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Valley-Plaza-Pomona-CA
AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Partners Brokers Sale of 11,720 SF Retail Center in Pomona, California

by Amy Works

POMONA, CALIF. — Progressive Real Estate Partners has negotiated the sale of Valley Plaza, a multi-tenant retail property located at 2407 Valley Blvd. in Pomona. A private investor acquired the asset for $2.6 million from a private investor. Built in 1993, Valley Plaza offers 11,720 square feet of retail space. Current tenants include Panaderia Jaliscos & Maria Taco, Pomona Water & Ice, Pearl Dental Care and Curry Time. Trinnie Lee of Progressive Real Estate Partners represented the seller, while Mark Wilson of Channel Investment Group represented the buyer in the transaction.

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Three-Sisters-San-Fran-CA
AcquisitionsCaliforniaMultifamilyWestern

Ballast Acquires Three Multifamily Buildings in San Francisco for $48.5M

by Amy Works

SAN FRANCISCO — Ballast has purchased three historic multifamily buildings in San Francisco for $48.5 million. Collectively known as the Three Sisters, the properties are located along the Van Ness corridor and the border of the Pacific Heights neighborhood. The thee adjacent six-story buildings offer a total of 110 units in a mix of studio, one- and two-bedroom layouts, along with two ground-floor commercial retail spaces. At the time of sale, the Three Sisters portfolio was 97 percent occupied. Built in 1928, the portfolio features richly preserved architectural detailing, grand lobby space, elevator service, laundry facilities, access to a large shared courtyard and proximity to Polk Street restaurants, shopping, public transportation, Lafayette Park and Alta Plaza Park.

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AcquisitionsCaliforniaRetailWestern

Mahoney & Associates Arranges $37.5M Sale of Carmel Rancho Shopping Center in California

by Amy Works

CARMEL-BY-THE-SEA, CALIF. — Mahoney & Associates has arranged the sale of Carmel Rancho Shopping Center, a retail center in Carmel-by-the-Sea. Montage Health acquired the asset for $37.5 million. Situated on a 295,335-square-foot land parcel, Carmel Rancho Shopping Center offers 77,002 square feet of retail space. Ryan Edwards, Josh Jones and Patrick Stafford of Mahoney & Associates represented the buyer and the undisclosed seller in the deal.

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AcquisitionsCaliforniaMixed-UseRestaurantRetailTop StoriesWestern

Jamestown Sells Historic Ghirardelli Square Shopping Center in San Francisco

by John Nelson

SAN FRANCISCO — Jamestown LP, a mixed-use developer and operator based in Atlanta, has sold Ghirardelli Square, a historic waterfront shopping center located at 900 N. Point St. in San Francisco’s Fisherman’s Wharf District. The property comprises 12 interconnected brick buildings fronting San Francisco Bay and includes the namesake 19-foot illuminated Ghirardelli sign that has been part of the city’s skyline since 1915. Miami-based investment firm Embrace Real Estate and its affiliate asset management company 1823 Partners purchased Ghirardelli Square from Jamestown for an undisclosed price. The new ownership has selected Denver-based Continuum Partners to manage the day-to-day operations and future business plan for the historic property. Ghirardelli Square’s origins date back to 1862 when it served as the world headquarters and primary chocolate factory for Ghirardelli Chocolate Co., which still keeps a flagship store at the development. The property is listed on the National Register of Historic Places. Ghirardelli Square reopened in the early 1960s with various shops and restaurants, making the development one of the first major adaptive reuse projects in the United States. Today, Ghirardelli Square welcomes 9 million visitors annually. The project spans a little more than 100,000 square feet of shops and restaurants, as well as …

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35-N-Lake-Ave-Pasadena-CA
AcquisitionsCaliforniaOfficeWestern

Swift Real Estate Partners Sells 158,785 SF Office Building in Pasadena, California

by Amy Works

PASADENA, CALIF. — Swift Real Estate Partners has completed the disposition of 35 N Lake, a Class A office building in Pasadena, to State Compensation Insurance Fund for an undisclosed price. Located at 35 N. Lake Ave., 35 N Lake offers 158,785 square feet of office space approximately 10 miles northeast of downtown Los Angeles and blocks from the Metro Gold Line, providing connectivity to Santa Monica, the South Bay and Hollywood. Jeff Bramson, Andrew Harper, Will Poulsen, Jacob Molloy and Will O’Neil of JLL Capital Markets represented the seller, while CBRE represented the buyer in the transaction.

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PSRS-Industrial-Grover-Beach-CA
CaliforniaIndustrialLoansWestern

PSRS Arranges $6M Refinancing for Industrial Property in Grover Beach, California

by Amy Works

GROVER BEACH, CALIF. — PSRS has arranged $6 million in refinancing for an industrial asset in Grover Beach. Situated on a 70,947-square-foot site, the property consists of two warehouses separated by a 40-space parking area. The buildings feature flexible, customizable layouts designed to support a wide range of tenant uses. Jacob Lee and Nathan Toomey of PSRS secured the loan, which features a 74 percent loan-to-value ratio and 25-year term structure, through one of PSRS’ correspondent life insurance companies.

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San-Regis-Apts-LA-CA
AcquisitionsCaliforniaMultifamilyWestern

Nuveen Real Estate Sells 390-Unit San Regis Multifamily Community in Los Angeles

by Amy Works

LOS ANGELES — Nuveen Real Estate has completed the disposition of San Regis, an apartment property in the Van Nuys neighborhood of Los Angeles. Terms of the transaction were not released. The five-building, gated community offers 390 apartments with breakfast bars and private patios or balconies. Renovated units have stainless steel appliances, quartz countertops, Shaker-style cabinets and updated plumbing and lighting fixtures. Community amenities include two levels of subterranean parking, a Junior Olympic-sized swimming pool, three pickleball courts and a modernized fitness center. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.

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5370-Boyle-Ave-Vernon-CA
CaliforniaIndustrialLoansWestern

Gantry Secures $40M Loan for Xebec-Owned Industrial Properties Near Los Angeles

by Amy Works

VERNON AND PACOIMA, CALIF. — Gantry has secured a $40 million permanent loan to retire maturing debt on two cross-collateralized industrial buildings in Vernon and Pacoima, two active Los Angeles submarkets. Both buildings are fully occupied with different single-tenant occupiers. PODS occupies the first building, a 203,000-square-foot property located at 5370 Boyle Ave. in Vernon. The second asset, located at 10445 Glenoaks Blvd. in Pacoima, is a 95,000-square-foot building used as a sound stage facility as part of the Quixote studios campus. George Mitsanas, Bahman Mirhashemi and Keegan Bridges of Gantry represented the borrower, a privately held real estate joint venture managed by Xebec, a private real estate investor. The five-year, fixed-rate loan was secured from an insurance company lender and features full-term, interest-only payments.

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Armstrong-Bldg-Pomona-CA
AcquisitionsCaliforniaMixed-UseMultifamilyOfficeRetailWestern

Progressive Real Estate Partners Brokers $2.9M Sale of Armstrong Building in Pomona, California

by Amy Works

POMONA, CALIF. — Progressive Real Estate Partners has arranged the sale of The Armstrong Building, a historic mixed-use property at 150-196 E. Third St. and 345 S. Locust St. in Pomona. Western University of Health Sciences, a private medical university, acquired the asset from a Los Angeles-based private investor for $2.9 million. The 27,980-square-foot building features seven ground-level commercial units and eight residential lofts. Western University of Health Sciences will utilize the building as an extension of its campus, expanding the university’s footprint in downtown Pomona. Roxy Klein and Greg Bedell of Progressive Real Estate Partners represented the seller in the deal.

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