California

JLL Capital Markets Arranges $51.1M in Construction Financing for Active Adult Project in Danville, California

by Amy Works February 9, 2024

DANVILLE, CALIF. — JLL Capital Markets has arranged $51.1 million in construction financing for a 50-unit active adult condominium development in Danville, located in the San Ramon Valley east of the Bay Area. Matt Cimino and Jordan Angel of JLL represented the borrowers, Jeff Stone of Diamond Construction and three high-net-worth individuals, in securing the financing from a Southern California-based lender. Located at 375 W. El Pintado, the development will feature 13 one-bedroom, 29 two-bedroom and eight three-bedroom condominium-style units. Community amenities include a lounge, game area, library, rooftop terrace with bocce ball, firepits, barbecue and fitness center. Slated for delivery in 2025, the project is restricted to residents age 55 and older.

February 9, 2024

Acquisitions California Industrial Western

Stockbridge, Dedeaux Properties Divest of Three-Property Industrial Outdoor Storage Portfolio in the Inland Empire

by Amy Works February 8, 2024

SAN BERNARDINO AND RIALTO, CALIF. — Stockbridge and Dedeaux Properties have completed the disposition of a three-property industrial outdoor storage portfolio in California’s Inland Empire. Terms of the transaction, including the name of the buyer and acquisition price, were not released. Totaling 1 million square feet on 23.2 acres, the three buildings are located at 446 S. Yucca Ave. in Rialto and 1066 N. Tippecanoe Ave. and 1938 W. 5th St. in San Bernardino. Mark Detmer, Evan Moran, Chad Solomon, Patrick Wood and Louis Tomaselli of JLL Capital Markets arranged the transaction. Brian Halpern and Jason Rosin, also of JLL, assisted with the procurement of the financing.

February 8, 2024

Acquisitions California Multifamily Western

Northwestern Mutual Sells Pulse Millenia Multifamily Community in Chula Vista, California for $116M

by Amy Works February 7, 2024

CHULA VISTA, CALIF. — Northwestern Mutual has completed the disposition of Pulse Millenia, a garden-style apartment property at 2043 Artisan Way in the Otay Ranch submarket of Chula Vista, just south of San Diego. An undisclosed buyer acquired the asset for $116 million. Built in 2106, Pulse Millenia features 273 one-, two- and three-bedroom floor plans averaging 970 square feet with stainless steel appliances, granite countertops, wood-style flooring and in-unit washers/dryers. Community amenities include a central sundeck plaza with a heated pool and spa; a 24-hour fitness center; a social lounge with a billiard table and kitchen; a multi-station business center; a conference center and private dining room; a multi-sport/bocce ball court; and barbecue grilling stations. Pulse Millenia was the first apartment community constructed as part of the $4 billion Millenia master plan within Otay Ranch. Kip Malo led the JLL Capital Markets Investment Sales Advisory team that represented the seller in the deal. Charles Halladay, Annie Rice, Brandon Smith, Rick Salinas of JLL Capital Markets Debt Advisory secured a $71.8 million, seven-year, fixed-rate loan through Freddie Mac Multifamily for the undisclosed buyer. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the loan.

February 7, 2024

Acquisitions California Retail Western

Marcus & Millichap Brokers $10.3M Sale of Gas Station Property in Riverside, California

by Amy Works February 7, 2024

RIVERSIDE, CALIF. — Marcus & Millichap has arranged the sale of a gas station property located at 2278 Main St. in the Inland Empire city of Riverside. The asset traded for $10.3 million. Rick Raymundo, Orbell Ovaness, Ara Rostamian and Aren Ohanian of Marcus & Millichap represented the undisclosed seller and undisclosed buyer in the deal. Totaling 52,707 square feet, the property features a gas station, convenience store, express car wash and large plot of vacant land.

February 7, 2024

California Loans Multifamily Western

Thorofare Capital Funds $26M Bridge Loan for Apartment Building in San Diego

by Amy Works February 5, 2024

SAN DIEGO — Thorofare Capital has provided $26 million in lease-up bridge financing for an apartment property located in San Diego’s Point Loma neighborhood. The newly built property features 82 apartments with best-in-class finishes and amenities. Felix Gutnikov, David Perlman, Andrew Kim and Jonathan Hart of Thorofare Capital secured the loan that features a one-year initial term plus extensions. Further details on the borrower and property were not disclosed.

February 5, 2024

California Development Hospitality Loans Western

EKN, Garn Receive $67.1M Construction Financing for Marriott Hotel Development in Sand City, California

by Amy Works February 2, 2024

SAND CITY, CALIF. — EKN Development and Garn Development have received $67.1 million in construction financing for the development of a dual-branded, 215-room hotel in Sand City, a tiny beach city on the shores of Monterey Bay in Northern California. JLL Capital Markets represented the borrower and secured at $39 million first mortgage loan from HALL Structured Finance. Nuveen Green Capital provided a $28.1 million C-PACE loan. The 139,660-square-foot development will include a 127-room Courtyard by Marriott and an 88-room Residence Inn by Marriott. The property will also offer 3,133 square feet of flexible meeting space; a courtyard with resort-style pool, cabanas and a fully equipped stage to accommodate live performances and events; and an independently branded restaurant and bar.

February 2, 2024

Acquisitions California Industrial Office Western

Sorrento Seven Sells Mixed-Use Sorrento View Business Park in San Diego for $45M

by Amy Works February 1, 2024

SAN DIEGO — Sorrento Seven LLC has completed the disposition of Sorrento View Business Park, a multi-tenant, mixed-use flex business park in San Diego’s Sorrento Mesa neighborhood. A private buyer acquired the asset for $45 million. Totaling 139,340 square feet, the seven-building park is located at 5945-5965 Pacific Center Blvd., 10151-10211 Pacific Mesa Blvd. and 5940 Pacific Mesa Court. Evan McDonald of Colliers represented the seller, while the buyer was self-represented in the deal.

February 1, 2024

Acquisitions California Office Western

Bassman-Blaine Holdings Divests of Office Building in Irvine, California for $11.2M

by Amy Works February 1, 2024

IRVINE, CALIF. — Bassman-Blaine Holdings LLC has completed the disposition of an office building located at 2485 McCabe Way in Irvine. DTMM Properties acquired the asset for $11.2 million, or $539 per square foot. The two-story, 20,772-square-foot building features a state-of-the-art gym, spa-like restrooms with lockers and showers, kitchens and high-end finishes. The buyer intends to occupy the building for its business. Allen Basso, Eric Darnell and Kylee King of Lee & Associates Irvine represented the seller, while Kacey Taormina and Aspen Labrador of Compass represented the buyer in transaction.

February 1, 2024

Acquisitions California Industrial Western

West Harbor Capital Purchases Multi-Tenant Distribution Warehouse in City of Industry, California

by Amy Works February 1, 2024

CITY OF INDUSTRY, CALIF. — West Harbor Capital has acquired a distribution facility, located at 14313-14351 E. Bonelli St. in the Los Angeles suburb of City of Industry. Earl M. Hill Limited Partnership sold the asset for $16.5 million. The property features 69,498 square feet of multi-tenant distribution space. The property was acquired with a 28,240-square-foot vacant and 41,258 square feet leased to two logistics tenants. Steffan Morris and Eric Parkhurst of Lee & Associates represented West Harbor Capital, while Kent Stalwick of CBRE represented the seller in the transaction.

February 1, 2024

California Loans Retail Western

JLL Arranges $20.5M Refinancing for Almaden Safeway Center in San Jose, California

by Amy Works February 1, 2024

SAN JOSE, CALIF. — JLL Capital Markets has arranged $20.5 million in refinancing for Almaden Safeway Center, a retail property in San Jose. Bruce Ganong, Lillian Roos and Matthew Mingrone of JLL Capital Markets secured the 10-year, fixed-rate loan through RGA Reinsurance Co. for the borrower, Brothers International Holding Corp. Situated on 11.6 acres, the three-building Almaden Safeway Center features 143,452 square feet of retail space. The property is fully occupied by 10 tenants, including Safeway, JoAnn Fabrics, McDonald’s, T-Mobile and Savers.

February 1, 2024

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