California

Faris Lee Negotiates $11.1M Sale of Bank of America-Occupied Retail Building in Hawthorne, California

by Amy Works October 12, 2022

HAWTHORNE, CALIF. — Faris Lee Investments has arranged the sale of a retail building located at 12547 Hawthorne Blvd. in Hawthorne. An Orange County-based private office group sold the asset to the City of Hawthorne for $11.1 million, or $861 per square foot. Bank of America occupies the 12,919-square-foot, single-tenant building on an absolute triple-net lease. Shaun Riley, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the seller, while Chris Beck of Newmark represented the buyer in the deal.

October 12, 2022

Acquisitions California Office Western

Newmark Negotiates $30M Sale of Airport Plaza Office Park in Long Beach, California

by Amy Works October 11, 2022

LONG BEACH, CALIF. — Newmark has arranged the sale of Airport Plaza, a two-building office park in Long Beach. WCCP Airport Plaza L.B. LLC sold the asset to LB5000 LLC for $30 million. Located at 5000 and 5001 Airport Plaza Drive, the project features 126,219 square feet of multi-tenant office space. At the time of sale, Airport Plaza was fully leased to 19 tenants, including Federal Aviation Administration, Advanced Medical Management and NACA Logistics. The property is situated on a 2.7-acre plot, which has a 46-year ground lease in place with the City of Long Beach. Kevin Shannon, Ken White and Scott Schumacher of Newmark represented the seller in the deal.

October 11, 2022

California Development Office Western

Lowe, Related Fund Complete 113,000 SF Office Building in LA Arts District

by Amy Works October 10, 2022

LOS ANGELES — A joint venture between Lowe and Related Fund Management has completed the development of a nine-story office building in the Arts District of downtown Los Angeles. Located at 2130 Violet St., the building features four floors of office space atop 3,300 square feet of ground-floor retail space and four levels of parking. The 113,000-square-foot property offers open 14-foot-high floorplates, floor-to-ceiling glass, and efficient systems and solar panels allowing for reduced utility costs. Additionally, the asset includes balconies and terraces on every floor with ample space for open-air events and meetings, operable windows and balcony doorways allowing for increased outdoor air circulation, and an outdoor rooftop deck with skyline views. The building also features touchless systems and upgraded HVAC with high-capacity air filtration and outside air ventilation. Mike Condon Jr., Pete Collins, Brittany Winn, McKenna Gaskill and Scott Menkus of Cushman & Wakefield are leasing agents for the building.

October 10, 2022

California Loans Multifamily Western

Gortikov Capital Arranges $141.4M Recapitalization for Affordable Housing Portfolio in Santa Monica

by Amy Works October 10, 2022

SANTA MONICA, CALIF. — Gortikov Capital has arranged a $141.4 million recapitalization of the Samo Apartments portfolio, 11 affordable apartment communities in Santa Monica. The recapitalization included a $127.6 million senior loan and a $13.8 million preferred equity investment. The borrower was WS Communities LLC. Gortikov secured the two-year, floating-rate, senior bridge loan through a U.S.-based debt fund. Gortikov Capital directly provided the preferred equity. Bryan Gortikov, president of Gortikov Capital, led the capital markets team representing the borrower. A portion of the financing will be set aside in a reserve to develop new accessory dwelling units throughout the properties. Originally developed between 1997 and 2009, the 399-unit Samo Apartments Portfolio is the largest portfolio of deed restricted affordable multifamily units in Santa Monica, according to Gortikov Capital. The units feature hardwood-style floors and expansive glass windows.

October 10, 2022

Acquisitions California Retail Western

CEG Capital Partners Buys Mesa College Square Shopping Center in San Diego for $10.5M

by Amy Works October 7, 2022

SAN DIEGO — San Diego-based CEG Capital Partners has purchased Mesa College Square, a retail center at 7604-7608 and 7612 Linda Vista in San Diego. M.C. Square and AFJR Partnership sold the property for $10.5 million. Marc Posthumus and Evan McDonald of Colliers represented the buyer, while Posthumus and McDonald, along with Byram Frost of Big Block Realty, represented the sellers in the transaction. Robert Shaw and Cameron Aldrich of Chicago Title Co. provided escrow and title services. Mesa College Square features 25,409 square feet of multi-tenant retail space. The acquisition is the first time the property has sold since its original construction in 1980. CEG plans to rebrand the center as Kearny Square.

October 7, 2022

Acquisitions California Loans Retail Western

Marcus & Millichap Arranges $13.1M in Acquisition Financing for The Shops at AMC Palm Promenade in San Diego

by Amy Works October 6, 2022

SAN DIEGO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.1 million loan for the acquisition of The Shops at AMC Palm Promenade, a retail power center located at 756-804 Dennery Road in San Diego. Chad O’Connor of MMCC San Diego secured the financing for the undisclosed borrower. The seven-year, fixed-rate loan has a 5.125 percent interest rate, 30-year amortization and a 60 percent loan-to-value ratio. The seller was not disclosed. Renovated in 2021, the 72,390-square-foot shopping center is located at the on/off ramp of Interstate 805 and Palm Avenue and includes numerous recognized retail tenants.

October 6, 2022

California Development Hospitality Loans Multifamily Western

Sandstone Properties Receives $28M Loan for Multifamily/Hotel Project in Woodland Hills, California

by Amy Works October 5, 2022

WOODLAND HILLS, CALIF. — Los Angeles-based Sandstone Properties has received a $28 million loan to refinance an existing loan and to fund the pre-development of a 35-story multifamily property and four-story hotel conversion at 6400 Canoga Ave. in downtown Woodland Hills. Parkview Financial provided the loan. The 4.7-acre redevelopment site currently consists of a three-story, 128,586-square-foot, Class B, multi-tenant office building and 457 surface and structured parking spaces. Sandstone acquired the site in February 2018 and has since obtained entitlements to develop a 35-story, 650-unit apartment building on the location of the existing parking structure. Additionally, the entitlements allow for the 10,000-square-foot expansion of the existing office building and its conversion to a four-story, 240-key luxury hotel. The project team includes WATG as architect and EDG Design as interior designer. A general contractor has not yet been named.

October 5, 2022

California Development Industrial Western

USAA, McDonald Property Group Break Ground on 1.8 MSF Distribution Facility in Beaumont, California

by Amy Works October 4, 2022

BEAUMONT, CALIF. — USAA Real Estate and McDonald Property Group has broken ground on a 1.8 million-square-foot distribution center in Beaumont for United Legwear & Apparel Co. (ULAC). Located at Phase II of the Crossroads Logistics Center, the building will be used to accommodate ULAC’s global design/manufacturing, marketing, sales and distribution. The facility will contain assembly, racking and material handling conveyor automation systems, as well as 30,000 square feet of office space. The development team includes HPA Architecture and Fullmer Construction Co. Luke McDaniel, Cameron Driscoll, Jeff Bellitti and Mac Hewett of JLL represented ULAC. David Consani, Jim Koenig, Darla Longo and Barbara Emmons of CBRE, along with Rick John of Daum, represented McDonald Property Group and USAA in the lease transaction, which was signed in July 2022.

October 4, 2022

Acquisitions California Development Mixed-Use Multifamily Restaurant Retail Western

Liberty National Buys Development Site in Downtown San Diego for SkyLine West Mixed-Use Tower

by Amy Works October 4, 2022

SAN DIEGO — Liberty National Corp. has acquired a 15,000-square-foot site at the corner of Fourth Avenue and Ash Street in downtown San Diego from Nellis Corp. for an undisclosed price. Liberty plans to develop SkyLine West, a mixed-use tower with residential, retail and restaurant space, on the site. The 37-story tower will offer more than 250 apartments in one-, two- and three-bedroom designs, ranging from 550 square feet to 1,600 square feet. Residences will feature energy-efficient appliances, private balconies and high-end finishes. On-site amenities will include a fitness center, swimming pool, spa, lounge, conference rooms, business center, library, pet grooming room and billiards. Additionally, the development will feature sustainable components and be built using LEED standards. The company plans to submit development plans to the City of San Diego by summer 2023, with construction commencement scheduled for summer 2024.

October 4, 2022

California Loans Multifamily Seniors Housing Western

CBRE Provides $16.2M Refinancing for 97-Unit Seniors Housing Property in Nipomo, California

by Amy Works October 4, 2022

NIPOMO, CALIF. — CBRE National Senior Housing has provided a $16.2 million refinancing for The Oaks at Nipomo, located approximately midway between Los Angeles and San Francisco. The borrower is Westmont Living, along with a group of individual investors. The Oaks at Nipomo sits on a 4.2-acre parcel and features 97 units of independent living, assisted living and memory care. Westmont opened the community in 2017, and it was over 95 percent occupied at the time of the refinancing. Aron Will, Adam Mincberg, Andrew Behrens and Jesse Weber of CBRE arranged the 10-year, fixed-rate loan with five years of interest-only payments through the company’s Freddie Mac Optigo lending platform. California-based Westmont currently owns and operates 19 seniors housing communities throughout California and Oregon with two more communities under construction.

October 4, 2022

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