California

Spectrum CRE Brokers $11.3M Sale of Santa Clarita Medical Center in California

by Amy Works October 19, 2022

SANTA CLARITA, CALIF. — Spectrum Commercial Real Estate has brokered the sale of Santa Clarita Medical Center, a medical/dental building in Santa Clarita. Yair Haimoff, Randy Cude, Andrew Ghassemi and Matt Sreden of Spectrum handled the $11.3 million transaction. The names of the seller and buyer were not released. Located at 23206 Lyons Ave., the two-story property offers 37,759 square feet of medical and dental space. The building features a mix of 24 professional medical suites, floor-to-ceiling window lines and an abundance of parking.

October 19, 2022

14001-14007-14041-14051-Rosecrans-Ave-La-Mirada-CA

Acquisitions California Industrial Western

Nuveen Real Estate Acquires 337,125 SF Distribution Facility in La Mirada, California

by Amy Works October 18, 2022

LA MIRADA, CALIF. — Nuveen Real Estate has purchased a two-building industrial distribution property situated on 14 acres at 14001-14007 and 14041-14051 Rosecrans Ave. in La Mirada. Terms of the transaction were not released. Jeff Chiate, Jeff Cole, Rick Ellison, Mike Adey, Brad Brandenburg and Matt Leupold of Cushman & Wakefield’s National Advisory Group in Southern California represented the undisclosed seller in the transaction. Cushman & Wakefield’s Randy Ellison also provided local market advisory. Built in 1997, the 337,125-square-foot asset features ample loading, ESFR fire sprinklers, 30-foot clear heights and approximately 87,139 square feet of food-grade refrigerated space. At the time of sale, the property was fully leased to three tenants.

October 18, 2022

Acquisitions California Office Western

Spectrum CRE Arranges $7.1M Sale of Office Building in Santa Clarita, California

by Amy Works October 18, 2022

SANTA CLARITA, CALIF. — Spectrum Commercial Real Estate has negotiated the off-market acquisition of an office property located at 25101 The Old Road in Santa Clarita. 360 Executive Suites SCV purchased the asset from an undisclosed seller for $7.1 million. The two-story building features 23,388 square feet of office space and comprises 90 private offices. Matt Sreden of Spectrum CRE represented the buyer in the deal.

October 18, 2022

Acquisitions California Restaurant Retail Western

SBH Real Estate Group Divests of Raising Cane’s-Occupied Property in Alhambra, California for $8.2M

by Amy Works October 14, 2022

ALHAMBRA, CALIF. — SBH Real Estate Group has completed the disposition of the ground lease for a single-tenant restaurant building in Alhambra. A Southern California-based private investor acquired the asset for $8.2 million. Raising Cane’s Chicken Fingers occupies the 3,957-square-foot property, which is situated on 1.4 acres at 1300 E. Valley Blvd. The newly developed building features the restaurant’s latest prototype design and opened for business in June 2022. The property offers a double drive-thru and includes a 704-square-foot outdoor patio area. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, Eric Silverman of SBH Real Estate Group, while Voit represented the buyer in the deal. Ben Townsend and Matt Marlin of SRS’ debt and equity group procured acquisition financing for the buyer.

October 14, 2022

California Development Multifamily Student Housing Western

Ohlone College, Gilbane Plan 400-Bed Residence Hall in Newark, California

by Amy Works October 13, 2022

NEWARK, CALIF. — A public-private partnership between Gilbane Development Co. and Ohlone College have announced plans for a 400-bed residence hall project. The development will be located within the Ohlone Community College District in Newark and is set to be priced affordably. Potential project features could include a childcare center for student parents, to be operated by a third-party service provider; options for accessibility of food in proximity to the community; and space for student counseling services. The partnership is set to break ground on the development next year with completion scheduled for July 2025. “Ohlone College is committed to breaking down barriers that prohibit any student from receiving a quality higher education,” says Dr. Eric Bishop, superintendent and president of Ohlone College. “A student’s primary focus should be on their studies, not finding housing. Providing affordable student housing is just one step in assisting students to reach their fullest potential.” The partnership plans to submit a grant application to the State of California to apply for funds in accordance with Senate Bill 169 – Affordable Student Housing Budget Investment. Gilbane Building Co. will act as builder for the project and PBK + Mogavero Architects as design team.

October 13, 2022

California Loans Multifamily Western

PSRS Arranges $62.5M Refinancing for Mobile Home Park in Anaheim, California

by Amy Works October 13, 2022

ANAHEIM, CALIF. — PSRS has arrange the $62.5 million refinancing of a mobile home park in Anaheim. Michael Tanner and Tony Messiah of PSRS secured the non-recourse, five-year, interest-only loan through a correspondent life insurance company for the undisclosed borrower. Built in 1977, the property is 98.5 percent occupied and features 387 mobile homes on single and double-wide lots. The property features padded parking spaces, 100 additional visitor parking spaces, paved roads, clubhouses and a community pool and park.

October 13, 2022

Acquisitions California Net Lease Retail Western

Faris Lee Negotiates $11.1M Sale of Bank of America-Occupied Retail Building in Hawthorne, California

by Amy Works October 12, 2022

HAWTHORNE, CALIF. — Faris Lee Investments has arranged the sale of a retail building located at 12547 Hawthorne Blvd. in Hawthorne. An Orange County-based private office group sold the asset to the City of Hawthorne for $11.1 million, or $861 per square foot. Bank of America occupies the 12,919-square-foot, single-tenant building on an absolute triple-net lease. Shaun Riley, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the seller, while Chris Beck of Newmark represented the buyer in the deal.

October 12, 2022

Acquisitions California Office Western

Newmark Negotiates $30M Sale of Airport Plaza Office Park in Long Beach, California

by Amy Works October 11, 2022

LONG BEACH, CALIF. — Newmark has arranged the sale of Airport Plaza, a two-building office park in Long Beach. WCCP Airport Plaza L.B. LLC sold the asset to LB5000 LLC for $30 million. Located at 5000 and 5001 Airport Plaza Drive, the project features 126,219 square feet of multi-tenant office space. At the time of sale, Airport Plaza was fully leased to 19 tenants, including Federal Aviation Administration, Advanced Medical Management and NACA Logistics. The property is situated on a 2.7-acre plot, which has a 46-year ground lease in place with the City of Long Beach. Kevin Shannon, Ken White and Scott Schumacher of Newmark represented the seller in the deal.

October 11, 2022

California Development Office Western

Lowe, Related Fund Complete 113,000 SF Office Building in LA Arts District

by Amy Works October 10, 2022

LOS ANGELES — A joint venture between Lowe and Related Fund Management has completed the development of a nine-story office building in the Arts District of downtown Los Angeles. Located at 2130 Violet St., the building features four floors of office space atop 3,300 square feet of ground-floor retail space and four levels of parking. The 113,000-square-foot property offers open 14-foot-high floorplates, floor-to-ceiling glass, and efficient systems and solar panels allowing for reduced utility costs. Additionally, the asset includes balconies and terraces on every floor with ample space for open-air events and meetings, operable windows and balcony doorways allowing for increased outdoor air circulation, and an outdoor rooftop deck with skyline views. The building also features touchless systems and upgraded HVAC with high-capacity air filtration and outside air ventilation. Mike Condon Jr., Pete Collins, Brittany Winn, McKenna Gaskill and Scott Menkus of Cushman & Wakefield are leasing agents for the building.

October 10, 2022

California Loans Multifamily Western

Gortikov Capital Arranges $141.4M Recapitalization for Affordable Housing Portfolio in Santa Monica

by Amy Works October 10, 2022

SANTA MONICA, CALIF. — Gortikov Capital has arranged a $141.4 million recapitalization of the Samo Apartments portfolio, 11 affordable apartment communities in Santa Monica. The recapitalization included a $127.6 million senior loan and a $13.8 million preferred equity investment. The borrower was WS Communities LLC. Gortikov secured the two-year, floating-rate, senior bridge loan through a U.S.-based debt fund. Gortikov Capital directly provided the preferred equity. Bryan Gortikov, president of Gortikov Capital, led the capital markets team representing the borrower. A portion of the financing will be set aside in a reserve to develop new accessory dwelling units throughout the properties. Originally developed between 1997 and 2009, the 399-unit Samo Apartments Portfolio is the largest portfolio of deed restricted affordable multifamily units in Santa Monica, according to Gortikov Capital. The units feature hardwood-style floors and expansive glass windows.

October 10, 2022

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