California

BLT Enterprises Expands California Holdings with Seven-Building Acquisition for $130M

by Amy Works September 23, 2022

SANTA MONICA, CALIF. — Santa Monica-based-BLT Enterprises has purchased seven industrial and creative office properties throughout Los Angeles County, Orange County and San Diego County, Calif., for a total of $130 million. The acquisitions total nearly 270,000 square feet of buildings on more than 18 acres of land. Names of the sellers were not released. The properties include: A 49,307-square-foot creative office building located at 621 Hawaii St. in El Segundo and fully leased to Nexon America Inc., South Korea’s largest video game developer. A 10,400-square-foot warehouse at 7748 Industry Ave. in Pico Rivera. A 10,246-square-foot warehouse at 2901 Thornton Ave. in Burbank, which is fully leased to Reno Hardware. A 6,900-square-foot creative office building at 6368 Arizona Circle and an 8,100-square-foot creative office building, both in Los Angeles. A 12,620-square-foot warehouse located at 3539 Howard Way in Costa Mesa. A 175,000-square-foot distribution facility on 11.1 acres at 1 Viper Way in Vista.

September 23, 2022

Acquisitions California Industrial Western

Panattoni Sells Green Valley Corporate Park in Fairfield, California to TA Realty for $90.5M

by Amy Works September 23, 2022

FAIRFIELD, CALIF. — Panattoni has completed the disposition of Green Valley Corporate Park, a three-building industrial campus in Fairfield. TA Realty acquired the asset for $90.5 million. Situated on 26.5 acres at 4550-4750 Business Center Drive, Green Valley Corporate Park offers 415,107 square feet of Class A industrial space. The buildings feature 32-foot to 36-foot clear heights, 51 dock doors, 10 grade-level doors and 392 parking spaces. At the time of sale, the newly completed property was 75 percent pre-leased to Southern Glazer and Landsberg Orora. Ryan Sitov and Mark Detmer of JLL Capital Markets represented the seller in the deal. Glen Dowling, Matt Bracco and Chris Neeb of JLL handled leasing for the asset.

September 23, 2022

Acquisitions California Healthcare Office Western

CBRE Arranges $44.5M Acquisition of Pacific Professional Building Medical Office Property in San Francisco

by Amy Works September 23, 2022

SAN FRANCISCO — CBRE has negotiated the purchase of the fee simple interest of Pacific Professional Building, a 132,000-square-foot medical office building in San Francisco. Pan-Med Enterprises, a collection of doctors that occupies and operates practices at the property, acquired the underlying land out of a ground lease for $44.5 million. Mike Taquino, Kyle Kovac, Alec Haley and Giancarlo Sangiacomo of CBRE Capital Markets represented the buyer in the deal. Additionally, Mike Walker and Brad Zampa of CBRE’s Debt & Structured Finance team secured the $44.5 million, 10-year, fixed-rate, non-recourse loan to finance the purchase of the fee simple interest and repayment of the existing leasehold loan from a middle-market East Coast bank. Located at 2100 Webster St., Pacific Professional Building is a five-story medical office with an outpatient radiology lab, testing labs, pharmacy and health resource center. The building is 97 percent leased and was completely renovated in 2021.

September 23, 2022

Acquisitions California Restaurant Retail Western

Newmark Brokers $45.2M Sale of Valley Central Shopping Center in Lancaster, California

by Amy Works September 22, 2022

LANCASTER, CALIF. — Newmark has arranged the sale of Valley Central, a community shopping center in Lancaster. The property traded for $45.2 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark led the transaction. Situated on more than 35 acres at 44400 Valley Central Way, Valley Central features 375,541 square feet of retail space. At the time of sale, the property was 68 percent occupied. Current tenants include Marshalls, Staples, Michaels, 99 Cents Only, Burlington, Planet Fitness, Five Below, Chuck E. Cheese, Black Angus Steakhouse, Party City, GameStop, Sola Salon Studios, Starbucks Coffee, Sport Clips, Sally Beauty Supply, America’s Tires, Jersey Mike’s Subs, Vans, Leslie’s Pool Supplies and Uptown Cheapstake.

September 22, 2022

Acquisitions California Restaurant Retail Western

Progressive Real Estate Arranges $2.8M Sale of Restaurant Building in Moreno Valley, California

by Amy Works September 22, 2022

MORENO VALLEY, CALIF. — Progressive Real Estate Partners has brokered the sale of a restaurant property located at 23060 Alessandro Blvd. in Moreno Valley. Kalaveras, a Southern California-based Mexican restaurant chain, acquired the building from an Inland Empire-based private investor for $2.8 million. The 8,927-square-foot building was previously home to a Woody’s Restaurant, which closed in late 2021. Kalaveras Mexican Cuisine & Bar currently has 13 Southern California restaurants with plans underway for a dozen more locations, including this Moreno Valley site. The fully equipped restaurant features indoor seating for 200, an outdoor patio that seats 70 and on-site parking. The building includes a commercial brewing system and super-sized kitchen with upgraded hoods and equipment. The purchase included the building, land, furniture, fixtures and equipment, as well as a Type 47 liquor license and entertainment permit. Albert Lopez and Greg Bedell of Progressive Real Estate Partners represented the seller, while Allen Kirschbaum of Saddleback Realty represented the buyer in the deal.

September 22, 2022

Affordable Housing California Development Loans Multifamily Seniors Housing Western

KeyBank Provides $49.3M Construction Loan for Affordable Seniors Housing Property in San Ysidro, California

by Amy Works September 21, 2022

SAN YSIDRO, CALIF. — KeyBank Community Development Lending and Investment has provided $49.3 million in construction financing to 4132 Beyer L.P., a collaboration between nonprofit affordable housing Metropolitan Area Committee on Anti-Poverty of San Diego County and Riverside-based Kingdom Development. The partnership will use the funds to develop Ventana al Sur, an affordable seniors housing community in San Ysidro, just across the Mexican border from Tijuana. Ventana al Sur will include 100 one- and two-bedroom apartments for seniors, as well as a manager unit. The units will include roll-in showers, balconies, appliances, heating and air conditioning. The property will offer three laundry rooms, two elevators, secure parking and a rooftop terrace. The units will be restricted to seniors 62 and older making 20 percent to 50 percent of area median income, with 25 units for seniors experiencing chronic homelessness, supported by vouchers from San Diego Commission. Matthew Haas and Keven Ruf of KeyBank arranged the financing for the borrower. In addition to the funds from KeyBank, the project received $4.4 million from San Diego Housing Commission, $5 million from San Diego Economic Development, $20 million from California State Multifamily Housing Program and $30.4 million from California Housing Accelerator funds as …

September 21, 2022

Acquisitions California Office Western

Cushman & Wakefield Negotiates $9M Sale of Executive Commons Office Property in Sacramento

by Amy Works September 21, 2022

SACRAMENTO, CALIF. — Cushman & Wakefield has arranged the off-market sale of Executive Commons, a two-story office building in Sacramento. 350 University Partnership sold the asset to Sacramento-based Bardis & Miry Development for $9 million. Located at 350 University Ave., the property features 47,000 square feet of multi-tenant office space. At the time of sale, the building was 95 percent leased. Kevin Partington and Ben Corfee of Cushman & Wakefield represented the seller in the transaction.

September 21, 2022

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

TMG Brokers $41.2M Sale of Two-Property Monte Vista Gardens Affordable Seniors Housing Portfolio in San Jose

by Amy Works September 20, 2022

SAN JOSE, CALIF. — The Mogharebi Group (TMG) has arranged the sale of a two-property affordable seniors housing portfolio in San Jose. ROEM Development sold the assets to an undisclosed buyer for $41.2 million. Built in 2001 and 2003 by the seller, Monte Vista Gardens Senior 1 and 2 offer a total of 118 units across two residential buildings. Located at 2605 La Hacienda Court and 2600 Nuestra Castillo Court, the two- and three-story, controlled-access complexes include a community center with library and kitchen, a garden/courtyard area, solar panels and laundry rooms. Alex Mogharebi and Otto Ozen of TMG represented the seller in the transaction.

September 20, 2022

California Development Multifamily Western

Ryan Cos. Opens 480-Unit Avalyn Apartments in Chula Vista, California

by Amy Works September 19, 2022

CHULA VISTA, CALIF. — Ryan Cos. has opened The Avalyn, an eight-building multifamily community within the master-planned Millenia in Chula Vista. The Avalyn features 480 apartments spread across eight three- and four-story buildings, as well as 14,000 square feet of commercial space. The units are available in one-, two- and three-bedroom flats, two-story lofts, live-work units and three-story townhomes. On-site amenities include a swimming pool, spa, clubhouse kitchen with lounge, Prohibition-style speakeasy, fitness center, community working spaces, two rooftop decks, pickleball court, bike maintenance and storage, community garden, two dog run and wash areas, and a live music studio. The Avalyn is the result of a development partnership between MetLife Investment Management and Allstate Investments as equity partners, and City National Bank and Vectra Bank Colorado, a division of Zions Bancorporation, as lenders.

September 19, 2022

Acquisitions California Industrial Western

Bradco Cos. Negotiates Sale of 71,246 SF Industrial Building in Adelanto, California

by Amy Works September 19, 2022

ADELANTO, CALIF. — Joseph W. Brady Inc., doing business as The Bradco Cos., has arranged the sale of an industrial manufacturing facility located at 9400 Holly Road in the San Bernardino County city of Adelanto. Molded Fiber Glass sold the asset to an undisclosed buyer for $11.8 million. Paul Casilla and Joseph Brady of The Bradco Cos. represented the seller, while David Moore of NAI Capital represented the buyer in deal. Situated on 9.3 acres, the property features 71,246 square feet of manufacturing space. Molded Fiber Glass used the asset for its Western operation until it closed the facility in early 2020.

September 19, 2022

Newer Posts

Older Posts