California

Shopoff Realty Divests of Retail Building in Fullerton, California to Dream ERE: Real Estate

by Amy Works September 22, 2023

FULLERTON, CALIF. — Irvine, Calif.-based Shopoff Realty Investment has completed the disposition of the hard corner of the current Sunrise Village Shopping Center in Fullerton. Dream ERE: Real Estate, a local Orange County, Calif.-based investor, acquired the asset for an undisclosed price. The sold property includes the Del Taco drive-thru ground lease and a 6,355-square-foot, three-tenant pad that is currently occupied by Papa John’s Pizza, Sunrise Optometry and Coffee Code. In January 2023, Shopoff received unanimous approval for the mixed-use redevelopment of Sunrise Village. Dubbed The Pines at Fullerton, the project will include 49 small-lot detached homes, 64 townhouses and 23,000 square feet of neighborhood retail uses. With the sale of the corner retail, 2.7 acres of retail pads remain for sale.

September 22, 2023

Affordable Housing California Development Loans Multifamily Western

KeyBank Provides $71.8M in Construction Financing for Affordable Housing Project in Greenfield, California

by Amy Works September 21, 2023

GREENFIELD, CALIF. — KeyBank Community Development Lending and Investment (CDLI) and KeyBanc Capital Markets have provided a $71.8 million financing package for the construction of Greenfield Commons Phase I in the Salinas Valley city of Greenfield. EAH Housing Inc. is developing the community, which will feature 99 affordable family units and one manager unit. Twenty-seven units with project-based vouchers will be set aside for families and farmworkers. Nashua, an off-site modular manufacturer in Boise, Idaho, is building the residential units, and Swinerton is serving as general contractor. KeyBank CDLI provided a $15.9 million taxable construction loan to collateralize a Fannie Mae forward MBS Tax-Exempt Bond (MTEB) public bond offering and $55.4 million tax-exempt direct purchase loan to bridge California Accelerator program funds. KeyBanc Capital Markets purchased $55.4 million of 501(c)(3) bonds and provided a floating-to-fix interest rate swap derivative on both loans. EAH also received $51.3 million in California HCD Accelerator funds with an additional $4.6 million in California Accelerator Supplement funds. The California Accelerator funds are from federal COVID relief money in lieu of tax credits. Tax credits and bond allocations were insufficient to fulfill California’s affordable housing development demand, and these funds are California’s solution for priority projects. Other …

September 21, 2023

Acquisitions California Multifamily Western

TruAmerica Acquires Nineteen01 Apartment Complex in Santa Ana, California for $102.9M

by Amy Works September 20, 2023

SANTA ANA, CALIF. — TruAmerica Multifamily, in partnership with PCCP, has acquired Nineteen01, a multifamily community in Santa Ana, from an undisclosed seller for $102.9 million. Built in 2016, Nineteen01 features 264 apartments in a three- and five-story building. Located at 1901 E. 1st St., Nineteen01 offers one-, two- and three-bedroom floorplans with fully appointed kitchens, full-size washers/dryers, private patios or balconies, walk-in closets and ceiling fans. Community amenities include a rooftop resort-style pool area with spa, 24/7-access fitness center, business center, cybercafé, private conference room, dog park, game room, package system, communal fire pit, outdoor grilling areas and community green spaces. Shane Shafer of Northmarq brokered the transaction.

September 20, 2023

California Loans Retail Western

PSRS Arranges $14.5M Loan for Central Valley Plaza Shopping Center in Modesto, California

by Amy Works September 20, 2023

MODESTO, CALIF. — PSRS has arranged $14.5 million in permanent debt for Central Valley Plaza, a retail property in Modesto. Michael Thorp of PSRS – Newport Beach, Calif., secured the 10-year loan, which was placed with a life insurance company, for the undisclosed borrower. Walmart and Kohl’s anchor Central Valley Plaza, which is located off the 99 in Modesto’s retail corridor.

September 20, 2023

California Loans Multifamily Seniors Housing Western

G Capital Markets Provides $9.6M HUD Refinancing for Trellis Chino Skilled Nursing Facility in California

by Amy Works September 20, 2023

CHINO, CALIF. — G Capital Markets, a new advisory firm launched this summer by Grant Goodman, has arranged a $9.6 million HUD refinancing for Trellis Chino, a skilled nursing facility in Chino. Built in 2018, the community comprises all private rooms and exclusively cares for short-term, high-acuity rehabilitation patients. After leasing up during COVID, the building has performed strongly with near 100 percent occupancy, according to G Capital. The borrower, Encore Capital Ventures, is a real estate investment and capital solutions firm with a portfolio of healthcare and other real estate holdings across California. Proceeds of the loan were used to pay off construction loan debt and fund replacement reserves.

September 20, 2023

California Loans Multifamily Seniors Housing Western

CFG Funds $43.4M HUD Refinancing for Skilled Nursing Facility in Bakersfield, California

by Amy Works September 19, 2023

BAKERSFIELD, CALIF. — Capital Funding Group (CFG) has provided a $43.4 million HUD loan for a 140-bed skilled nursing facility in Bakersfield. The transaction converts an existing bridge loan into a HUD loan following the property’s stabilization. The initial financing, also executed by CFG, allowed the nationally recognized borrower to acquire the property. Patrick McGovern originated the transaction for CFG.

September 19, 2023

Acquisitions California Development Industrial Office Western

Terreno Realty Buys $14.8M Office Property in Santa Ana, California, Plans Industrial Conversion

by Amy Works September 19, 2023

SANTA ANA, CALIF. — Terreno Realty Corp. has acquired a 4.9-acre site at 1720 E. Garry Ave. in Santa Ana from Greenlaw Partners for $14.8 million. The site consists of three multi-tenant office buildings leased on a short-term basis. Terreno plans to demolish the existing structures and construct an industrial project on the site. Slated for completion in first-quarter 2025, the 91,500-square-foot rear-load distribution facility will offer 10 dock-high and two grade-level loading positions. Terreno’s total expected investment in the project is $40.6 million. The industrial development is fully pre-leased to a provider of temperature-controlled life sciences supply chain solutions. Rick Ellison, Jeff Chiate, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s Capital Markets team in Orange County, Calif., represented the seller in the transaction.

September 19, 2023

California Industrial Market Reports Western Western Market Reports

Commercial Real Estate Goes Hollywood as Investors Buy Studios, Soundstages

by Jeff Shaw September 19, 2023

— By Nellie Day — Santa Monica, Calif.-based BLT Enterprises has been an owner, investor, developer and manager of commercial properties since 1984. The firm has seen a lot of changes over that time, which means adaptability remains key to its strategy — and long-term survival. One of the ways the firm is adapting to current market conditions is through the acquisition and operation of production studios and soundstages. The most recent data on usage and demand for these product types is from the year 2020. At this time, CBRE noted there was 11 million square feet of soundstage space in North America, with half of it being in Los Angeles. Speaking of 2020, the pandemic was also responsible for a 74 percent year-over-year increase in streaming video demand. FilmLA’s 2020 Sound Stage Production Report also noted the industry maintained an average occupancy of 94 percent that year, with the report further showing television production increased 10 percent in 2020. For comparison, studio occupancy averaged 70 percent in 2017. Though the world isn’t locked down the way it was in 2020, digital content demand shows no signs of slowing down. Consumers will spend an estimated $151 billion on technology services, …

September 19, 2023

Portal 405 in San Carlos, Calif., will feature a six-story, 240,000-square-foot life science building.

California Development Life Sciences Western

Menlo Equities, Beacon Capital Break Ground on Portal 405 Life Sciences Building in San Carlos, California

by Amy Works September 18, 2023

SAN CARLOS, CALIF. — Menlo Equities and Beacon Capital Partners have broken ground on Portal 405, a life sciences building located at 405 Industrial Road in San Carlos. The 240,000-square-foot Portal 405 is slated for completion in late 2024. The six-story building will feature four lab and office floors above two levels of above-grade parking and two levels of subterranean parking. The building lobby will offer bike storage, restrooms with showers and lockers, and tenant amenity areas that can accommodate a fitness center and café. The building-top terrace on the sixth floor will provide an outdoor work and event space for tenants. The property is designed to accommodate multiple tenants or a single user. Mike Moran of CBRE and Clarke Funkhouser of Cushman & Wakefield are the marketing and leasing agents for the project.

September 18, 2023

Acquisitions California Industrial Western

Stos Partners Sells 61,112 SF Industrial Complex in San Marcos, California for $12.5M

by Amy Works September 18, 2023

SAN MARCOS, CALIF. — Stos Partners has completed the disposition of an industrial complex at 1545-1565 La Mirada Drive in San Marcos. A private investor acquired the 3.3-acre property for $12.5 million. The 61,112-square-foot building features 21 grade-level, roll-up doors; secured outdoor storage areas; multiple ingress/egress points; and minimal first-floor office space. Stos Partners implemented a value-add and capital improvement program to the asset, which it originally acquired in 2021 for $8.8 million. The renovations included a new roof, parking lot, exterior paint, drought resistant landscaping and signage. Matt Pourcho, Anthony Delorenzo and Matt Harris of CBRE, along with Chris Roth, Rusty Williams and Jake Rubendell of Lee & Associates, represented Stos Partners. Brant Aberg and Bryce Aberg of Cushman & Wakefield represented the undisclosed buyer in the transaction.

September 18, 2023

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