California

La Caze Development Sells Lake Forest Marketplace in California for $14.2M

by Jeff Shaw March 16, 2023

LAKE FOREST, CALIF. — La Caze Development has sold Lake Forest Marketplace, a 111,212-square-foot shopping center located in Lake Forest, for $14.2 million. Situated on 10 acres, the property was fully occupied at the time of sale. Tenants include 99 Cents Only, Guitar Center, Island Pacific, Harbor Freight Tools, Bank of America, Del Taco and Dunkin. John Redfield of SRS Real Estate Partners’ Investment Property Group arranged the transaction on behalf of the seller. Jon Davis of SVN represented the buyer, a private investor.

March 16, 2023

Affordable Housing California Development Multifamily Western

AHF to Convert Insurance Exchange Building in Downtown LA to Affordable Housing

by Jeff Shaw March 16, 2023

LOS ANGELES — AHF has purchased the historic Insurance Exchange Building in downtown Los Angeles through its Healthy Housing Foundation banner for $21.2 million. The global AIDS organization plans to renovate and convert the 12-story property into housing for the homeless and extremely low-income individuals. The building will be rebranded as Angel Tower. Once renovation is complete, AHF’s total number of affordable rental housing units across Greater Los Angeles will reach 1,666.

March 16, 2023

Acquisitions California Company News Western

CBRE Acquires Two California Branches of Integra Realty Resources

by Jeff Shaw March 16, 2023

ORANGE COUNTY, CALIF. — CBRE has acquired the Los Angeles and Orange County affiliates of Integra Realty Resources (IRR). IRR is a network of commercial real estate valuation, counseling and advisory firms in the United States. IRR-Los Angeles/Orange County specializes in appraisals for right-of-way (ROW) properties, in addition to providing valuation and advisory services across a broad spectrum of property types. The firm has completed about 500 assignments annually for more than 100 regional and national clients. The acquisition complements CBRE’s national Valuation & Advisory Services’ ROW practice, the largest of its kind in the U.S., and expands the firm’s valuation team in Southern California. With offices in Los Angeles and Irvine, the new teams will integrate with CBRE’s existing team. John Ellis and Beth Finestone, principals of IRR-Los Angeles/Orange County, will continue to run the incoming team’s operations in Southern California as executive vice presidents for CBRE.

March 16, 2023

California Development Healthcare Office Western

Oasis Healthcare Center Opens in Tarzana, California

by Jeff Shaw March 16, 2023

TARZANA, CALIF. — Oasis Healthcare Center, a 45,000-square-foot open air complex, has opened in Tarzana at 19500 Ventura Blvd. It is one of the first medical structures to open in the San Fernando Valley post-pandemic. The building features filtration systems, open hallways, open-air walkways, valet parking and 4,000 square feet of available ground-floor space dedicated for restaurant use. HED designed the center. Scott Romick and Eugene Kim with Lee & Associates/LA North Ventura are handling leasing.

March 16, 2023

California Loans Multifamily Seniors Housing Western

Bayview Arranges $13M in C-PACE Financing for Varenita of Simi Valley Seniors Housing Community in California

by Jeff Shaw March 15, 2023

SIMI VALLEY, CALIF. — Bayview PACE has arranged $13 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the Varenita of Simi Valley seniors housing community in the Ventura County city of Simi Valley. The Class A property, which opened in February 2022, totals 97,000 square feet of space with 102 units of assisted living and memory care. Its location in the heart of Griffin Plaza, an active shopping center, provides opportunities for residents to explore and socialize in nearby retail shops and restaurants. The C-PACE loan is being utilized to pay down senior debt and provide cash-out proceeds to the borrower for future projects. The borrower, Griffin Living, is a privately owned development firm based in Calabasas. The financing features a 29-year term and a loan-to-value ratio of 24.4 percent. It is structured as a bridge refinancing.

March 15, 2023

Acquisitions California Industrial Self-Storage Utah Western

CBRE Investment Management Acquires Self-Storage Portfolio in Southern California, Utah

by Jeff Shaw March 15, 2023

LOS ANGELES — A fund sponsored by CBRE Investment Management has acquired a portfolio of 14 self-storage assets located in Southern California and Utah that totals 8,697 units. The fund now owns 100 self-storage properties across the U.S., totaling 55,477 units. The seller and price were not disclosed. The self-storage assets, which will operate under the StorQuest brand, are primarily single-story, drive-up units in the key infill markets of Los Angeles, the Inland Empire, San Diego and Salt Lake City. The portfolio includes a mix of indoor, climate-controlled units and outdoor units. The properties are currently 95 percent leased. Nick Walker of CBRE’s National Self Storage Advisory Group represented the seller in the transaction. Tom Traynor and James Millon of CBRE’s Large Loans division, along with Talonvest, arranged the financing in the transaction.

March 15, 2023

California Company News Multifamily Western

Sunrise Management to Operate The Warwick Apartments in San Diego

by Jeff Shaw March 15, 2023

SAN DIEGO — Sunrise Management has taken over operations of The Warwick, a newly renovated, Class A apartment community in San Diego’s Hillcrest neighborhood. Spectrum Partners recently acquired the luxury multifamily community for $37.4 million. The Warwick was converted from a hotel into apartments in 2017. The 80-unit community now includes a resort-style pool, sun deck with cabanas, fitness center, technology-enabled package lockers, enclosed dog run, LATCH keyless entry and outdoor social lounge.

March 15, 2023

California Market Reports Office Western Western Market Reports

Orange County’s Office Market is on Divergent Paths as it Looks to Find Balance

by Jeff Shaw March 14, 2023

— Scott Wetzel, Executive Vice President, JLL — Tenants and debt remain the most important drivers of the Orange County office ecosystem — both having undergone major evolutions in recent history. Maybe unexpectedly, leasing velocity improved year over year, despite the never-ending drumbeat of a pending recession. Conversely, investment markets were much more cautious as debt cost spiked and investors pumped the brakes. Leasing From Bob Iger to Howard Schultz, prominent executives are voicing frustration over the state of the office market…and rightfully so. We watched the pendulum swing from end to end as office tenants went from fully “in office” pre-pandemic, to 100 percent remote for the better part of 2020 and 2021. Today, the national office usage rate still hovers around 50 percent, according to the most recent Kastle Systems report. Orange County reflects this national trend, meaning it’s stuck in the middle between in-office and in-home. Tenants are also on divergent paths as some seek quality, while others prioritize value. New Orange County office developments like Flight (Lincoln Property Company), Boardwalk (AEW) and Spectrum Terrace (the Irvine Company) are fully leased and have achieved premium rental rates, typically 70 percent-plus above average market lease rates. Large contiguous …

March 14, 2023

California Development Industrial Loans Western

Lovett Industrial Receives $24.9M Construction Financing for Rialto, California Project

by Jeff Shaw March 14, 2023

RIALTO, CALIF. — Lovett Industrial has received $24.9 million in construction financing to develop Rialto II, a 114,115-square-foot, Class A industrial development in Rialto. Once completed, Rialto II will feature 36-foot clear heights, two grade-level doors, 12 dock-high doors, a 130-foot truck court and 90 parking stalls. The six-acre site is located at 1910 W. Renaissance Parkway. The three-year, fixed-rate loan is through American Realty Advisors. Peter Thompson, Samuel Godfrey and Jordan Leake led the JLL Capital Markets debt advisory team.

March 14, 2023

Acquisitions California Office Western

Buchanan Street Partners Sells Newport Beach Office Space for $20.4M

by Jeff Shaw March 14, 2023

NEWPORT BEACH, CALIF. — Buchanan Street Partners has sold a two-building, 42,697-square-foot office property to a private Newport Beach real estate firm for $20.4 million. Buchanan purchased the offices in 2020 for $11.5 million. Located at 1400 and 1420 Bristol St. N., the property was 22 percent leased at the time of sale. Buchanan had initially planned to carry out an adaptive reuse initiative at the property until the buyer, a residential developer, showed interest.

March 14, 2023

Newer Posts

Older Posts