California

TailoredSpace to Open 14,000 SF Coworking Site in San Juan Capistrano, California

by Jeff Shaw June 12, 2023

SAN JUAN CAPISTRANO, CALIF. — TailoredSpace is scheduled to open its newest location in San Juan Capistrano this September. The 14,000-square-foot space will be located at 27131 Calle Arroyo. TailoredSpace has targeted suburban communities with high per-capita income, easy freeway access and walkable retail amenities. TailoredSpace will be the first fully amenitized coworking operation in San Juan Capistrano, according to the company. This lack of supply has resulted in significant pre-leasing activity for the campus.

June 12, 2023

California Leasing Activity Life Sciences Western

IDEAYA Biosciences Leases 44,000 SF Office in South San Francisco

by Jeff Shaw June 12, 2023

SOUTH SAN FRANCISCO — IDEAYA Biosciences has leased 44,000 square feet of space at 5000 Shoreline Court in South San Francisco. The 140,000-square-foot, Class A building is situated on the bay in South San Francisco’s Sierra Point life sciences cluster. IDEAYA plans to move into the space in mid-2024. Chris Jacobs and Matt Jacobs of CBRE represented the landlord, DivcoWest, while Grant Dettmer and Scott Miller of JLL represented IDEAYA.

June 12, 2023

Acquisitions California Multifamily Seniors Housing Western

CareTrust Acquires Four West Coast Skilled Nursing Facilities for $71.5M

by Jeff Shaw June 9, 2023

SAN CLEMENTE, CALIF. — CareTrust REIT Inc. (NYSE: CTRE), along with a regional investor in healthcare real estate, has acquired four skilled nursing facilities on the West Coast. The four-property acquisition includes 450 skilled nursing beds and 20 assisted living units. Links Healthcare Group, a new operator relationship for CareTrust, will operate the facilities pursuant to a 15-year master lease with two five-year extension options. Links is an experienced operator founded by Toby Tilford and Curt Rodriguez and currently operates 16 skilled nursing and seniors housing communities. CareTrust’s initial investment in the facilities, inclusive of transaction costs, was approximately $71.5 million. Aggregate annual cash rent for the first year is approximately $5.4 million, increasing to approximately $6.1 million in the second year, and increasing to approximately $7.1 million in the third year, with CPI-based annual escalators thereafter. The acquisition of these facilities was funded using proceeds from San Clemente-based CareTrust’s $600 million unsecured revolving credit facility.

June 9, 2023

California Industrial Leasing Activity Western

ResMed Motor Technologies Signs 128,700 SF Industrial Lease in Calabasas, California

by Jeff Shaw June 9, 2023

CALABASAS, CALIF. — Medical equipment manufacturer ResMed Motor Technologies has signed a 128,700-square-foot lease for an R&D industrial building in Calabasas. The facility is located at 26801 Agoura Road. The company will relocate from nearby Chatsworth as it was seeking to expand into a larger facility with additional parking. RedMed also sought a location that was close to the labor market in the Conejo Valley area to take advantage of the highly skilled engineering talent in the area. The relocation is slated for early 2024. Mike Tingus and Grant Fulkerson of Lee & Associates – LA North/Ventura, represented the landlord, Cypress Land Co., while Cushman & Wakefield represented ResMed in the lease transaction.

June 9, 2023

California Civic Development Western

Pluralistic School Buys Expansion Site in Santa Monica, California for $3.5M

by Jeff Shaw June 9, 2023

SANTA MONICA, CALIF. — Pluralistic School has acquired commercially zoned land site in Santa Monica for $3.5 million. The site is located at 1457 12th St. The private elementary school already owns the adjacent property. The site consists of about 7,500 square feet of land with about 2,034 square feet of existing improvements, as well as a single-family residence and a triplex, both of which were vacant at the time of sale. WESTMAC Commercial Brokerage Co. and Highland Partners facilitated the transaction between the school and the private seller.

June 9, 2023

California Market Reports Multifamily Western Western Market Reports

Opportunities Abound for Investors in Westside Los Angeles Apartment Market

by Jeff Shaw June 9, 2023

— By Kimberly Stepp, Principal, Stepp Commercial Group — Los Angeles’ Westside apartment market is poised to see a robust pipeline of transactions in 2023. Long-time owners have been increasingly seeking to trade into out-of-state assets, while 1031 investors or those looking to pay all cash seek to take advantage of opportunities in a high interest rate environment. Last year, Stepp Commercial Group saw a significant number of transactions with LA-area sellers who were frustrated with rent control and other problematic apartment legislation. They were looking to trade into states like Arizona, Florida and Texas because they provide a stronger ROI over the long-term and offer fewer landlord restrictions. We see that trend continuing into 2023 as owners want to enjoy a passive income as they achieve their individual investment goals and objectives. Additionally, while Measure ULA (“the mansion tax”) went into effect on April 1 — and impacts only homes and apartment complexes sold within the City of Los Angeles at $5 million or more — the overall sentiment has been sour from owners throughout the Greater LA area. They are justifiably concerned that similar legislation will soon be coming to their city, on top of other landlord-unfriendly restrictions …

June 9, 2023

California Development Industrial Self-Storage Western

Byline Bank Provides $13.6M Construction Loan for Self-Storage Property in Los Angeles

by Jeff Shaw June 8, 2023

LOS ANGELES — Byline Bank’s commercial real estate team has provided a $13.6 million construction loan to Madison Capital Group for a new self-storage property in the Los Angeles submarket of Paramount. The infill project will total 845 units, including 841 temperature-controlled units and four non-temperature-controlled units. Madison Capital Partners’ self-storage brand Go Store It will manage the property. Madison will demolish an existing and obsolete industrial property on the site to make way for the self-storage facility. Joanne Campanile, Sam Duros and Ana Garcia of Byline Bank managed the loan transaction on behalf of the borrower, working directly with Eric Lentz of Madison Capital Group Holdings. The Talonvest Capital Team of Eric Snyder, Kim Bishop and Ivan Viramontes brokered the deal.

June 8, 2023

Acquisitions California Office Western

Cabrillo Credit Union Purchases Office Building in San Diego for $7.9M

by Jeff Shaw June 8, 2023

SAN DIEGO — Cabrillo Credit Union has acquired a 20,060-square-foot office building in the Kearny Mesa submarket of San Diego for $7.9 million. The building is located at 3710 Ruffin Road. It features solar panels, open ceilings, creative office space, private offices, conference rooms, and employee breakrooms and restrooms on each floor. The property was renovated in 2019. CBRE’s Phil Linton and Nick Bonner represented the seller, the Council of Community Clinics, which will lease back a quarter of the building.

June 8, 2023

California Leasing Activity Life Sciences Western

Rubi Laboratories Signs 16,884 SF Lease at Radius @ Harbor Bay Campus in Alameda, California

by Jeff Shaw June 8, 2023

ALAMEDA, CALIF. — Rubi Laboratories, a California-based biotechnology company, has signed a 16,884-square-foot lease at the Radius @ Harbor Bay campus in Alameda. Radius is a nearly 700,000-square-foot life sciences and innovation campus located at 1501 Harbor Bay Parkway. The property features a new backup power generator, HVAC service with 100 percent outdoor air, 13-foot clear heights and an outdoor screened equipment pad. Newmark’s Conor Ranahan represented the landlord and ownership group, Paceline Investors and True North Management Group, while the firm’s Daniel Pivnick and Ari Rokeach represented Rubi Laboratories. Newmark previously represented the landlord and ownership group in the 43,645-square-foot, full-building lease to Vivani in December 2022 at the same campus.

June 8, 2023

Acquisitions California Retail Western

Hanley Brokers $36.5M Sale of Bristol Place Shopping Center in Santa Ana, California

by Jeff Shaw June 7, 2023

SANTA ANA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $36.5 million sale of Bristol Place, a 61,454-square-foot retail center located in Santa Ana. Built in 1968, the property was renovated in 2019 and was 89 percent occupied at the time of sale. Matt Burnett, Kevin Fryman and Ed Hanley of Hanley represented the seller, a joint venture between an affiliate of Cadence Capital Investments and Oakwood Real Estate Partners. Ron Duong of Marcus & Millichap represented the buyer, a California-based private investor.

June 7, 2023

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