California

Newmark Brokers Sale of Two-Property Retail Portfolio Near San Francisco

by Amy Works May 12, 2022

LAFAYETTE, CALIF. — An institutional investment group has acquired a two-property retail portfolio in Lafayette from an undisclosed private seller. Terms of the transaction were not released. The portfolio includes La Fiesta Square, a 3.9-acre open-air, convenience-oriented lifestyle center, and Lafayette Mercantile, a 56,614-square-foot mixed-use asset. La Fiesta Square features 74,295 square feet of retail space spread across five buildings. The three-story Lafayette Mercantile offers ground-floor retail space and office space on the second and third floors. Nicholas Bicardo and Steven Golubchik of Newmark represented the seller in the transaction.

May 12, 2022

California Loans Multifamily Seniors Housing Western

JLL Funds $30.3M Refinancing for Nantucket Creek Active Adult Community in Los Angeles

by Amy Works May 12, 2022

LOS ANGELES — JLL Capital Markets has provided a $30.3 million loan to refinance Nantucket Creek, a 172-unit, garden-style, age-restricted apartment community in the Chatsworth neighborhood of Los Angeles. JLL worked on behalf of the borrower, Universe Holdings, to secure the 10-year, fixed-rate loan through Freddie Mac. JLL Real Estate Capital LLC will service the loan. Proceeds from the loan also provided a return of equity to Universe’s balance sheet, which the company plans to use toward future acquisitions. Nantucket Creek comprises one- and two-bedroom units ranging from 623 to 1,100 square feet. The community is located along California’s State Route 27, providing access to local retail and dining centers, as well as Chatsworth Dry Lake Nature Preserve and West Hills Hospital and Medical Center. Charles Halladay, Jonah Aelyon and Elle Miraglia led the JLL Capital Markets debt advisory team representing the borrower.

May 12, 2022

California Development Industrial Western

Duke Realty Starts Construction of Three Spec Industrial Developments in Northern California

by Amy Works May 12, 2022

SAN JOSE, RICHMOND AND HAYWARD, CALIF. — Duke Realty (NYSE: DRE) has started construction of three speculative industrial facilities in Northern California. The projects include: a 302,772-square-foot development with 42-foot clear heights, 47 dock-high doors, 108 truck trailer spaces, 296 car spaces and up to 12,000 amps of power on 17.4 acres at 5853 Rue Ferrari in San Jose. a 153,803-square-foot facility with 36-foot clear heights, 24 dock-high doors, 36 truck trailer spaces and 140 car spaces at 731 W. Cutting Blvd. in Richmond. a 157,725-square-foot property with 36-foot clear heights, 24 dock-high doors, 65 trailer parking stalls and 79 car spaces at 24493 Clawiter Road in Hayward. Chip Sutherland, Rob Shannon and Ben Knight of CBRE are listing brokers for the San Jose asset; Jason Ovadia, Mike Murray, Patrick Metzger and Greg Matter of JLL are handling listing for the Richmond property; and Bob Ferraro, Kevin Hatcher and Chris Van Keulen of CBRE are listing brokers for the Hayward facility.

May 12, 2022

Acquisitions California Retail Western

Newmark Negotiates $42.2M Sale of Country Fair Shopping Center in Chino, California

by Amy Works May 11, 2022

CHINO, CALIF. — Newmark has arranged the sale of Country Fair Shopping Center, a multi-tenant neighborhood shopping center in Chino. Red Mountain Group acquired the property from a publicly traded REIT based in New York for $42.2 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal. Located at 11901-12089 Central Ave., Country Fair Shopping Center features 168,264 square feet of retail space. At the time of sale, the center was 92 percent occupied. Current tenants include PetSmart, Rite Aid, Dollar Tree, Harbor Freight Tools, America’s Tires, Kaiser Permanente and Sherwin-Williams.

May 11, 2022

California Development Life Sciences Top Stories Western

Trammell Crow, CBRE Plan 116,000 SF Vista Sorrento Labs Spec Life Sciences Building in San Diego

by Kristin Harlow May 11, 2022

SAN DIEGO — Trammell Crow Co. (TCC), in partnership with CBRE Investment Management on behalf of a separate account client, has unveiled plans to build Vista Sorrento Labs, a 116,000-square-foot speculative life sciences development in the Sorrento Mesa submarket of San Diego. The purpose-built life sciences building marks the first ground-up life sciences project in San Diego for both firms. The partnership plans to begin demolition of an existing building on the site and break ground on the new facility in the fourth quarter of this year. Completion is slated for early 2024. The four-story building will feature floor plates spanning 32,000 square feet. The project will feature Class A lab, clean room and office space as well as onsite chemical storage. Ware Malcomb designed the building, which will include amenities such as electric vehicle charging stations, locker rooms, indoor and outdoor conference rooms, bike storage, surface and structured parking, a fitness center and lounge. “This fall’s scheduled groundbreaking will mark the first of multiple planned ground-up life sciences developments in Sorrento Mesa, which will add approximately 700,000 square feet of much-needed life sciences space to the submarket,” says Chris Tipre of TCC Newport Beach. “Vista Sorrento Labs is located …

May 11, 2022

Acquisitions California Industrial Western

Newmark Negotiates $103.5M Sale of QuantumScape-Occupied Industrial Building in San Jose, California

by Amy Works May 10, 2022

SAN JOSE, CALIF. — Newmark has arranged the sale of 1710 Automation Parkway, an industrial property located in San Jose. The asset traded for $103.5 million. The names of the seller and buyer were not released. QuantumScape (NYSE: QS), a manufacturer of lithium batteries for electric cars, fully occupies the 196,647-square-foot building. The tenant and former owner made significant improvements to the property to create a state-of-the-art battery development facility. Steven Golubchik, Nicholas Bicardo, Jonathan Schaefler and Darren Hollak of Newmark facilitated the transaction.

May 10, 2022

Longpoint-Industrial-Complex-Los-Angeles-CA

Acquisitions California Industrial Western

Longpoint Realty Partners Acquires Industrial Park Near Van Nuys Airport in Los Angeles for $85M

by Amy Works May 10, 2022

LOS ANGELES — Boston-based Longpoint Realty Partners has purchased a 13.4-acre industrial park, including five buildings and two vacant land parcels, near the Van Nuys Airport in Los Angeles. A private ownership group sold the property for $85 million. Totaling 95,600 square feet and originally constructed in 1960s and 1970s, the properties are: a 12,000-square-foot restaurant building at 16320 Raymer St. a 14,700-square-foot industrial property at 16300-16310 Raymer St. a 33,000-square-foot industrial facility at 16251 Raymer St. a 20,000-square-foot industrial asset at 16201 Raymer St. a 15,900-square-foot industrial property at 16161 Raymer St. a 2.5-acre land parcel at 16141 Raymer St. a 1.4-acre land parcel at 8085 Woodley Ave. Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction. Erik Larson, Robin Dodson and Paul Sims of Cushman & Wakefield provided local market advisory for the deal. JLL Capital Markets recently arranged $52 million in acquisition financing for the buyer.

May 10, 2022

California Development Industrial Life Sciences Loans Western

JLL Arranges $27.4M in Financing to Convert Industrial Building to Life Sciences Space in Vista, California

by Amy Works May 10, 2022

VISTA, CALIF. — JLL Capital Markets has secured $27.4 million in financing for the acquisition and repositioning of 2065 Thibodo Road, an industrial property in Vista. The borrower is a joint venture between Lincoln Property Co. and Angelo Gordon. The new owner plans to convert the existing 76,872-square-foot property, which is situated on 4.1. acres, into manufacturing space that meets Current Good Manufacturing Practices for life sciences users. The property features 149 parking stalls, five grade-level doors, 28-foot clear heights and 8,000 amps of power. Aldon Cole, Jordan Angel, Daniel Pinus and Auden Menke of JLL Capital Markets arranged the three-year, floating-rate loan through Citizens. Additionally, Joe Anderson of JLL brokered the sale from the previous owner and currently represents the borrower in its efforts to lease the building.

May 10, 2022

California Market Reports Multifamily Western Western Market Reports

LA Apartment Market Stays Tight, Values Soar

by Jeff Shaw May 10, 2022

By Kimberly Stepp, Principal, Stepp Commercial The strength of the Greater Los Angeles apartment market has exceeded expectations coming out of the pandemic. Despite reports of an exodus from California and population decline in the metro, apartment rental demand is seeing an all-time high, with net absorption of units running at its highest level in decades. As a result, vacancy is at a low 3.4 percent, lower than the pre-COVID level of 4.4 percent. Asking rents have seen a 7.7 percent growth over the past 12 months, while the national rate is 11.1 percent. Average monthly asking rents across LA County stand at $2,130, albeit still lower than the median monthly home payment of $2,659. Los Angeles multifamily market fundamentals remain favorable for investors. The area has one of the highest percentages of renters of any U.S. metro, comprising approximately half of all households. Already hefty housing prices in a highly competitive market have seen even greater increases over the past 20 months, resulting in a median home price of $795,000. This has left a significant part of the population priced out of homeownership. High construction costs, NIMBY sentiment and onerous permitting continue to plague the ability to deliver desperately needed housing units. …

May 10, 2022

Acquisitions California Retail Western

Cape Point Development Buys La Paz Village Shopping Center in Laguna Hills for $23.5M

by Amy Works May 9, 2022

LAGUNA HILLS, CALIF. — Cape Point Development has acquired La Paz Village, a neighborhood shopping center in Laguna Hills. A consortium of private investors sold the asset for $23.5 million. Built in 1974 and refurbished in 2012, La Paz Village features 54,566 square feet of retail space. Bill Rose of Institutional Property Advisors, a division of Marcus & Millichap, along with Steven Siegel, Glen Kunofksy and Anthony D’Ambrosia of Marcus & Millichap represented the seller, while Rose procured the buyer in the deal. Damon Wyler of Marcus & Millichap served as broker of record in California.

May 9, 2022

Newer Posts

Older Posts