California

Clearwater Living to Open 101-Unit Seniors Housing Community in Newport Beach, California

by John Nelson May 5, 2023

NEWPORT BEACH, CALIF. — Clearwater Living has opened an information center at Clearwater Newport Beach, a 101-unit luxury assisted living and memory care community underway in Newport Beach, a coastal city south of Los Angeles. Clearwater expects to welcome new residents in early 2024. Clearwater Newport Beach will offer 70 assisted living and 31 memory care apartments in a variety of finishes and floor plans, including studio, one- and two-bedroom options. Clearwater Newport Beach will be the company’s 11th community in California, Nevada and Arizona, with additional developments in the pipeline.

May 5, 2023

Acquisitions California Industrial Western

Partners Capital Purchases Five-Building Industrial Portfolio in Carson, California

by John Nelson May 5, 2023

CARSON, CALIF. — Partners Capital has purchased a five-building industrial portfolio in Carson, a city 17 miles south of Los Angeles. The portfolio contains five buildings for a total of 38,152 square feet. Known as Carson Business Park, the asset is located on a two-acre site at 401 to 409 Gardena Blvd. The park was fully leased at the time of sale to 16 unique tenants with a weighted average lease term of about 0.8 years. In-place rents are about 61 percent below market rates. Scott Schumacher, Aaron Banks, Kevin Shannon, Andrew Briner and Anthony Muhlstein of Newmark represented the seller, an entity doing business as Carson Five LLC, in the transaction. The seller and sales price were not disclosed.

May 5, 2023

Acquisitions California Multifamily Western

JLL Brokers $53.6M Sale of Six Multifamily Communities in Los Angeles County

by Jeff Shaw May 4, 2023

LOS ANGELES — JLL Capital Markets has arranged three separate transactions for the sale of six assets in Los Angeles County totaling $53.6 million. Five properties are located in the San Fernando Valley and one is in West Los Angeles. JLL worked on behalf of the seller, a corporate fiduciary acting on behalf of an LLC. The identity of the three buyers was not disclosed. All three buyers assumed existing debt on the assets. Peter Yorck and Nick Lavin led the JLL Capital Markets investment sales and advisory team representing the seller, while Jeff Sause and Max Mraz led the JLL Capital Markets debt advisory team. The properties are 3596 Centinela, 14311-14319 Dickens St., 12314 Moorpark, 4144 Tujunga, 12207 Riverside and 12225 Riverside.

May 4, 2023

Acquisitions California Office Western

Naked Wardrobe Acquires 90,371 SF Office Property Calabasas, California for New Headquarters

by Jeff Shaw May 4, 2023

CALABASAS, CALIF. — Naked Wardrobe has purchased a 90,371-square-foot office property in Calabasas for its new headquarters. The building is located at 26541 Agoura Road. The affordable luxury clothing brand will expand from its previous location in nearby Northridge. CBRE’s Mark Perry, Michael Slater, Tom Dwyer, Caroline Bigelow and Carlene O’Neil, along with Scott Murphy, asset manager for Ella Valley Investments, represented the sellers, Edgemark Littleton and the Murray S. Pepper Trust. ZMax Realty represented the buyer.

May 4, 2023

Acquisitions California Retail Western

Hanley Negotiates $1.9M Sale of Dutch Bros. Coffee-Leased Property in Beaumont, California

by Jeff Shaw May 4, 2023

BEAUMONT, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $1.9 million sale of a newly constructed, single-tenant building located in Beaumont. A Dutch Bros. Coffee drive-thru occupies the 920-square-foot property on a 15-year, triple-net ground lease. Bill Asher and Jeff Lefko represented the seller and developer, Evergreen Development. Trevor Harris of Triwell Properties Inc. represented the buyer, a California-based private investor.

May 4, 2023

Acquisitions California Office Western

NAI Capital Brokers $3.5M Sale of Lakeview Professional Plaza in Yorba Linda, California

by Jeff Shaw May 3, 2023

YORBA LINDA, CALIF. — A California-based private investor has acquired Lakeview Professional Plaza, an 11,761-square-foot, multi-tenant office building in Yorba Linda, for $3.5 million. The building is located at 4848 Lakeview Ave. It was built in 1975. The office is currently leased to an insurance company and a law firm on long-term leases. Steven Ehrich of NAI Capital Commercial’s Investment Services Group represented both the buyer and seller in the transaction.

May 3, 2023

California Development Life Sciences Western

New Stanford Research Park Office Building in Palo Alto Receives Approval

by Jeff Shaw May 3, 2023

PALO ALTO, CALIF. — A 52,000-square-foot building that will be added to Stanford Research Park in Palo Alto has received approval from the city. The building is one of the first of its size in Silicon Valley to be designed and approved for sustainable mass-timber construction. The building will be almost entirely made of wooden and glass construction. Form4 Architecture designed the project.

May 3, 2023

Affordable Housing California Development Multifamily Western

Affirmed Housing Breaks Ground on 96-Unit Estrella Affordable Development in San Marcos, California

by Jeff Shaw May 2, 2023

SAN MARCOS, CALIF. — Affirmed Housing has started construction of Estrella, an affordable housing development in the northern San Diego suburb of San Marcos. Affirmed Housing’s partners on the project include the City of San Marcos, the County of San Diego, WNC, Banner Bank, DAHLIN Group Architecture Planning, Masson and Associates and form/work Landscape Architecture. A development timeline for the project was not disclosed. Estrella will feature 96 one-, two- and three-bedroom units across four buildings for households earning between 30 and 80 percent of the area median income. The community will offer shared laundry facilities; complimentary on-site services such as computer training and resume building resources; a kitchenette; computer room; barbecue area; electric vehicle charging stations; and bicycle parking. Four playgrounds and a recreation area for teenagers will also be on the property.

May 2, 2023

Acquisitions California Retail Western

Wood Investments Sells 4,000 SF Retail Building in Beaumont, California for $3.2M

by Jeff Shaw May 2, 2023

BEAUMONT, CALIF. — Wood Investments Cos. has sold a 4,000-square-foot, single-tenant retail pad building in the Inland Empire city of Beaumont. The company recently developed the property, which Sherwin Williams occupies on a net-lease basis. Lee Csenar and Ed Hanley of Hanley Investment Group Real Estate Advisors represented the seller in the $3.2 million transaction. Howard Rosenthal and Guy Excell of Rosenthal & Excell Commercial Real Estate represented the Hemet-based buyer. The retail pad is located adjacent to San Gorgonio Village, a 78,000-square-foot shopping center that Wood Investments developed and owns.

May 2, 2023

California Industrial Leasing Activity Western

DrinkPAK Leases Two Buildings of Center at Needham Ranch Industrial Park in Santa Clarita, California

by Jeff Shaw May 2, 2023

SANTA CLARITA, CALIF. — The Center at Needham Ranch, a 1.7 million-square-foot industrial park in Santa Clarita, has reached full occupancy. Beverage manufacturer DrinkPAK has leased the last two buildings in the final phase of the development. This will expand the company’s footprint at the center to 965,000 square feet. Construction on the final phase will be completed by year-end 2023. DrinkPAK will occupy the 107,522-square-foot Building 17 and the 85,802-square-foot Building 18 at the center. The company had previously pre-leased the entire 198,451-square-foot Building 14, following its leasing of 172,324 square feet of space in Building 2 in October 2020 and 400,095 square feet in Buildings 3 and 4 in April 2021. The Center at Needham Ranch is a joint venture between Trammell Crow Co. and Clarion Partners. Patrick DuRoss, John DeGrinis and Jeff Abraham of Newmark represented DrinkPAK in the most recent lease. CBRE’s Craig Peters, Cameron Merrill and Doug Sonderegger are the center’s leasing agents.

May 2, 2023

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