California

Eden Housing Purchases Two Multifamily Communities in Concord, California for $37.3M

by Jeff Shaw July 13, 2023

CONCORD, CALIF. — Eden Housing acquired a two-property apartment portfolio in Concord for $37.3 million. Concord is approximately midway between San Francisco and Sacramento. Located at 1770 Adelaide St., Sunset Pines is a 69-unit community with amenities such as a pool and a clubhouse. Coral Court Apartments is located at 1491 Detroit Ave. and offers 47 units, as well as a fitness center. Keith Manson, Zachary Greenwood and Mac Watson of CBRE represented the undisclosed seller in a Naturally Occurring Affordable Housing (NOAH) transaction. Eden Housing will convert the portfolio into affordable housing. Eden Housing used $6 million in equity from the City of Concord to finance the transaction. Income restrictions for the converted communities were not disclosed.

July 13, 2023

California Leasing Activity Office Western

McCarthy Building Cos. Expands Presence in San Diego with 30,000 SF Office Lease

by Jeff Shaw July 12, 2023

SAN DIEGO — McCarthy Building Cos. is strengthening its presence in the San Diego market with a 30,000-square-foot lease at One Paseo, a newly developed mixed-use campus. McCarthy, known for its construction projects in the area, has chosen a prime location surrounded by retail and dining options for its new office. McCarthy’s new office space features modern design and amenities to support its construction and preconstruction services. JLL’s Nicole Winters, Shawn Lorentzen and Scott Wetzel represented McCarthy in the transaction.

July 12, 2023

California Development Healthcare Western

PMB Opens UC Davis Rehabilitation Hospital in Sacramento

by Jeff Shaw July 11, 2023

SACRAMENTO, CALIF. — PMB has opened the UC Davis Rehabilitation Hospital in Sacramento. The 52-bed inpatient rehabilitation facility is located on the UC Davis Sacramento campus and offers comprehensive rehabilitation services for patients with various conditions. The hospital features state-of-the-art facilities, private rooms, therapy gyms and a therapeutic courtyard. The new facility was announced as part of a joint venture agreement between UC Davis Health and Lifepoint Rehabilitation, a business unit of Lifepoint Health. Lifepoint Rehabilitation will manage the day-to-day operations of the inpatient rehabilitation facility. The architect was Taylor Design, while the general contractor was McCarthy Building Cos.

July 11, 2023

Acquisitions California Industrial Western

BKM Capital Partners Acquires Small-Bay Industrial Property in Carlsbad, California

by Jeff Shaw July 11, 2023

CARLSBAD, CALIF. — BKM Capital Partners has completed the acquisition of Commerce Carlsbad, an eight-building industrial park in Carlsbad. The property, now named Pacific Coast Industrial Center, offers 129,928 square feet of space in 62 small-bay units. BKM plans to make significant improvements to the park and reduce the office space to meet market demands. With high demand and limited availability in the area, BKM aims to achieve full occupancy and market rates in the future. Cushman and Wakefield’s Brad Tecca facilitated the transaction as a representative for the seller. BKM represented itself in the deal. The price was not disclosed.

July 11, 2023

California Leasing Activity Lee & Associates Office Western

Lee & Associates Arranges 10-Year Lease at Airway Office Park in Long Beach, California

by Jeff Shaw July 11, 2023

LONG BEACH, CALIF. — Lee & Associates has successfully finalized a 10-year lease for a 10,812-square-foot creative office space at Airway Office Park in Long Beach. The tenant, Swing Set Productions, a creative production studio serving top brands, will relocate from Huntington Beach to this new studio. The Airway Office Park, developed by Urbana Real Estate Development, offers more than 60,000 square feet of office space and amenities. The project is currently under construction and scheduled for completion late this month. Jeff Coburn and Shaun McCullough of Lee & Associates Los Angeles – Long Beach represented the landlord, Airway Office Park LLC. Michael Shuken of Savills represented the tenant. The value of the lease is about $5 million.

July 11, 2023

Affordable Housing California Company News Multifamily Western

BH Properties Creates $1B Affordable Housing Investment Initiative

by Jeff Shaw July 10, 2023

LOS ANGELES — BH Properties has started an investment initiation into affordable housing with the goal of building a $1 billion portfolio of assets. The new platform will focus on Low-Income Housing Tax Credit (LIHTC), Section 8 and age-restricted housing throughout the United States. William Stoll, who BH Properties hired as a managing director, will lead the initiative. Prior to joining BH Properties, Stoll worked at Steadfast Cos. for 14 years. He joined the firm in 2009 as the manager of a Southern California portfolio of 10 LIHTC properties and eventually rose to the role of executive vice president of acquisitions. Stoll graduated from San Diego State University.

July 10, 2023

Acquisitions California Retail Western

Hanley Brokers Sale of Two Single-Tenant Retail Properties in Imperial, California for $5.8M

by Jeff Shaw July 10, 2023

IMPERIAL, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of two single-tenant retail properties in Imperial for a total $5.8 million. A Starbucks Coffee drive-thru occupies the first building, which comprises 2,089 square feet, on a 10-year lease. A private investor purchased the property for $2.9 million. The United States Postal Service leases the second building, which totals 5,430 square feet. An Indiana-based private partnership acquired the property for $2.9 million. Bill Asher and Jeff Lefko of Hanley represented the seller and developer, 5th Street Development LLC, in both transactions. Details on the buyer were not disclosed.

July 10, 2023

California Leasing Activity Retail Western

Three Tenants Join Carlsbad Arcade Retail Center in California

by Jeff Shaw July 10, 2023

CARLSBAD, CALIF. — Three new tenants have signed leases at Carlsbad Arcade in the Village, a retail center comprising 13,000 square feet in Carlsbad, roughly 35 miles north of San Diego. Village Florist Co., Carlsbad Golf Carts and Joey Snow Design Co. will occupy 1,180; 1,250; and 1,060 square feet, respectively. Serena Patterson and Luke Holler of Urban Property Group represented both the tenants and the landlord, Carlsbad One LLC, in the leasing transactions.

July 10, 2023

Acquisitions California Industrial Western

Lee & Associates-Ontario Negotiates $19.5M Sale of Riverside Business Park in Jurupa Valley, California

by Jeff Shaw July 6, 2023

JURUPA VALLEY, CALIF. — Lee & Associates-Ontario has facilitated the sale of Riverside Business Park, a fully occupied, multi-tenant business park in Jurupa Valley. Intersection Equities LLC acquired the asset, consisting of 37 units across 22 buildings, for $19.5 million. The park features ground-level and dock-high door loading, private yards, and clear heights of up to 16 feet. The sellers were Bravo Whiskey Properties LLC and Transition Properties LLC. The selling agent, Barret Woods of Lee & Associates-Ontario, represented himself as a principal in the transaction. Brad Yates and Stefan Pastor of Stream Realty represented the buyer.

July 6, 2023

California Development Hospitality Loans Western

Bayview Provides $19.8M C-PACE Financing for Hotel Development Near Yosemite National Park

by Jeff Shaw July 6, 2023

OAKHURST, CALIF. — Bayview PACE has provided a $19.8 million financing agreement for the construction of a new 125-room hotel in Oakhurst, about 16 miles south of Yosemite National Park. The financing will enable the start of construction on the resort, which aims to attract adventure and lifestyle travelers. The project will feature luxury accommodations, a full restaurant and bar, meeting spaces and other amenities. Waterton and equity partner Argosy Real Estate are the developers.

July 6, 2023

Newer Posts

Older Posts