California

Metonic Real Estate Solutions, WNPM Open 330-Unit Millennium Apartments in Palm Desert, California

by Amy Works March 20, 2025

PALM DESERT, CALIF. — Omaha, Neb.-based Metonic Real Estate Solutions, as owner, and Irvine, Calif.-based Western National Property Management (WNPM), as property manager, have opened Millennium Apartments at 74699 Technology Drive in Palm Desert. Situated in Coachella Valley, Millennium Apartments offers 330 studio, one-, two- and three-bedroom apartments with contemporary finishes, smart-phone technology, private patios, stainless steel appliances, quartz countertops, plush carpeting in bedrooms, open-concept floor plans and direct-access garages. Common area amenities include a clubhouse, saltwater swimming pool, fitness center with private yoga studio and outdoor exercise lawn, an activity park, a pet park, three conference rooms, a business center, coworking spaces, package lockers and electric vehicle charging stations.

March 20, 2025

Acquisitions California Development Industrial Multifamily Western

Shopoff Realty Buys 13.7-Acre Property in Buena Park, Plans Residential Development

by Amy Works March 20, 2025

BUENA PARK, CALIF. — Shopoff Realty Investments, in partnership with a national home builder, has acquired a 13.7-acre property in Buena Park, with plans to re-entitle the parcel for residential use. The property currently features two industrial buildings totaling 370,031 square feet that are occupied by Amway Corp. with a corporate sale-leaseback in place. A total of $49 million in acquisition financing for the project was secured with assistance from Jamie Kline and Kyle White of JLL Capital Markets.

March 20, 2025

California Development Healthcare Western

Scripps to Build New $1.2B San Marcos Medical Center Campus Near San Diego

by Kristin Harlow March 19, 2025

SAN MARCOS, CALIF. — Scripps Health has unveiled plans to move forward with the development of a new medical center campus in San Marcos, about 35 miles north of San Diego. The Scripps San Marcos Medical Center will be located on a 13-acre site south of State Route 78 near Twin Oaks Valley Parkway. The first phase of the project will be a comprehensive ambulatory facility, and the second phase will be an acute care hospital. Total project costs are estimated at $1.2 billion, according to The San Diego Union-Tribune. “We acquired the San Marcos property 35 years ago, but it wasn’t the right time to build,” says Chris Van Gorder, president and CEO of Scripps Health. “Our patient population in the area has since grown to the point that it made sense for us to move forward.” Scripps purchased roughly 80 acres in San Marcos for a medical center campus in 1990. In the early 2000s, Scripps engaged H.G. Fenton to work with Scripps and the City of San Marcos on how to best utilize the land, with Scripps retaining 13 acres for the development of the new campus. For more than four years, Scripps management has been working …

March 19, 2025

California Development Life Sciences Multifamily Office Retail Western

Partnership to Open 808,000 SF First Phase of Aggie Square on UC Davis Health Campus in Sacramento

by Amy Works March 19, 2025

SACRAMENTO, CALIF. — Baltimore-based Wexford Science + Technology, in partnership with The University of California, Davis and the City of Sacramento, has announced the groundbreaking of Aggie Square, a mixed-use development at UC Davis Health Campus in Sacramento. Located at the corner of Stockton Boulevard and 2nd Avenue, Aggie Square’s first phase will offer 808,000 square feet of upscale Class A life sciences research labs, technology and office space, plus housing and retail space. The ribbon-cutting ceremony is scheduled for May 2. Situated on 8.2 acres, Phase I consists of a 313,000-square-foot lab and life sciences building, a 255,000-square-foot Lifelong Learning office and classroom building, a 35,000-square-foot UC Veterinary Genetics Lab, and Anova Aggie Square, a 190-unit residential development with 15,000 square feet of retail space. The first phase also offers community serving uses, a parking structure and indoor/outdoor public spaces. Each building is anchored by UC Davis programs and configured to co-locate private industry investment and innovation infrastructure for startups, as well as community-based partnerships. The project team is also marketing another 313,000-square-foot lab and life sciences building with ground-floor retail located at 100 Aggie Square. The building offers flexible design, and construction will commence once preleasing thresholds are met. …

March 19, 2025

Acquisitions California Office Western

Dollinger Properties Sells 27,761 SF Office Building in San Diego for $12.3M

by Amy Works March 19, 2025

SAN DIEGO — Dollinger Properties has completed the sale of a two-story office building located at 8965 Balboa Ave. in San Diego’s Kearney Mesa neighborhood. Sharp HealthCare acquired the asset for $12.3 million. County of San Diego occupies the 27,761-square-foot property, which was built in 1985. The tenant has been onsite since 2002. Bob Prendergast, Lynn LaChapelle and Zac Saloff of JLL Capital Markets Investment Sales and Advisory team represented the seller, while Mike Labelle and Bridget Gossett of Cushman & Wakefield represented the buyer in the deal.

March 19, 2025

California Development Multifamily Western

MBK Rental Living Debuts Solana at Duarte Station Apartment Community in California

by Amy Works March 18, 2025

DUARTE, CALIF. — MBK Rental Living has opened Solana at Duarte Station, a five-story apartment community located at 1740 Fasana Road in Duarte. The community offers 292 studio, one-, two-, three- and four-bedroom apartments, ranging from 534 square feet to 2,802 square feet. Each unit features open floor plans, natural light and oversized low-E windows. Select floor plans feature private patios or balconies and walk-in closets. Community amenities include a clubhouse, fitness center and yoga studio, coworking spaces, a pool, game lounge, dog lounge, spa and park, a cabana club and social courtyard equipped with outdoor kitchen and dining areas, fire pits and lounge chairs.

March 18, 2025

California Industrial Loans Western

IPA Capital Markets Arranges $26.5M in Financing for Culver City Industrial Property in California

by Amy Works March 18, 2025

CULVER CITY, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $26.5 million in financing for an industrial building at 8631 Hayden Place in Culver City. The property offers 76,755 square feet of Class A industrial space. New York City-based IPA Capital Markets team of Max Hulsh, Max Herzog, Marko Kazanjian and Andrew Cohen secured the financing with First Citizens Bank on behalf of a Los Angeles-based real estate investment, operating and development company with more than $10 billion in assets under management.

March 18, 2025

California Development Retail Western

Nintendo to Open 11,000 SF Store in San Francisco

by Amy Works March 17, 2025

SAN FRANCISCO — Japanese electronics and video game company Nintendo will open its second store in the United States — and its fifth overall location in the world — in San Francisco in May. Situated in Union Square at 331 Powell Street, Nintendo San Francisco will total 11,000 square feet and offer game systems and games, as well as a shopping experience that will include Nintendo’s characters and worlds. Exclusive products such as accessories, apparel, home goods and souvenirs will be available at the location. The grand opening will be held on Thursday, May 15. Nintendo currently operates one store in New York City and three in Japan.

March 17, 2025

California Company News Retail Top Stories Western

Forever 21 Files for Chapter 11 Bankruptcy, Will Close All U.S. Stores

by Taylor Williams March 17, 2025

LOS ANGELES — Forever 21 has filed for Chapter 11 bankruptcy and will begin the process of closing all its U.S. stores. According to Reuters, the U.S. store count is about 350. The Los Angeles-based apparel retailer filed over the weekend in the U.S. Bankruptcy Court for the District of Delaware. Forever 21 has entered into a plan support agreement with its lenders to begin the voluntary closure process while continuing to look for sales opportunities of existing U.S. assets. Forever 21 was founded in 1984 and had a footprint of more than 800 stores worldwide at the height of its operation. The company also filed for Chapter 11 bankruptcy protection in 2019, which led to the company closing 350 stores across the United States and other countries. International stores are not impacted by the 2025 filing. As a relative staple within American mall tenancy, Forever 21 faced new challenges in its post-2019 bankruptcy filing stemming from the COVID-19 pandemic and elevated competition from e-commerce brands and platforms. According to CNBC, the company has been hit especially hard by competition from Chinese platforms Shein and Temu. The company’s ownership structure underwent a series of changes between 2021 and 2023, and …

March 17, 2025

Acquisitions California Multifamily Western

American Assets Trust Acquires 192-Unit Multifamily Property in San Diego

by Amy Works March 14, 2025

SAN DIEGO — American Assets Trust has purchased Genesee Park, an apartment community located at 3625 Earnscliff Place in San Diego, from Hess Genesee Park LLC for an undisclosed price. Rachel Parsons, Derreck Ostrzyzek, Mike Murphy, Chris Tresp and Kenji Thomas of CBRE represented the seller in the transaction. Built in 1985, Genesee Park consists of six buildings, each configured with three stories of residential space over one level of gated on-grade garage parking. The community features 192 one-, two- and three-bedroom floor plans, each averaging 1,051 square feet. Units offer an outdoor balcony, oversized windows and ample storage closets. Genesee Park also features a deck area with a pool, spa, lounge seating and outdoor dining tables.

March 14, 2025

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