California

CEG Capital Partners Buys Mesa College Square Shopping Center in San Diego for $10.5M

by Amy Works October 7, 2022

SAN DIEGO — San Diego-based CEG Capital Partners has purchased Mesa College Square, a retail center at 7604-7608 and 7612 Linda Vista in San Diego. M.C. Square and AFJR Partnership sold the property for $10.5 million. Marc Posthumus and Evan McDonald of Colliers represented the buyer, while Posthumus and McDonald, along with Byram Frost of Big Block Realty, represented the sellers in the transaction. Robert Shaw and Cameron Aldrich of Chicago Title Co. provided escrow and title services. Mesa College Square features 25,409 square feet of multi-tenant retail space. The acquisition is the first time the property has sold since its original construction in 1980. CEG plans to rebrand the center as Kearny Square.

October 7, 2022

Acquisitions California Loans Retail Western

Marcus & Millichap Arranges $13.1M in Acquisition Financing for The Shops at AMC Palm Promenade in San Diego

by Amy Works October 6, 2022

SAN DIEGO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.1 million loan for the acquisition of The Shops at AMC Palm Promenade, a retail power center located at 756-804 Dennery Road in San Diego. Chad O’Connor of MMCC San Diego secured the financing for the undisclosed borrower. The seven-year, fixed-rate loan has a 5.125 percent interest rate, 30-year amortization and a 60 percent loan-to-value ratio. The seller was not disclosed. Renovated in 2021, the 72,390-square-foot shopping center is located at the on/off ramp of Interstate 805 and Palm Avenue and includes numerous recognized retail tenants.

October 6, 2022

California Development Hospitality Loans Multifamily Western

Sandstone Properties Receives $28M Loan for Multifamily/Hotel Project in Woodland Hills, California

by Amy Works October 5, 2022

WOODLAND HILLS, CALIF. — Los Angeles-based Sandstone Properties has received a $28 million loan to refinance an existing loan and to fund the pre-development of a 35-story multifamily property and four-story hotel conversion at 6400 Canoga Ave. in downtown Woodland Hills. Parkview Financial provided the loan. The 4.7-acre redevelopment site currently consists of a three-story, 128,586-square-foot, Class B, multi-tenant office building and 457 surface and structured parking spaces. Sandstone acquired the site in February 2018 and has since obtained entitlements to develop a 35-story, 650-unit apartment building on the location of the existing parking structure. Additionally, the entitlements allow for the 10,000-square-foot expansion of the existing office building and its conversion to a four-story, 240-key luxury hotel. The project team includes WATG as architect and EDG Design as interior designer. A general contractor has not yet been named.

October 5, 2022

California Development Industrial Western

USAA, McDonald Property Group Break Ground on 1.8 MSF Distribution Facility in Beaumont, California

by Amy Works October 4, 2022

BEAUMONT, CALIF. — USAA Real Estate and McDonald Property Group has broken ground on a 1.8 million-square-foot distribution center in Beaumont for United Legwear & Apparel Co. (ULAC). Located at Phase II of the Crossroads Logistics Center, the building will be used to accommodate ULAC’s global design/manufacturing, marketing, sales and distribution. The facility will contain assembly, racking and material handling conveyor automation systems, as well as 30,000 square feet of office space. The development team includes HPA Architecture and Fullmer Construction Co. Luke McDaniel, Cameron Driscoll, Jeff Bellitti and Mac Hewett of JLL represented ULAC. David Consani, Jim Koenig, Darla Longo and Barbara Emmons of CBRE, along with Rick John of Daum, represented McDonald Property Group and USAA in the lease transaction, which was signed in July 2022.

October 4, 2022

Acquisitions California Development Mixed-Use Multifamily Restaurant Retail Western

Liberty National Buys Development Site in Downtown San Diego for SkyLine West Mixed-Use Tower

by Amy Works October 4, 2022

SAN DIEGO — Liberty National Corp. has acquired a 15,000-square-foot site at the corner of Fourth Avenue and Ash Street in downtown San Diego from Nellis Corp. for an undisclosed price. Liberty plans to develop SkyLine West, a mixed-use tower with residential, retail and restaurant space, on the site. The 37-story tower will offer more than 250 apartments in one-, two- and three-bedroom designs, ranging from 550 square feet to 1,600 square feet. Residences will feature energy-efficient appliances, private balconies and high-end finishes. On-site amenities will include a fitness center, swimming pool, spa, lounge, conference rooms, business center, library, pet grooming room and billiards. Additionally, the development will feature sustainable components and be built using LEED standards. The company plans to submit development plans to the City of San Diego by summer 2023, with construction commencement scheduled for summer 2024.

October 4, 2022

California Loans Multifamily Seniors Housing Western

CBRE Provides $16.2M Refinancing for 97-Unit Seniors Housing Property in Nipomo, California

by Amy Works October 4, 2022

NIPOMO, CALIF. — CBRE National Senior Housing has provided a $16.2 million refinancing for The Oaks at Nipomo, located approximately midway between Los Angeles and San Francisco. The borrower is Westmont Living, along with a group of individual investors. The Oaks at Nipomo sits on a 4.2-acre parcel and features 97 units of independent living, assisted living and memory care. Westmont opened the community in 2017, and it was over 95 percent occupied at the time of the refinancing. Aron Will, Adam Mincberg, Andrew Behrens and Jesse Weber of CBRE arranged the 10-year, fixed-rate loan with five years of interest-only payments through the company’s Freddie Mac Optigo lending platform. California-based Westmont currently owns and operates 19 seniors housing communities throughout California and Oregon with two more communities under construction.

October 4, 2022

Affordable Housing California Development Multifamily Seniors Housing Western

Standard Communities Plans $55M Affordable Seniors Housing Development in San Ramon, California

by Amy Works October 3, 2022

SAN RAMON, CALIF. — Standard Communities has released plans to lead a public-private partnership in the ground-up development of Aspen Wood, a $55 million affordable seniors housing community in San Ramon, approximately 20 miles east of San Francisco Bay. Aspen Wood will provide 123 units of affordable housing for seniors with incomes between 30 and 60 percent of the area median income. Aspen Wood will be built on a currently vacant site of 1.4 acres. Amenities at the 130,000-square-foot community will include a community room, recreation deck/courtyard, fitness center, business center and pet spa. “This is the first affordable development in San Ramon in more than 20 years. The site was originally intended for a luxury development, but we worked closely with the city to turn the site into affordable housing for seniors,” says Sean Carpenter, director of development at Standard Communities. “With the cost of living rising across the region and nation, adding more affordable housing in Contra Costa County and the city of San Ramon — one of the wealthiest communities in the Bay Area — is more important than ever.” Black Mountain Development sold the land parcel. The general contractor is Deacon and LCA Architects leads the …

October 3, 2022

Acquisitions California Industrial Western

DAUM Brokers Acquisition of 38,233 SF Industrial Building in Long Beach, California

by Amy Works October 3, 2022

LONG BEACH, CALIF. — DAUM Commercial Real Estate Services has arranged the sale of an industrial distribution property located at 3221 E. 59th St. in Long Beach. Metra Electronics sold the asset to a high-net-worth private investor for more than $11 million. Michael Collins and Dustin Hullinger of DAUM’s Capital Markets Group represented the buyer, while Brian Held and Rob Flores of CBRE represented the seller in the deal. Constructed in 1970 on nearly two acres, the 38,233-square-foot building features 22-foot warehouse ceiling heights, three dock-high truck positions and grade-level loading. Additionally, the property is fully fenced and secure and provides ample truck parking and storage area.

October 3, 2022

California Development Retail Top Stories Western

BARDAS, Bain Capital Plan $600M Redevelopment of Hollywood TV Studio

by Taylor Williams October 3, 2022

LOS ANGELES — A joint venture between two developers, locally based firm BARDAS Investment Group and Boston-based Bain Capital Real Estate, has unveiled plans for the $600 million redevelopment of a former TV studio at 6311 Romaine St. in the Hollywood neighborhood of Los Angeles. The facility, which currently spans 6.4 acres and two full city blocks, was originally constructed in phases between 1930 and 1966. Over the years, the site, which currently features 183,000 square feet of creative office and studio space, has housed the headquarters operations of Technicolor and Metro Pictures Corp. The redevelopment would convert the facility into an urban studio campus totaling 620,000 square feet. As part of the redevelopment, the joint venture plans to preserve several of the facility’s buildings that were originally constructed at the height of Technicolor’s success. New production facilities will be meshed with reimagined office space, and the facility will be rebranded as Echelon Television Center. More specifically, the original art deco facade on the northern block will enclose a studio lot. This space will be bookended by a new mid-rise creative office building with private outdoor terraces framing views of the Hollywood Hills. The new construction will also replace a …

October 3, 2022

Grocery-Outlet-French-Valley-Marketplace-French-Valley-CA

Acquisitions California Restaurant Retail Western

SRS Brokers $17.3M Sale of Three Retail Outparcels at French Valley Marketplace in California

by Amy Works September 30, 2022

FRENCH VALLEY, CALIF. — SRS Real Estate Partners has arranged the portfolio sale of three retail properties that are outparcels to French Valley Marketplace, located at 35958 Winchester Road in French Valley, located in the Inland Empire. A Southern California-based private developer sold the assets to a Southern California-based private investor for $17.3 million in an all-cash transaction. The three properties are: A 16,000-square-foot Grocery Outlet-occupied property that opened in late 2021. An 11,115-square-foot new construction property, which Rite Aid will occupy in late 2022. A 5,559-square-foot building currently under construction that Chipotle and Quick Quack Car Wash will occupy in spring 2023. Matthew Mousavi, Patrick Luther and Jack Cornell of SRS Real Estate Partners’ National Net Lease Group represented the seller and sourced the buyer in the deal.

September 30, 2022

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