California

City of Garden Grove, California Acquires Office Building for $12.1M

by Amy Works December 15, 2023

GARDEN GROVE, CALIF. — The City of Garden Grove, located in Orange County, has purchased Garden Grove Plaza, located at 12966 Euclid St. in Garden Grove. A private seller sold the asset for $12.12 million, or $188 per square foot. Anthony DeLorenzo, Bryan Johnson, Nick Williams and Peter Wells of CBRE represented the seller in the deal. Situated on two acres, the five-story glass-and-steel building offers approximately 64,468 square feet of office space. The property was recently renovated and is currently 77 percent occupied.

December 15, 2023

California Market Reports Retail Western Western Market Reports

Long Beach Sees Retail Challenges in Downtown, Success on Second Street

by Jeff Shaw December 15, 2023

— By Jason DuFault, Regional Managing Director – Southern California, KW Commercial — With a population of about 440,000, the City of Long Beach has grown substantially over the past two decades. This is due, in part, to the draw of its coastal location, public spaces, dining and nightlife, employment, the ports of Los Angeles and Long Beach, and its many tourist attractions, including the Queen Mary and the Aquarium of the Pacific. This all bodes well for the retail sector. However, over the past 18 months, the retail market has been inconsistent for success based on location. The city’s overall vacancy rate is currently around 4.3 percent, with the most challenged market being downtown Long Beach, which is currently at 4.6 percent. While the vacancy is still low by most standards, I believe it will likely increase before it gets better. Like many CBDs across the nation, Long Beach’s office vacancy has been high. The decline in the daytime population has retailers struggling. The most challenging projects to rent out retail-wise seem to be the newer vintage mixed-use properties. On the other hand, smaller submarkets in east Long Beach, such as Second Street and Naples, have been strong, giving …

December 15, 2023

Acquisitions California Retail Western

Tabani Group Buys 107,687 SF Bristol Marketplace in Santa Ana, California

by Amy Works December 14, 2023

SANTA ANA, CALIF. — Tabani Group has acquired Bristol Marketplace, a retail property located at 1351 W. 17th St. in the Orange County city of Santa Ana. An undisclosed seller sold the asset for $16.7 million. The 107,687-square-foot plaza comprises a two-story, 99,751-square-foot former Kohl’s and adjacent shop space. The buyer plans to reposition the vacant box space. Gleb Lvovich, Daniel Tyner, Geoff Tranchina and Conor Quinn of JLL Capital Markets Investment Sales Advisory represented the seller in the deal.

December 14, 2023

Affordable Housing California Development Multifamily Top Stories Western

Thrive Living to Transform Industrial Site in Los Angeles into 376-Unit Mixed-Income Apartment Community

by Jeff Shaw December 14, 2023

LOS ANGELES — Thrive Living, with the financial support of JPMorgan Chase, has announced plans to redevelop a former industrial storage facility into an affordable and workforce housing community at 1457 N. Main St. north of downtown Los Angeles. Completion is slated for December 2024. The six-story multifamily complex will feature 376 apartments for low- and moderate-income residents earning up to 80 percent of the area median income and individuals utilizing the Housing Choice Voucher program. On-site community amenities will include a landscaped roof deck, barbecue and dining area with seating, a gym, recreation room, package delivery room and business center. The property is located near public transportation and will offer parking below the building with electric vehicle charging stations. JPMorgan Chase, through its Workforce Housing Solutions group (formerly Capital Solutions), is providing a $68.5 million construction loan to Thrive Living for the project. This is JPMorgan Chase’s first construction loan to a 100 percent rent- and income-restricted multifamily community. Thrive already secured entitlements for the site. The project aligns with Thrive’s mission to acquire and redevelop strategically located sites in urban markets that are experiencing significant housing affordability gaps. Like other Thrive communities, the project is privately financed without the …

December 14, 2023

California Development Hospitality Mixed-Use Multifamily Retail Western

Caribou Industries to Develop Mixed-Use Property in Downtown Santa Ana, California

by Amy Works December 13, 2023

SANTA ANA, CALIF. — Caribou Industries has pulled $5.6 million in building permits and executed a disposition and development agreement with the City of Santa Ana to begin construction on 3rd & Broadway Promenade, a mixed-use project in downtown Santa Ana. Located in the southeastern suburbs of Los Angeles, 3rd & Broadway Promenade will feature a 16-story multifamily building, a 10-story hotel and an event center. The residential component will offer studio, one- and two-bedroom floorplans and 198 secured homeowner garages. The three-star hotel will feature 75 guest rooms, a rooftop conference facility, restaurant, bar and more than 13,500 square feet of retail and residential space. Additionally, 3rd & Broadway Promenade will feature a 204-space parking structure for the public. Construction is slated to begin in second-quarter 2024. Gensler is serving as architect for the project.

December 13, 2023

Acquisitions Build-to-Rent California Development Single-Family Rental Western

Kidder Mathews Brokers Sale of 188-Unit Aviatrix Build-to-Rent Development Site in Fairfield, California

by Amy Works December 13, 2023

FAIRFIELD, CALIF. — Kidder Mathews has arranged the sale of The Aviatrix, an 18.9-acre build-to-rent development site in the Bay Area city of Fairfield. Republic Urban Properties acquired the asset for an undisclosed price. Located at 5005 Peabody Road, The Aviatrix will offer 188 build-to-rent townhomes, a clubhouse, pool, spa, multi-use sport court and trail system. Matthew Clark of Kidder Mathews represented the buyer and undisclosed seller in the deal.

December 13, 2023

Acquisitions California Office Western

County of Ventura Buys Vacant 98,841 SF Office Building in Thousand Oaks, California

by Amy Works December 13, 2023

THOUSAND OAKS, CALIF. — The County of Ventura has acquired a vacant office building located at 2400 Conejo Spectrum in Thousand Oaks for $14.9 million. The county plans to utilize the 98,841-square-foot building for its fire department administrative headquarters. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Moll of Newmark represented the undisclosed the transaction. Built in 2001, the building features 16-foot ceiling heights, a 100-pound live load capacity on the second story and a 4:1,000-square-foot parking ratio with easy truck ingress/egress. The building was originally developed as a two-building office campus with 2380 Conejo Spectrum, which the seller plans to retain.

December 13, 2023

Acquisitions California Loans Retail Western

Gantry Arranges $9.6M Acquisition Loan for The Plaza Retail Center in Auburn, California

by Amy Works December 13, 2023

AUBURN, CALIF. — Gantry has secured a $9.6 million permanent loan for the purchase of The Plaza, a retail center in the Sacramento suburb of Auburn. Situated on 3.4 acres at 1730-1900 Grass Valley Highway, The Plaza features 74,000 square feet of retail space. Current tenants include Best Buy, Mel’s Original Diner, Little Caesars Plaza, Mattress Firm, Sola Salon Studios, Garden of Eat’n, Lyon Real Estate, Miracle Ear, Salon Centric and T-Mobile. Tony Kaufmann and Erinn Cooke of Gantry arranged the financing for the borrowers, a private real estate company. One of Gantry’s correspondent life company lenders provided the 30-year loan, which features a fixed rate for the life of the loan.

December 13, 2023

Acquisitions California Multifamily Western

Decron Properties Buys Margo at The Society Multifamily Community in San Diego for $125.5M

by Amy Works December 12, 2023

SAN DIEGO — Decron Properties has acquired Margo at The Society, an apartment property located at 201 Del Sol Drive in San Diego, for $125.5 million. The name of the seller was not released. The acquisition was fueled through a 1031 exchange, with Decron selling two properties in Thousand Oaks — Los Robles Apartments for $102.5 million and Retreat at Thousand Oaks for $69 million — and reinvesting a portion of those funds into Margo at The Society. Part of a mixed-use development that includes four multifamily communities, Margo at The Society features 240 one-, two and three-bedroom apartments with quartz countertops, stainless steel appliances, designer backsplashes, soft-close cabinets and drawers, keyless entry and Nest thermostat systems. Community amenities include a resort-style pool area, fitness center and common area lounge and meeting rooms.

December 12, 2023

California Development Industrial Western

TCC, Clarion Partners Complete First Phase of Fairfield Industrial Center in Northern California

by Amy Works December 12, 2023

FAIRFIELD, CALIF. — Trammell Crow Co. (TCC) and its joint venture partner Clarion Partners have completed the construction of the first phase of development at Fairfield Industrial Center in Northern California. Located at 2725 Low Court in Fairfield, the first phase includes a Class A, 205,223-square-foot industrial facility, which is currently available for lease by a single user or multiple smaller tenants. Situated on 11 acres, the property features 36-foot clear heights; 56-foot by 47.5-foot column spacing; a 4,000-square-foot turnkey office space; 32 dock doors including 16 docks equipped with 40,000-pound levelers and seals; two grade-level doors; ESFR sprinklers; and 156 auto parking stalls and 44 trailer parking spaces. Additional features at the facility include enhanced exterior glass entries, canopies, façade accents and a landscaped site highlighting water-efficient planting. The joint venture has secured municipal approval for the second phase of development at the project, which will be located at 300 Chadbourne Road and include two Class A industrial buildings totaling 328,553 square feet. Construction for the second phase is expected to begin next year. Kevin Hatcher of CBRE, along with Brooks Pedder and Tony Binswanger of Cushman & Wakefield, are handling leasing for the property.

December 12, 2023

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