California

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Cushman & Wakefield Negotiates Sale of 227,803 SF Creekside Plaza Office Park in San Leandro, California

by Amy Works June 17, 2022

SAN LEANDRO, CALIF. — Cushman & Wakefield has arranged the sale of Creekside Plaza Office Park, a three-building office campus and development site in San Leandro. An institutional investor purchased the asset from a privately held real estate development company for an undisclosed price. Built in phases between 2002 to 2010, Creekside Plaza Office Park features 227,803 square feet of Class A, multi-tenant office space. Owned by the original developers for the more than 20 years, this is the first time Creekside Plaza was marketed for sale. Ryan Venezia, Barry Cohn, Seth Siegel, Steve Hermann, Rick Ryan, Kevin Flemming and David Englert of Cushman & Wakefield represented the seller in the transaction.

June 17, 2022

Acquisitions California Net Lease Retail Western

Hanley Investment Group Brokers Sale of Grocery Outlet-Occupied Property in Kerman, California

by Amy Works June 16, 2022

KERMAN, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly completed, single-tenant retail property located at 14868 W. Whitesbridge Ave. in the Fresno County city of Kerman. A local private investment firm sold the asset to a San Mateo County.-based private investor for $6.4 million. Grocery Outlet occupies the 16,000-square-foot building on a net-lease basis. Based in Emeryville, Grocery Outlet has more than 420 stores in California, Washington, Oregon, Pennsylvania, Idaho, Nevada and New Jersey. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Nigel Keep of Kidder Mathews’ office in Silicon Valley, Calif., represented the buyer in the transaction.

June 16, 2022

Acquisitions California Georgia Illinois Maryland Michigan Midwest Minnesota Northeast Pennsylvania Retail Southeast Texas Top Stories Western

JLL Brokers $278M Sale of Eight-Property Grocery-Anchored Retail Portfolio

by Katie Sloan June 16, 2022

OAK BROOK, ILL. — JLL’s Capital Markets group has arranged the $278 million sale of an eight-property, grocery-anchored retail portfolio. The buyer was Inland Real Estate Income Trust Inc. The properties were 88.5 percent leased at the time of sale to tenants including Ralphs, Target, Whole Foods Market, Giant, Trader Joe’s, Sprouts Farmers Market, Nordstrom Rack, Starbucks Coffee, Rite Aid and Sierra Trading Post. The properties span 687,000 square feet and include: Olde Ivy Village, located outside of Atlanta at 4330 East-West Connector in Smyrna, Ga.; Denton Village, located at 4930 Teasley Lane in the Dallas suburb of Denton, Texas; Northpark Square Village, located at 27706-27776 McBean Parkway in the metro Los Angeles community of Valencia, Calif.; Northville Park Place, located at 18771-39869 Traditions Drive in Northville, Mich., outside of Detroit; City Place, located eight miles east of Saint Paul at 205 Radio Drive in Woodbury, Minn.; Rusty Leaf Plaza, located at 2512-2560 E. Chapman Ave. in Orange, Calif.; Lower Makefield Shopping Center, located at 700 Stony Hill Road in Yardley, Pa., outside Philadelphia; and New Town Village, located at 9700 Groffs Mill Drive in the metro Washington, D.C., community of Owings Mills, Md. Bill Moylan, Chris Angelone, Barry Brown, …

June 16, 2022

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

Standard Communities Acquires 559-Unit Affordable Seniors Housing Portfolio in California

by Amy Works June 15, 2022

ANAHEIM, ESCONDIDO AND LIVERMORE, CALIF. — Standard Communities, through a public-private partnership, has acquired three mixed-income seniors housing communities totaling 559 rental units in California. The total capitalization of the three-property portfolio is over $195 million, including more than $19 million in renovations. The properties include: Heritage Village Anaheim, totaling 196 units on 5.1 acres in Anaheim Heritage Park Escondido, totaling 196 units on five acres in Escondido Heritage Park Livermore, totaling 167 units on 8.2 in Livermore “We’re preserving and expanding affordable housing in some of the areas that need it most in California,” says Jeffrey Jaeger, co-founder and principal of Standard Communities. “Seniors are the fastest-growing population in California.” “In the city of Livermore for example, almost 20 percent of the population are seniors and 24 percent of them are renters,” adds Joon Lee, managing director of strategic capital for Standard. “The average price of a home in Livermore is over $1 million, which has increased nearly 30 percent year over year. It’s important to Standard to provide affordable housing options for seniors” Standard’s improvements at the three Heritage communities will consist of plumbing, HVAC, electrical, fire safety and security upgrades; roof, door and window repair or replacement; …

June 15, 2022

Acquisitions California Healthcare Western

Ovaness-Rostamian Group Arranges $9.3M Sale of Medical Office Building in Long Beach, California

by Amy Works June 15, 2022

LONG BEACH, CALIF. — The Ovaness-Rostamian Group of Marcus & Millichap has brokered the sale of a medical office building located at 1525 Long Beach Blvd. in Long Beach. The property traded for $9.3 million, or $1,082 per square foot. Fresenius Medical Care occupies the 8,600-square-foot asset. Orbell Ovaness, Ara Rostamian, Aren Ohanian, Jason Anguiano, Peter Xiao, Austin Che, George Baltakian and Sean Matsuura of Marcus & Millichap’s Ovaness-Rostamian Group represented the undisclosed buyer, while Alvin Mansour and David Kern of Marcus & Millichap’s Mansour Group represented the undisclosed seller in the deal.

June 15, 2022

California Development Loans Multifamily Seniors Housing Western

Live Oak, Locust Point Provide $28M Construction Loan for Assisted Living, Memory Care Community in San Diego

by Amy Works June 14, 2022

SAN DIEGO — Live Oak Bank and Locust Point Capital have provided a $28 million loan for the development of an 81-unit assisted living and memory care community in the Clairemont neighborhood of San Diego. The borrower is a partnership between RhodesMoore and Frontier Management. The urban infill development will consist of a 73,000-square-foot building and parking deck situated on 1.5 acres. Frontier will be the operator upon completion.

June 14, 2022

Acquisitions California Multifamily Western

FPA Multifamily Sells 142-Unit ReNew Mills Community in Ontario, California for $45.6M

by Amy Works June 13, 2022

SAN DIEGO — FPA Multifamily has completed the sale of ReNew Mills, an apartment property in Ontario. San Diego-based Interwest Capital Group acquired the asset for $45.6 million. Located at 551 E. Riverside Drive on 8.8 acres, ReNew Mills features 142 apartments, a fitness center, resident clubhouse with a pool table and lounge, dog park and resort-style pool and spa. The units feature large closets, vaulted ceilings, air conditioning, fireplaces and private balconies. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction.

June 13, 2022

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Acquisitions California Company News Indiana Industrial Midwest Top Stories Western

Prologis Agrees to Acquire Duke Realty in $26B All-Stock Transaction

by Taylor Williams June 13, 2022

SAN FRANCISCO AND INDIANAPOLIS — San Francisco-based industrial giant Prologis Inc. (NYSE: PLD) has agreed to acquire Indianapolis-based Duke Realty (NYSE: DRE) for $26 billion in an all-stock transaction, including debt. The mega-merger of these two REITs is scheduled to close in the fourth quarter. The board of directors for each company has already unanimously approved the transaction. In May, Prologis offered to acquire Duke in an all-cash transaction for $61.68 per share, a proposal that would have generated a price tag of $23.7 billion. The offer, which was tendered on May 10, represented a 29 percent premium over Duke’s closing stock price on the previous day. However, Duke rejected the offer. The transaction includes Prologis’ assumption of Duke Realty’s existing debt. Duke’s shareholders will receive a premium of 47.5 percent over the current value of each share of common stock they own. Prologis plans to hold 94 percent of the acquired assets. Prologis expects to achieve $310 million to $370 million in reduced general and administrative costs and consolidated corporate leverage as a result of the acquisition. In addition, Prologis said it was drawn to Duke’s presence with high-performing industrial facilities in key markets, including Southern California, New Jersey, …

June 13, 2022

Acquisitions California Office Western

Newmark Arranges $32.5M Sale of Westside Los Angeles Office Building

by Amy Works June 10, 2022

LOS ANGELES — Newmark has brokered the sale of 640 North Sepulveda Blvd., an office property located in Westside Los Angeles. Vectra Management Group sold the building to an undisclosed buyer for $32.5 million. Built in 1987, the two-story, 45,630-square-foot office building underwent a $3 million renovation in 2019. The property offers nearly 12,000 square feet of outdoor work and recreation space, including an open courtyard, outdoor patio, barbecue area, basketball court, designated pet area, water features, ping pong tables, fire pit and lounge area. At the time of sale, the building was 27 percent occupied. Sean Fulp, Ryan Plummer and Mark Schuessler of Newmark represented the seller, while David Kluth and Aliya Coher of Newmark represented the buyer in transaction.

June 10, 2022

Acquisitions California Industrial Western

Stos Partners, Long Wharf Capital Sell Industrial Facility in San Diego for $17.3M

by Amy Works June 10, 2022

SAN DIEGO — Stos Partners, in a joint venture with Long Wharf Capital, has completed the disposition of an industrial property in San Diego’s Miramar submarket. EverWest Real Estate Investors bought the property for $17.3 million. The sellers initially acquired the asset for $11 million in early 2020. Located at 9431 Dowdy Drive, the 55,000-square-foot property features ample parking space, drive-around access, dock-high loading space, storage space and a security system with a fenced-in lot. Bryce Aberg, Brant Aberg and Zachary Hardman of Cushman & Wakefield represented the seller in the deal.

June 10, 2022

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