California

Bridge Investment Group Buys ReNew on Sunset Apartments in Suisun City, California for $72M

by Amy Works April 14, 2022

SUISUN CITY, CALIF. — Salt Lake City-based Bridge Investment Group has acquired ReNew on Sunset, an apartment community located in Suisun City. FPA Multifamily sold the asset for $72 million, or $321,430 per unit. Situated on more than 10 acres at 831 Pintail Drive, ReNew on Sunset features 224 apartments in a mix of 68 one-bedroom/one-bath units, 136 two-bedroom/one-bath units and 20 two-bedroom/two-bath units. During its ownership, FPA Multifamily invested more than $3 million, or $13,500 per unit, in capital improvements since June 2019, which includes the renovation of 87 units, deck and balcony upgrades, a leasing office transformation and exterior work. Community amenities include in-suite washers/dryers, a pool/spa, fitness center, barbecue/picnic area, pet spa, controlled access and covered parking. Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech of Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the transaction.

April 14, 2022

400-430-S-San-Vicente-Blvd-Los-Angeles-CA

Acquisitions California Retail Western

Kidder Mathews Brokers Sale of Retail Property in Los Angeles for Redevelopment

by Amy Works April 14, 2022

LOS ANGELES — Kidder Mathews has arranged the sale of a 17,228-square-foot retail center located at 400-430 S. San Vicente Blvd. in Los Angeles. A Los Angeles-based private investor sold the asset to Oklahoma Rock Holdings and The Abraham Cos. for an undisclosed price. The buyers plan to build a mixed-use development with more than 100 multifamily units and ground-level retail and restaurant space on the 28,497-square-foot lot. Janet Neman of Kidder Mathews represented the buyer in the deal.

April 14, 2022

California Loans Multifamily Seniors Housing Western

JLL Arranges $21.5M in Financing for Bay Area Memory Care Portfolio

by Amy Works April 14, 2022

SUNNYVALE AND MENLO PARK, CALIF. — JLL Capital Markets has arranged a $21.5 million loan for two memory care communities totaling 48 units in California’s Bay Area. The portfolio includes Crescent Oaks in Sunnyvale and Silver Oaks in Menlo Park. JLL worked on behalf of the borrower, Calson Management, to secure an 18-month, fixed-rate loan through Thorofare Capital. Crescent Oaks offers 22 one- and two-bed units with a total of 33 beds. The community is located near a variety of retail, dining and entertainment amenities. In addition, the property is located one mile from Valley Health Center and less than a mile from Highway 82. Silver Oaks offers 26 one- and two-bed units, totaling 43 beds. The property is directly across from the Menlo Park VA Medical Center and is less than a mile from Highway 101. Bercut Smith, Lauren Sackler and Ace Sudah led the JLL Capital Markets debt advisory team representing the borrower.

April 14, 2022

California Content Partner Features Industrial Retail Walker & Dunlop Western

Los Angeles Industrial, Retail: Overlapping Industries Adapting to Post-Pandemic Change

by Sarah Daniels April 14, 2022

As the pandemic recedes, unusual supply and demand trends have taken root in retail and industrial markets throughout the nation. Factors that caused upheaval even before the arrival of COVID — the changing face of retail due to e-commerce and the growing demand for industrial real estate — continue unabated two years past the pandemic lockdowns. Los Angeles County may act as a bellwether for the rest of the country in retail and industrial trends, especially in high-cost, high-density areas, where these two real estate types often compete for space. Bayard (By) Cartmell, senior director at Walker & Dunlop, Los Angeles, has extensive experience with commercial real estate in the Los Angeles area. He has seen unprecedented demand for industrial space and growing investor interest in retail cap rates in the Los Angeles area. Cartmell sat down with REBusinessOnline to talk about the outlook for industrial and retail in Los Angeles, their intersections and the sector trends he expects to see in the coming year. Los Angeles Industrial — High Demand REBusiness: What are you seeing in terms of demand for industrial space — particularly in Los Angeles? Cartmell: There is currently almost unlimited demand for industrial space, of any size, …

April 14, 2022

Acquisitions California Mixed-Use Office Western

RPG Sells Creative Office/Mixed-Use Portfolio Near San Diego for $86M

by Amy Works April 13, 2022

CARLSBAD, CALIF. — Cushman & Wakefield has represented RPG in the sales of an office and mixed-use office/retail portfolio in Carlsbad. The assets sold for $86 million. Sold separately, the recapitalizations consisted of Fusion, a recently renovated, 121,541-square-foot, Class A creative flex office building that is fully leased; and Lift, a creative mixed-use, ground-up development consisting of two Class A loft-style buildings totaling 53,205 square feet. New York-based Clarion Partners acquired Fusion, located at 1950 Camino Vida Roble, with a full building value of $54 million. Renovated in early 2020, the property was formerly an industrial/distribution facility that was converted into a Class A creative flex project with extensive glass lines and high ceilings. At the time of sale, the property was leased to Alphatec Spine, a medical technology company based in Carlsbad. Lift Innovation Way LLC purchased Lift, which comprises two buildings situated within Bressi Ranch, with a full building value of $32 million. Building A, located at 6023 Innovation Way, offers two full floors of creative office space totaling 33,770 square feet. The 19,435-square-foot Building B, located at 6021 Innovation Way, features 8,708 square feet of ground-floor restaurant space and 9,950 square feet of second-floor creative office space. …

April 13, 2022

Acquisitions California Retail Western

Faris Lee Investments Negotiates $19.7M Acquisition of Value-Add Shopping Center in Temecula, California

by Amy Works April 13, 2022

TEMECULA, CALIF. — Faris Lee Investments has negotiated the sale of a value-add shopping center located at 32881-32965 Temecula Parkway in Temecula. California-based Centers Dynamic Partners and United Growth acquired the property from Vail Commercial for $19.7 million. Best Buy and Fitness 19 are tenants at the 70,418-square-foot shopping center, which is situated on 7.6 acres. Joe Chichester and Matt Brooks of Faris Lee Investments represented the buyer in the transaction.

April 13, 2022

California Industrial Loans Western

PSRS Arranges $3.8M Refinancing for Industrial Property in San Diego

by Amy Works April 13, 2022

SAN DIEGO — PSRS has arranged the $3.8 million cash-out refinancing of a multi-tenant industrial property in San Diego’s Miramar neighborhood. Built in 1985, the 30,355-square-foot asset is 100 percent leased. Jennifer Mustard of PSRS secured the credit union execution, which provided the undisclosed borrower a 3.5 percent interest rate, 10-year term and $1 million cash out for other investments.

April 13, 2022

California Development Multifamily Seniors Housing Western

Calson Management Buys Development Parcel for 128-Unit Seniors Housing Community in Livermore, California

by Amy Works April 12, 2022

LIVERMORE, CALIF. — Hunter Street and Mana Investments have sold a nine-acre parcel of land in the Bay Area city of Livermore to Calson Management, a California-based specialist in senior living construction and operations. Located within The Well at Sunset mixed-use project, the site is approved for a 130,000-square-foot, 128-unit seniors housing complex. Construction is scheduled to begin late this year for completion in late 2024. The property will include independent living, assisted living and memory care services. The design’s footprint will preserve green space and walking trails around the complex. “We’re excited to watch the Calson team continue the project and complete our vision for a high-quality housing facility. We know this addition will be a value-add, not just for The Well at Sunset, but also for the wider Livermore community,” says Sean Rohland, managing director at Hunter Street. “The pandemic presented unforeseen complexity, and we were fortunate to partner with Calson to reach an outcome that is favorable to all.” The Well at Sunset was originally constructed in 1978 but had been vacant for several years until it was purchased by Hunter Street and Mana Investments in 2018. What followed was the revitalization of the plaza, as The …

April 12, 2022

California Loans Multifamily Western

PSRS Arranges $3.5M Refinancing for Riverside Apartments in California

by Amy Works April 11, 2022

RIVERSIDE, CALIF. — PSRS has arranged the $3.5 million cash-out refinancing of Riverside Apartments, a multifamily property located in Riverside. David Sarnoff of PSRS secured the 10-year, fixed-rate loan with a flexible prepayment structure. The name of the borrower was not released. Built in 1990, the wood-frame property features 32 garden-style apartments.

April 11, 2022

California Hospitality Loans Western

Sonnenblick-Eichner Arranges $30M Refinancing for Inn at the Pier in Pismo Beach, California

by Amy Works April 8, 2022

PISMO BEACH, CALIF. — Sonnenblick-Eichner Co. has arranged $30 million in long-term, fixed-rate financing for Inn at the Pier, a full-service boutique hotel located half a block from the Pacific Ocean in Pismo Beach. Inn at the Pier features 104 guest rooms, a full-service restaurant, pool, spa and the only rooftop bar in Pismo Beach. Other amenities include 1,200 square feet of meeting space, a fitness center and approximately 2,650 square feet of street-level retail space. Additionally, the hotel offers valet parking for up to 128 cars. The nonrecourse loan was funded by a life company and priced in the low four percent range with interest-only payments for the entire term. Proceeds from the loan also provided for a return of equity to the undisclosed borrower.

April 8, 2022

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