California

USA Properties Starts Construction of 164-Unit College Creek Affordable Community in Santa Rosa, California

by Amy Works March 14, 2022

SANTA ROSA, CALIF. — USA Properties Fund has started construction of College Creek, an affordable multifamily community for a range of income levels in Santa Rosa. Completion is slated for fall 2023. Located at 2150 W. College Ave., the 164-unit property is close to downtown Santa Rosa, large shopping centers, healthcare providers and several schools. The community will be available for low-income residents that meet an expanded range of income limits established by the Tax Credit Allocation Committee. Renters earning 30 percent to 70 percent of the area’s median income could quality for residence at College Creek. The community, which will feature a four-story building and two three-story buildings, will offer a community room with computer workstations, fitness room, swimming pool, tot lot and onsite laundry facilities. Apartments will feature energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. USA Properties worked closely with the community, including the City of Santa Rosa and Sonoma County, on the project, which has been in the planning stages for several years.

March 14, 2022

Acquisitions California Office Western

LPC West, TriGate Capital Acquire 420,000 SF Square on Main Office Campus in Orange, California

by Amy Works March 11, 2022

ORANGE, CALIF. — LPC West, the West Coast arm of Lincoln Property Co., has partnered with TriGate Capital to purchase The Square on Main, a multi-building office campus located at the intersection of Main Street and La Veta Avenue in Orange. Totaling 420,000 square feet, the five-building asset was 96.5 percent occupied by 13 tenants, including the Orange County Transportation Authority and Western Dental, both tenants of more than 25 years. The 7.2-acre campus includes two 12-story buildings, one six-story building and two one-story buildings, as well as a large parking structure. Additionally, the site offers full transit accessibility, with access to the 22 and 57 freeways and numerous airports within 40 miles. LPC West plans to implement a variety of sustainability upgrades and overall operational enhancements throughout the property to help boost efficiency and limit its environmental footprint.

March 11, 2022

California Development Industrial Self-Storage Western

StoragePRO Management Opens 131,000 SF Self-Storage Facility in Fairfield, California

by Amy Works March 11, 2022

FAIRFIELD, CALIF. — StoragePRO Management has opened a new multi-level self-storage facility situated on five acres at 475 Lopes Road in Fairfield. The 131,000-square-foot facility offers 930 indoor storage units and a two-story RV, boat and vehicle storage on the ground floor with secure, drive-up access. The property also features a property-wide 24-hour surveillance video system, electronic smart locks on each unit, entry and exit property access keypads, fenced and gated property perimeters, motion-censored interior and exterior LED lighting, fire sprinklers and onsite managers, as well as a leasing office and no-contact online rentals and bill pay. Elk Grove-based GC Construction and Development served as the project’s general contractor.

March 11, 2022

California Loans Missouri Restaurant Retail Western

BridgeCore Funds $3.6M Loan for 7-Eleven Location in California, Taco Bell in Missouri

by Amy Works March 11, 2022

SANTA ANA, CALIF., AND WARSAW, MO. — BridgeCore has funded a $3.6 million bridge loan to finance the purchase of a to-be-built retail building that 7-Eleven will occupy in Santa Ana. The loan was cross-collateralized with a Taco Bell-occupied asset in Warsaw. The name of the borrower was not released. The loan features a 12-month term with six months of yield maintenance, which will allow the seller of the 7-Eleven property to complete its construction of the build-to-suit on behalf of the borrower and meet its delivery obligations to 7-Eleven.

March 11, 2022

California Loans Multifamily Seniors Housing Western

Ziegler Arranges $23.6M Bond Financing for Seniors Housing Asset in Mill Valley, California

by Amy Works March 10, 2022

MILL VALLEY, CALIF. — Ziegler has arranged $23.6 million in bond financing for The Redwoods, a nonprofit continuing care retirement community in Mill Valley, a suburb of San Francisco. The Redwoods features 148 independent living units, 130 assisted living units and a 58-bed skilled nursing facility. The Redwoods will use the proceeds of the bonds, together with an equity contribution of $5 million, to refinance its outstanding 2013 bonds, fund a bond reserve account, pay an insurance premium to the Cal-Mortgage Loan Insurance Program and pay costs of issuance. While federally taxable, the bonds were issued through the California Municipal Finance Authority to allow for exemption from State of California income tax. The bonds amortize over a 15-year period, which is eight years shorter than the maturity on the existing 2013 bonds, and carry a bond yield of 2.9 percent. The bonds were issued with a 10-year par call.

March 10, 2022

Arizona California Colorado Loans Multifamily Utah Western

KeyBank Arranges $191M Refinancing for Five-Property Wasatch Group Multifamily Portfolio

by Amy Works March 9, 2022

LOGAN, UTAH — KeyBank Real Estate Capital has arranged $191 million in life company loans for the Wasatch Group, a fully integrated real estate development, construction, property management and guaranty capital company based in Logan. The loans will refinance debt on five apartment communities across the Rocky Mountains and Western United States. The portfolio comprises 1,398 units in Arizona, California, Colorado and Utah. Brian Caudel, Mike Keach, Greg Halvorson and Jack Tidrick of KeyBank structured the financing, which includes loans with seven-year, full-term interest-only structures and a 2.62 percent interest rate.

March 9, 2022

Acquisitions California Retail Western

Marcus & Millichap Brokers $44.7M Sale of Washington Plaza Shopping Center in Downtown Los Angeles

by Amy Works March 8, 2022

LOS ANGELES — Marcus & Millichap (NYSE: MMI) has arranged the sale of Washington Plaza, a grocery-anchored retail property located in downtown Los Angeles. Southern California-based Eagles Nest Property LLC sold the asset to Reliable Properties for $44.7 million. The 136,908-square-foot asset was fully occupied at the time of sale. Long-term tenants include 99 Cents Only and Rite Aid. Additional tenants include DaVita Dialysis, Ace Cash Express, Dunkin’, Baskin Robbins, WaBa Grill, El Pollo Loco, T-Mobile, Panda Express and Boost Mobile. Orbell Ovaness and Ara Rostamian of the Ovaness-Rostamian Group of Marcus & Millichap represented the seller and procured the buyer in the transaction.

March 8, 2022

Acquisitions California Industrial Western

Barings, Ocean West Capital Partners Buy 136,610 SF Smoky Hollow Industrial Campus in El Segundo, California

by Amy Works March 8, 2022

EL SEGUNDO, CALIF. — Barings has partnered with Ocean West Capital Partners to acquire Smoky Hollow Flex Industrial Campus in El Segundo’s Smoky Hollow submarket. Terms of the off-market transaction were not released. Situated on 5.1 acres, the three-property campus offers 136,610 square feet of flex industrial space. The owners intend to implement a repositioning, including the construction of a new flex industrial building and 266-stall parking structure. Renovations to the three existing buildings will include upgrades to the exterior and building systems while constructing outdoor recreation spaces.

March 8, 2022

California Industrial Loans Northmarq Western

Northmarq Negotiates $35M Refinancing for Seven-Building Industrial Campus in San Jose

by Amy Works March 7, 2022

SAN JOSE, CALIF. — Northmarq has arranged $35 million in refinancing for a seven-building industrial asset located at 1100-1070 Commercial St. in San Jose. Built in 1995 on 18.6 acres, the property features 337,585 square feet of industrial space with one-third warehouse space, one-third light industrial and one-third incubator space. John Kerslake and Briana Harney of Northmarq’s San Francisco debt/equity office secured the 10-year, interest-only loan for the borrower through the firm’s correspondent relationship with a life insurance company.

March 7, 2022

Acquisitions California Retail Western

Faris Lee Investments Brokers $14.1M Sale of La Paz Shopping Center in Laguna Niguel, California

by Amy Works March 7, 2022

LAGUNA NIGUEL, CALIF. — Faris Lee Investments has negotiated the sale of La Paz Shopping Center in the Orange County city of Laguna Niguel. Carson Cos. sold the asset to an Orange County-based private investor for $14.1 million. Scott DeYoung, Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller and the buyer in the deal. Located at 460 S. Lake Ave., the property features 35,302 square feet of retail space. Current tenants include Walgreens and Wild Fork Foods, a meat and seafood market. The multi-tenant asset also had vacant suites at the time of sale.

March 7, 2022

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