California

Halftery Development, Trinity Investors Receive $39.4M Construction Loan for Shopping Center in French Valley, California

by Amy Works May 2, 2022

FRENCH VALLEY, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has secured $39.4 million in construction financing for French Valley Marketplace, a grocery-anchored shopping center development in French Valley. The nonrecourse loan will provide funds to complete the horizontal and vertical construction of the project. A partnership between Texas-based Trinity Investors and Pasadena-based Halftery Development Co. are leading the fully entitled, 22-acre project. Current tenants include Grocery Outlet, Rite Aid, EoS Fitness, McDonald’s, AutoZone and 7-Eleven. Brandon Wilhite of MMCC and Sunny Sajnani and Todd McNeill of Institutional Property Advisors, a division of Marcus & Millichap, arranged the financing. The origination team is based out of MMCC’s Dallas office. Trez Capital operated as the lender for the transaction.

May 2, 2022

Acquisitions California Retail Western

Marcus & Millichap Arranges Sale of 10,057 SF Golden Sands Plaza in San Bernardino

by Amy Works May 2, 2022

SAN BERNARDINO, CALIF. — Marcus & Millichap has brokered the sale of Golden Sands Plaza, a retail property located at 1090 W. Highland Ave. in San Bernardino. Built in 1962, the 10,057-square-foot property was 90.3 percent leased at the time of sale. A Northern California-based limited liability company sold the asset to another Northern California-based limited liability company for $1.1 million. Julia Evinger of Marcus & Millichap’s Indianapolis office represented the seller and secured the buyer in the deal. Adam Christofferson of Marcus & Millichap’s Los Angeles office served as broker of record for the transaction.

May 2, 2022

California Company News Development Life Sciences Western

Breakthrough Properties Raises $3B to Develop Life Sciences Properties in US, Europe

by Amy Works April 29, 2022

LOS ANGELES — Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has closed its Breakthrough Life Science Property Fund. The venture raised $3 billion in direct capital and co-investments, to scale a global portfolio of ecosystems for early-, mid- and late-stage life science companies. Founded in 2019, Breakthrough will use the newly raised funds to finance its ongoing developments, which are in various stages of design, construction and pre-development, as well as and fuel its acquisition of additional opportunities throughout the United States and Europe. The venture currently has 4.6 million square feet of projects in the pipeline across San Diego, Boston and Cambridge, Mass., Philadelphia, Amsterdam and Oxford and Cambridge, UK. In 2021, Breakthrough broke ground on its 515,000-square-foot Torrey View by Breakthrough development, a 10-acre research and development campus in San Diego. The biosciences arm of BD (Becton, Dickinson and Co.) signed a lease at the campus prior to completion.

April 29, 2022

Acquisitions California Office Western

Davlyn Investments Sells Office Building in San Diego to DivcoWest for $76.1M

by Amy Works April 29, 2022

SAN DIEGO — Davlyn Investments has completed the sale of Northridge Summit, a Class A office property located at 12220 Scripps Summit Drive in San Diego’s Scripps Poway Parkway submarket. DivcoWest purchased the asset for $76.1 million. At the time of sale, the single-tenant, 130,000-square-foot building was fully leased. The property features 43,000-square-foot rectangular floorplates, one level of below-grade parking, electric vehicle charging stations and a courtyard. Nick Psyllos, Lynn LaChapelle and Kurt Luedtke of JLL Capital Markets represented the seller in the deal.

April 29, 2022

California Development Office Western

SHVO Unveils Plans for Transamerica Pyramid Center Expansion in San Francisco

by Amy Works April 28, 2022

SAN FRANCISCO — SHVO and architects Foster + Partners have unveiled plans for Three Transamerica at 545 Sansome St. in San Francisco, including the expansion and upgrade of the building to a contemporary, high-design office building. Built in the 1930s, the historic Art Deco structure was originally designed for the California Ink Co. The building’s new design emphasizes sustainability while revitalizing the historic structure. The building’s interior will be completely modernized and brought up to date with current building codes while preserving the integrity of the historic structure. Its two Art Deco façades will be restored, and the building floor plates extended toward Washington Street and Redwood Park creating double-height office spaces. Additionally, new office space will be created above the existing building, set back from the historic Sansome Street façade, creating an additional 50,000 square feet of office space. Estimated development costs were not disclosed. The 10-story building is part of Transamerica Pyramid Center, which also includes an iconic, 48-story, pyramid-shaped anchor building built in 1972. SHVO bought the two buildings and the small, urban park between them in October.

April 28, 2022

California Loans Multifamily Western

BWE Arranges $108M Refinancing for Apartment Portfolio in California

by Amy Works April 28, 2022

LOS ANGELES, BEVERLY HILLS AND LONG BEACH, CALIF. — Bellwether Enterprise Real Estate Capital (BWE) has arranged $108 million in refinancing for nine multifamily properties totaling 400 units in California. Jason Krupoff of BWE’s Irvine office originated the loan for the borrower, Redwood Urban. The properties were refinanced with a Fannie Mae credit facility. The properties include: 1820 Whitney Ave., 1837 Whitley Ave., 1912 Whitley Ave., 1823 Grace Ave., 6600 Yucca St. and 6651 Franklin Ave., totaling 267 units in Los Angeles’ Hollywood neighborhood 9152 Alden Way and 8600 Burton Way, totaling 29 units in Beverly Hills 104 units at 210 Third Lofts at 210 Third Ave. and 225 Long Beach Blvd. in Long Beach The Hollywood properties are within walking distance to a variety of amenities and opportunities. The Beverly Hill properties offer in-unit laundry, marble countertops and garage parking. The Long Beach community features private balconies, in-unit laundry, updated appliances, gas stoves and 15,000 square feet of ground-floor retail space.

April 28, 2022

Acquisitions California Retail Western

Masagana Properties Sells Two Dollar General-Occupied Properties Near San Bernardino for $6.5M

by Amy Works April 28, 2022

YUCCA VALLEY AND LUCERNE VALLEY, CALIF. — Masagana Properties has completed the sale of a two-property retail portfolio near San Bernardino. An undisclosed buyer acquired the portfolio for $6.5 million. The 9,100-square-foot Dollar General, located at 1059 Old Woman Springs Road in Yucca Valley, sold for $3 million. The second 9,100-square-foot Dollar General, located at 32510 CA-18 in Lucerne Valley, sold for $3.4 million. Jaime Salazar and Daniel Hurd of Marcus & Millichap’s Tampa office represented the seller and buyer in the deal. Garrett Fierstein of Marcus & Millichap secured a 10-year, fixed-rate loan with a 30-year amortization for the buyer.

April 28, 2022

California Development Multifamily Seniors Housing Western

Clearwater Living Nears Completion of 117-Unit Seniors Housing Community in Glendora, California

by Amy Works April 27, 2022

GLENDORA, CALIF. — Clearwater Living has opened the sales office at Clearwater at Glendora, a 117-unit assisted living and memory support community in Glendora, approximately 25 miles east of Los Angeles. Construction on Clearwater at Glendora began in spring of 2021. The two-story, 117,000-square-foot property is being built on nearly three acres. When it is completed later this year, the community will feature 88 assisted living and 29 memory care apartments with studio, companion, one-bedroom and two-bedroom layouts.

April 27, 2022

Acquisitions California Retail Western

Passman Group Brokers $6.7M Sale of Beverlywood Plaza in Los Angeles

by Amy Works April 27, 2022

LOS ANGELES — The Passman Group has arranged the sale of Beverlywood Plaza, a shopping center located in Beverlywood, a neighborhood in the Westside region of Los Angeles. The property traded for $6.7 million, or $710 per square foot. The names of the buyer and seller were not released. Situated on a 13,500-square-foot lot, the property features 9,500 square feet of retail space. Current tenants include Beverly Robertson Veterinary Clinic and Beverlywood Market. David Passman, Marc Pakravan and Michael Navi of The Passman Group represented the seller in the deal.

April 27, 2022

Acquisitions California Healthcare Office Western

Boureston Development Sells Woodbridge Square Medical Office Building in Irvine for $27.6M

by Amy Works April 26, 2022

IRVINE, CALIF. — Boureston Development has completed the disposition of Woodbridge Square, a multi-tenant medical office building in Irvine. Anchor Health Properties acquired the property for $27.6 million. Located at 4980 Barranca Parkway, the 36,104-square-foot building was 94 percent leased at the time of sale to 18 medical, dental and laboratory tenants. Sean Fulp, Mark Schuessler, Ryan Plummer, John Scruggs, Kevin Shannon, Paul Jones and Ken White of Newmark represented the seller in the transaction.

April 26, 2022

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