California

Joint Venture Acquires 208,000 SF Office, Retail Building on Hollywood’s Walk of Fame

by Amy Works March 8, 2023

LOS ANGELES — A joint venture between Kairos Investment Management Co. (KIMC) and Harbor Associates has purchased 6922 Hollywood Boulevard, a 12-story office and retail property in the Hollywood neighborhood of Los Angeles. Terms of the transaction were not released. Situated at the intersection of North Orange Drive and Hollywood Boulevard, the 208,000-square-foot building features 37,000 square feet of ground-floor retail space and an underground and adjacent five-story parking garages. Retail tenants include Wahlburgers, CaboWabo, US Bank and Line Friends. The Trail Park Group occupies the top three floors of office space. The joint venture plans to implement site and façade improvements and update vacant office space with a goal of reaching 85 percent to 90 percent occupancy by the end of 2025.

March 8, 2023

Affordable Housing California Development Multifamily Western

Meta Housing, The People Concern Complete 82-Unit LAMP Lodge Affordable Apartments in Los Angeles

by Amy Works March 8, 2023

LOS ANGELES — Meta Housing Corp., in partnership with The People Concern, has opened LAMP Lodge, an affordable housing community in downtown Los Angeles’ Skid Row neighborhood. Located at 656-660 Stanford Ave., the 82-unit property will provide affordable and accessible housing to individuals and families who have faced the challenge of homelessness. Meta Housing assembled the capital and managed ground-up construction of the property. The project included the demolition of an existing 50-unit building and the development of the LAMP Lodge, which features a central courtyard, community room, garden boxes, modern security system, laundry facilities and accessible units and features. The People Concern will provide ongoing supportive services to tenants at the property. The redevelopment team included Los Angeles County’s Housing Authority, Department of Mental Health and Department of Health Services; the California Department of Housing and Community Development; and the City of Los Angeles’ Housing Department and Housing Authority. Funding was provided by Federal Home Loan Bank of San Francisco, J.P. Morgan Chase Bank, Boston Financial Investment Management and the California Tax Credit Allocation Committee. KFA Architecture served as architect for the project.

March 8, 2023

Affordable Housing California Loans Multifamily Western

JLL Arranges $10.5M Refinancing for Park Place at Jordan Downs Affordable Community in Los Angeles

by Amy Works March 8, 2023

LOS ANGELES — JLL Capital Markets has arranged a $10.5 million construction takeout refinancing for Park Place at Jordan Downs, an affordable multifamily project in Los Angeles. The borrower is BRIDGE Housing Corp. Anson Snyder led the JLL Capital Markets Debt Advisory team to secure the 17-year, fixed-rate Fannie Mae loan. JLL Real Estate Capital, a Fannie Mae DUS lender, will service the loan. Built in 2022, Park Place features 80 apartments that are both rent- and income-restricted at 30 percent, 40 percent, 50 percent, 60 percent and 80 percent of area median income. The property is part of the Housing Authority of the City of Los Angeles’ multibillion-dollar plan to redevelop the Jordan Downs public housing community. Upon completion, the entire development will have nearly 1,600 affordable and market-rate apartments. The complex will also include more than 150,000 square feet of commercial space, a large community center and several public parks. Park Place at Jordan Downs is located at 2062 E. 99th Place in the Watts neighborhood of southeast Los Angeles.

March 8, 2023

California Market Reports Multifamily Western Western Market Reports

Orange County’s Multifamily Sector Remains Highly Sought After By Investors

by Jeff Shaw March 8, 2023

— By Shane Shafer, Managing Director, Northmarq — Orange County remains a highly desirable market for multifamily investors — and for good reason. It’s a flight-to-quality market with a strong employment base and continued expectations of future job growth. This drives demand for rental units and pushes rent growth and occupancy. Add to that a severe shortage of rental housing supply, more would-be homebuyers remaining renter, and Orange County’s affordability compared with other Southern California markets, and it points to a robust investor market. The employment market continues to show signs of growth and resurgence, adding 73,000 jobs in 2022. Unemployment is an extremely low 2.5 percent. Orange County is long known for its tech startups, tourism and hospitality sectors, though healthcare and bioscience are expanding here as well. For example, Washington-based health system Providence is investing $712 million in Orange County to build two new multi-specialty medical centers and a new patient care tower for Providence Mission Hospital. The centers will be in San Clemente and Rancho Mission Viejo. This strong job market gives multifamily investors confidence in their expected returns as they aggressively pursue assets when they hit the market. Central OC Leads in Rental Gains Central Orange County experienced a …

March 8, 2023

Acquisitions California Industrial Western

Dunleer Sells Outdoor Storage Building in Santa Ana, California for $10.5M

by Amy Works March 7, 2023

SANTA ANA, CALIF. — Dunleer, a Los Angeles-based private real estate investment and development firm, has completed the disposition of a 2.5-acre industrial outdoor storage parcel that includes a single-story building, located at 4404 W. First St. in Santa Ana. The City of Santa Ana acquired the asset for $10.5 million and plans to use the property for city-related public services. The property features a fenced and secured yard area, a 3,900-square-foot building and quick access to interstates 5 and 405. Keith Greer, Ben Seybold, Sean Ward and Joshua Samuels of CBRE represented Dunleer, while the buyer was self-represented in the transaction.

March 7, 2023

Acquisitions California Restaurant Retail Western

Covenant Real Estate Group Divests of Two-Tenant Retail Pad in Roseville, California

by Amy Works March 7, 2023

ROSEVILLE, CALIF. — Irvine-based Covenant Real Estate Group has completed the sale of a newly constructed, two-tenant retail pad at Freedom Point Plaza in Roseville. A Stockton-based private investor acquired the asset for $4 million. Chipotlane, a Chipotle digital order drive-thru location, and Roku Sushi occupy the 4,808-square-foot building, which is located at 4200 Thrive Drive. Tenants at Freedom Point Plaza include TopGolf and Living Spaces. Jeff Lefko and Bill Asher of Hanley Investment Group Real Estate Advisors represented the seller, while Scott Pesch of Eureka-based CB Commercial Pacific Partners represented the buyer in the transaction.

March 7, 2023

California Development Life Sciences Loans Top Stories Western

JLL Arranges $310M Construction Loan for Avia Labs at Millbrae Station Life Sciences Campus in California

by Amy Works March 7, 2023

MILLBRAE, CALIF. — JLL Capital Markets has arranged a $310 million construction loan for the development of Avia Labs at Millbrae Station. Located in Millbrae, southwest of San Francisco International Airport, the life sciences development will total 315,000 square feet. Jordan Angel, Lillian Roos and Pat Aslanian of JLL Capital Markets’ debt advisory team secured the loan through Otera Capital for the borrower, Longfellow Real Estate Partners. Longfellow broke ground on Avia Labs on March 1. The six-story, Class A building is targeting LEED Gold and Fitwel certifications and emphasizes both energy efficiency and quality of life for tenants. Onsite amenities will include a fitness center, public café open to the community, large conference spaces, bike storage, two levels of underground parking and a large terrace with city and mountain views. According to the developer, this will be California’s first all-electric life sciences project. All-electric buildings often have reduced construction costs, are easier to maintain and offer a lower carbon footprint than developments that offer multiple energy sources, such as both electric and natural gas. The property is positioned on 2.1 acres at 210 Adrian Road in the North County submarket of the Mid-Peninsula of the San Francisco Bay Area. …

March 7, 2023

California Development Multifamily Student Housing Western

Developer Plans to Convert Park Tower Office Building to Student Housing Near California State University, Long Beach

by Amy Works March 6, 2023

LONG BEACH, CALIF. — Plans have been filed with the City of Long Beach for the conversion of Park Tower, a 119,287-square-foot office building, into a student housing community serving California State University, Long Beach. Fountain Residential Partners is leading the development and plans to break ground in late 2023. The property is set to offer 539 beds in on-campus-style residential suites with large lounge areas on each floor. Shared amenities will include study and meeting rooms on the ground floor; an Amazon Hub; fitness rooms; an indoor/outdoor dining patio; outdoor fitness turf; a wading pool and lounge area; flexible lawn space for gathering; and barbecue grills with picnic tables. The development is targeting LEED Gold certification and will include the implementation of both passive and active strategies towards sustainability. Green practices for the project are set to include the leveraging of natural light and ventilation, and the maximization of solar performance. Shuttle service to campus and the retainment of an existing Metro bus shelter have also been proposed at the site. The project is scheduled for completion in fall 2025.

March 6, 2023

Acquisitions California Retail Western

SRS Brokers $5.4M Sale of Multi-Tenant Retail Property in Palmdale, California

by Amy Works March 6, 2023

PALMDALE, CALIF. — SRS Real Estate Partners has arranged the sale of a multi-tenant retail property located at 39178 10th St. West in Palmdale. A Texas-based owner and operator of retail properties sold the asset to a private investor for $5.4 million. At the time of sale, the 11,788-square-foot property was fully occupied by six tenants, including Jenny Craig and Verizon. The property is a portion of Palmdale Marketplace, a 450,000-square-foot power center anchored by Target, Lowe’s Home Improvement Warehouse and Sprouts Farmers Market. Matthew Mousavi and Patrick Luther of SRS’ national net lease group represented the seller and buyer in the transaction.

March 6, 2023

California Development Life Sciences Western

BentallGreenOak, Graymark Capital Plan 100,000 SF Bayshore Bio Life Sciences Campus in Palo Alto, California

by Amy Works March 3, 2023

PALO ALTO, CALIF. — BentallGreenOak and Grey Matter by Graymark Capital have started construction on Bayshore Bio, a 100,000-square-foot life sciences campus in Palo Alto. The project is a three-phase conversion of existing office and R&D buildings into lab space. The initial phase includes a two-story, 36,000-square-foot life sciences facility at 2225 E. Bayshore Road. The first phase will convert an existing office building into market-ready lab spaces across two floors with upgraded electrical capacity, new mechanical systems, office space, amenities and dedicated parking. The first building is slated for completion by the end of third-quarter 2023. The project will incorporate indoor/outdoor amenity spaces within the private courtyard and on each floor for collaboration in and out of lab spaces. The second and third phases include single-story R&D buildings at 2197 Bayshore Road and 1050 E. Meadow Circle. BGO and Gray Matter initially acquired the Bayshore Bio campus in June 2021. The three former office and R&D buildings will be converted into modern lab space with a 60/40 lab-to-office ratio for biological research and development. The spaces are designed for early-stage, venture-capital-backed life science companies.

March 3, 2023

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