California

Lee & Associates Brokers $11.7M Sale of Industrial Building in Vista, California

by Amy Works February 8, 2022

VISTA, CALIF. — Lee & Associates – NSDC has arranged the sale of a single-tenant industrial property located within Oak Ridge Business Center in Vista. Elion Partners acquired the asset for $11.7 million from Tom E. Dixon Trust. The 47,560-square-foot property features three dock-high doors, two grade-level doors and heavy power. Additionally, the building is 100 percent temperature controlled. Rusty Williams, Chris Roth and Jack Rubendall of Lee & Associates Williams-Roth Group represented the seller, while Greg Pieratt of Lee & Associates represented the buyer in the deal.

February 8, 2022

Acquisitions California Office Western

Parallel Capital Sells Shoreline Square Office Tower in Long Beach for $85.5M

by Amy Works February 7, 2022

LONG BEACH, CALIF. — Parallel Capital Partners has completed the disposition of Shoreline Square, an office tower in downtown Long Beach. Shoreline Square Holdings LLC acquired the asset for $85.5 million. Located at 201 E. Ocean Blvd., the 20-story tower features 410,920 square feet of office space. At the time of sale, the property was 92 percent leased to a diverse tenant mix, with 52 percent of the rent roll including U.S. government and municipal tenants. Current tenants include U.S. Customs, California State Land Commission, Department of Defense, California Coastal Commission and the Bureau of Alcohol, Tobacco, Firearms and Explosives. Additional tenants include Jersey Mike’s Subs, Comeria Bank, Café 301 and Corporate Concierge. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the transaction.

February 7, 2022

California Development Multifamily Seniors Housing Western

Griffin Living Opens 102-Unit Seniors Housing Community Near Los Angeles

by Amy Works February 7, 2022

SIMI VALLEY, CALIF. — Griffin Living has opened the doors on Varenita of Simi Valley, an assisted living and memory care community in Simi Valley, approximately 40 miles northwest of Los Angeles. The 97,000-square-foot building, located in the Griffin Plaza shopping center at the corner of Tapo Canyon Road and Cochran Street, includes 75 assisted living units and 27 memory care units. The location of Varenita of Simi Valley represents a pioneering design in senior living development, since residents are within walking distance of amenities like Aldi supermarket, CVS pharmacy and a variety of retail shops, services and restaurants. Griffin believes placing residents at the heart of a vibrant community center allows them to maintain independence as they age. “Our residents may not be able to go into the world as easily as they once did, so at Varenita, we bring the world to them,” says Paul Griffin, CEO of Griffin Living. “Traditional senior living is modeled on the idea that older residents want peace and quiet,” continues Griffin. “It can have an unintended effect of isolating them.”

February 7, 2022

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $49.5M Sale of Rolling Hills Apartment Homes in Torrance, California

by Amy Works February 3, 2022

TORRANCE, CALIF. — Marcus & Millichap has arranged the sale of Rolling Hills Apartment Homes, a multifamily property at 25935 Rolling Hills Road in Torrance, located in the South Bay region of metro Los Angeles. A private investor sold the complex to another private investor for $49.5 million, or $462,850 per unit. Tyler Leeson, Kevin King, Nick Kazemi and Matthew Kip of Marcus & Millichap and Joseph Grabiec, Kevin Green and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Built in 1970 on two acres, Rolling Hills features 107 apartments with 59 one-bedroom units, 30 two-bedroom units and 18 three-bedroom apartments, with an average unit size of 930 square feet. Community amenities include controlled access, covered parking, a clubhouse, pool and spa.

February 3, 2022

Acquisitions California Connecticut Hospitality Illinois Maine New Hampshire Oregon Restaurant Retail Western

Sansome Pacific Buys Value-Add Retail, Hotel Portfolio for $20.6M

by Amy Works February 3, 2022

SAN FRANCISCO — San Francisco-based Sansome Pacific has acquired a value-add portfolio of 10 retail and hospitality properties in California, Oregon, Connecticut, Illinois, Maine and New Hampshire for $20.6 million. The portfolio offers a total of 204,000 square feet. A majority of the properties feature below-market rents and short-term leases. The properties were acquired from a debt fund that buys loans encumbering underperforming mall properties. The two hotel assets, located in California, are 60-key properties. The retail assets include both single-tenant and multi-tenant buildings with lease terms ranging from one to six years along with freestanding pad buildings located near shopping malls. The larger mall assets are in various phase of renovation and will be upgraded in the coming years. Skyline Pacific Properties provided financing for the portfolio.

February 3, 2022

Acquisitions California Multifamily Student Housing Western

Champion Real Estate Sells 96-Bed Victory on Ellendale Student Housing Property Near USC for $20.5M

by Amy Works February 3, 2022

LOS ANGELES — Champion Real Estate Co. has sold Victory on Ellendale, a 96-bed student housing property located near the University of Southern California (USC) in Los Angeles, for $20.5 million. The property was renovated in 2019, with upgrades including the addition of stainless steel appliances, quartz countertops, new cabinetry and hardware, lighting, window coverings, vinyl plank flooring, bathroom upgrades and paint throughout each unit. Arthur Arejian and Jon Tran of Vanguard Investments represented the undisclosed buyer and seller in the transaction.

February 3, 2022

Acquisitions California Multifamily Seniors Housing Western

IRA Capital Buys 160-Unit Seniors Housing Portfolio in Northern California for $106.5M

by Amy Works February 2, 2022

DUBLIN AND NOVATO, Calif. — Southern California private equity firm IRA Capital has acquired two newly constructed assisted living and memory care facilities totaling 160 units in the Northern California cities of Dublin and Novato for $106.5 million. An active player in the medical office, life sciences and ambulatory surgery space, IRA Capital is growing and diversifying its healthcare real estate portfolio by expanding into seniors housing in high-barrier-to-entry markets on the West Coast. Elegance Senior Living operates the two Class A communities. Elegance at Dublin is an 80-unit community located within walking distance from a variety of shopping centers and restaurants, several hospitals and directly across the street from the Dublin Senior Center. Elegance Hamilton Hill in Novato is an 80-unit community situated in the heart of Hamilton Field’s 414-acre master planned community near shopping centers, restaurants and medical facilities. “The launch of our new seniors housing vertical is consistent with IRA’s goal of pursuing best-in-class assets that drive long-term growth for our investors, while providing quality services for the community,” says IRA Capital co-founder Jay Gangwal. IRA Capital has allocated approximately $1 billion to acquire over 2,000 seniors housing units over the next couple years. As part of …

February 2, 2022

California Market Reports Multifamily Western Western Market Reports

Institutional Money, Private Investors Continue to Flock to Inland Empire Multifamily Market

by Jeff Shaw February 2, 2022

By Eric Chen, Senior Vice President, CBRE Multifamily has been a well-performing real estate segment during the past 18 months as demand for housing continues to trump supply in most of California. The Inland Empire has been the recipient of much of this demand within the Greater Los Angeles and Southern California regions due to their economic and population growth. Tenants are also in search of more affordable, quality dwellings outside the urban core. Due to the confluence of these factors, multifamily vacancies in the area are at an all-time low of less than 5 percent. This is exasperated by the fact that new developments are at the lowest level across the nation, pushing rent growth to No. 1. This dynamic is, of course, ideal for investors who seek stable, income-producing investments with potential upside and little risk of oversupply. We do expect additional apartment properties to be built in the coming year or two, which will create more investment opportunities and provide more options for tenants who are new to the region or relocating from within. Looking back on this year, we have seen a number of large institutional-sized transactions between $25 million and $100 million, with investors ranging …

February 2, 2022

Acquisitions California Industrial Office Western

JLL Negotiates $78M Sale of Four-Building Britannia Business Center in Pleasanton, California

by Amy Works February 1, 2022

PLEASANTON, CALIF. — JLL Capital Markets has arranged the sale of Britannia Business Center, a four-building R&D and office campus at 4125, 4155, 4255 and 4385 Hopyard Road in the Bay Area city of Pleasanton. A Virtua Partners-managed company sold the asset to an undisclosed buyer for $78 million. Situated on 19.3 acres, Britannia Business Center features 292,000 square feet of R&D and office space. Originally built between 1997 and 1998, the property features 13-foot to 20-foot clear heights, eight roll-up doors, one dock-high door and 1,600 to 3,000 amps available. At the time of sale, the asset was 68.6 percent leased with nearly half of the tenancy being credit tenants. Erik Hanson, David Dokko and Nick Deaver of JLL Capital Markets represented the seller in the deal.

February 1, 2022

CapRock-Interchange-Industrial-Center-North-Las-Vegas-NV

Acquisitions California Industrial Western

CapRock Partners Sells 684,000 SF Interchange Industrial Center in North Las Vegas

by Amy Works February 1, 2022

NORTH LAS VEGAS, NEV. — Newport Beach, Calif.-based CapRock Partners has completed the disposition of CapRock Interchange Industrial Center, a Class A industrial campus located at 5345-5445 E. Centennial Parkway in North Las Vegas. Terms of the transaction were not released. Developed in 2020 and 2021, CapRock Interchange Industrial Center features 684,000 square feet of Class A industrial space spread across two warehouses. The 174,000-square-foot Building 1 features 32-foot clear heights, 39 dock-high doors, two grade-level doors and 105 parking spaces. The 510,000-square-foot Building 2 features a cross-dock design, 36-foot clear heights, 89 dock-high doors, four grade-level doors, 115 trailer parking stalls and 249 parking spaces. At the time of sale, the property was 100 percent leased to BarkBox, Boxabl and Evanesce Packaging Solutions. Andrew Briner and Brett Hardy of Newmark represented CapRock in the transaction, while Rob Lujan, Xavier Wasiak and Jason Simon of JLL represented CapRock as local market experts.

February 1, 2022

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