California

LRE & Co., American Hospitality Break Ground on Roseville Junction Mixed-Use Development in Roseville, California

by Amy Works January 16, 2024

ROSEVILLE, CALIF. — LRE & Co. and American Hospitality Services have broken ground on Roseville Junction, a mixed-use development at 290 Conference Center Drive in Roseville, a suburb northeast of Sacramento. Functioning as a sports and entertainment complex in Placer County, Roseville Junction will include two select-service hotels, three restaurants, an outdoor gathering place and The Electric Pickle, which will offer a bocce ball court, 10 pickleball courts and dining venues. Caption by Hyatt Roseville will feature 112 rooms and suites, a fitness center, meeting facilities and a reimagined hotel lobby with an on-site restaurant and beverage venue, an all-day café, market and bar with a lounge and social space. Hyatt House Roseville will offer 126 rooms, including studios and one-bedroom suites, public spaces, workout spaces and a rooftop bar.

January 16, 2024

California Development Multifamily Western

Liberty National Acquires Development Site in San Diego for Apartment Tower Project

by Amy Works January 16, 2024

SAN DIEGO — Liberty National Corp. has purchased a land site at 1520 and 1532 3rd Ave. in downtown San Diego for the development of a residential property. Terms of the transaction were not released. Liberty acquired the 22,484-square-foot site in December 2023 and plans to build a high-rise multifamily community on the site. The property will also offer a selection of affordable housing options.

January 16, 2024

Acquisitions California Office Western

J Street Buys 390,609 SF Vacant Office Building in San Diego, Plans Redevelopment Project

by Amy Works January 15, 2024

SAN DIEGO — J Street has acquired a fully vacant office building in San Diego, known as Tower 180, in a lender-facilitated, off-market transaction for an undisclosed price. The buyer plans to convert the 25-story building into hospitality and residential use. Brunson Howard and Rick Reeder of Newmark, along with Kevin Shannon, Tony Malk, Chris Benton and Anthony Muhlstein of Newmark’s U.S. capital markets team, represented the undisclosed seller. Located at 124 W. Broadway, the 390,609-square-foot asset primarily offers 10,000-square-foot floor plates. The asset is centrally located with easy access to Civic Center Trolley Station, Light Rail (MTS Station), Santa Fe Train Depot, San Diego International Airport, Interstate 5 and Highway 163.

January 15, 2024

Acquisitions California Retail Western

Hanley Investment Arranges Sales of Two Retail Assets at Antelope Valley Plaza in Lancaster, California

by Amy Works January 15, 2024

LANCASTER, CALIF. — Hanley Investment Group Real Estate Advisors has completed the sales of a single-tenant Smart & Final Extra! and a single-tenant property occupied by dd’s Discounts at Antelope Valley Plaza in Lancaster, approximately 65 miles north of Los Angeles. Two individual private 1031 exchange buyers acquired the assets in separate transactions, which totaled $11.4 million. In the first transaction, PacWest Management, in partnership with Evergreen Development Co., sold the single-tenant, 32,200-square-foot property that is occupied by Smart & Final Extra! under a new 15-year corporate lease. The property is located at 2058 W. Avenue J. Sean Cox, Bill Asher, Alexander Moore and Kevin Fryman of Hanley represented the seller in the deal. In the second transaction, a Southern California-based 1031 exchange buyer acquired the 24,000-square-foot property at 2038 W. Avenue J in an all-cash transaction. dd’s Discounts, which occupies the property, has less than three years remaining on the initial lease term. Cox, Asher, Moore and Fryman represented the seller, PacWest Management, in the transaction.

January 15, 2024

Acquisitions California Multifamily Western

CBRE Negotiates $2.2M Sale of Multifamily Community in Riverside, California

by Amy Works January 15, 2024

RIVERSIDE, CALIF. — CBRE has arranged the sale of 1180 Central Avenue, a seven-unit apartment property in the Inland Empire city of Riverside. Michael J. O’Neill and Jean A. O’Neill Trust acquired the asset from The Kazanjian Exemption Trust for $2.2 million, or $315,000 per unit. Located on the Canyon Crest area of Riverside, the community features two- and three-bedroom floor plans, five of which are townhouse style with golf course views. Eric Chen and Blake Torgerson of CBRE represented the buyer in the transaction.

January 15, 2024

California Development Healthcare Western

Hoag Plans $1B Sun Family Medical Campus Expansion in Irvine, California

by Amy Works January 11, 2024

IRVINE, CALIF. — Hoag, a nonprofit healthcare delivery network in Orange County, is developing a $1 billion expansion at its Sun Family Campus medical facilities in Irvine. The new campus will include specialty care institutes for surgical innovation, cancer and digestive and women’s health, as well as dedicated urgent care services for cancer patients. The six new buildings will house 155 inpatient beds, eight operating rooms, 24 ICU beds and 120,000 square feet of ambulatory facilities. The campus will also feature outdoor spaces for therapies and meditation, including numerous healing gardens programmed to create unique and meaningful experiences for patients and caregivers. Last September, Hoag broke ground on the first phase of the project, which is named in recognition of the support of Diana and David Sun, who donated $50 million toward the project. Construction of the first phase is underway, and Sun Family Campus is slated to open to patients in 2026. The project team includes McCarthy Building Cos., LPA Design Studios, Jacobs, HB&A, KPFF and tk1sc.

January 11, 2024

Acquisitions California Office Retail Western

City Center Realty Partners Purchases 4,500 SF Retail, Office Building in San Francisco

by Amy Works January 11, 2024

SAN FRANCISCO — San Francisco-based City Center Realty Partners has acquired a freestanding, multi-tenant retail and office building in San Francisco’s Marina District for an undisclosed price. Tri Counties Bank currently occupies the ground-floor space of the two-story, 4,500-square-foot building, which is located at 2197 Chestnut St. and originally built in 1907. Kazuko Morgan and Heather Trimble of Cushman & Wakefield represented the buyer, while David Klein and Elijah Hodges of Lee & Associates represented the seller in the deal.

January 11, 2024

Acquisitions California Life Sciences Top Stories Western

Breakthrough Properties Acquires Majority Stake in $236M Callan Ridge Life Sciences Campus in San Diego

by Jeff Shaw January 11, 2024

SAN DIEGO — Breakthrough Properties Inc. has acquired a 65 percent stake in Callan Ridge, a 185,000-square-foot research campus in San Diego’s Torrey Pines scientific research area. Healthpeak Properties (NYSE: PEAK), the project’s developer, retains a 35 percent stake in the asset. The formation of the joint venture values Callan Ridge at $236 million. Healthpeak began construction of the Callan Ridge campus in 2021. The two-building asset is fully leased to Turning Point Therapeutics Inc., a subsidiary of Bristol-Myers Squibb Co., through April 2035. The lease on 105,000 square feet commenced in July 2023. The lease on the remaining 80,000 square feet will commence in July of this year. The three-story, two-building complex augments part of Healthpeak’s 20-acre Torrey Pines Science Park. Callan Ridge features numerous sustainable features, including a canopy with integrated solar panels; electrochromic windows that change color to control sunlight and heat throughout the day; recycled steel and concrete; and drought-tolerant landscaping. The joint venture plans to pursue LEED Gold certification for the campus. The property also offers amenities such as a fitness center, restaurant, roof deck and patio space, as well as 506 parking stalls. Ferguson Pape Baldwin Architects designed the development. According to Healthpeak, Callan …

January 11, 2024

California Development Industrial Loans Western

Gantry Arranges $91M Construction Loan for 386,336 SF Gillespie Field iPark Industrial Development in El Cajon, California

by Amy Works January 10, 2024

EL CAJON, CALIF. — Gantry has secured a $91 million construction loan for the development of Gillespie Field iPark, a speculative industrial building at 1756 Weld Blvd. in El Cajon, an eastern suburb of San Diego. George Mitsanas, Peter Hillakas, Drit Shoemaker and Austin Ridge of Gantry arranged the financing for the borrower, Chesnut Properties. 3650 REIT, an institutional debt fund, provided the construction loan with terms including two extension options and nonrecourse covenants. Slated for completion in second-quarter 2025, the 386,336-square-foot facility will feature 30-foot to 32-foot clear heights, ESFR sprinklers with K-25 heads, 64 loading docks, four grade-level doors and rare excess land providing 115 additional truck trailer stalls. The building is designed to achieve net zero emissions from its rooftop solar array and will offer charging stations for electric vehicle semi-trucks. Gillespie Field iPark is 44 percent pre-leased to an aerospace manufacturer and negotiations are underway for the remaining units.

January 10, 2024

Acquisitions California Multifamily Western

CBRE Brokers Sale of 19-Unit Crestview Apartments in Costa Mesa, California

by Amy Works January 10, 2024

COSTA MESA, CALIF. — CBRE has brokered the sale of Crestview Apartments, a multifamily community in the Orange County city of Costa Mesa. An Orange County-based private investor sold the asset to a local private investor for $5 million, or $264,474 per unit. Dan Blackwell and Mike O’Neill of CBRE represented the seller, while Blackwell, O’Neill and Jack O’Connor of CBRE represented the buyer in the transaction. Located at 859 W. 19th St., the two-story, 8,931-square-foot building features 19 apartments, primarily studio units with patios or balconies. The community also has an onsite laundry facility. Recent capital improvements include new exterior paint, repaved asphalt, new decks, new windows throughout and wood replacement.

January 10, 2024

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