California

LA Apartments Acquires Six-Property Multifamily Portfolio in Los Angeles’ Westside

by Amy Works February 15, 2022

LOS ANGELES — LA Apartments has purchased Venice-Mar Vista Portfolio, a six-property apartment portfolio in the Westside region of Los Angeles. A family trust sold the asset for $30 million. Built between 1961 and 1971, the portfolio includes: 17 units at 11735 Culver Blvd. 14 units at 11964 Lindblade St. 10 units at 4316 Berryman Ave. 18 units at 2712 Abbot Kinney Blvd. 24 units at 711 and 715 Machado Drive 16 units at 450 S. Venice Blvd. Kevin Green, Joseph Grabiec and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap, and Peter Castleton of Voit Real Estate Services represented the seller and procured the buyer in the deal.

February 15, 2022

Affordable Housing California Loans Multifamily Seniors Housing Western

Grandbridge Funds $30.4M Loan for Affordable Seniors Housing Community in Los Angeles

by Amy Works February 14, 2022

LOS ANGELES —Grandbridge Real Estate Capital has provided a $30.4 million first mortgage loan secured by Sunset at Normandie Towers, a 148-unit Section 8 senior living facility in Los Angeles. Artin Anvar originated the refinancing transaction through HUD’s 223(f) loan insurance program. The loan features a 35-year term and 35-year amortization. “The owners of Sunset Normandie were able to lock a very low fixed rate for 35 years allowing for the preservation of the much-needed affordable housing in Los Angeles,” says Anvar. “As a repeat HUD borrower they were able to capitalize on the low rate environment while also taking equity out of the property.”

February 14, 2022

Acquisitions California Industrial Western

Klabin Co. Negotiates $24M Sale of Industrial Property in Gardena, California

by Amy Works February 11, 2022

GARDENA, CALIF. — The Klabin Co./CORFAC International has brokered the sale of an industrial asset located at 301 E. Alondra Blvd. in Gardena. Illinois-based CenterPoint Properties purchased the property for $24 million. Matt Stringfellow, Courtney Bell and Tyler Rollema of Klabin Co. represented the private seller in the transaction. Situated on four acres, the 91,342-square-foot property features dock-high and grade-level loading, a large private yard and is ideal for future redevelopment as a logistics/last-mile facility.

February 11, 2022

Acquisitions California Retail Western

Progressive Negotiates $3.9M Sale of Multi-Tenant Retail Center in Big Bear Lake, California

by Amy Works February 11, 2022

BIG BEAR LAKE, CALIF. — Progressive Real Estate Partners has arranged the sale of Village Mall at Big Bear, a multi-tenant retail property located at 40729 Village Drive in Big Bear Lake. An Inland Empire-based investor sold the asset to a San Gabriel Valley-based investor for $3.9 million in an all-cash transaction. Greg Bedell and Roxy Klein of Progressive Real Estate represented the seller, while Doreen Chen of Pinnacle Real Estate Group represented the buyer in the deal. At the time of sale, the 24,806-square-foot retail center was 100 percent leased.

February 11, 2022

California Loans Restaurant Retail Western

JLL Arranges $11.7M Refinancing for Neighborhood Retail Property in San Diego’s Kearny Mesa

by Amy Works February 11, 2022

SAN DIEGO — JLL has secured $11.7 million in refinancing The Convoy, a neighborhood retail strip center located at 4428-4444 Convoy St. in the Kearny Mesa submarket of San Diego. The borrower was CEG Capital Partners, which will use the proceeds to refinance the existing bridge loan used to acquire the asset in 2017. CEG Capital renovated The Convoy, which was originally constructed in 1973, after acquiring the property in 2017. The 51,623-square-foot property is fully leased to a variety of tenants, including Bank of Hope, Hive, Convoy Strength, Ichibanya and Axe Thro, Manna Heaven BBQ, Synergy Dental Group and Da Nang Corner. Chris Collins and Daniel Pinkus of JLL arranged the seven-year, fixed-rate loan through a regional credit union on behalf of the borrower.

February 11, 2022

Acquisitions California Industrial Western

DAUM Negotiates Acquisition of Two Industrial Buildings Totaling 208,180 SF in Fremont, California

by Amy Works February 10, 2022

FREMONT, CALIF. — DAUM Commercial Real Estate Services has arranged the purchase of two fully leased industrial properties in Fremont. CenterPoint Properties acquired the assets from an undisclosed seller for $86 million. Jordan Lara of DAUM represented the buyer in the deal. Situated on 13.7 acres at 41099 Boyce Road, the properties offer a total of 208,180 square feet of industrial space with 28-foot clear heights and a fully secured site.

February 10, 2022

Acquisitions California Loans Multifamily Western

Ready Capital Closes $17.3M Loan for Multifamily Property in Los Angeles

by Amy Works February 10, 2022

LOS ANGELES — Ready Capital has closed $17.3 million in financing for the acquisition, renovation and stabilization of a 94-unit apartment community in Los Angeles’ Norwalk submarket. Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan including taking care of deferred maintenance projects while renovating unit interiors, building exteriors and common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

February 10, 2022

Acquisitions California Retail Western

Calbay Development Buys 26,000 SF Retail Property in Alhambra, California

by Amy Works February 9, 2022

ALHAMBRA, CALIF. — Manhattan Beach-based Calbay Development has purchased the fee interest in a freestanding retail building along Valley Boulevard in Alhambra. Terms of the transaction were not released. Situated on 1.5 acres, Office Depot formerly occupied the 26,000-square-foot asset. The property also offers 98 parking stalls and prominent visibility and signage on Valley Boulevard. Calbay acquired the property as a value-add opportunity and is in late-stage negotiations with a national retailer to lease the entire space. Bill Asher and Jeff Lefko of Hanley Investment Group brokered the transaction.

February 9, 2022

Acquisitions California Office Western

Prologis Acquires Pacific Vista Office Campus in Orange County for $96M

by Amy Works February 8, 2022

LAKE FOREST, CALIF. — Prologis has purchased Pacific Vista, a corporate office campus at 25500-25550 Commercentre Drive in Lake Forest. An undisclosed party sold the asset for $96 million. Situated on 24.4 acres, Pacific Vista consists of five two-story buildings featuring a 322,262 square feet of Class A office space. At the time of sale, the property was leased to seven long-term tenants. Jason Ward of Cushman & Wakefield represented the buyer, while John Harty, Jeffrey Cole, Nico Napolitano and Ed Hernandez of Cushman & Wakefield represented the seller in the transaction.

February 8, 2022

California Development Multifamily Western

Stockbridge Real Estate, Cityview Buy South Bay X Multifamily Development in Gardena, California

by Amy Works February 8, 2022

GARDENA, CALIF. — A joint venture between Stockbridge Real Estate and Cityview has purchased South Bay X, a development site fully entitled for sustainable multifamily housing located at 12850 Crenshaw Blvd. in Gardena. South Bay X will feature 265 units in a mix of studio, one- and two-bedroom apartments ranging from 510 square feet to 1,197 square feet. The joint venture plan to achieve LEED Silver certification with the project, designing the Class A property to realize 20 to 30 percent improved energy efficiency over other similar non-green buildings. South Bay X will feature high-performing lighting, enhanced indoor air quality and a solar thermal water heating system that relies on renewable energy. The property will offer premier interior finishes, a fitness center and expansive outdoor amenities, including a pool, spa, lanai, outdoor strength area, barbecues and three open-air courtyards. The project is slated to break ground in the fourth quarter, with completion scheduled for early 2025.

February 8, 2022

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