California

Northmarq Arranges $55.5M Sale of 246-Unit Apartment Portfolio in Los Angeles

by Amy Works January 5, 2023

LOS ANGELES — Northmarq has negotiated the sale of a three-community multifamily portfolio in the Los Angeles neighborhoods of Granada Hills and Northridge. Upside Investments sold the portfolio to LAApartment.biz, a private investor, for $55.5 million. The portfolio includes: Villa Verde Apartments, a 90-unit asset located at 10339 Zelzah Ave. in Northridge. The community features laundry facilities, a fitness center and pool. Zelzah Avenue Apartments, an 88-unit property at 10331 Zelzah Ave. in Northridge. Onsite amenities include laundry facilities, a fitness center, pool and grill. Northridge Pointe, a three-story, 68-unit community located at 8511 Balboa Blvd. in the Northridge/Granada Hills submarket. Community amenities include laundry facilities, an elevator, a fitness center and picnic areas. Vince Norris, Jim Fisher, Mike Smith, Mike Hanassab, Elliot Hassan and Steven Goldstein of Northmarq’s Los Angeles investment sales team represented the seller and buyer in the transaction.

January 5, 2023

Acquisitions California Healthcare Office Western

AdelFi Credit Union Sells Imperial Mariner Office Campus in Brea, California for $80M

by Amy Works January 4, 2023

BREA, CALIF. — AdelFi Credit Union has completed the disposition of Imperial Mariner, a four-building office and medical office campus in Brea. Healthcare Property Advisors acquired the campus for $80 million. The 288,189-square-foot Imperial Mariner was built between 2002 and 2008. At the time of sale, the property was 89 percent leased to 15 companies, including St. Jude Heritage Medical Group, NCH Management, EMart America and AdelFi, which will continue to occupy a portion of the campus under a short-term leaseback. The campus is situated on 17.4 acres at 915-975 W. Imperial Highway and 950 Mariner St. The site’s zoning allows for further medical office development or future redevelopment into industrial use. Blake Bokosky, John Chun, Louis Tomaselli and John Andreasen of JLL Capital Markets represented the seller in the deal. Additionally, John Chun, Sam Godfrey and Anthony Sardo of JLL’s debt advisory team advised HPA on a $44 million acquisition loan with Farmers & Merchants Bank.

January 4, 2023

Acquisitions California Industrial Office Western

Newmark Negotiates $37M Sale of Office, Industrial Campus in Burbank, California

by Amy Works January 4, 2023

BURBANK, CALIF. — Newmark has arranged the sale of 2777 North Ontario Street, an office and industrial campus in Burbank. A joint venture between Washington Capital Management, on behalf of its client, and SSV Properties sold the asset to Montana Avenue Capital for $37 million. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Kolcum of Newmark represented the seller in the transaction. Totaling 127,140 square feet, the two-story office and industrial campus is 71 percent leased to entertainment and media-related companies. Eikon, a post-production firm, occupies 79,312 square feet in the office component, while Iron Mountain occupies 47,828 square feet of the industrial space. The campus recently underwent a $7 million renovation, including a revitalized common area, updated HVAC and MEP systems, a seismic retrofit, remodeled bathrooms, resurfaced parking, operable windows and skylights, and new landscaping and hardscaping, as well as revitalized branding and color scheme.

January 4, 2023

Acquisitions California Development Industrial Western

Seefried Properties, USAA Buy 19 Acres for Logistics Center Development in Tracy, California

by Amy Works January 4, 2023

TRACY, CALIF. — Seefried Partners and USAA Real Estate have acquired a 19-acre site at the northwest corner of Grant Line Road and Chrisman Road for the development of a distribution warehouse. Construction for the speculative, 335,157-square-foot building is slated to begin in fourth-quarter 2023. The building will feature ample auto and trailer parking, 36-foot clear heights, ESFR sprinklers, and LED warehouse and site lighting that meets the needs of modern industrial users. Mike Goldstein and John Steinbuch of Colliers represented the development partners in the land transaction and will handle leasing efforts for the project. HPA Architecture is serving as project architect and Kier & Wright is the civil engineer.

January 4, 2023

Acquisitions California Multifamily Seniors Housing Western

SLIB Brokers Sale of 144-Unit Seniors Housing Community in Oceanside, California

by Amy Works January 4, 2023

OCEANSIDE, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Merrill Gardens Oceanside. The 144-unit independent living, assisted living and memory care community is located in Oceanside, a coastal city between Los Angeles and San Diego. The community was built in 1999, totaling approximately 96,905 square feet on 4.4 acres of land. The seller was an East Coast-based private equity firm. The buyer is a Southern California-based investment group, with this being their first seniors housing acquisition. The price was not disclosed. Jason Punzel, Brad Goodsell and Brad Clousing of SLIB handled the transaction. “The Oceanside property is an exciting opportunity for the buyer as they enter into the seniors housing space,” says Goodsell. “With some minor tweaks, the property should do very well in a high-barrier-to-entry market.”

January 4, 2023

Acquisitions California Restaurant Retail Western

Commercial Asset Advisors Brokers $2.5M Sale of Retail Building in Downtown San Diego

by Amy Works January 3, 2023

SAN DIEGO — Commercial Asset Advisors has arranged the sale of a retail property located at 1139-1143 6th Ave. in downtown San Diego. Aura Olive and Luis Lopez sold the asset to Anthem Real Estate Ventures for $2.5 million. Two restaurants and a convenience store occupy the 4,850-square-foot building on long-term leases. Gino Kalasho and Austin Fellows of Commercial Asset Advisors represented the seller in the deal.

January 3, 2023

Peninsula-Life-Science-Center-Gemini-Rosemont

Acquisitions California Life Sciences Office Western

Gemini Rosemont Buys Peninsula Life Science Center in Burlingame, California for $59.3M

by Amy Works December 23, 2022

BURLINGAME, CALIF. — Gemini Rosemont Commercial Real Estate has acquired Peninsula Life Science Center in Burlingame from Sansome Street Advisors and Gordon Brothers for $59.3 million in an all-cash transaction. The acquisition was fully funded in partnership with Gemini Investments, an investment company listed on the Hong Kong Stock Exchange. Located at 1828 El Camino Real, the eight-story building features 65,804 square feet of office space. At the time of sale, the property was 98 percent leased and anchored by three life sciences tenants. Built in 1974 and most recently renovated in 2022, the property features floor-to-ceiling windows, an above-market parking ratio and a nearby BART train stop. Seth Siegel, Steve Hermann and Ryan Venezia of Cushman & Wakefield represented the sellers, while Gemini Rosemont was self-represented in the transaction. David Wilson, a property manager with Gemini Rosemont, will manage the asset.

December 23, 2022

Acquisitions California Retail Western

Union Bank Divests of Five Bank Branches in California for $19.2M

by Amy Works December 23, 2022

SAN DIEGO, BRAWLEY, LEMON GROVE AND IMPERIAL BEACH, CALIF. — Union Bank has completed the sales of five bank branches, totaling 39,331 square feet, in California. A private investor acquired the assets for $19.2 million. Michael Peterson, Reg Kobzi and Joel Wilson of CBRE represented the seller in the transactions. The portfolio includes: A 5,379-square-foot property at 1858 Cable St. in San Diego. A 12,422-square-foot building at 6010 El Cajon Blvd. in San Diego. A property at 3285 Lemon Grove Ave. in Lemon Grove. A 4,751-square-foot asset at 900 Palm Ave. in Imperial Beach. A 9,461-square-foot branch at 290 Main St. in Brawley.

December 23, 2022

Acquisitions California Multifamily Student Housing Western

Chapman University Buys 250-Unit Anavia Multifamily Property in Anaheim, Plans Student Housing Conversion

by Amy Works December 22, 2022

ANAHEIM, CALIF. — Berkadia Institutional Solutions has arranged the sale of Anavia, an apartment community in Anaheim’s Platinum Triangle area. Essex sold the asset to Chapman University for an undisclosed price. Tom Moran of Berkadia Irvine handled the off-market transaction. Originally built as a for-sale condominium project, Anavia features 250-units/550 beds with an average unit size of 1,249 square feet. The buyer plans to convert the property into student housing.

December 22, 2022

Acquisitions California Mixed-Use Office Retail Western

University Avenue Partners Acquires 51,149 SF Mixed-Use Property in San Ramon, California

by Amy Works December 22, 2022

SAN RAMON, CALIF. — University Avenue Partners has purchased a mixed-use property located at 2551 San Ramon Valley Blvd. in San Ramon. Terms of the transaction were not released. At the time of sale, the 52,149-square-foot asset was 90 percent leased to a diverse mix of office and retail tenants. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark facilitated the transaction. Nicholas Bicardo of Newmark advised on the retail component of the sale.

December 22, 2022

Newer Posts

Older Posts