California

CBRE Brokers $10M Sale of Courtyard Apartments at La Pat Place in Westminster, California

by Jeff Shaw June 30, 2023

WESTMINSTER, CALIF. — CBRE arranged the sale of Courtyard Apartments at La Pat Place, a 30-unit community in Westminster. A private investor purchased the property for $10 million. Courtyard Apartments at La Pat Place was built in 1963 and offers a mix of studio, one-, two- and three-bedroom floor plans. All 30 units were remodeled as part of the $1 million in renovations completed by the seller. Dan Blackwell and Andrew Boukather represented the buyer and undisclosed seller in this transaction.

June 30, 2023

Acquisitions California Industrial Western

CapRock Partners Acquires 3.1-Acre Olive Tree Industrial in Pico Rivera, California

by Jeff Shaw June 30, 2023

PICO RIVERA, CALIF. — CapRock Partners has acquired Olive Tree Industrial, a 3.1-acre, value-add industrial outdoor storage property in Pico Rivera, just southeast of Los Angeles. The property features about 31,000 square feet of warehouse space and a large, secured storage yard. CapRock intends to transform the property into a modern and functional facility. The firm continues to seek value-add investment opportunities throughout the Western and Central U.S. Mark Repstad and Carla Chen with Southland CRE represented CapRock in the purchase transaction. They were also retained to market and lease Olive Tree Industrial’s available space.

June 30, 2023

Acquisitions California Retail Western

Hanley Brokers $15.8M Sale of Ash Tree Square Retail Center in Fresno, California

by Jeff Shaw June 29, 2023

FRESNO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $15.8 million sale of Ash Tree Square, a retail center in Fresno. Tenants at the property, which totals 80,877 square feet situated on 7.5 acres, include Ross Dress for Less, Starbucks Coffee, Wing Stop and Mountain Mike’s Pizza. Alexander Moore, Sean Cox and Kevin Fryman of Hanley represented the private, California-based seller in the transaction. A California-based private investor acquired the property.

June 29, 2023

California Leasing Activity Multifamily Seniors Housing Western

Agemark Takes Over Management of Three Seniors Housing Communities in California

by Jeff Shaw June 29, 2023

GLENDALE, THOUSAND OAKS AND FRESNO, CALIF. — Agemark Senior Living has taken over management at three seniors housing communities in California: Sage Glendale in Glendale, Sage Mountain in Thousand Oaks and Kingston Bay in Fresno. Ownership of these three communities is a joint venture between Mountain Capital Partners, Dekel Capital and Willis Development. Sophos Equities was the consulting asset manager for the transition. Agemark now operates 29 communities. Agemark’s brands include Astoria, CountryHouse, Kensington-Evergreen, Holland Farms, Serra Sol, Symphony Pointe and TreVista.

June 29, 2023

California Leasing Activity Retail Western

UFC GYM to Open 30,000 SF Location in Brea, California

by Jeff Shaw June 29, 2023

BREA, CALIF. — Wood Investments Cos. has signed UFC GYM to open within a 30,000-square-foot retail property formerly occupied by Tower Records in Brea, roughly 30 miles southeast of Los Angeles. Scheduled to open in the third quarter of this year, UFC GYM will fully occupy the two-story, single-tenant building. Jim Manarino and Tracey Zimmerman of Manarino & Associates represented Wood Investments in the leasing negotiation.

June 29, 2023

Affordable Housing California Development Mixed-Use Multifamily Retail Western

Intracorp Homes Acquires 3.8-Acre Mixed-Use Redevelopment Site in Torrance, California for $21M

by Jeff Shaw June 28, 2023

TORRRANCE, CALIF. — Intracorp Homes purchased 22501 Hawthorne Blvd., a 3.8-acre site in Torrance, from a locally based private investor for $21 million. John Read, Greg Sullivan and Trent Steeves of CBRE represented the seller. The property was historically a retail center anchored by a bowling alley called Gable House Bowl. Intracorp Homes plans to redevelop the site into a mixed-use project, which will include 17 affordable rental units as well as commercial space. Details on rent restrictions for the affordable units have not yet been disclosed.

June 28, 2023

California Development Multifamily Seniors Housing Western

Harbert South Bay Partners Breaks Ground on 87-Unit The Seville Seniors Housing Community in San Clemente, California

by Jeff Shaw June 28, 2023

SAN CLEMENTE, CALIF. — Harbert South Bay Partners has broken ground on The Seville, an assisted living and memory care community in San Clemente, a coastal city approximately 60 miles southeast of Los Angeles. The property will feature 63 assisted living and 24 memory care units. Completion is scheduled for summer 2024. Project partners include Momentum Senior Living as operator, Banvard & Soderbergh as architect, Rodrigo Vargas Design as interior designer and W.E. O’Neil as general contractor.

June 28, 2023

Acquisitions California Healthcare Multifamily Seniors Housing Western

Sherman & Roylance Arranges Bankruptcy Sale of Parkview Healthcare Center in Hayward, California

by Jeff Shaw June 28, 2023

HAYWARD, CALIF. — Sherman & Roylance has arranged the bankruptcy sale of Parkview Healthcare Center, a 121-bed skilled nursing facility in the Bay Area city of Hayward. The 56,367-square-foot community was in bankruptcy, and Shep Roylance and John Sherman led a 30-day closing process. The new operator will be Spyglass Healthcare.

June 28, 2023

California Leasing Activity Office Western

Brown & Riding Insurance Relocates to U.S. Bank Tower in Downtown Los Angeles

by Jeff Shaw June 28, 2023

LOS ANGELES — Brown & Riding Insurance Services has announced plans to move its Los Angeles office to the U.S. Bank Tower in downtown Los Angeles. The firm signed a 10-year lease for a 13,043-square-foot space on the 20th floor. This marks the first lease signing since Silverstein Properties completed its $60 million capital improvement program for the tower. The renovation project, completed in May 2023, includes enhancements to more than 35,000 square feet of common areas, a redesigned entrance and lobby, contactless elevators and other amenities. Brown & Riding’s move is scheduled to take place in early 2024. David Kluth and Aliya Coher of Newmark represented the tenant in the lease transaction. Harlan Strader of Silverstein Properties and Jaclyn Ward, James Malone and Sarah Hancock of JLL represented the landlord.

June 28, 2023

California Leasing Activity Office Western

Lee & Associates Arranges Seven Leases at Office Building in Burbank, California

by Jeff Shaw June 27, 2023

BURBANK, CALIF. — Lee & Associates, LA North/Ventura has closed seven lease transactions totaling more than 23,000 square feet at an office building located at 601 S. Glenoaks Blvd. in downtown Burbank. These new leases have moved the building’s occupancy rate from 64 percent to 85 percent. The leases cater to a range of businesses, including an adult care facility, a regional wellness center, an entertainment company, a financial services firm, a speech therapy group and local service providers. With the property now stabilized, the owner has listed it for sale. Scott Romick, Darren Casamassima and David Kaufman of Lee & Associates led the brokerage team.

June 27, 2023

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