead Credit Union, Panda Express, Café Bottega, Pacific Dental and Chick-fil-A, which is scheduled to open next year. Stater Bros. anchors Citrus Landing, which was fully occupied at the time of sale. Kevin Fryman and Ed Hanley of Hanley Investment Group represented the 1031-exchange buyers in the transaction. REZA Investment Group represented the seller, Paragon Commercial Group.

October 25, 2023

California Development Multifamily Student Housing Western

GMH, Wexford to Develop 252-Bed Student Housing Community Near UC Davis Sacramento Campus

by Amy Works October 24, 2023

SACRAMENTO, CALIF. — A joint venture between GMH Communities and Wexford Science & Technology has announced plans for ANOVA Aggie Square, a 252-bed student housing community near the University of California, Davis campus in Sacramento. The community will be constructed during Phase I of Aggie Square, a larger mixed-use project that is set to include state-of-the-art research facilities and office space. ANOVA Aggie Square will offer micro-studio, studio, one-, two- and four-bedroom units for undergraduate and graduate students, as well as young professionals working in the technology, life sciences and healthcare industries. Shared amenities will include soundproof office pods, a micro-market with gourmet vending options, co-working spaces, conference rooms, a ride-share lounge and 24/7 concierge services. A timeline for the development was not announced.

October 24, 2023

Acquisitions California Multifamily Seniors Housing Western

SLIB Negotiates Sale of 55-Unit Sunny Rose Glen Seniors Housing Property in Menifee, California

by Amy Works October 24, 2023

MENIFEE, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Sunny Rose Glen, a 55-unit assisted living and memory care community in the Inland Empire city of Menifee. The community was built in 2010 and totals 30,000 square feet on a 1.8-acre plot. The seller was a single-asset owner looking to retire. The buyer was a California-based group looking to expand its portfolio in Southern California. The new owner plans to operate the community itself following cosmetic improvements to the property. The price was not disclosed. Brad Goodsell, Jason Punzel, Vince Viverito and Jake Anderson of SLIB handled the transaction.

October 24, 2023

California Loans Retail Western

CBRE Arranges $8M Acquisition, Construction Financing for Trader Joe’s Development in San Francisco

by Amy Works October 24, 2023

SAN FRANCISCO — CBRE has secured $8 million in acquisition and construction financing for Fulton Retail DE1 LLC. The borrower has acquired a site at 555 Fulton St. in San Francisco and plans to develop a Trader Joe’s grocery store on the site. The 16,600-square-foot location may open by fall 2024. Regina Wang, Connor Lemley, James Bach and Griffin Walker of CBRE arranged the 30-month, fixed-rate bridge loan for the borrower to acquire and build out the retail space.

October 24, 2023

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