California

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

Acquisitions California Office Western

Harbor Associates, Taconic Capital Advisors Sell 115,520 SF Office Building in San Bernardino, California

by Amy Works January 9, 2024

SAN BERNARDINO, CALIF. — Harbor Associates, in joint venture with Taconic Capital Advisors, has completed the disposition of 451 E. Vanderbilt Way, a Class A office building in San Bernardino. An undisclosed buyer acquired the Inland Empire asset for $26.7 million. The sale marks the third and final transaction in a five-property $69.8 million office portfolio disposition. The joint venture originally acquired the 368,000-square-foot portfolio in October 2019 for $41.7 million. All five of the assets, ranging in size from 70,000 square feet to 115,000 square feet, are located within the Tri City Corporate Center, a 153-acre, master-planned, mixed-use office park with 1 million square feet of commercial office space and 390,000 square feet of retail space. Anthony DeLorenzo, Sammy Cemo, Philip Woodford, Kyle Yocum and Michael Longo of CBRE advised the joint venture in the portfolio sale.

January 9, 2024

Heritage-Industrial-Center-Chula-Vista-CA

Acquisitions California Industrial Western

Rockefeller Group Divests of 202,760 SF Heritage Industrial Center in Chula Vista, California

by Amy Works January 9, 2024

CHULA VISTA, CALIF. — Rockefeller Group has sold Heritage Industrial Center, a three-building, 202,760-square-foot industrial project in Chula Vista, just south of San Diego. EQT Exeter purchased the complex for an undisclosed price. Situated on 11.5 acres, the project features a 105,550-square-foot building, a 56,470-square-foot building and a 40,740-square-foot building. Each building was developed on a separate land parcel and was vacant at the time of sale. Construction on Heritage begin in June 2022 and was completed in September 2023. Rockefeller Group acquired the land from Carlsbad-based HomeFed Corp. EQT Exeter’s San Diego office, led by Caitlin Little, will handle leasing and asset management for Heritage. Michael Mossmer and Patrick Connors of Voit Real Estate Services represented Rockefeller Group on the leasing efforts and the sale of the project. Jeffrey Cole, Jeff Chiate, Bryce Aberg, Brad Brandenburg, Zachary Harman and Mike Adey of Cushman & Wakefield’s National Industrial Advisory Group represented Rockefeller Group on the investment sale element of the project. The development team included SCA Architects, Kimley-Horn and TFW Construction.

January 9, 2024

California Loans Retail Western

PSRS Arranges $3.7M Bridge Financing for Pointe West Plaza in San Ramon, California

by Amy Works January 9, 2024

SAN RAMON, CALIF. — PSRS has arranged $3.7 million in bridge financing of Pointe West Plaza, a retail property located in San Ramon, east of the Bay Area. Jonny Soleimani and Matthew Farzinpour of PSRS secured the financing for the undisclosed borrower. Built in 1990, the property is a 16,921-square-foot, multi-tenant retail center. Current tenants include a billiards venue, salon, bistro and Chinese restaurant. The property also features underground and surface parking, totaling 82 spaces. A debt fund provided the 12-month loan, which features no prepayment penalty.

January 9, 2024

California Industrial Loans Western

PSRS Arranges $25M Refinancing for Industrial Property in Paramount, California

by Amy Works January 8, 2024

PARAMOUNT, CALIF. — PSRS has arranged $25 million in cash-out refinancing for an industrial property in the Los Angeles suburb of Paramount. Built in 1979, the property is a concrete tilt-up, 282,000-square-foot facility with 270 parking spaces. David Semmer of PSRS provided the undisclosed borrower with a nonrecourse loan with an eight-year term and 25-year amortization schedule. The loan was financed with a life insurance company.

January 8, 2024

Acquisitions California Industrial Self-Storage Western

Colliers Brokers Sale of 772-Unit StorCo Self Storage Facility in Long Beach, California

by Amy Works January 8, 2024

LONG BEACH, CALIF. — Colliers has arranged the sale of StorCo Self Storage, a self-storage facility located at 3050 Orange Ave. in Long Beach. The asset traded for an undisclosed price. Situated on 7.5 acres, the nearly 80,000-square-foot StorCo Self Storage features 772 storage units in a mix of container storage, fixed drive-up and fixed interior units. Additionally, the property offers 67 parking spaces, a small billboard, a 3,100-square-foot commercial building and an approximately two-acre industrial outdoor storage parcel located at 1301 E. Spring St., which Rain For Rent occupies. Tom de Jong and Jacob Becher of Colliers’ de Jong | Becher Self Storage Group represented the seller, CREE Investment Co. The name of the buyer was not released.

January 8, 2024

Acquisitions California Multifamily Western

TMG Arranges $42.7M Sale of Edge at Lakewood Apartments in Modesto, California

by Amy Works January 5, 2024

MODESTO, CALIF. — The Mogharebi Group (TMG) has brokered the sale of Edge at Lakewood Apartments, a multifamily property in Modesto, located south of Sacramento and east of the Bay Area. Osso Capital and Graceada Partners sold the property for $42.7 million. Located at 1401 Lakewood Ave., Edge at Lakewood features 196 one- and two-bedroom units ranging from 598 square feet to 880 square feet. Community amenities include a fitness center, clubhouse, pool and covered parking. The property was built in 1985 on 7.63 acres. The deal closed at the end of December and marked the largest multifamily transaction in California’s Central Valley in 2023, according to TMG. The buyer was not disclosed.

January 5, 2024

Acquisitions California Industrial Self-Storage Western

Colliers Brokers Sale of 927-Unit Abby’s Mini Storage in Bakersfield, California

by Amy Works January 5, 2024

BAKERSFIELD, CALIF. — Colliers has arranged the sale of Abby’s Mini Storage, a self-storage facility in Bakersfield. Terms of the transaction were not released. Tom de Jong and Jacob Becher of Colliers’ de Jong | Becher Self Storage Group represented the seller in the deal. Situated on seven acres at located at 3311 Truxtun Ave., Abby’s Mini Storage features 22 single-story buildings plus a caretaker’s apartment, 1.1-acre yard for parking and U-Haul truck rentals. The 97,600-square-foot facility offers 927 self-storage units.

January 5, 2024

California Market Reports Office Western Western Market Reports

Long Beach Office Market Continues Evolving with New Industries, Growth In Suburbs

by Jeff Shaw January 5, 2024

— By Jason Fine, Managing Director, JLL — Situated along the Southern California coast between Los Angeles and Orange County, the City of Long Beach continues to be a strong option for businesses and residents. The city has recently delivered low- and median-income housing, in addition to luxury product, with more of each in the planning stages. This has allowed Long Beach to continue experiencing growth from aerospace, port-related businesses, oil and professional services. A few companies that have recently relocated to Long Beach include Blue Shield, Fluor, Relativity Space, SpinLaunch and Vast. Additionally, the city’s economic development department and newly elected mayor have taken a proactive stance, implementing strategies and marketing the city as a business-friendly destination. While the regional and national office leasing trend is seeing many tenants going to a hybrid model, the Long Beach office market has seen a steady increase in vacancy and rental rates despite no new office building supply being added to the market since the pandemic. For the third quarter, the total Class A and B office vacancy (including sublease space) for downtown Long Beach is at 33 percent, with rents sitting at $2.71 per square foot, per month (full-service gross). Suburban …

January 5, 2024

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