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.
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.
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.
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.
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.
By Guy Enriquez, Vice President, NAI Capital The market for small- to medium-sized multifamily buildings ranging from 10 to 100 units in the City of San Bernardino has experienced a severe downturn in sales transactions recently. This was caused by the rapid increase in interest rates and a disconnect between buyers and sellers on pricing expectations. Cap rates on sales completed in the third quarter of 2022 show an increase of about 80 basis points year over year to 5.5 percent in the Inland Empire. Third-quarter 2022 sales volume in the Inland Empire fell to 15 transactions totaling $54 million. The area has been averaging 37 transactions totaling $180 million on a quarterly basis over the past four quarters. This quarter, the City of San Bernardino saw one sales transaction in this segment of the market, indicating the lack of deal volume. While rising interest rates caused a collapse of sales volume, combined with other general economic factors, San Bernardino’s rental market has remained very strong. The city’s overall multifamily physical vacancy rate has stood at 3.2 percent throughout 2022. The average rent for a one-bedroom unit increased from $949 to $966 per unit during the first three quarters of …
LAGUNA HILLS, CALIF. — Newport Beach-based Buchanan Street Partners has purchased Oakbrook Plaza, an office building located at 24422 Avenida De La Carlota in Laguna Hills. A New York City-based fund manager sold the property for $28.1 million in an off-market transaction. The four-story building features 120,354 square feet of space. Currently, the property is 66 percent occupied, with 30 percent of the existing space leased to medical tenants. The asset is located less than one mile from MemorialCare Sadddleback Medical Center and several retirement communities. Kevin Shannon, Paul Jones and Brandon White of Newmark represented the seller in the transaction.
VISTA, CALIF. — Rockwood Capital has purchased The Rylan, a multifamily property in downtown Vista, from StreetLights Residential for an undisclosed price. The Rylan offers 126 units, resort-style amenities and five ground-floor retail spaces. Hunter Combs of Walker & Dunlop represented the seller and buyer in the transaction.
SAN JOSE, CALIF. — WF Batton Management Co. has acquired Valley Research Center, a R&D campus in North San Jose, for $41.5 million. The name of the seller was not released. Joe Moriarty, Scott Prosser and Jack DePuy of CBRE Capital Markets represented the seller in the transaction. Valley Research Center comprises two 64,512-square-foot buildings, which were renovated in the last two years with a new lobby, collaborative work areas, fitness center and outdoor recreational areas. Harmonic Inc. fully occupies the building at 2590 Orchard Parkway and FIT Electronics (Foxconn) leases 26 percent of 2580 Orchard Parkway.
LIVERMORE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant restaurant property located at 1754 N. Livermore Ave. in Livermore. Meridian sold the property to an Alameda County-based buyer in a 1031 exchange for $10.4 million. Chick-fil-A occupies the 4,821-square-foot, built-to-suit property on a 20-year initial net lease term. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller in the deal.
