California

LDK Ventures Sells 340,000 SF Warehouse in Sacramento for $42.8M

by Amy Works July 1, 2022

SACRAMENTO, CALIF. — LDK Ventures has completed the disposition of a warehouse building in Sacramento to Belvedere Logistics CA Property Owners for $42.8 million. Located at 8301 Belvedere Ave., the property features 340,000 square feet of industrial space. LDK Ventures originally acquired the asset in 2015 from a family trust. After purchase, LDK renewed both existing tenant leases and made building and site improvements, which included expansion of the interior, infill of existing rail tracks to create more usable floor space, and asphalt improvements to the site and parking areas. Rebecca Perlmutter, Darla Longo, Barbara Perrier, Brett Hartzell, Joe Cesta, Eric Cox, Michael Longo, Paige Morgan, Michael Luca and Ryan DeAngelis of CBRE represented LDK Ventures in the transaction.

July 1, 2022

Acquisitions California Office Western

Commercial Asset Advisors Arranges $6.3M Sale of Office Building in National City, California

by Amy Works July 1, 2022

NATIONAL CITY, CALIF. — Commercial Asset Advisors has brokered the sale of an office property located at 22 W. 35th St. in National City. SCOS LP sold the building to Strong Tower LP for $6.3 million. Mike Conger and Brian Jenkins of Commercial Asset Advisors represented the seller, while Shirley Kanamu and Valley Coleman of Pacific Coast Commercial represented the buyer in the deal. The property features 19,917 square feet of Class B office space with high visibility and convenient freeway access.

July 1, 2022

Acquisitions California Retail Western

CBM1 Brokers $2.9M Sale of Retail Strip Center in Oxnard, California

by Amy Works July 1, 2022

OXNARD, CALIF. — CBM1 has facilitated the sale the of a retail strip center located at 3450-3460 Saviers Road in Oxnard. Rick Rivera of CBM1 represented the seller in the deal. The names of the buyer and seller were not released. Situated on a half-acre lot, the property features a 7,300-square-foot retail building with four tenant units. At the time of sale, the asset was 100 percent occupied. Tenants include Little Caesars, a market, laundromat and nail salon.

July 1, 2022

Acquisitions California Office Western

MetLife, PGGM Acquire Four-Building Intersect Creative Office Campus in Irvine for $235.2M

by Amy Works June 30, 2022

IRVINE, CALIF. — MetLife Investment Management and PGGM have purchased Intersect, a four-building creative office campus in Irvine. Hines sold the property for $235.2 million. Totaling 453,975 square feet, the asset is located at 17877 and 17875 Von Karman Ave. and 17838 and 17872 Gillette Ave. in the Orange County Airport submarket. Kevin MacKenzie, John Chun and Samuel Godfrey of JLL’s debt advisory team secured a $117.6 million, 10-year, fixed-rate acquisition loan through Allianz Real Estate for the buyer. Previously, JLL worked to sell the original campus to Hines in 2015 and refinanced the asset on the company’s behalf in 2019. Intersect underwent a more than $27 million renovation in recent years. The asset features a two-acre courtyard with a game pavilion, urban garden, farmer’s market, basketball courts, volleyball courts, fire pits and lawn games. The Hangar 24 Brewery opens onto the courtyard and offers indoor and outdoor dining, as well as live music and events catering to the campus’ tenant base and residential neighbors. Additional onsite amenities include conference facilities, a fitness center, food trucks, wellness trails, private tenant terraces and patios, and subterranean and structured parking. At the time of sale, the property was 85 percent leased to …

June 30, 2022

California Loans Retail Western

JLL Arranges $68.9M Loan for Three-Building Retail Portfolio in Costa Mesa, Fullerton

by Amy Works June 30, 2022

COSTA MESA AND FULLERTON, CALIF. — JLL Capital Markets has arranged $68.9 million in financing for a three-building retail portfolio in Costa Mesa and Fullerton. Totaling 194,763 square feet, the properties are fully leased to a mix of investment grade credit-tenants and national retail tenants, including Sprouts Farmers Market, Rite Aid, Target and Ralphs. Greg Brown, John Marshall and Jordan Leake of JLL Capital Markets’ debt advisory team secured the 10-year, fixed-rate loans with a correspondent insurance company for the borrower, a private company. Two of the three properties are located along the 17th Street commercial corridor in Costa Mesa and the third property is located near the 91 Freeway and State Route 57 in Fullerton.

June 30, 2022

Acquisitions California Retail Western

World Premier Investments Buys 219,902 SF Fullerton Town Center in Orange County

by Amy Works June 30, 2022

FULLERTON, CALIF. — A group led by World Premier Investments has acquired Fullerton Town Center, a grocery-anchored neighborhood retail center in Fullerton. Terms of the transaction were not disclosed. Located at the intersection of Harbor Boulevard and Orangethorpe Avenue, Fullerton Town Center features 219,902 square feet of retail space. The property boasts a 98 percent national tenant base, including Amazon Fresh, Ross Dress for Less, Five Below, WSS and an AMC Theatrea dine-in location with food, beverage and elevated service offerings. NewMark Merrill represented the buyer, while Reza Investment Group represented the seller in the deal.

June 30, 2022

Acquisitions California Multifamily Seniors Housing Western

Northwestern Mutual Divests of Cortona Park Assisted Living Community in Brentwood, California for $39.2M

by Amy Works June 30, 2022

BRENTWOOD, CALIF. — Northwestern Mutual has completed the sale of Cortona Park, an assisted living community in Brentwood, to a joint venture between Cogir and a national investment partner for $39.2 million. The buyer plans to rename the property Cogir of Brentwood. Built in 2007, the community features studio, one- and two-bedroom units averaging 761 square feet. The pet-friendly apartments offer large floorplans with granite countertops, in-unit washers/dryers and private balconies. Community amenities include a library, café/bistro, beauty shop, courtyard and garden, outdoor pool, theatre, billiards, fireside living room and a community room with meeting space. Additionally, the property features concierge services, a 24-hour security system, postal services, a business center, wireless internet access and special dietary services. Situated on 4.3 acres, the property is located at 150 Cortona Way. Charles Bissell, Cody Tremper and Dean Ferris of JLL Capital Markets’ investment sales and advisory team represented the seller in the deal.

June 30, 2022

California Development Multifamily Student Housing Western

Landmark Properties to Start Construction of 166-Bed Student Housing Development Near UCLA

by Amy Works June 29, 2022

LOS ANGELES — Landmark Properties is set to break ground on The Mark at Los Angeles, a 166-bed student housing development located adjacent to the University of California, Los Angeles (UCLA) campus at 10915 Strathmore Drive. The community will offer two- through five-bedroom units, including five affordable units offering 21 beds. Shared amenities will include an outdoor courtyard, private and shared rooftop terraces, and a resort-style swimming pool. Landmark purchased the development site from the Pacific Southwest District of the Lutheran Church-Missouri Synod (LCMS), which owned the land and an existing building on the property since the mid-1950s. Foundry Commercial represented the seller in the transaction. Construction on the community is scheduled for completion by September 2024.

June 29, 2022

Acquisitions California Office Western

Tishman Speyer Sells 259,754 SF Office Building in El Segundo for $205.5M

by Amy Works June 28, 2022

EL SEGUNDO, CALIF. — Tishman Speyer has completed the disposition of 555 Aviation, an office building located within a creative office campus in El Segundo. An undisclosed buyer acquired the asset for $205.5 million. Kevin Donner, Doug Harmon, Ben Lushing, David Hasbrouck, Ben Cooper and Lars Platt of Cushman & Wakefield represented the seller in the deal. Belkin International, Publicis and Fabletics fully occupy the 259,754-square-foot, low-rise property. The tenants have a weighted average lease term of approximately nine years. Tishman Speyer acquired the asset in 2015 for $45 million with the intent to convert the single-story distribution and repair facility into a creative office environment. After its sole user, Xerox, vacated the building in 2017, Tishman Speyer implemented a $44 million reinvention program that transformed the property light-filled spaces accented by large windows, a fitness center, café and multiple outdoor gathering areas.

June 28, 2022

California Development Multifamily Western

Toll Brothers Breaks Ground on 422-Unit Lindley Apartment Tower in San Diego

by Amy Works June 28, 2022

SAN DIEGO — Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers (NYSE: TOL), has broken ground on The Lindley, a 37-story multifamily property located in San Diego’s Little Italy neighborhood. Totaling more than 800,000 square feet, the 37-story building will feature 422 apartments and more than 12,000 square feet of ground-floor retail space. The Lindley will offer studio, one- and two-bedroom floor plans, as well as penthouse and townhouse residences. Units will feature luxury vinyl tile flooring, European-style cabinetry, quartz countertops with tile backsplashes, stainless steel appliances, energy-efficient LED lighting and smart thermostats. The penthouse and townhouse residences, situated on floors 35 to 37, will feature higher ceilings, hardwood flooring, quartz backsplashes, upgraded appliances and automatic shades. Additionally, all residences will have private balconies, with four of the townhouses featuring additional private rooftop patios. The community will also feature an above- and below-grade structured parking garage with 561 parking spaces and capacity for 222 electric vehicle charging stations. The first-floor grand lobby and mezzanine host the onsite property management, concierge, and mail and secured packaged room. Community amenities will include high-end finishes, secured keyless entry, Wi-Fi and more than 22,000 square feet of interior and exterior amenity space. …

June 28, 2022

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