VENTURA, CALIF. — Berkadia has brokered the sale of YOLO West Apartments, a multifamily community located at 11114 Darling Road in Ventura. California-based NUWI Capital sold the asset to California-based Universe Holdings for $20.3 million, or $452,222 per unit. Adrienne Barr of Berkadia Los Angeles represented the seller in the deal. Built 2019, YOLO West Apartments features 45 one- and two-bedroom floor plans, including four live-work units, with in-unit washers/dryers and private balconies. Community amenities include a fitness center, a picnic and game area, and a clubhouse.
LOS ANGELES — Sherman & Roylance has arranged new leases for two skilled nursing facilities totaling over 150 licensed beds in downtown Los Angeles. Sherman & Roylance sourced a selection of competitive offers and recommended the new tenant.
ESCONDIDO, CALIF. — Bridge Group Investments and Steerpoint Capital have acquired North County Mall in Escondido, about 30 miles north of San Diego. Unibail-Rodamco-Westfield (URW) was the seller, according to the Escondido Times-Advocate. The sales price was undisclosed. Situated on almost 83 acres, North County Mall totals nearly 1.3 million square feet. Tenants include Target, Macy’s, JC Penney, 24 Hour Fitness, Forever 21, H&M, Apple, Cheesecake Factory, BJ’s Restaurant and Brewhouse, Black Angus Steakhouse, On the Border and more. The mall opened in 1986. Although no plans were released for changes under the new ownership, a press release from the City of Escondido — which owns most of the land on which the mall rests — said the buyers “are eager to bring new investment and retail opportunities to the mall and are committed to working with and supporting the local community.” The property is the fourth mall that Bridge Group Investments and affiliates have acquired in California over the past six months with support from Steerpoint Capital. Previous acquisitions include The Shops at Montebello in Montebello, Antelope Valley Mall in Palmdale and Northridge Mall in Salinas. Bridge Group Investments is the family office for the Mersho family, led by …
— By Kyle Yocum, first vice president, and Phillip Woodford, senior vice president, CBRE — The Inland Empire office market is experiencing a rise in cost, much like all sectors and markets throughout the U.S. As tenant improvement costs continue to increase, it’s becoming more and more challenging to find win-win situations with landlords and tenants. Landlords are having to increase their TI allocations, while tenants are having to show more flexibility as it relates to working with existing space. That, or they must cover a portion of the TI costs themselves or commit to longer-term leases to help the deal pencil for the landlord. Due to TI costs, both parties need to meet halfway and make concessions. I think one of the reasons our market has done well is that we are a smaller market. Most parties involved seem to understand the give and take needed to make deals pencil for both sides. Concessions are entirely contingent on TI costs, with landlords offering significant amounts of free rent and slight discounts on the rental rate if the TI costs are low. If a tenant is seeking major changes to the space, landlords are staying close to or at their …
GLENDORA, CALIF. — Clearwater Living has opened Clearwater at Glendora, a 117-unit assisted living and memory care community in Glendora. The property is a two-story, 117,000-square-foot property offering 88 assisted living and 29 memory support apartments with studio, companion, one- and two-bedroom layouts. It is the only assisted living and memory care community in Glendora, according to the developer. Clearwater at Glendora is the company’s 10th seniors housing community in California, Arizona and Nevada, with plans for additional developments in the pipeline.
CARLSBAD, CALIF. — BentallGreenOak has acquired a R&D/life sciences flex building at 2210 Faraday Ave. within the Faraday Research Center in Carlsbad. Hill Cos. sold the freestanding asset for $35.7 million. The property consists of a single-story, 119,591-square-foot building with second-floor mezzanine space, 24-foot clear heights, dock and grade-level loading, heavy power and ample parking. Originally built in 1997, the property underwent significant renovates in 2005 and features existing life sciences and R&D buildout. Aric Starck and Drew Dodds of Cushman & Wakefield’s capital markets team in San Diego represented the seller in the deal. Don Trapani provided leasing advisory for the property.
LOS ANGELES — Alliant Strategic Development (ASD) has broken ground on four transit-oriented multifamily communities, totaling 727 income-restricted rental units, in the Los Angeles neighborhoods of Canoga Park, Van Nuys and North Hollywood. Upon completion, which is slated to occur in the fourth quarter of 2024 and first quarter of 2025, the portfolio will offer units geared to households throughout the affordable spectrum — on average earning up to 90 percent of the area median income (AMI), with 144 of the units designated for households making 50 percent or less of AMI. The four projects include: Sync on Canoga, featuring 220 one-bedroom units at 7019 Canoga Ave. in Canoga Park. Pendant on Topanga, totaling 149 studio, one- and two-bedroom apartments at 7322 Topanga Canyon Blvd. in Canoga Park. Vose, offering 332 studio, one- and two-bedroom apartments at 7050 Van Nuys Blvd. in Van Nuys. Candence at Noho, featuring 26 one- and two-bedroom units at 5633 Farmdale Ave. in North Hollywood. The interiors of the 727 units will include energy-efficient stainless steel kitchen appliances, in-unit washers/dryers and stone countertops. Community amenities across the portfolio include fitness centers, rooftop decks, electric vehicle charging stations, pools, spas, outdoor lounge areas and dog parks …
SAN RAMON, CALIF. — Belmont Village Senior Living, in partnership with Sunset Development, has broken ground on Belmont Village San Ramon. Located at 6151 Bollinger Canyon Road within the Bishop Ranch neighborhood of San Ramon, the 175,320-square-foot community will feature a heated saltwater pool, putting green, farm-to-table gardening areas, al fresco dining, outdoor yoga lawn and group fitness space, and a dog park. Slated for completion by fall 2024, Belmont Village San Ramon will feature 177 studio, one- and two-bedroom residences for independent living, assisted living and memory care needs. The property will offer residents concierge and transportation services, valet parking, onsite physiotherapy, a fitness center, art studio, screening room, club lounge, full-service salon and spa, personal wine storage and multiple dining venues. Aron Will, Tim Root and Michael Cregan of CBRE National Senior Housing secured the non-recourse construction financing for the project on behalf of a joint venture between Belmont Village Senior Living and Harrison Street Real Estate Capital. The project team includes W.E. O’Neil Construction and HKIT Architecture.
PSRS Arranges $16.3M Refinancing for Eastlake Village Center Retail Space in Chula Vista, California
CHULA VISTA, CALIF. — PSRS has secured a $16.3 million non-recourse loan for the refinancing of a 43,471-square-foot retail space at Eastlake Village Center in Chula Vista. James Mulvihill and Kevin Mulvihill of PSRS arranged the loan, which a life insurance company provided. PSRS will service the mortgage as part of its $6.6 billion loan serving portfolio.
SAN BERNARDINO, CALIF. — Paladin Equity Capital has purchased a 1.7-acre land site at 898 E. Harriman Place in San Bernardino from Los Angeles-based NHOS Enterprises. The buyer plans to develop an Everhome Suites extended-stay hotel on the site. Slated to break ground in summer 2023, the 60,000-square-foot hotel will feature 117 apartment-style guest rooms with fully equipped kitchens and customizable space, including workstations, full-size closets, additional storage and spa-like bathroom. Onsite amenities include public spaces, a fitness center and a 24/7 self-service marketplace with a variety of food and beverage options. Brad Umansky and Paul Galmarini of Progressive Real Estate Partners represented the seller, while Kevin Barry of Irish Commercial Brokerage represented the buyer in the transaction.