LOS ANGELES — Champion Real Estate Co. has received a $16.1 million loan to refinance Victory on Portland, a 139-bed student housing community located at 2353 Portland St. in Los Angeles. The company, which purchased the asset in March 2020 for $14.1, secured the long-term, fixed-rate financing through Wintrust Bank. Champion renovated the property by upgrading the mechanical systems, renovating the interior units, enhancing curb appeal, increasing the amenity package and rebranding the community. The company also added eight units, totaling 37 beds, to the property.
LOS ANGELES — Cityview has unveiled its plans to develop Belle on Bev, a 243-unit workforce housing community in Los Angeles’ Historic Filipinotown (HiFi) neighborhood. Slated for completion in the fourth quarter, the mixed-use project will feature 21 affordable units. Belle on Bev will feature a mix of studio, one- and two-bedroom floorplans with Nest thermostats, luxury vinyl flooring, Latch keyless entry, turnkey Wi-Fi, in-unit washers/dryers and two different color schemes. Community amenities will include a resort-style pool and spa; enclosed dog park and pet wash; two rooftop decks; Korean and traditional barbecues; a gym and yoga studio that will offer cross-training equipment and fitness classes; a courtyard with an oversized fireplace; ample parking; bike storage; and an indoor/outdoor clubhouse featuring a commercial-grade kitchen. The project team includes AC Martin, Clark Building Group and Nadia Geller Design.
SAN JOSE, CALIF. — JLL has arranged the sale of a single-tenant retail building at 3510 Leigh Ave. in San Jose. An undisclosed seller sold the asset to a private capital exchange buyer for $4.4 million. Citibank occupies the 7,986-square-foot property on a triple-net lease with six years of the lease term remaining. Eric Kathrein, Warren McClean and Andrew Spangenberg of JLL Retail Capital Markets represented the seller and procured the buyer in the deal.
RIALTO, CALIF. — Stream Realty Partners has fully entitled its two latest Class A industrial projects totaling 117,000 square feet in the Inland Empire city of Rialto. The company plans to develop a 47,980-square-foot industrial facility on 2.9 acres at 855 W. Rialto Ave. and a 68,970-square-foot facility on 4.7 acres at 169 S. Spruce Ave. The building on West Rialto Avenue will feature 32-foot clear heights, eight dock-high doors, one drive-in door, a 160-foot truck court, 58 auto parking stalls and 5,500 square feet of built-out, ground-floor and mezzanine office space. The property on South Spruce Avenue will offer 32-foot clear heights, seven dock-high doors, one drive-in door, a 185-foot truck court, 13 trailer positions, 59 auto parking stalls and 6,000 square feet of built-out, ground-floor and mezzanine office space.
— By Jerry Holdner, Southern California Region Lead, Innovation & Insight, AVANT, Avison Young — The industrial market in the Inland Empire has been performing beyond what most of the industry projected over recent quarters. The region boasts a low unemployment rate of 4.2 percent, as of November 2022, which is below the anticipated 5.4 percent estimated a year ago. It is important to highlight, however, that job creation has been uneven. Leisure and hospitality jobs are still underwater, for example. The bright spot is that high-value-added jobs in a broad range of sectors like technology, software development, aerospace, scientific research, medical products and pharmaceutical development continue to grow, which bode well for the industrial sector. Here are some key market indicators, according to Avison Young’s fourth-quarter Inland Empire Industrial Insights report: • There was 38.9 million square feet of new industrial construction underway at the end of 2022. This is down 37.1 percent as compared to the end of 2021 when 28.4 million square feet was under construction. • There was 13.9 million square feet of positive absorption in 2022, down 53.5 percent when compared to 2021’s record-high total of 29.9 million square feet of positive absorption. This represents 2.5 percent …
MORENO VALLEY, CALIF. — Ledo Capital Group has received $13.4 million in refinancing for District Moreno Valley, a shopping center in Moreno Valley. Completed in 2022, District Moreno Valley features 52,081 square feet of retail space. Current tenants include Sprouts Farmers Market, KFC, The Joint Chiropractic, WSS and Starbucks Coffee. Matt Stewart, Chris Jaff and Daniel Skerrett of JLL Capital Markets Debt Advisory secured the financing through Manufacturers Banks for the borrower.
ALAMEDA, CALIF. — The Alameda Housing Authority (AHA) has received $20.6 million from the State of California Department of Housing and Community Development. The funds will support development of North Housing Senior Apartments, an affordable housing community in the island city, located just south of Oakland in San Francisco Bay. North Housing is the first phase of a long-planned community development project. Plans call for 40 studio apartments, 23 one-bedroom units and a two-bedroom residence for the onsite manager. The land, which AHA originally owned in the 1940s, was granted back to AHA in 2019 via the Surplus Land Act by the U.S. Navy. The land will now serve as the home for a property that houses military veterans — 25 percent of the residents at North Housing will be veterans in need of supportive housing. Island City Development (ICD), an affiliate of AHA, will be the developer of this project. HKIT Architects designed the property, which FPI Management will operate. Groundbreaking is scheduled for late 2023 or early 2024.
LOS ANGELES — Kennedy Wilson has completed the disposition of Victory Plaza, a grocery-anchored shopping center in Los Angeles’ North Hollywood neighborhood. San Diego-based Gerrity acquired the asset for $57.7 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal. Located at 13007-13047 Victory Blvd., Victory Plaza features 136,580 square feet of retail space on 12.2 acres. At the time of sale, the property was 97 percent occupied. Current tenants include Vallarta Supermarkets, CVS/pharmacy, LA Fitness, Petco, US Renal Care, Citibank, Blaze Pizza and Chipotle Mexican Grill.
CARLSBAD, CALIF. — Wimatex has purchased an industrial property, located at 2271 Cosmos Court in Carlsbad, from an undisclosed seller for $21 million. At the time of sale, the freestanding building was fully leased to a global medical device and technology company in the sleep and respiratory market. The 85,165-square-foot building features heavy power, six dock-high loading doors, three grade-level loading doors, 24-foot to 26-foot clear heights and drive-around access. Additional features include a high-image exterior, large outdoor amenitized entrance and a two-story lobby. Aric Starck and Drew Dodds of Cushman & Wakefield Capital Markets San Diego represented the seller in the deal.
VENTURA, CALIF. — Berkadia has brokered the sale of YOLO West Apartments, a multifamily community located at 11114 Darling Road in Ventura. California-based NUWI Capital sold the asset to California-based Universe Holdings for $20.3 million, or $452,222 per unit. Adrienne Barr of Berkadia Los Angeles represented the seller in the deal. Built 2019, YOLO West Apartments features 45 one- and two-bedroom floor plans, including four live-work units, with in-unit washers/dryers and private balconies. Community amenities include a fitness center, a picnic and game area, and a clubhouse.