California

Gelt Buys 149-Unit Apartment Property in Studio City, California for $76M

by Amy Works September 29, 2022

STUDIO CITY, CALIF. — Los Angeles-based Gelt has purchased Avalon Studio 4121, a multifamily community located at 4041-4121 Radford Ave. in Studio City. Avalon Bay sold the asset for $76 million. Built in 2009, the four-story, two-building property features 149 apartments in a mix of one- and two-bedroom layouts. The units feature nine-foot ceilings, in-unit washers/dryers and private sundecks or patios in select units. On-site amenities include a fitness center, game/recreation room, lounge room with TV, courtyards and leasing office. At the time of sale, the property was 98 percent occupied. Gelt plans to rename and renovate the property, including installation of stainless steel appliances, quartz countertops with undermount sinks, vinyl plank flooring, tile backsplashes, cabinets, modernized hardware and recessed lighting and fixtures. Gelt will also make upgrades to the common area amenities.

September 29, 2022

Acquisitions California Life Sciences Western

CBRE Brokers $11M Sale of Life Sciences Building in Irvine, California

by Amy Works September 29, 2022

IRVINE, CALIF. — CBRE has negotiated the sale of a life sciences facility located at 6 Thomas in the Irvine Spectrum Center neighborhood of Irvine. MP Biomedicals LLC acquired the property for $11 million. Ross Bourne and Chip Wright of CBRE represented the undisclosed seller in the deal. Situated on approximately 1.5 acres, the 28,835-square-foot building was converted from a light manufacturing property to a lab in 2005. Previous tenants of the building include Eagle Pharmaceuticals, Enevate Corp., BIT Group and Planet Innovation.

September 29, 2022

Acquisitions California Net Lease Restaurant Retail Western

SBH Real Estate Group Divests of Pollo Campero-Occupied Restaurant Property in Covina, California

by Amy Works September 29, 2022

COVINA, CALIF. — SBH Real Estate Group has completed the disposition of a triple-net-leased restaurant asset located at 1477 N. Azusa Ave. in Covina. HB Property Management acquired the asset for $4.6 million. Pollo Campero, a fast-casual restaurant chain, signed a 15-year ground lease to occupy the restaurant property, which is slated to open for business at the end of September. Matt Schwartz of Newmark represented Eric Silverman of SBH Real Estate Group, while Moon Lim of JLL represented the buyer in the deal.

September 29, 2022

Marymount-California-University-Rancho-Palos-Verdes-CA

Acquisitions California Civic Office Western

UCLA Agrees to Acquire Former Marymount California University Campus in Southern California for $80M

by Amy Works September 28, 2022

RANCHO PALOS VERDES, CALIF. — The University of California Los Angeles, under the advisory of the University of California Board of Regents, has agreed to purchased the former Marymount California University campus in Rancho Palos Verdes for $80 million. The acquisition, which was under a mandate by the University of California Board of Regents for the state’s public universities to educate more students, is slated to close in October. Mike Condon Jr., Kimberly Brown, McKenna Gaskill, Erica Finch, Jacob Kovner and Connor Martin of Cushman & Wakefield represented UCLA in the transaction. Adrienne Barr and Steffan Braunlich of Berkadia represented Marymount California University in the deal. Overlooking the Pacific Ocean and Catalina Island, the coastal property comprises 24.6 acres of developed campus and vacant land, plus a neighboring vacant 86-unit student apartment complex situated on 11 acres in San Pedro. Located at 30800 Palos Verdes Drive East, the campus consists of 10 existing academic buildings totaling 92,268 of gross building area previously used for classroom, administrative and other campus functions. The included apartment complex spans 18 buildings. Known as The Villas, the complex is covenanted for education use that supplements the campus’ academic use. The property also features a pool, tennis …

September 28, 2022

Acquisitions California Hospitality Western

Washington Holdings Sells Hyatt Place El Segundo to Welcome Group for $49M

by Amy Works September 28, 2022

EL SEGUNDO, CALIF. — Washington Holdings has completed the disposition of Hyatt Place Los Angeles/LAX/El Segundo, a select-service hotel located at 750 N Nash St. in El Segundo. El Segundo-based Welcome Group acquired the asset, which was sold unencumbered by management, for $49 million. Renovated in 2020, Hyatt Place El Segundo features 143 guest rooms, The Placery bar and restaurant, The Market grab-and-go outlet, a fitness center, an outdoor pool and electrical vehicle charging stations. Additionally, the pet-friendly hotel offers a business center and 1,054 square feet of meeting or event space. John Strauss, James Stockdale and Melvin Chu of JLL Hotels & Hospitality represented the seller in the transaction.

September 28, 2022

Acquisitions California Multifamily Western

Kidder Mathews Brokers $15.9M Sale of Multifamily Building in Los Angeles’ Koreatown

by Amy Works September 28, 2022

LOS ANGELES — Kidder Mathews has arranged the sale of a 54-unit apartment community located at 340 S. Kenmore Ave. in Los Angeles’ Koreatown neighborhood. ROM Residential sold the asset to Landmark Global Management for $15.9 million. Built in 1965, the building features nine studios, 33 one-bedroom/one-bath units and 12 two-bedroom/two-bath units. Robin Ossenbeck of Kidder Mathews represented the seller in the deal.

September 28, 2022

Acquisitions California Industrial Top Stories Western

TA Realty Purchases Two Inland Empire Warehouses for $133.5M

by Kristin Harlow September 28, 2022

CITY OF INDUSTRY AND CORONA, CALIF. — TA Realty has purchased two industrial buildings in City of Industry and Corona for $133.5 million. JCS Properties sold the assets, which are both located in the Inland Empire region of Southern California. According to Stream Realty Partners, which brokered the deal, the West Inland Empire industrial market comprises more than 334 million rentable square feet of industrial space. The market experienced 6 million rentable square feet of positive gross absorption in the second quarter of 2022. Vacancy remains at an all-time low of 0.38 percent. The City of Industry property, located at 120 Puente Ave., spans 253,670 square feet. The fully leased building features refrigeration rooms and a third-story office space with a training room, full kitchen and bar area for both clients and employees. The Corona property, located at 451 Cota St., totals 140,276 square feet. The facility features 11 dock doors, three drive-in bays and 160 parking spaces. The two-tenant building was 43 percent occupied at the time of escrow. Stefan Pastor and Brad Yates of Stream Realty Partners represented TA Realty in the transaction. Real estate investment firm TA Realty has acquired, invested in or managed more than $36 …

September 28, 2022

California Industrial Loans Western

IDS Receives $124M Loan for Cold Storage Facility in Riverside, California

by Amy Works September 27, 2022

RIVERSIDE, CALIF. — IDS Real Estate Group has received $124 million in post-close acquisition financing for 14950 Meridian Parkway, a cold storage facility in Riverside. Paul Brindley, Matt Stewart and Alethia Halamandaris of JLL Capital Markets arranged the 10-year, fixed-rate loan with Northwestern Mutual for the borrower. United Natural Foods (NYSE: UNFI), the largest publicly traded wholesale distributor serving the United States and Canada, fully occupies the 1.2 million-square-foot property, which is situated on 59.4 acres within the Moreno Valley/Perris Industrial submarket. Originally completed in 2017 and renovated and expanded in 2020, the facility consists of 39 percent cold storage and 61 percent dry storage space with temperature-controlled warehouse space ranging from -10 degrees Fahrenheit to 60 degrees Fahrenheit. The property features 42-foot clear heights, 185 dock doors and approximately 700 parking spaces.

September 27, 2022

Acquisitions California Office Western

Soma Capital, Hazelview Investments Sell Multi-Tenant Office Building in Sacramento for $55.1M

by Amy Works September 27, 2022

SACRAMENTO, CALIF. — A joint venture between Soma Capital Partners and Hazelview Investments has completed the disposition of 925 L Street, a multi-tenant office building in downtown Sacramento. A partnership between Seagate Properties and Cottonwood Group acquired the asset for $55.1 million. Totaling 168,844 square feet, the 13-story building was 94 percent occupied at the time of sale. Additionally, the property is LEED Gold certified. Rob Hielscher, Erik Hanson and Nick Deaver of JLL Capital Markets represented the seller and procured the buyer in the transaction.

September 27, 2022

Acquisitions California Industrial Western

Stos Partners Sells 182,275 SF Industrial Facility in Pomona, California for $45.9M

by Amy Works September 26, 2022

POMONA, CALIF. — Stos Partners has completed the disposition of a Class A industrial distribution facility in Pomona to Denver-based EverWest Advisors for $45.9 million. Jeffrey Cole, Jeffrey Chiate, Bryce Aberg, Brad Brandenburg, Mike Adey and Zachary Harman of Cushman & Wakefield’s National Industrial Advisory Group represented the buyer in the transaction. Stos Partners was self-represented in the deal. Originally built in the 1950s and renovated in the 1970s, the 182,275-square-foot distribution facility features 7,200 square feet of office space, 18 dock-high and 12 grade-level doors, 19- to 21-foot clear heights, a fenced yard and rail service. A leading provider of packaging and protective products fully occupies the property. The property is situated on 8.5 acres at 159 N. San Antonio Ave.

September 26, 2022

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