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.
VISTA, CALIF. — Voit Real Estate Services has negotiated the acquisition of a retail building at 825 Civic Center Drive in Vista, approximately 40 miles north of San Diego. Newport Beach-based Union Bank of California sold the asset to Vista-based Moonlight Cultural Foundation for $2 million. The buyer, a local theatre production company, will use the 6,360-square-foot building for youth training and prop storage. Peter Kies of Voit Real Estate Services’ Carlsbad office represented the seller, while Cushman & Wakefield represented the buyer in the transaction.
LOS ANGELES — Cityview has completed The Parker, an apartment property in the Pico-Robertson community of West Los Angeles. The transit-oriented development features 123 studio, one- and two-bedroom apartments, including 13 affordable units, and 4,000 square feet of retail space. Located at 5935 W. Pico Blvd., The Parker also offers a rooftop pool courtyard with daybeds, lounge chairs, firepits and landscaping; an open-air cinema with a projector and amphitheater seating; a ping pong table; lounge chairs; and festival lights. Other community amenities include a fitness center with a yoga area, treadmills, ellipticals, stationary bikes and weights; an outdoor training deck with battle ropes, a boxing bag and rock-climbing wall; coworking space; an outdoor dining room; barbecue grilling stations; and a built-in pizza oven. The pet-friendly property also features a dog playground with agility equipment and a dog wash and spa. Apartments feature stainless steel appliances, luxury vinyl plank flooring, smart thermostats, keyless entry and quartz countertops. The project team included WPIC Construction, AC Martin, Nadia Geller Design and Labib Funk + Associates.
SANTA FE SPRINGS, CALIF. — Equipment Manufacturing Co. has completed the sale of an industrial asset, located at 14930 Marquardt Ave. in Santa Fe Springs, just southeast of Los Angeles. Fortress Investment Group acquired the property for $10.5 million. Equipment Manufacturing Co. vacated the 31,373-square-foot heavy manufacturing facility, which was built in 1969. The new owner plans to renovate and reposition the property, which offers a large truck parking area and approximately one acre of excess land. Jason DuFault of KW Commercial represented the seller, while Phillip DeRousse of Lee & Associates represented the buyer in the deal.
MORRO BAY, CALIF. — Cambridge Realty Capital has provided a $15.4 million first mortgage loan to refinance Casa de Flores and Bayside Care Center. Located in Morro Bay, a seaside city approximately midway between Los Angeles and San Francisco, Casa de Flores and Bayside Care Center form a single campus offering assisted living and skilled nursing services. Hymie Barber, Cambridge’s national originations manager, led the refinancing team. The fully amortizing, 34-year loan was provided for the owner, a California limited liability company, through the HUD Section 232/223(f) mortgage insurance program. Cambridge’s early rate lock program was utilized, which allowed the owner to avoid the recent run-up in interest rates.
VERNON, CALIF. — DP Vernon Retail has completed the disposition of Vernon Shopping Center, a retail property located at 2544-2550 Alameda St. in Vernon, just south of Los Angeles. Wimatex Inc. acquired the asset for an undisclosed price in a 1031 exchange. Built in 2017, Vernon Shopping Center features 14,000 square feet of retail space. At the time of sale, the property was 77 percent occupied. Current tenants include Jersey Mike’s Subs and Café Dulce. Chris Maling and David Maling of Avison Young represented the seller and procured the buyer in the deal.
ORANGE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $25.3 million sale of the leasehold interest in a long-term ground lease at Nohl Plaza in Orange. Tom Lagos, Patrick Toomey and Jose Carrazana of IPA, along with Joe Linkogle of Marcus & Millichap, represented the seller, Nohl Plaza LLC, and procured the undisclosed buyer in the deal. Built between 1966 and 1979 on more than 10 acres, Nohl Plaza features 103,639 square feet of retail space. Current tenants include Vons, Starbucks Coffee, Del Taco, Bank of America, the Tartan Room restaurant and Union 76 gas station.
For decades, outlet malls have been a popular destination for shoppers of all ages. From the first multi-store outlet center that Vanity Fair opened in 1974, in Reading, Pennsylvania, and throughout the 1980s and 1990s, outlet malls grew rapidly. Outlet malls offer a wide variety of name-brand merchandise at discounted prices, and as a result, they are a great way to save money on popular brands of clothes, shoes, and accessories. Although outlet malls have been around for decades, the pandemic was a major hit to the retail landscape. Prior to 2020, outlet malls were seeing a surge in popularity, as consumers became more price-conscious and savvy on how to save money on their favorite brands. In June 2022, visits to outlet malls in the U.S. were down 6.7 percent from 2021 and down 14.3 percent from 2019, according to Placer.ai. This had outlet mall developers scrambling for a strategy and a path forward. Growth in California One of the most thriving outlet malls in the country is the Outlets at Tejon in Tejon Ranch, California, strategically located on Interstate 5 between Los Angeles and Bakersfield, just south of the Highway 99 interchange. This mall is home to over 50 …
SONOMA, CALIF. — Milestone Housing Group will host a grand opening this week for Siesta Senior Apartments, an affordable housing community for seniors in Sonoma. Located on a 2.3-acre site, the three-story community offers 92 one-bedroom units. Housing Trust Silicon Valley, a nonprofit community loan fund, provided financing for the project.
COMMERCE, CALIF. — A Dedeaux Properties entity has acquired a distribution facility in the Los Angeles suburb of Commerce. 99 Cents Only Stores sold the asset for $190 million in a sale-leaseback transaction. Situated on 24 acres at 4000 Union Pacific Ave. and 4040 Noakes Ave., the asset features 882,000 square feet of distribution space. The property is immediately adjacent to the Hobart Intermodal Railyard and located within a gated and guarded campus. Jack Cline of Lee & Associates, in collaboration with Eastdil Secured, facilitated the sale.
