California

Ziegler Closes $29M Bond Financing for Ensō Verde Seniors Housing Development in Simi Valley, California

by Amy Works March 3, 2023

SIMI VALLEY, CALIF. — Ziegler has arranged $29 million in bond financing for Ensō Verde, a seniors housing community currently under development in Simi Valley. The borrower is Kendal Corp., which began developing the continuing care retirement community in 2022. Located on 21 acres, plans call for 237 independent living units, 24 assisted living units, 24 memory care units and related amenities and common areas. The California Public Finance Authority issued the unrated bonds, which are a mix of tax-exempt and taxable. The bonds will be used to purchase the development site, fund preconstruction development and marketing costs and pay certain costs of issuance. The project is scheduled to open later this year.

March 3, 2023

Acquisitions California Industrial Western

Colliers Negotiates $26M Acquisition of Gifford Business Park in San Bernardino, California

by Amy Works March 3, 2023

SAN BERNARDINO, CALIF. — Colliers has arranged the sale of Gifford Business Park, a seven-building industrial business park in the Inland Empire submarket of San Bernardino. MIG acquired the asset from Positive Investments for $26 million. Christopher Smith and Andrey Mindirgasov of Colliers represented the buyer, while Alan Pekarcik of Kidder Mathews represented the seller in the deal. Located at 750-760 E. Central Ave. and 765-791 S. Gifford Ave., Gifford Business Park features 156,717 square feet of industrial space. The park offers 78 units, ranging from 910 square feet to 19,302 square feet, across seven buildings.

March 3, 2023

Acquisitions California Retail Western

Progressive Real Estate Partners Brokers $3M Sale of Farmer’s Corner Retail Center in San Jacinto, California

by Amy Works March 3, 2023

SAN JACINTO, CALIF. — Progressive Real Estate Partners has arranged the sale of Farmer’s Corner, a farmhouse-style indoor retail center in San Jacinto. An Orange County-based private investor sold the value-add asset to a San Diego-based private investor for $3 million. Located at 2500 S. San Jacinto Ave., the 77,000-square-foot property was 40 percent vacant at the time of sale. Built in 1980, the center is currently home to a variety of service-based tenants, including a breakfast eatery, jeweler, barber, party supply company and professional offices. The vacancy includes a 9,000-square-foot, fully equipped restaurant space, ground-floor retail space and second-story office space. Farmer’s Corner’s indoor concourse features 20-foot clear heights, exposed beams, landscaping and a water feature. The buyer plans to upgrade the property, including replacing the roof and implementing an aggressive marketing effort to lease up the asset. Greg Bedell and Mike Lin of Progressive Real Estate Partners represented the buyer and seller in the deal.

March 3, 2023

California Loans Multifamily Seniors Housing Western

CBRE Arranges $38.4M Refinancing for Seniors Housing Property in Santee, California

by Amy Works March 2, 2023

SANTEE, CALIF. — CBRE has arranged a $38.4 million refinancing for The Plaza at Lantern Crest, a 113-unit independent living community in Santee, a northeastern suburb of San Diego. The borrower is The Grant Cos. Aron Will, Bill Chiles, Matt Kuronen and Michael Cregan of CBRE National Senior Housing, arranged the financing. Built in 2021, the four-story community is situated on 3.8 acres within a larger 34-acre campus that provides a full continuum of care to its residents. CBRE National Senior Housing originated the 10-year loan with five years of interest-only payments through its Freddie Mac Optigo lending platform.

March 2, 2023

Acquisitions California Industrial Western

Luminous Capital Sells 37,200 SF R&D Building in Carlsbad, California for $18.6M

by Amy Works March 2, 2023

CARLSBAD, CALIF. — Luminous Capital Management, in partnership with Austin, Texas-based Virtus Real Estate Capital, has completed the sale of 2290 Cosmos Court, an industrial/R&D property in Carlsbad. Hazard Jr Enterprises LP, a family-owned entity advised by San Diego-based Commercial Facilities, acquired the asset for $18.6 million, or $501 per square foot. REEF, a global manufacturer of beach-inspired footwear and apparel, occupies the 37,200-square-foot building on a 10-year lease, which was signed in early 2022. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates represented the seller in the deal. The team also handled the lease with REEF.

March 2, 2023

Washington-Talbert-Industrial-Park-Fountain-Valley-CA

Acquisitions California Industrial Western

DAUM Commercial Negotiates Sale of 59,754 SF Industrial Park in Fountain Valley, California

by Amy Works March 2, 2023

FOUNTAIN VALLEY, CALIF. — DAUM Commercial has arranged the sale of a multi-tenant industrial park at 18071 Mt. Washington St. and 11190-11240 Talbert Ave. in Fountain Valley. Manhattan West Real Estate acquired the asset from DDK Investments for $16.5 million. Built in 1982 on 2.9 acres, the park features two two-story industrial buildings totaling 59,754 square feet with 18-foot to 36-foot clear heights, oversized ground-level doors and large fenced yards. At the time of sale, the property was fully occupied by six tenants, including OC Art & Home, Harwood Galleria, The Drawer Shop and RADCO. Mike Barreiro and Devin Ray DAUM Commercial represented the seller, while Charles Johnson and Joseph Harmon sourced and represented the buyer in the deal.

March 2, 2023

California Loans Multifamily Seniors Housing Western

CBRE Arranges $38.4M Refinancing for Seniors Housing Property in Santee, California

by Amy Works March 2, 2023

SANTEE, CALIF. — CBRE has arranged a $38.4 million refinancing for The Plaza at Lantern Crest, a 113-unit independent living community in Santee, a northeastern suburb of San Diego. The borrower is The Grant Cos. Aron Will, Bill Chiles, Matt Kuronen and Michael Cregan of CBRE National Senior Housing, arranged the financing. Built in 2021, the four-story community is situated on 3.8 acres within a larger 34-acre campus that provides a full continuum of care to its residents. The collection of Lantern Crest communities represents one of the highest quality rental campuses in San Diego County. CBRE National Senior Housing originated the 10-year loan with five years of interest-only payments through its Freddie Mac Optigo lending platform.

March 2, 2023

Acquisitions California Industrial Western

Luminous Capital Sells 37,200 SF R&D Building in Carlsbad, California for $18.6M

by Amy Works March 2, 2023

March 2, 2023

Acquisitions California Industrial Western

DAUM Commercial Negotiates Sale of 59,754 SF Industrial Park in Fountain Valley, California

by Amy Works March 2, 2023

FOUNTAIN VALLEY, CALIF. — DAUM Commercial has arranged the sale of a multi-tenant industrial park at 18071 Mt. Washington St. and 11190-11240 Talbert Ave. in Fountain Valley. Manhattan West Real Estate acquired the asset from DDK Investments for $16.5 million. Mike Barreiro and Devin Ray of DAUM Commercial represented the seller, while Charles Johnson and Joseph Harmon sourced and represented the buyer in the deal. Built in 1982 on 2.9 acres, the park features two two-story industrial buildings totaling 59,754 square feet with 18-foot to 36-foot clear heights, oversized ground-level doors and large fenced yards. At the time of sale, the property was fully occupied by six tenants, including OC Art & Home, Harwood Galleria, The Drawer Shop and RADCO.

March 2, 2023

California Market Reports Multifamily Western Western Market Reports

Inland Empire Multifamily Market Poised for Great Future Potential

by Jeff Shaw March 1, 2023

— By Shane Shafer, Managing Director, Northmarq — The Inland Empire submarkets have maintained rent increases, low vacancy rates and employment growth. Plus, unlike other Southern California markets, the IE has seen a migration into the area — not out. The population of the Inland Empire region in an average year expands by about 50,000 residents. This is the fifth largest gain among the largest 50 metros, per 2021 Census numbers. A Jobs-Rich Market Gaining Momentum Local employment showed signs of growth and resurgence, adding jobs each of the past four quarters. Year-over-year total employment increased by more than 83,000 positions, which equates to a gain of more than 5 percent. Contrast this with other markets, and you can see why the Inland Empire is on most investors’ top 10 lists for buying, and why expectations are so high for the market to have continued rental growth. The logistics sector is one of the biggest and fastest growing in the United States. These jobs have consistently grown over the past 10 years, increasing by more than 10 percent. This year, Amazon inked a record-setting 4.1-million-square-foot facility in Ontario, while companies like Target, Shopify, Best Buy, AutoZone and others also made large commitments. The …

March 1, 2023

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