California

Office Vacancy Falls as San Bernardino Hopes to Return to Former Glory

by Jeff Shaw December 1, 2022

By Steve Roppel, Senior Vice President, Allied Commercial Real Estate Encompassing 62 square miles, San Bernardino is the governmental seat of San Bernardino County, the largest county in the world at more than 21,000 square miles. About 86,000 people alone work within the city, per the 2020 Census. The largest industries are retail (12,280 people), transportation and warehousing (11,164 people) and health (9,603 people). Of the six largest office buildings, only one is occupied by traditional multiple commercial tenants. The others are occupied by the county, city, courts, non-profits and the University of Loma Linda. The only large office building presently proposed is a county office building of 307,000 square feet. San Bernardino was historically a vibrant metropolitan whose image has become tarnished over the years. It is famous for its affiliation with Route 66, which runs through the city and allowed many people to emigrate to the Golden State. The first original McDonald’s restaurant – now a museum – was opened in San Bernardino in 1940. To restore the former luster and recognize the potential for San Bernardino, local governments have pulled together on several fronts. Multiple recent infrastructure improvements and redevelopments were completed and planned for San Bernardino, …

December 1, 2022

California Development Industrial Western

Birtcher Development Receives Approval for 2.25 MSF Birtcher Oak Valley Commerce Center in Calimesa, California

by Amy Works November 30, 2022

CALIMESA, CALIF. — Birtcher Development has received full entitlement for Birtcher Oak Valley Commerce Center in Calimesa. Construction is currently underway, with completion slated for third-quarter 2024. Totaling 2.25 million square feet, Birtcher Oak Valley Commerce Center will feature four Class A logistics facilities: Building A, a 705,783-square-foot cross-dock facility with 5,600 square feet of office space and 118 dock-high doors. Completion is scheduled for second-quarter 2024. Building B, a 46,172-square-foot side-loaded property with 5,168 square feet of office space and 69 dock-high doors. Completion is slated for second-quarter 2024. Building C, a 457,257-square-foot cross-dock facility with 5,114 square feet of office space and 78 dock-high doors. Completion is expected in early third-quarter 2024. Building D, a 619,358-square-foot cross-dock building with 5,162 square feet of office space and 109 dock-high doors. Completion is scheduled for third-quarter 2024. All four facilities will feature 40-foot clear heights, flat floors, 10-inch slabs, a minimum of 185-foot truck courts and an ESFR sprinkler system. A nine-acre trailer lot will be constructed adjacent to Buildings A and B, providing 250 trailer stalls. Mike McCrary, Peter McWilliams, Patrick Wood and Scott Coyle of JLL are handling leasing for the project.

November 30, 2022

Acquisitions California Multifamily Western

Kidder Mathews Brokers $13.7M Sale of Union 5 Apartments in Long Beach, California

by Amy Works November 30, 2022

LONG BEACH, CALIF. — Kidder Mathews has arranged the sale of Union 5 Apartments in Long Beach. The asset traded for $13.7 million. The names of the seller and buyer were not released. Darin Beebower and Mark Ventre of Kidder Mathews handled the transaction. Located at 1821-27 E. 5th St., the 25,056-square-foot property features 34 apartments. Built in 1960, Union 5 was renovated in 2018.

November 30, 2022

Acquisitions California Multifamily Western

IPA Brokers Sale of 90-Unit Foxborough Apartments in Orange, California

by Amy Works November 28, 2022

ORANGE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Foxborough Apartments, a multifamily property in Orange. Irvine-based Advanced Real Estate acquired the asset, which will be rebranded as Grove House, for an undisclosed price. Built in 1964, the 23-building property features 90 garden-style apartments with garage parking, two swimming pools, a fitness center, storage space and a grilling area. The 1,200-square-foot apartments have wood-burning fireplaces, dishwashers, washers and dryers. Advanced plans to renovate the asset by the addition of central air conditioning, new windows, new cabinetry, flooring, appliances, large fenced-in patios, upgraded landscaping, a modern paint scheme, signage and pool enhancements. Kevin Green, Joseph Grabiec and Greg Harris of IPA represented the undisclosed seller and procured the buyer in the deal.

November 28, 2022

Acquisitions California Healthcare Office Western

Cushman & Wakefield Arranges $7.4M Sale of Loma Starr Medical Office Property in San Diego

by Amy Works November 28, 2022

SAN DIEGO — Cushman & Wakefield has facilitated the sale of Loma Starr, a two-building office and medical office property at 3051-3055 Rosecrans St. and 3065 Rosecrans Place in San Diego’s Midway District. Loma Starr LLC, a private investor group, sold the asset to Crown Point Systems for $7.4 million. Totaling 28,630 square feet, the recently renovated property was 91.7 percent leased at the time of sale. The buyer plans to occupy space at the property for its own offices. Peter Curry, Brooks Campbell and Kevin Cuff of Cushman & Wakefield’s Private Capital Group in San Diego represented the seller, while Bret Morriss of Cast Capital represented the buyer in the transaction.

November 28, 2022

Acquisitions California Multifamily Western

TMG Negotiates $11.2M Sale of Sunnyview Villa Apartments in Palm Springs, California

by Amy Works November 28, 2022

PALM SPRINGS, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Sunnyview Villa Apartments, a garden-style multifamily community in Palm Springs. A California-based affordable housing investor acquired the property from California- and Utah-based private investor sellers for $11.2 million. Situated on 3.6 acres at 2900 N. Indian Canyon Drive, the property’s 44 two- and three-bedroom apartments are spread across seven two-story walk-up residential buildings. The affordable housing community is less than three miles from shopping, dining and entertainment opportunities in downtown Palm Springs. Otto Ozen of TMG represented the sellers in the deal.

November 28, 2022

California Development Industrial Western

Westport Properties Plans 99,910 SF Industrial Facility in Perris, California

by Amy Works November 22, 2022

PERRIS, CALIF. — Westport Properties has released plans for a Class A industrial building at the corner of Ramona Expressway and Brennan Avenue in Perris. The company acquired the land in September 2022. Construction for the single-tenant, 99,910-square-foot facility is slated to begin in third-quarter 2023. The building will feature 36-foot clear heights, secured truck court, ESFR sprinklers, 11 dock doors and 6,000 square feet of office space. Completion is scheduled for third-quarter 2024. Alex Smith and Herrick Johnson of Lee & Associates are handling leasing for the property.

November 22, 2022

Acquisitions California Office Western

Brookwood Sells Six-Building Office Portfolio in North San Diego

by Amy Works November 21, 2022

SAN DIEGO — Brookwood Financial Partners has completed the disposition of a six-building office portfolio in North San Diego. MCS Guardian Properties, an affiliate of M.C. Strauss, acquired the portfolio for an undisclosed price. The properties include Carlsbad Executive Plaza, a four-building office park totaling 133,000 square feet, and The Plaza I & II, a two-building complex totaling 89,000 square feet. Carlsbad Executive Plaza offers a campus-like environment and is recognized as Carlsbad’s premier multi-tenant incubator office project, according to Brookwood. The Plaza I & II features creative speculative suites, remodeled lobbies and is only one of three Class A buildings in the market that offers subterranean parking. Brookwood originally acquired the assets in June 2015.

November 21, 2022

Acquisitions California Net Lease Retail Western

Faris Lee Brokers $11.3M Sale of Sprouts-Occupied Retail Property in Folsom, California

by Amy Works November 18, 2022

FOLSOM, CALIF. — Faris Lee Investments has arranged the sale of a retail building located at 905 E. Bidwell St. at The Bidwell Center in Folsom. VR Folsom, an Orange County-based private family office, sold the asset to a La Jolla-based buyer for $11.3 million. Jeff Conover, Shaun Riley and Scott DeYoung of Faris Lee represented the seller, while Infinity Investment Properties represented the buyer in the deal. Situated on 2.7 acres, Sprouts Farmers Market occupies the single-tenant property. The tenant has a 15-year, triple-net lease with 10 years remaining on the term. The grocery store asset is located adjacent to Target, Lowe’s Home Improvement Warehouse and Trader Joe’s.

November 18, 2022

California Loans Multifamily Western

JLL Arranges $10.7M Refinancing for Chateau Spring Terrace Apartments in La Mesa, California

by Amy Works November 18, 2022

LA MESA, CALIF. — JLL Capital Markets has arranged a $10.7 million loan for the refinancing of Chateau Spring Terrace, an apartment community located at 4242 Spring St. in La Mesa. The borrower is Universe Holdings. Built in 1969, Chateau Spring Terrace features 56 one-, two- and three-bedroom residences with patios and balconies, efficient appliances, large closets and hardwood floors. Community amenities include a fitness center, laundry facility and pool, as well as on-site maintenance and management. Charles Halladay, Jonah Aelyon, Jolie Zhou and Elle Miraglia of JLL Capital Markets Debt Advisory secured the 10-year, fixed-rate loan through Mechanics Bank for the borrower.

November 18, 2022

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