California

Parkview Financial Provides $35M in Construction Financing for 42-Acre West Harbor Retail Project in Los Angeles

by Amy Works November 17, 2022

LOS ANGELES — Parkview Financial has provided a $35 million senior construction loan to a venture between Ratkovich Co. and Jerico Development for the development of West Harbor, a retail center along the Los Angeles waterfront in the San Pedro neighborhood. The financing from Parkview is in addition to $55 million of Commercial Property Assessed Clean Energy financing, as well as $85 million of investor equity. Situated on 42 acres at 1200 Nagoya Way, West Harbor will feature more than 125,460 square feet of multi-tenant retail space. Slated for completion in two phases, several restaurants will anchor the development, including Yamashiro, King & Queen Cantina, a market hall for fast-casual dining and Bark Social. Additionally, the project will include a 6,200-seat amphitheater developed in conjunction with the Nederlander Organization, as well as a variety of other tenants. The Los Angeles City Harbor Department owns the site and executed a long-term ground lease with the developer. The project is now under construction with completion slated for 2024.

November 17, 2022

Acquisitions California Industrial Western

Stos Partners Sells 37,530 SF Industrial Facility in Poway, California

by Amy Works November 17, 2022

POWAY, CALIF. — Stos Partners has completed the disposition of a corporate headquarters and manufacturing building located at 13955 Stowe Drive in Poway. A private buyer acquired the asset for $13.9 million. Automation NTH, an automated manufacturing systems company, leases the 37,530-square-foot facility, which was built in 1999 and underwent renovations earlier this year. The building features two dock-high and two grade-level loading doors, 24-foot warehouse ceilings, an 88-stall parking lot, 800 to 1,600 amps of power and a 3,000-square-foot wet fire suppression system. Recent renovations include a new roof, HVAC system replacement within the warehouse, interior upgrades and exterior improvements to the parking lot and landscape. James Duncan and Mickey Morera of Kidder Mathews represented the seller, while Rusty Williams and Chris Roth of Lee & Associates represented the buyer in the deal.

November 17, 2022

Acquisitions California Retail Western

Progressive Real Estate Arranges $8.4M Sale of Chino Village Shopping Center in Southern California

by Amy Works November 17, 2022

CHINO, CALIF. — Progressive Real Estate Partners has brokered the sale of Chino Village, a neighborhood retail center at 4103 Riverside Drive in Chino. An Orange County-based seller sold the asset to a Los Angeles-based private investor for $8.4 million. The purchase included the retail center and approximately 2.5 acres of undeveloped land with flexible zoning. Built in 1984, Chino Village features 20,600 square feet of retail space with more than 380 feet of frontage along multiple points of access. Current tenants include Jiffy Lube, Subway, Wienershnitzel and a variety of daily needs services. Mike Lin of Progressive Real Estate represented the seller in the transaction.

November 17, 2022

Acquisitions California Industrial Office Western

JJ&W Acquires Three-Building Montague Crossing Office Asset in San Jose for $94.7M

by Amy Works November 16, 2022

SAN JOSE, CALIF. — JJ&W has purchased Montague Crossing, an office and R&D asset in San Jose. Four Corners Properties and Rockwood Capital sold the property for $94.7 million in an off-market transaction. Scott Prosser, Joe Moriarty and Jack DePuy of CBRE Capital Markets represented the buyer in the deal. Situated on a 12.4-acre campus, Montague Crossing features 209,425 square feet of space spread across three buildings at 2520 and 2540-2560 Junction Ave. and 541-555 E. Trimble Road. At the time of sale, the campus was fully leased to three R&D tenants in the semiconductor and advanced manufacturing sectors.

November 16, 2022

Acquisitions California Multifamily Western

AFL-CIO Building Investment Trust Sells 347-Unit Centerra Apartments in San Jose

by Amy Works November 16, 2022

SAN JOSE, CALIF. — AFL-CIO Building Investment Trust, advised by PNC Realty Investors, has completed the disposition of Centerra Apartments, a residential tower in San Jose. The name of the seller and acquisition price were not released. Located at 77 N. Almaden Ave., the 21-story Centerra Apartments features 325,169 square feet of residential space and 7,000 square feet of retail space. The 347-unit property offers a mix of one-, two- and three-bedroom apartments, including townhomes, live-work units, lofts and junior units. On-site amenities include a pool, spa, integrated parking structure, media lounge with bar and fireplace, fitness center, outdoor gathering spaces, conference center and game room. Scott Bales of Newmark represented the seller in the deal. Ramsey Daya and Chris Moritz of Newmark arranged acquisition financing for the undisclosed buyer.

November 16, 2022

Acquisitions California Multifamily Western

Olympus Property Buys 272-Unit The Residences at Escaya in Chula Vista, California

by Amy Works November 16, 2022

CHULA VISTA, CALIF. — Olympus Property has acquired The Residences at Escaya, a multifamily community located in Chula Vista, between downtown San Diego and the Mexico border. Terms of the transaction were not released. Situated in the Otay Ranch neighborhood, The Residences at Escaya features 272 apartments, private garage and carport parking, a 30,000-square-foot walkable retail village, swimming pool, fitness center, clubhouse, outdoor lounge and barbecue area. Units range from 784 square feet to 1,560 square feet and offer quartz countertops, stainless steel appliances, full-height tile backsplashes, wood-style plank flooring, in-unit washers/dryers and ocean views from select units.

November 16, 2022

Acquisitions California Hospitality Top Stories Western

Tilman Fertitta Acquires Luxury Montage Laguna Beach Resort Hotel for $650M

by Kristin Harlow November 16, 2022

LAGUNA BEACH, CALIF. — Houston billionaire Tilman Fertitta has acquired the Montage Laguna Beach Resort Hotel overlooking the Pacific Ocean along the California coastline. China-based Dajia Insurance Group Co. sold the asset for $650 million, according to the Los Angeles Times. The luxury hotel, which opened in 2003, features 260 rooms. The 30-acre resort includes a 20,000-square-foot spa; outdoor recreation areas including two pools and direct beach access; a fine art collection; and more than 20,000 square feet of indoor and outdoor meeting space. The Spa Montage offers eucalyptus steam rooms, dry redwood saunas, ocean air whirlpools, fireplace lounges, a fitness center, movement studio and lap pool. All of the guestrooms, including 60 suites, beach bungalow-style rooms and multi-bedroom villas, feature views of the Pacific Ocean. The hotel’s website shows that the nightly rate for a room with a king-sized bed and sitting area with sofa is $1,180. Fertitta, who purchased the NBA’s Houston Rockets for $2.2 billion in 2017, is no stranger to luxury hotels. In 2018, he built the Post Oak Hotel at Uptown Houston. He also owns 14 other hotels around the country, including the San Luis Resort in Galveston, Texas; five Golden Nugget casinos and hotels; …

November 16, 2022

Acquisitions California Industrial Western

Roxborough Group, Cress Capital Acquire 100,615 SF Industrial Building in Chino, California

by Amy Works November 15, 2022

CHINO, CALIF. — Affiliates of The Roxborough Group and Cress Capital have purchased an industrial property, located at 4331 Eucalyptus Ave. in Chino. Terms of the transaction were not released. Constructed in 2022, the 100,615-square-foot building features 28-foot clear heights, nine dock-high doors, eight grade-level doors and 2,000 amps of power. Richard Schwartz and Joey Reaume of Colliers assisted the partnership with the acquisition and will lead the marketing and leasing of the property.

November 15, 2022

California Development Healthcare Office Western

Manna Development Group Completes Spec Medical Office Building in Encinitas, California

by Amy Works November 15, 2022

ENCINITAS, CALIF. — Manna Development Group has completed construction of a multi-tenant medical office building in Encinitas. Located at 777 N. El Camino Road, the property is the first speculatively built non-owner/user medical office building in 15 years in the city, according to the developer. Totaling 12,200 square feet, the property will feature a 5,675-square-foot ground floor and a 6,502-square-foot second floor. Both floors can be divided into multiple suites. Additionally, the asset will offer reserved and on-site parking. The building is slated for delivery in mid-November. Peter Curry, Brooks Campbell and Owen Curry of Cushman & Wakefield are handling leasing efforts for the property.

November 15, 2022

Acquisitions California Industrial Western

LBA Logistics Acquires Distribution Facility in San Diego for $46.3M in Sale-Leaseback Deal

by Amy Works November 14, 2022

SAN DIEGO — LBA Logistics has purchased 5959 Santa Fe Street, an infill and coastal distribution facility in San Diego’s submarket of Pacific Beach and Rose Canyon. An undisclosed seller sold the asset for $46.3 million in a sale-leaseback transaction. Built in 1980 on 7.1 acres, the 131,299-square-foot building has been the primary beverage distribution center for one of the world’s largest brewing companies. Matt Carlson, Hunter Rowe, Sean Williams, Roger Carlson, Barbara Perrier and Joe Cesta of CBRE represented the seller in the transaction.

November 14, 2022

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