LOS ANGELES — Hudson Pacific Properties has completed the sales of 604 Arizona and 3401 Exposition, two office buildings in Los Angeles, for aggregate gross proceeds of $72.5 million before prorations and closing costs. Combined, the two transactions will result in approximately a $22 million gain to be recognized in the third quarter. The company used the net proceeds to repay amounts outstanding on its unsecured revolving credit facility. The buyer was not disclosed. Hudson Pacific Properties is a provider of end-to-end real estate solutions for tech and media tenants.
TEMECULA, CALIF. — Saed Investments has completed the disposition of an industrial facility located at 43195 Business Park Drive in Temecula. Brennan Investment Group acquired the asset for an undisclosed price. Situated on 11.5 acres, the 160,561-square-foot building features a secure fenced yard, ample outdoor space, 4,000 amps at 480 volts, 15,000 square feet of office space and an additional 15,000 square feet of HVAC production area. Additionally, the facility offers 246 parking spaces, eight docks and three grade-level doors. Kelly Nicholls and Zack Martinez of Lee & Associates represented the seller in the deal.
SACRAMENTO, CALIF. — Red Oak Capital Holdings has provided $8 million in financing under its opportunistic bridge loan program to a partnership between Frank Kimball and Scott D. Greenberg for an office building located at 1300 U St. in Sacramento. The borrower will use the loan to pay off outstanding debt and complete space planning and permitting on the property. The loan was structured with a fixed rate of 11 percent and a two-year term with two six-month renewal options. The interest-only loan represents 33.47 percent of the asset’s “as-stabilized” value of $23.9 million. Situated on 1.7 acres, the single-story 47,456-square-foot building is currently in shell condition and will be built out for the California Highway Patrol, which signed a long-term lease for the space. The property provides surface parking for 77 vehicles.
LOS ANGELES — Developer Jeff Appel has completed the redevelopment of a 40,000-square-foot retail center located in Los Angeles. Matt Saker and Richard Rizika of Beta Agency will lead retail leasing efforts at the property, dubbed The Now.
SAN JOSE, CALIF. — JRK Property Holdings has purchased Duo Apartments, a multifamily community in San Jose, for $93.5 million. Located at 6670 Emergent Way, Duo features 301 apartments and was 97 percent leased at the time of closing. Built in 2021 by the undisclosed seller, Duo features studio, one-, two- and three-bedroom apartments spread across two four-story residential buildings. Community amenities include controlled-access parking, a 24-hour fitness center, arcade room with high-definition golf stimulator, a resort-style pool with cabanas, coworking spaces with private conference rooms, and outdoor grilling areas. The acquisition of Duo was financed with a 10-year, fixed-rate loan from Freddie Mac. Institutional Property Advisors placed the loan and also marketed the property for sale on behalf of the seller. The acquisition is the third from the JRK Platform V, a Los Angeles-based real estate investment fund that targets higher quality, well-located multifamily investments built after 1990.
VISALIA, CALIF. — CapRock Partners has broken ground on Building 1 at CapRock Central Point III, a 2.7 million-square-foot speculative industrial complex in the San Joaquin Valley city of Visalia. Upon completion in third-quarter 2024, Building 1 will add 1.27 million square feet of Class A logistics and distribution space to the Central Valley. Situated on 75 acres, the cross-dock Building 1 warehouse will feature 40-foot clear heights, 274 dock-high doors and two ground-level doors. Additionally, the facility will include 6,600 square feet of office space, ample power, ESFR sprinklers, 890 auto parking stalls, a fully secured fenced yard, drive-around access, a truck court depth of 185 feet, dedicated truck circulation and 542 excess trailer parking spaces. Located at 4001 N. Plaza Drive, the four-building CapRock Central Point III offers tenants the ability to reach more than 50 million customers with one-day ground shipping. Designs for CapRock Central Point III’s Buildings 2, 3 and 4 are complete and approved. CapRock plans to seek LEED certification for the project.
ESCONDIDO, CALIF. — Marcus & Millichap has arranged the sale of a shopping center located at the junction of California State Route 78 and Interstate 15 in Escondido. The asset traded for $28.5 million. Lowe’s Home Improvement Warehouse anchors the 179,514-square-foot center. The sale includes a separately parceled Panda Express with a drive-thru and fee simple ownership of a three-tenant retail building anchored by San Diego Gas and Electric. Ron Duong and Joe Berkson of Marcus & Millichap represented the seller, a private investor, while Duong, Berkson and Adams Attia of Marcus & Millichap represented the undisclosed buyer in the deal.
LOS ANGELES — Cityview has completed the development of Jasper, an Opportunity Zone apartment property at 2528 S. Grand Ave. in Los Angeles. Situated adjacent to the University of Southern California, Jasper features 296 studio, one- and two-bedroom floor plans, including 25 units designated very low affordable and three designated moderate-income affordable. The community features two rooftop sky decks with outdoor dining and Korean barbecue grills, an entertainment terrace and views of downtown Los Angeles. Additionally, the property offers a resort-style pool deck with cabanas, loungers and daybeds, a game lawn area, billiards, a built-in outdoor pizza oven and communal spaces for outdoor dining and entertaining. The pet-friendly community also features a two-story club room with a commercial-grade kitchen, business center, dog park and onsite dog spa and wash. Cityview partnered with AC Martin, WPIC Construction, Nadia Geller Design and Labib Funk and Associates on the project.
HAYWARD, CALIF. — North Palisade Partners has purchased a nearly 8-acre site at 4125 Breakwater Ave. in Hayward for $19.7 million. The fully leased property is a value-add industrial outdoor storage facility situated at the base of the San Mateo-Hayward Bridge. The acquisition adds an asset with in-place income to the company’s portfolio and offers a potential future redevelopment opportunity. Current tenants at the property include United Rentals, SSS Transport, Outfront Media, American Tower and Crown Castle. Dick Scott of Scott Ventures I represented the buyer, while Jay Hagglund of Cushman & Wakefield represented the undisclosed seller in the deal.
SAN JOSE, CALIF. — Urban Catalyst has launched UC Multifamily Equity I LLC (UCME) to focus on the development of Aquino, a multifamily property within walking distance of downtown San Jose. The project is fully entitled and approved for multifamily construction. The development timeline was not released. Aquino will offer 272 studio, one-, two- and three-bedroom apartments with stainless steel appliances, quartz countertops, electric ranges and air conditioning. On-site amenities will include private coworking offices, a bar and lounge, fitness center with a yoga studio, dog run, and courtyard with an outdoor kitchen. Urban Catalyst has structured UCME as a real estate operating company, which allows it to accept funding from qualified retirement accounts such as IRAs and 401(k) plans.