California

Gantry Secures $14.3M Construction Loan for Office-to-Multifamily Conversion in Monterey, California

by Amy Works December 13, 2022

MONTEREY, CALIF. — Gantry has secured $14.3 million of construction financing for the adaptive reuse of an office property into workforce multifamily housing. The borrower is an undisclosed local developer. Located at 2300 Garden Road, the property will feature 64 one- and two-bedroom market-rate apartments on a 7.23-acre site. Robert Slatt, Jeff Wilcox and Andrew Ferguson arranged the financing for the borrower. Gantry’s secured the three-year construction loan through one of its correspondent life company lenders.

December 13, 2022

Acquisitions California Multifamily Western

Stepp Commercial Negotiates $9.3M Sale of Multifamily Building in Signal Hill, California

by Amy Works December 13, 2022

SIGNAL HILL, CALIF. — Stepp Commercial has arranged the sale of a residential property located at 1867 Temple Ave. in Signal Hill, near Long Beach. Los Angeles-based VMG Properties sold the asset to a Long Beach-based family office for $9.3 million, or $338,543 per unit. Built in 1964, the two-story hilltop property overlooks Long Beach and sits on a 13,849-square-foot lot. The community offers 13 one-bedroom units and 11 two-bedroom units, as well as 24 subterranean parking spaces. Community amenities include a pool, elevator and close proximity to Hillbrook Park. Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, while Robert Stepp also represented the buyer in the deal.

December 13, 2022

1957-2021-E-Del-Amo-Blvd-Rancho-Dominquez-CA

Acquisitions California Development Industrial Western

DAUM Commercial Arranges Sale 60,104 SF Industrial Development Site in Rancho Dominguez, California

by Amy Works December 13, 2022

RANCHO DOMINGUEZ, CALIF. — DAUM Commercial Real Estate Services has brokered the sale of a 60,104-square-foot, industrial-zoned land parcel at 1957-2021 E. Del Amo Blvd. in Rancho Dominguez. Private sellers sold the asset to Captiva Partners for an undisclosed price. The property features a freestanding, 9,484-square-foot office and industrial building. Anthony Bergeman, Krishna Shegran and Michael Chase of DAUM Commercial Real Estate Services represented one of the private sellers and the buyer in the deal.

December 13, 2022

California Industrial Market Reports Western Western Market Reports

Despite a Slowdown, San Bernardino’s Industrial Outlook Remains Strong

by Jeff Shaw December 13, 2022

By Rick John, Executive Vice President, Ontario Branch Manager, DAUM Commercial The San Bernardino industrial market is experiencing strong market fundamentals as it’s home to 18 percent of the Inland Empire East’s nearly 245 million square feet of industrial space. The city also commands one of the highest prices per square foot across the market, exceeding $300. Although vacancy rates for the Inland Empire East increased for the first time since the pandemic – jumping 14 basis points and ending at 1.1 percent for the third quarter – overall vacancy in San Bernardino remains historically low. In fact, it’s among the lowest in the region at 0.24 percent. This incremental increase in vacancies was primarily seen among smaller buildings, while larger buildings of 500,000 square feet or more continue to be in short supply as vacancy remains near zero. Consistent low vacancy and competition for space are encouraging large companies to pre-lease new developments in the construction pipeline. This has helped bring gross leasing activity to near pre-pandemic levels. In September, Shein signed the largest lease within the Riverside-San Bernardino metro for the quarter with plans to open a 1.8-million-square-foot distribution center that’s currently under development in Cherry Valley. Due …

December 13, 2022

Acquisitions California Industrial Western

Ares Management Buys 205,589 SF Industrial Building in Perris, California for $59.3M

by Amy Works December 12, 2022

PERRIS, CALIF. — An Ares Management fund has acquired an industrial building, located at 100 Walnut Ave. in Perris, from 100 Walnut LLC for $59.3 million. Built in 2022 on 9.6 acres, the 205,589-square-foot property features 36-foot clear heights, 27 dock doors and 1,200 amps of power. GPA Logistics currently occupies the entire building. Cody Lerner of Avison Young represented the buyer, while Carol Taubman of Westgate Industrial Properties represented the seller in the deal.

December 12, 2022

Acquisitions California Restaurant Retail Western

Progressive Real Estate Brokers Sales of Two Retail Pad Buildings in Riverside, California

by Amy Works December 12, 2022

RIVERSIDE, CALIF. — Progressive Real Estate Partners has arranged the sales of two adjacent single-tenant retail properties that. Private investors acquired the properties in separate deals for a combined total of $4.2 million. Greg Bedell of Progressive Real Estate Partners represented the Los Angeles-based seller for both transactions. The transactions are: The $2.1 million, or $920 per square foot, sale of 3940 University Avenue. Plant Power, a fast-casual drive-thru restaurant with patio, occupies the 2,250-square-foot building. The $2.1 million, or $614 per square foot, sale of 3980 University Avenue. Richie’s Hot Chicken and Carlo’s Tijuana Tacos are tenants at the 3,500-square-foot building.

December 12, 2022

Acquisitions California Multifamily Western

TMG Arranges $50M Sale of Oak View Apartments in Visalia, California

by Amy Works December 9, 2022

VISALIA, CALIF. — The Mogharebi Group (TMG) has brokered the sale of Oak View Apartments, a garden-style multifamily community at 4700 W. Caldwell Ave. in Visalia. A Southern California-based private investor acquired the asset from a Los Angeles-based private investor for $50 million. Built in 1990 and partially renovated in 2022, Oak View Apartments features 237 residences in a mix of one-, two- and three-bedroom layouts, ranging from 608 square feet to 1,170 square feet, spread across two-story apartment buildings and single-level duplexes on a 16.5-acre site. Community amenities include two swimming pools, a resident clubhouse with full kitchen, business centers, fitness centers, tot lots, sports courts and laundry facilities. The buyer plans to upgrade the 173 un-renovated units. Otto Ozen of TMG represented the seller in the deal.

December 9, 2022

Acquisitions California Industrial Western

Stos Partners Buys Industrial Building in Escondido, California for $20M

by Amy Works December 9, 2022

ESCONDIDO, CALIF. — Stos Partners, in a joint venture with a global insurance company, has acquired a freestanding industrial property located at 2425 Auto Park Way in Escondido. South Image Inc. sold the asset for $20 million in an off-market transaction. The sale brings the buyer’s total 2022 deal volume to nearly $300 million. Located near Interstate 5 and Highway 78, the 86,690-square-foot property features 18-foot to 22-foot clear heights and 10,000 square feet of office buildout. Approximately 11 percent of the total building space is dedicated to private business operations space, sound engineer testing space, a mechanics tool shop and a racked storage area. The property also features a 2000A/277 480V 3-Phase system and 200 parking spaces. Barry Handler of Lee & Associates represented the buyer and seller in the deal.

December 9, 2022

Acquisitions Affordable Housing California Multifamily Western

PEF Advisors Acquires Alcove East Village Affordable Housing Community in San Diego for $20M

by Amy Works December 8, 2022

SAN DIEGO — Preservation Equity Fund Advisors has purchased Alcove East Village (formerly known as Nook East Village) in San Diego from an undisclosed seller for $20 million. Built in 2019, the five-story Alcove East Village features 91 affordable residences for individuals and veterans. Each apartment averages 254 square feet and includes kitchenettes with under-counter refrigerators, two-burner stove tops, microwaves, private bathrooms and hardwood floors. Select units offer balconies. The community has eight units allotted for residents earning up to 30 percent of the area median income (AMI), two units at 65 percent AMI, 80 units at 80 percent AMI and one manager unit. Regulatory agreements require five units to be fully handicap accessible and two unit to be accessible to the hearing and visually impaired. As of September 2022, the property was 95.6 percent occupied. Onsite amenities include a community room, laundry facilities, elevator, controlled access, leasing office, rooftop patio, bike parking, Amazon Hub lockers and valet trash pickup.

December 8, 2022

California Development Industrial Western

JK Management Sells 21.3-Acre Industrial Development Site in Holtville, California

by Amy Works December 8, 2022

HOLTVILLE, CALIF. — JK Management has completed the disposition of a 21.3-acre industrial site at 2255 Melon Road in Holtville. An undisclosed owner/occupier acquired the asset for $4.2 million. The buyer has not released future plans for the facility. The property currently features 101,665 square feet of industrial building improvements, with a 57,310-square-foot refrigerated space, two shop buildings and office space. Matt Davis, Melanie Haynes and Shannon Whitfield of Cushman & Wakefield’s National Land Advisory Group represented the seller in the deal.

December 8, 2022

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