California

Newmark Negotiates Sale of 129,789 SF Calabasas Courtyard Office Campus in California

by Amy Works October 12, 2023

CALABASAS, CALIF. — Newmark has negotiated the sale of Calabasas Courtyard, a three-building office campus in Calabasas, approximately 30 miles west of Los Angeles. AEW Capital Management sold the asset to Calabasas Courtyard LLC, a partnership between Brian Forster of Pacific Partners Commercial, Tony Principe of Westcord Commercial and private investor John Cataldo. The price was not disclosed. Located at 5000 Parkway Calabasas, the 129,789-square-foot campus was 68 percent leased at the time of sale. The buyer plans to upgrade and modernize the commons areas of the three buildings, as well as the individual suites. Kevin Shannon, Rob Hannan, Ken White, Laura Stumm, Michael Moll and Alex Beaton of Newmark represented the seller in the transaction.

October 12, 2023

California Development Multifamily Western

CIM Group Opens The Wilson Apartment Community in Santa Monica, California

by Amy Works October 12, 2023

SANTA MONICA, CALIF. — CIM Group has opened The Wilson, a multifamily property located at 2903 Lincoln Blvd. in Santa Monica’s Sunset Park neighborhood. The newly developed community features 47 studio, one-, two- and three-bedroom apartments with hardwood-style flooring, in-unit washers/dryers and private balconies. Community amenities include a courtyard with lounge and dining seating, and a rooftop deck with outdoor fire pits and barbecues. The Wilson also features 15,000 square feet of ground-floor retail space.

October 12, 2023

Acquisitions California Industrial Office Western

Positive Investments Divests of 122,000 SF Flex Building in Monrovia, California

by Amy Works October 12, 2023

MONROVIA, CALIF. — Positive Investments has completed the disposition of an office/industrial building, located at 222 E. Huntington Drive in Monrovia, a northeastern suburb of Los Angeles. An undisclosed buyer acquired the property for $25 million. Built in 1988 on 5.7 acres, the two-story, multi-tenant building features 122,000 square feet of office/flex space. The property features a two-story glass atrium entryway, newly remodeled lobby, landscaped grounds, electric car charging stations, ample parking and three roll-up loading doors. The buyer plans to occupy a portion of the asset. Andrew Berk of Avison Young represented the seller in the deal.

October 12, 2023

Acquisitions California Healthcare Office Western

Progressive Real Estate Brokers $4.4M Sale of DaVita Dialysis Location in Indio, California

by Amy Works October 12, 2023

INDIO, CALIF. — Progressive Real Estate Partners has arranged the sale of a single-tenant medical office property located at 82900 Avenue 42 in the Coachella Valley city of Indio. A Los Angeles-based private investor sold the asset to another Los Angeles-based private investor for $4.4 million in an 1031 exchange. Greg Bedell of Progressive Real Estate Partners represented the seller, while Abel Mehrabi and Karl Markarian of JohnHart Real Estate represented the buyer in the deal. DaVita Dialysis occupies the 14,000-square-foot facility under a corporate-backed, 10-year lease renewal through April 2033.

October 12, 2023

Acquisitions California Restaurant Retail Western

CBRE Arranges Sale of 8,915 SF Restaurant Building at Rancho Bernardo Town Center in San Diego

by Amy Works October 12, 2023

SAN DIEGO — CBRE has negotiated the sale of a freestanding restaurant property located at 16785 Bernardo Center in San Diego. Kim Family Trust sold the asset to a private buyer for $3.9 million. The new owners plan to open a restaurant, Sapphire Indian, in the 8,915-square-foot building. Built in 1987, the asset is within Rancho Bernardo Town Center. Reg Kobzi, Michael Peterson and Joel Wilson of CBRE represented the seller, while AGAS Real Estate represented the buyer in the transaction.

October 12, 2023

Acquisitions California Office Western

Easterly Government Properties Buys Office Building in Anaheim, California for $31.1M

by Amy Works October 11, 2023

ANAHEIM, CALIF. — Easterly Government Properties has acquired 1065 Link, a four-story office building within Link OC in Anaheim. A partnership between a global real estate investment, development and management firm and a global investment manager sold the asset for $31.1 million, or $327 per square foot. Originally constructed in 1991, 1065 Link features 95,371 square feet of institutional-grade office space. The property underwent interior and exterior renovations in 2020. Key building features include a newly renovated lobby and exterior common areas and over-standard parking. The State of California occupies the entire building. Jeffrey Cole, Nico Napolitano, Brad Brandenburg and Kristen Bogler of Cushman & Wakefield’s Capital Markets team in Southern California represented the seller in the transaction.

October 11, 2023

California Loans Mixed-Use Multifamily Retail Western

BWE Arranges $32.6M Loan for First Street Village Mixed-Use Development in Burbank, California

by Amy Works October 11, 2023

BURBANK, CALIF. — BWE has secured a $32.6 million loan to provide first mortgage financing for First Street Village, a six-story, mixed-use development in Burbank. Steve Perricone and Tom Mazlo of BWE originated the loan from a correspondent life company on behalf of the borrower, a regional private investment firm. First Street Village features 94 studio, one-, two- and three-bedroom units and 6,100 square feet of fully leased commercial space. Units feature quartz countertops, Energy Star-rated appliances, European cabinetry, nine-foot ceilings and in-unit washers/dryers. Community amenities include an outdoor swimming pool, a fitness center, spa, sundeck, business center and landscaped courtyard. The loan has a 15-year term with a 30-year amortization and is open to prepayment at par after nine years. The borrower used the proceeds to pay off an existing high-interest construction loan.

October 11, 2023

California Development Multifamily Western

6919 Fulton St. LLC Nears Completion of 47-Unit Citrino Multifamily Community in San Diego

by Amy Works October 11, 2023

SAN DIEGO — Owner 6916 Fulton St. LLC is nearing completion of the development of Citrino, an apartment complex in the Linda Vista neighborhood of San Diego. Located at 6919 Fulton St., the pet-friendly community features 47 studio, one- and two-bedroom apartments ranging from 470 square feet to 941 square feet. Units offer open floorplans with oversized windows, stainless steel appliances, quartz countertops and full-size stackable washers/dryers. The solar-powered property features two electric vehicle charging stations, a community clubhouse, kitchen and courtyard. San Diego-based Sunrise Management is serving as property manager for the asset. Pre-leasing for the community is underway.

October 11, 2023

Acquisitions California Loans Multifamily Western

Dwight Mortgage Trust Provides $60M Loan for Multifamily Portfolio in California’s Central Valley

by Amy Works October 10, 2023

MODESTO AND STOCKTON, CALIF. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has closed two acquisition bridge loans totaling $60 million for a portfolio of four apartment complexes in Modesto and Stockton. Totaling 347 units spread across 57 buildings on more than 16 acres, the portfolio includes Robinhood Manor, Tully Manor, Standiford Court and Villa de la Paix. Common area amenities include a courtyard garden, outdoor lounge and pool. Proceeds from the bridge loans will provide acquisition funding for the borrower, Tesseract Capital Group, along with substantial capital expenditure funding for both interior and exterior improvements. Following the renovations, the communities will also feature fitness centers and additional lounge areas.

October 10, 2023

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $12M Sale of Apartment Building in Los Angeles’ Silver Lake

by Amy Works October 10, 2023

LOS ANGELES — THG Multifamily, a Marcus & Millichap brokerage team, has arranged the sale of 1185 Myra Avenue, an apartment building located in the Silver Lake neighborhood of Los Angeles. A private owner sold the asset to an undisclosed buyer for $12 million. The seller significantly renovated the 21-unit property, which was built in 1964. Kevin Green and Joseph Grabiec of THG Multifamily represented the seller and procured the buyer in the deal.

October 10, 2023

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