California

Presidio Bay Ventures Opens 6.4-Acre Springline Mixed-Use Development in Menlo Park, California

by John Nelson September 18, 2023

MENLO PARK, CALIF. — Presidio Bay Ventures, a San Francisco-based developer and investment firm, has officially opened Springline, a 6.4-acre mixed-use development near downtown Menlo Park in Silicon Valley. Situated adjacent to the Cal Train Station, the development features 200,000 square feet of office space, The Residences at Springline apartment community, a central plaza, two underground parking garages and 29,000 square feet of retail space. “We have delivered a magnetic destination in the heart of Silicon Valley that attracts the Bay area’s best to live, work and play,” says K. Cyrus Sanandaji, managing principal of Presidio Bay. “Over the past three years, we have created a destination with thoughtfully designed spaces that allow for tenants, residents and the local community to interact.” The Offices at Springline spans two buildings and features coworking space in the south building, as well as a golf simulator, entertainment lounge, fitness center, locker rooms, showers, outdoor fitness spaces, bicycle parking, electric vehicle charging stations and The Glade, an onsite dog park. Office tenants also have access to the Springline App that allows remote entry, direct access to property management, amenities, bookings and other services. The Offices are fully leased to global and regional tenants, including STG, Menlo Ventures, …

September 18, 2023

Acquisitions California Loans Multifamily Western

IPA Capital Markets Arranges $62.1M Acquisition Financing for DUO Apartments in San Jose

by Amy Works September 15, 2023

SAN JOSE, CALIF. — Institutional Property Advisors (IPA) Capital Markets, a division of Marcus & Millichap, has arranged $62.1 million in acquisition financing for DUO Apartments, a multifamily property in San Jose. Built in 2020 on 4.6 acres, DUO Apartments features 301 residences and is 11 miles from downtown San Jose. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets originated the financing on behalf of the undisclosed borrower. IPA’s Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni brokered the sale of the leasehold interest. The 10-year, interest-only, government-sponsored loan is fixed at a 5.37 percent rate and features a 65 percent loan-to-value ratio.

September 15, 2023

Acquisitions California Multifamily Western

MG Properties Buys Artist Walk Apartments in Fremont, California for $89.7M

by Amy Works September 14, 2023

FREMONT, CALIF. — MG Properties has acquired Artist Walk Apartments, a multifamily community in Fremont, from Clarion Partners for $89.7 million. Built in 2017, Artist Walk features 185 apartments and 30,000 square feet of ground-floor retail space. Jason Parr, Seth Siegel and Scott MacDonald of Cushman & Wakefield represented the seller in the deal. Andrew Behrens, Jesse Weber and Stephen Baird of CBRE Capital Markets arranged financing, provided by Freddie Mac, for the transaction.

September 14, 2023

California Development Multifamily Western

Cityview, Stockbridge Start Construction of 265-Unit Apollo Multifamily Project in Los Angeles

by Amy Works September 14, 2023

LOS ANGELES — Cityview and Stockbridge have started construction on Apollo, an apartment development in Los Angeles’ South Bay neighborhood. Slated for completion in 2025, the transit-oriented community will feature 265 apartments in a mix of studio, one- and two-bedroom floor plans. Residences will feature stainless steel appliances, quartz countertops, vinyl plank flooring, smart thermostats, keyless entry, smart home systems, and fiber optic internet and Wi-Fi. Located at 12888 Crenshaw Blvd., the community amenities will include a swimming pool and spa deck with loungers and daybeds; a CV Works coworking center; podcast room; 3D printer; indoor fitness center; outdoor strength and stretching area; indoor-outdoor community room; and open-air courtyards with an entertainment lounge, pool table, Korean barbecue grills, fire pits, lounge seating, gathering tables and a variety of dining areas. Additionally, the property will feature ample secure bike lockers and storage, a transit kiosk, and walk and bike path access. City National Bank and Banc of California provided construction financing. The project team includes WPIC Construction, AC Martin, Nadia Geller Designs and MJS Landscape Architecture.

September 14, 2023

Interactive-Learning-Pavilion-UC-Santa-Barbara-CA

California Civic Development Western

C.W. Driver Cos. Completes 95,000 SF Interactive Learning Pavilion at UC Santa Barbara

by Amy Works September 14, 2023

SANTA BARBARA, CALIF. — C.W. Driver Cos. has completed the construction of the Interactive Learning Pavilion, a four-story learning facility at UC Santa Barbara. The company collaborated with LMN Architects on the $70 million project in Santa Barbara. The 95,000-square-foot structures offers 2,000 seats of classroom space, including five lecture halls, three classroom spaces for project-based learning and 20 flexible discussion rooms. Each of the 32 classrooms and lecture halls is designed to seat between 30 and 350 students. Additionally, the project features 1,700 bicycle parking spaces. The pavilion’s two buildings are connected via an open-air corridor. The project received LEED Gold Certification.

September 14, 2023

Acquisitions California Industrial Western

CapRock Partners Buys 165,070 SF Industrial Facility in San Dimas, California

by Amy Works September 13, 2023

SAN DIMAS, CALIF. — CapRock Partners has completed the acquisition of 300 E. Arrow Highway, a single-tenant industrial building in San Dimas. The company purchased the property from an undisclosed investor in an all-cash transaction. Barbara Perrier, Darla Longo and Rebecca Perlmutter of CBRE facilitated the deal. Built in 1972 and expanded in 1989, the 165,070-square-foot building features 15 dock-high doors, one ground-level door, a 130-foot secured truck court and multiple points of ingress/egress. Additionally, the property offers ample parking, 4,000A/480V power and approximately 21,000 square feet of two-story office space. Western Pacific Storage Solutions, a leader in engineering and manufacturing of industrial storage solutions, shelving systems and material handling, has fully occupied the facility for its manufacturing operations since 2001.

September 13, 2023

Acquisitions California Hospitality Western

Marcus & Millichap Brokers Sale of 65-Room Quality Inn Hotel in Blythe, California

by Amy Works September 13, 2023

BLYTHE, CALIF. — Marcus & Millichap has arranged the sale of a Quality Inn hotel located at 600 W. Donlon St. in Blythe. Terms of the transaction were not released. The recently renovated property features 65 guest rooms. Andy Patel and Gordon Allred of Marcus & Millichap’s Palm Springs and Inland Empire offices, respectively, represented the seller, a limited liability company, and procured the buyer, a limited liability company.

September 13, 2023

Acquisitions California Multifamily Western

Gelt Venture Partners Buys Union Place Apartments in Placentia, California for $63.1M

by Amy Works September 12, 2023

PLACENTIA, CALIF. — Gelt Venture Partners (GVP) has acquired Union Place, a multifamily property located at 1500 Cherry St. in the Orange County city of Placentia, for $63.1 million. Mike Murphy and Rachel Parsons of Berkadia represented the buyer and undisclosed seller in the deal. Built in 2012, the three-story building offers 125 two- and three-bedroom apartments averaging 1,238 square feet. Apartments, which are in original condition, feature granite countertops, stainless steel appliances, wood-style flooring, laundry rooms with washers/dryers, nine-foot ceilings, walk-in closets, private balconies or patios, and garages for each unit, as well as ample surface parking. Community amenities include a pool, fitness center, barbecue areas, a playground and controlled entry access. GVP plans to add kitchen islands, new custom cabinetry, vinyl plank flooring, tile backsplashes, quartz countertops, undermount sinks, modernized hardware and recessed lighting. Planned common-area improvements include painting and enhancements to the pool and fitness center, among other cosmetic renovations.

September 12, 2023

Acquisitions California Retail Western

Hanley Investment Group Brokers $2.9M Sale of Bank of America-Occupied Asset in Palm Desert, California

by Amy Works September 12, 2023

PALM DESERT, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of an absolute triple-net ground lease of a single-tenant building located at 39355 Washington St. in the Coachella Valley city of Palm Desert. A Los Angeles-based private investor sold the building to a Riverside County-based private investor for $2.9 million. Bank of America occupies the 3,515-square-foot freestanding building, which features a drive-thru. Bill Asher and Jeff Lefko of Hanley Investment represented seller, while Tyler Rollema of The Klabin Co. in Torrance represented the buyer in the deal.

September 12, 2023

California Healthcare Market Reports Office Western Western Market Reports

Orange County’s Medical Office Market Stays on Solid Ground

by Jeff Shaw September 12, 2023

— By John Wadsworth and Aaron Phillip, Colliers — The Orange County medical office building (MOB) market continues to show resilience post-pandemic despite headwinds of the new interest rate environment. The overall Orange County MOB market consists of 10 million square feet with a current vacancy of 8.5 percent, down 100 basis points from the end of 2022. The average rental rate is $3.48 per square foot, per month, full-service growth, with an increase of 9.3 percent from mid-year 2022. The lack of significant MOB construction completions, coupled with much of the existing vacancy found in older, functionally obsolete buildings, has kept supply largely in line with demand. The velocity of MOB leasing activity has softened compared to pre-pandemic transaction volume, with healthcare providers still digging out of the financial “COVID hole.” Among other market pressures, labor costs and retention across healthcare employment significantly contribute to continued narrow margins on provider balance sheets. From larger health systems to smaller independent practices, all have been impacted, slowing the pace of expansion projects and mandating shorter, more flexible transactions until more permanent real estate solutions can be implemented. Despite the market challenges posed by the pandemic, MOB absorption has remained positive countywide, …

September 12, 2023

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