California

USA Properties Starts Construction of $81.2M Mainline North Affordable Multifamily Project in Santa Clara, California

by Amy Works February 21, 2023

SANTA CLARA, CALIF. — USA Properties Fund has broken ground on Mainline North, an affordable multifamily property in Santa Clara. The project is part of a public-private partnership that includes Bank of America, California Housing Finance Agency, the City of Santa Clara, Google, Housing Trust Silicon Valley, Ensemble Real Estate Investments and Related. Mainline North will feature 151 studio, one-, two- and three-bedroom apartments with energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. The $81.2 million, eight-story building’s first three floors will contain the parking garage, lobby, leasing area, community room, fitness center, flex room and 5,000 square feet of retail space. Additional amenities will include a computer area with free Wi-Fi and a rooftop courtyard with outdoor seating, barbecue areas and a pet wash station. Completion is slated for early 2025. Rents will start around $850 per month for a studio to $1,080 per month for a two-bedroom apartment for households that earn up to 30 percent of the area median income.

February 21, 2023

California Loans Multifamily Student Housing Western

Champion Real Estate Receives $16.1M Refinancing for Victory on Portland Student Housing Property in Los Angeles

by Amy Works February 21, 2023

LOS ANGELES — Champion Real Estate Co. has received a $16.1 million loan to refinance Victory on Portland, a 139-bed student housing community located at 2353 Portland St. in Los Angeles. The company, which purchased the asset in March 2020 for $14.1, secured the long-term, fixed-rate financing through Wintrust Bank. Champion renovated the property by upgrading the mechanical systems, renovating the interior units, enhancing curb appeal, increasing the amenity package and rebranding the community. The company also added eight units, totaling 37 beds, to the property.

February 21, 2023

California Development Multifamily Western

Cityview Plans Belle on Bev Workforce Housing Project in Los Angeles

by Amy Works February 20, 2023

LOS ANGELES — Cityview has unveiled its plans to develop Belle on Bev, a 243-unit workforce housing community in Los Angeles’ Historic Filipinotown (HiFi) neighborhood. Slated for completion in the fourth quarter, the mixed-use project will feature 21 affordable units. Belle on Bev will feature a mix of studio, one- and two-bedroom floorplans with Nest thermostats, luxury vinyl flooring, Latch keyless entry, turnkey Wi-Fi, in-unit washers/dryers and two different color schemes. Community amenities will include a resort-style pool and spa; enclosed dog park and pet wash; two rooftop decks; Korean and traditional barbecues; a gym and yoga studio that will offer cross-training equipment and fitness classes; a courtyard with an oversized fireplace; ample parking; bike storage; and an indoor/outdoor clubhouse featuring a commercial-grade kitchen. The project team includes AC Martin, Clark Building Group and Nadia Geller Design.

February 20, 2023

Acquisitions California Net Lease Retail Western

JLL Brokers $4.4M Sale of Citibank-Occupied Retail Property in San Jose, California

by Amy Works February 20, 2023

SAN JOSE, CALIF. — JLL has arranged the sale of a single-tenant retail building at 3510 Leigh Ave. in San Jose. An undisclosed seller sold the asset to a private capital exchange buyer for $4.4 million. Citibank occupies the 7,986-square-foot property on a triple-net lease with six years of the lease term remaining. Eric Kathrein, Warren McClean and Andrew Spangenberg of JLL Retail Capital Markets represented the seller and procured the buyer in the deal.

February 20, 2023

California Development Industrial Western

Stream Realty Partners Receives Entitlements for Two Industrial Projects in Rialto, California

by Amy Works February 20, 2023

RIALTO, CALIF. — Stream Realty Partners has fully entitled its two latest Class A industrial projects totaling 117,000 square feet in the Inland Empire city of Rialto. The company plans to develop a 47,980-square-foot industrial facility on 2.9 acres at 855 W. Rialto Ave. and a 68,970-square-foot facility on 4.7 acres at 169 S. Spruce Ave. The building on West Rialto Avenue will feature 32-foot clear heights, eight dock-high doors, one drive-in door, a 160-foot truck court, 58 auto parking stalls and 5,500 square feet of built-out, ground-floor and mezzanine office space. The property on South Spruce Avenue will offer 32-foot clear heights, seven dock-high doors, one drive-in door, a 185-foot truck court, 13 trailer positions, 59 auto parking stalls and 6,000 square feet of built-out, ground-floor and mezzanine office space.

February 20, 2023

California Industrial Market Reports Western Western Market Reports

Inland Empire Industrial Remains Strong, but Sees Signs of Equilibrium

by Jeff Shaw February 20, 2023

— By Jerry Holdner, Southern California Region Lead, Innovation & Insight, AVANT, Avison Young — The industrial market in the Inland Empire has been performing beyond what most of the industry projected over recent quarters. The region boasts a low unemployment rate of 4.2 percent, as of November 2022, which is below the anticipated 5.4 percent estimated a year ago. It is important to highlight, however, that job creation has been uneven. Leisure and hospitality jobs are still underwater, for example. The bright spot is that high-value-added jobs in a broad range of sectors like technology, software development, aerospace, scientific research, medical products and pharmaceutical development continue to grow, which bode well for the industrial sector. Here are some key market indicators, according to Avison Young’s fourth-quarter Inland Empire Industrial Insights report: • There was 38.9 million square feet of new industrial construction underway at the end of 2022. This is down 37.1 percent as compared to the end of 2021 when 28.4 million square feet was under construction. • There was 13.9 million square feet of positive absorption in 2022, down 53.5 percent when compared to 2021’s record-high total of 29.9 million square feet of positive absorption. This represents 2.5 percent …

February 20, 2023

California Loans Retail Western

Ledo Capital Group Receives $13.4M Refinancing for District Moreno Valley Shopping Center in California

by Amy Works February 17, 2023

MORENO VALLEY, CALIF. — Ledo Capital Group has received $13.4 million in refinancing for District Moreno Valley, a shopping center in Moreno Valley. Completed in 2022, District Moreno Valley features 52,081 square feet of retail space. Current tenants include Sprouts Farmers Market, KFC, The Joint Chiropractic, WSS and Starbucks Coffee. Matt Stewart, Chris Jaff and Daniel Skerrett of JLL Capital Markets Debt Advisory secured the financing through Manufacturers Banks for the borrower.

February 17, 2023

California Development Multifamily Seniors Housing Western

Alameda Housing Authority Receives $20.6M for North Housing Senior Apartments Development in California

by Amy Works February 16, 2023

ALAMEDA, CALIF. — The Alameda Housing Authority (AHA) has received $20.6 million from the State of California Department of Housing and Community Development. The funds will support development of North Housing Senior Apartments, an affordable housing community in the island city, located just south of Oakland in San Francisco Bay. North Housing is the first phase of a long-planned community development project. Plans call for 40 studio apartments, 23 one-bedroom units and a two-bedroom residence for the onsite manager. The land, which AHA originally owned in the 1940s, was granted back to AHA in 2019 via the Surplus Land Act by the U.S. Navy. The land will now serve as the home for a property that houses military veterans — 25 percent of the residents at North Housing will be veterans in need of supportive housing. Island City Development (ICD), an affiliate of AHA, will be the developer of this project. HKIT Architects designed the property, which FPI Management will operate. Groundbreaking is scheduled for late 2023 or early 2024.

February 16, 2023

Acquisitions California Retail Western

Kennedy Wilson Sells Victory Plaza Retail Center in North Hollywood for $57.7M

by Amy Works February 15, 2023

LOS ANGELES — Kennedy Wilson has completed the disposition of Victory Plaza, a grocery-anchored shopping center in Los Angeles’ North Hollywood neighborhood. San Diego-based Gerrity acquired the asset for $57.7 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal. Located at 13007-13047 Victory Blvd., Victory Plaza features 136,580 square feet of retail space on 12.2 acres. At the time of sale, the property was 97 percent occupied. Current tenants include Vallarta Supermarkets, CVS/pharmacy, LA Fitness, Petco, US Renal Care, Citibank, Blaze Pizza and Chipotle Mexican Grill.

February 15, 2023

Acquisitions California Industrial Western

Wimatex Acquires 85,165 SF Industrial Building in Carlsbad, California for $21M

by Amy Works February 14, 2023

CARLSBAD, CALIF. — Wimatex has purchased an industrial property, located at 2271 Cosmos Court in Carlsbad, from an undisclosed seller for $21 million. At the time of sale, the freestanding building was fully leased to a global medical device and technology company in the sleep and respiratory market. The 85,165-square-foot building features heavy power, six dock-high loading doors, three grade-level loading doors, 24-foot to 26-foot clear heights and drive-around access. Additional features include a high-image exterior, large outdoor amenitized entrance and a two-story lobby. Aric Starck and Drew Dodds of Cushman & Wakefield Capital Markets San Diego represented the seller in the deal.

February 14, 2023

Newer Posts

Older Posts