California

RPG, CenterSquare Sell 175,367 SF Industrial Asset in Vista, California for $58M

by Amy Works July 28, 2022

VISTA, CALIF. — RPG, in partnership with CenterSquare, has completed the sale of 1 Viper. The recently redeveloped and fully leased Class A industrial property is situated on 11.7 acres at 1 Viper Way in Vista. Santa Monica-based BLT Enterprises acquired the asset for $58 million. Aric Starck and Drew Dodds of Cushman & Wakefield represented the sellers in the deal. Following its acquisition of the property in 2021, RPG speculatively redeveloped and improved the 175,367-square-foot asset, which is situated on a 482,644-square-foot site. The property features 20 dock-high doors, 16 grade-level doors and skylights to increase natural light and energy efficiency. At the time of sale, the property was fully leased to Cymer and Gnarlywood.

July 28, 2022

Acquisitions California Retail Western

Faris Lee Arranges $17.3M Sale of La Verne Plaza in Metro Los Angeles

by Amy Works July 28, 2022

LA VERNE, CALIF. — Faris Lee Investments has arranged the $17.3 million sale of La Verne Plaza, a retail center located in the Los Angeles County community of La Verne. Shaun Riley and Nick Miller of Faris Lee represented the undisclosed seller and procured the San Gabriel Valley-based buyer in the all-cash transaction. The property is shadow-anchored by Stater Brothers and In-N-Out Burger.

July 28, 2022

Acquisitions California Retail Western

300 Venture Group Buys 155,920 SF Former JCPenney Site in Pleasanton, California

by Amy Works July 28, 2022

PLEASANTON, CALIF. — 300 Venture Group (3VG), along with its undisclosed capital partner, has purchased the former JCPenney site at 1500 Stoneridge Mall Road in Pleasanton. Terms of the acquisition were not released. The 155,920-square-foot building is located on 9.8 acres of prime real estate in a high-barrier-to-entry market. The acquisition is a consistent with 3VG’s mission of profitably repositioning assets to maximize their value and create vibrant communities. Nicholas Bicardo of Newmark represented the seller in the transaction.

July 28, 2022

1620-14th-St-1621-Euclid-St-Santa-Monica-CA

Acquisitions California Industrial Self-Storage Western

Matthews Brokers Sale of 1,070-Unit Self-Storage Facility in Santa Monica

by Amy Works July 27, 2022

SANTA MONICA, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a self-storage facility located at 1620 14th St. and 1621 Euclid St. in Santa Monica. Invesco Real Estate acquired the asset. The seller and price were not released. The 56,490-square-foot facility features 1,070 units. The two-parcel facility sits on 1.3 acres at the intersections of Colorado Avenue and 14th Street. Bill Pedersen, Shane Avera and Maxx Bauman of Matthews represented the seller in the transaction.

July 27, 2022

California Development Multifamily Western

Manhattan West, Local Development Plan Two Multifamily Properties in Los Angeles’ Echo Park

by Amy Works July 26, 2022

LOS ANGELES — Manhattan West Real Estate, a division of Manhattan West, and its joint venture partner Local Development plan to develop two multifamily properties totaling 102 units in Los Angeles’ Echo Park neighborhood. The partnership is currently pursuing development entitlements with the City of Los Angeles via its Transit Oriented Communities Affordable Housing Incentive Program for 801-809 N. Alvarado St. and 900-908 N. Alvarado St., which are situated one block apart from each other. Earlier this month, the joint venture acquired 900 Alvarado, which totals 15,000 square feet of land, for $4 million. In December 2021, it purchased 801 Alvarado, a 12,678-square-foot site, for $4.2 million. The existing vacant structures on the sites are scheduled for demolition in early September. Once entitlements are finalized, construction on both projects is slated to begin in late 2023, with completion targeted for approximately two years later. The properties will offer one-, two- and three-bedroom units with balconies in most units and a rooftop deck, among other amenities. The property at 900 Alvarado will feature 47 apartments over a fitness center and two-level, 48-car, subterranean parking garage. The 801 Alvarado property will offer 55 units over a two-level, 40-car, subterranean parking garage. Warren …

July 26, 2022

California Development Mixed-Use Top Stories Western

Lendlease Breaks Ground on $1.1B Mixed-Use Tower in San Francisco

by Taylor Williams July 25, 2022

SAN FRANCISCO — Lendlease, a global investment firm headquartered in Australia, has broken ground on 30 Van Ness, a $1.1 billion mixed-use tower that will be located in between San Francisco’s Hayes Valley and Mid-Market districts. The price tag represents Lendlease’s largest investment to date in the Americas. Completion is slated for 2025. Designed by SCB Architects, the 540-foot-tall building will consist of 333 residential condominiums and 290,000 square feet of office and retail space. The property’s 38 stories of residential space will be constructed atop the nine-story podium that will house the office and retail components. Residences will come in studio, one-, two- and three-bedroom floor plans and have an average size in excess of 1,000 square feet. About 25 percent of the units will be reserved as affordable housing, specific income requirements for which were not disclosed. The 10th floor of the building will house residential amenities. Each level of office space will offer outdoor terraces and dynamic glass that lowers energy usage throughout the building. In addition, the site’s event and retail space will open into a public plaza at the northeast corner of Market and Van Ness streets. This space will be used to host both …

July 25, 2022

California Development Loans Multifamily Western

Gemdale USA Receives $94.3M Construction Financing for Multifamily Development in Pleasant Hill, California

by Amy Works July 22, 2022

PLEASANT HILL, CALIF. — Gemdale USA has received $94.3 million in construction financing for an apartment community located in the Bay Area city of Pleasant Hill. Located at 85 Cleaveland Road, the four-story property will feature 189 apartments, a fitness center, communal lounges, clubroom, outdoor courtyard with lounge seating, amenitized rooftop and pool deck, co-working lounge, outdoor meeting rooms and fireplaces. Additionally, the property will be adjacent to 350,000 square feet of retail stores, restaurants and a movie theater. Brandon Roth, Nicco Lupo, Jordan Angel and Tatiana Hodapp of JLL Capital Markets’ Debt and Equity Advisory team arranged the senior financing through Bank OZK and the mezzanine financing through AvalonBay Communities for the borrower.

July 22, 2022

California Hospitality Market Reports Western Western Market Reports

Should Hoteliers Stay in San Diego?

by Jeff Shaw July 22, 2022

Western Real Estate Business sat down with two hotel experts to discuss what the future holds for tourism-heavy markets like San Diego. They include Robert A. Rauch, managing partner of the locally based Hilton Campus Del Mar and Fairfield Inn & Suites San Marcos and a faculty associate at Arizona State University, as well as Gary H. London, senior principal of Carlsbad, Calif.-based London Moeder Advisors, which prepares commercial market and financial feasibility studies and analyzes real estate investments for prospective investors. WREB: How is San Diego’s hospitality and tourism industries stacking up to other markets that are similar in either size or tourist popularity? London: Because of an ongoing slowdown in international travel, many American travelers divert to San Diego as a favored domestic destination. San Diego’s tourism sector has been very strong since the perceived end of the pandemic-induced recession almost a year ago. Rauch: Over the nine months spanning from July 2021 to March 2022, San Diego has been in the top five of the 25 largest U.S. markets in all three categories of occupancy, average rate and RevPAR. Hotel occupancy comes in at 67.6 percent, average rate per night is $179.85 and RevPAR (revenue per available room) stands at …

July 22, 2022

Acquisitions California Retail Western

Faris Lee Negotiates $27.1M Sale of Santee Town Center Retail Property in California

by Amy Works July 21, 2022

SANTEE, CALIF. — Faris Lee Investments has arranged the $27.1 million sale of Santee Town Center, a shopping center in Santee. Brixton Capital acquired the asset from a Los Angeles-based private family office. Sean Cox and Alex Moore, Don MacLellan and Gene Ventura of Faris Lee represented the buyer and seller in the deal. At the time of sale, the 106,903-square-foot retail center was fully leased. Current tenants include Ross Dress for Less, Dollar Tree and Michaels.

July 21, 2022

California Loans Office Western

Greenbridge, Deutsche Bank Originate $150M Loan for The Reef Creative Office Building in Los Angeles

by Amy Works July 21, 2022

LOS ANGELES — Greenbridge Finance and Deutsche Bank have co-originated a $150 million refinancing for The Reef, a creative flex office property in downtown Los Angeles. Located at 1933 S. Broadway, The Reef offers more than 800,000 rentable square feet of creative space tailored for innovators, entrepreneurs and diverse creators. LA Mart, Maker City LA and Magic Box are tenants at the 12-story building, which also has a basement.

July 21, 2022

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