REBusinessOnline

IPA Brokers $28.7M Sale of The Perch Multifamily Property in East Los Angeles

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Perch, a five-story apartment asset located on the border of the Eagle Rock and Highland Park neighborhoods in Los Angeles.Roundhouse sold the property to ABRA Management for $28.7 million, or $486,441 per unit.Completed in 2018, The Perch features 59 one-, two- and three-bedroom layouts, two levels of structured parking, an outdoor lounge with firepit, gated parking …

Lee & Associates Negotiates $15.9M Sale of Industrial Building in Carlsbad, California

CARLSBAD, CALIF. — Lee & Associates has arranged the sale of an industrial property located at 3205 Lionshead Ave. in Carlsbad. Lionshead LLC sold the asset to Oak Canyon LLC for $15.9 million.At the time of sale, the 47,850-square-foot freestanding building was 100 percent triple-net leased on a long-term basis.Chris Roth, Rusty Williams and Jake Rubendall of Lee & Associates – NSDC represented the seller, while James deRegt of Lee & Associates – Newport represented …

Ware Malcomb Completes 93-Unit Westmont of Encinitas Seniors Housing Community in California

ENCINITAS, Calif. — Ware Malcomb has completed construction of Westmont of Encinitas, an assisted living community in the San Diego suburb of Encinitas.Ware Malcomb provided architectural services for the 91,334-square-foot project. The two-story building sits on 3.2 acres and features 93 units in studio, one- and two-bedroom options.Westmont Construction was the general contractor. Westmont Living is the

JLL Arranges $389.2M Refinancing of One Wilshire Data Center in Downtown Los Angeles

LOS ANGELES — JLL has arranged the $389.2 million refinancing of One Wilshire, a multi-tenant data center located at 624 S. Grand Ave. in downtown Los Angeles. The borrower is GI Partners, an alternative investment firm based in San Francisco.The 30-story, 661,553-square-foot data center features five separate utility power risers and 13 onsite generators with fuel storage for 24 hours of operation, along with separate and redundant data risers. The property also features office space, a …

IPA Negotiates $80.7M Sale of Benson Apartments in Upland, California

UPLAND, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Benson, a multifamily community located at 850 N. Benson Ave. in Upland. An affiliate of Abacus Capital Group sold the property to New Standard Equities for $80.7 million, or $342,161 per unit.Located 1.4 miles from the Los Angeles County border, The Benson features 236 apartments in one-, two- and three-bedroom units spread across 32 residential buildings. Amenities …

Progressive Real Estate Partners Brokers $9.3M Sale of Circle K in Jurupa Valley, California

JURUPA VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a Shell gas station and Circle K convenience store and car wash in Jurupa Valley. A Riverside County-based private investor sold the asset to another Riverside County-based private investor for $9.3 million.Built in 1999 at 3873 Pyrite St., the property was fully remodeled in 2013. The asset features 28 fueling positions, an express car wash, a 4,000-square-foot Circle K convenience store and a …

PRP Sells 350 Rhode Island Street Office Building in San Francisco for $182.5M

SAN FRANCISCO — PRP has completed the sale of 350 Rhode Island Street, an office property in San Francisco.PRP bifurcated the land and improvements, selling the fee simple position to Safehold (NYSE: SAFE) for $64.5 million and selling the leasehold to a venture of Lincoln Property Co. and Korea Asset Investment Management for $118 million, for a total consideration of $182.5 million, or $1,436 per square foot. The transactions occurred simultaneously.The City and County of San …

Gerrity Group Divests of Fallbrook Mercantile Center Near San Diego for $27.2M

FALLBROOK, CALIF. — Gerrity Group has completed the disposition of Fallbrook Mercantile Center, a 70,411-square-foot retail center in Fallbrook. A private investor acquired the asset for $27.2 million.Major Market anchors the property, which is situated on 6.5 acres at 713, 825, 833 and 835-855 S. Main Ave. At the time of sale, the property was 96.8 percent occupied. Other tenants include Anytime Fitness, Denny’s, Sherwin-Williams, H&R Block, Jersey Mike’s Subs, Burger King, …

DJM, PGIM Real Estate Acquire Long Beach Exchange from Burham-Ward Properties

LONG BEACH, CALIF. — DJM, in partnership with PGIM Real Estate, has purchased Long Beach Exchange, an open-air lifestyle property in Long Beach, from Burnham-Ward Properties for an undisclosed price.Built in 2018, the 26-acre Long Beach Exchange features 246,500 square feet of retail space. Current tenants include Whole Foods Market, Handel’s, Orange Theory, Ra Yoga, Silverlake Ramen, Ulta and Nordstrom Rack.Eastdil brokered the

Ethan Conrad Properties Buys Sacramento-Area Shopping Center for $16.7M

CITRUS HEIGHTS, CALIF. — Citivest Commercial Investments has completed the disposition of four parcels of SummerHills Plaza, an approximately 135,000-square-foot, grocery-anchored shopping center in Citrus Heights. Ethan Conrad Properties acquired the parcels for $16.7 million, or $155 per square foot.Originally constructed in 1967 and refurbished in 2020, the property is occupied by Raley’s, Dollar Tree, Round Table Pizza and Dutch Bros. Coffee.Bill Rose of Institutional Property …

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