STANTON, CALIF. — Marcus & Millichap has brokered the sale of Village Courtyard Apartments, a multifamily community in Stanton. A private individual sold the asset to another private individual for $19 million, or $328,017 per unit. Village Courtyard Apartments features 58 units. The property has an average occupancy of 97.7 percent, according to Marcus & Millichap. Tyler Leeson and Matt Kipp of Marcus & Millichap represented the seller and procured the buyer in the deal.
SAN JACINTO, CALIF. — Faris Lee Investments has arranged the sale two outparcel retail buildings, located at 1821-1871 S. San Jacinto Ave. in San Jacinto. A Northern California-based buyer in a 1031 exchange acquired the assets from an undisclosed seller for $10.5 million. Jeff Conover and Scott DeYoung of Faris Lee Investments represented the seller, while Keegan & Coppin represented the buyer in the deal. The 14,883-square-foot property comprises two multi-tenant buildings. Current tenants at the properties include GameStop, Great Clips, Wing Stop, T-Mobile, a Bank of America ATM and local retailers.
SAN DIEGO — A private exchange buyer and a single-tenant REIT have purchased The Shops at Palm Promenade, a newly constructed shopping center in San Diego, for a combined value of $41.5 million. El Warner, Caitlin Zirpolo, Charley Simpson, Jordan Gomez and Alyssa Mera of Colliers’ Orange County-based National Retail Capital Markets team represented the sellers, Citivest and Hutensky Capital Partners, in the transactions. The private exchange buyer acquired 765, 762, 764, 780 and 804 Dennery Road for a total of $25.8 million. Chick-fil-A, Starbucks Coffee, Jersey Mike’s Subs and The UPS Store are tenants at the 24,120-square-foot space. The single-tenant REIT purchased the 45,308-square-foot Burlington building at 760 Dennery Road for $15.7 million.
TARZANA, CALIF. — Calabasas-based Agora Realty & Management has purchased Tarzana Medical Plaza, a three-story medical office building located at 5525 Etiwanda Ave. in Tarzana. An undisclosed seller sold the asset for $30 million in an off-market deal. At the time of sale, the 75,000-square-foot medical office building was 90 percent occupied. Current tenants include Providence Healthcare Systems, Cedars-Sinai Medical Care and Unilab Corp. Agora plans to complete an interior and exterior renovation on the property. Interior renovations will include upgraded elevator cabs, modern corridor finishes, lighting upgrades, and expanded and renovated lobby areas with enhanced wayfinding. The buyer also plans to add solar panels to reduce operating costs.
SANTA CLARITA, CALIF. — Spectrum Commercial Real Estate has brokered the sale of Santa Clarita Medical Center, a medical/dental building in Santa Clarita. Yair Haimoff, Randy Cude, Andrew Ghassemi and Matt Sreden of Spectrum handled the $11.3 million transaction. The names of the seller and buyer were not released. Located at 23206 Lyons Ave., the two-story property offers 37,759 square feet of medical and dental space. The building features a mix of 24 professional medical suites, floor-to-ceiling window lines and an abundance of parking.
LA MIRADA, CALIF. — Nuveen Real Estate has purchased a two-building industrial distribution property situated on 14 acres at 14001-14007 and 14041-14051 Rosecrans Ave. in La Mirada. Terms of the transaction were not released. Jeff Chiate, Jeff Cole, Rick Ellison, Mike Adey, Brad Brandenburg and Matt Leupold of Cushman & Wakefield’s National Advisory Group in Southern California represented the undisclosed seller in the transaction. Cushman & Wakefield’s Randy Ellison also provided local market advisory. Built in 1997, the 337,125-square-foot asset features ample loading, ESFR fire sprinklers, 30-foot clear heights and approximately 87,139 square feet of food-grade refrigerated space. At the time of sale, the property was fully leased to three tenants.
SANTA CLARITA, CALIF. — Spectrum Commercial Real Estate has negotiated the off-market acquisition of an office property located at 25101 The Old Road in Santa Clarita. 360 Executive Suites SCV purchased the asset from an undisclosed seller for $7.1 million. The two-story building features 23,388 square feet of office space and comprises 90 private offices. Matt Sreden of Spectrum CRE represented the buyer in the deal.
ALHAMBRA, CALIF. — SBH Real Estate Group has completed the disposition of the ground lease for a single-tenant restaurant building in Alhambra. A Southern California-based private investor acquired the asset for $8.2 million. Raising Cane’s Chicken Fingers occupies the 3,957-square-foot property, which is situated on 1.4 acres at 1300 E. Valley Blvd. The newly developed building features the restaurant’s latest prototype design and opened for business in June 2022. The property offers a double drive-thru and includes a 704-square-foot outdoor patio area. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, Eric Silverman of SBH Real Estate Group, while Voit represented the buyer in the deal. Ben Townsend and Matt Marlin of SRS’ debt and equity group procured acquisition financing for the buyer.
NEWARK, CALIF. — A public-private partnership between Gilbane Development Co. and Ohlone College have announced plans for a 400-bed residence hall project. The development will be located within the Ohlone Community College District in Newark and is set to be priced affordably. Potential project features could include a childcare center for student parents, to be operated by a third-party service provider; options for accessibility of food in proximity to the community; and space for student counseling services. The partnership is set to break ground on the development next year with completion scheduled for July 2025. “Ohlone College is committed to breaking down barriers that prohibit any student from receiving a quality higher education,” says Dr. Eric Bishop, superintendent and president of Ohlone College. “A student’s primary focus should be on their studies, not finding housing. Providing affordable student housing is just one step in assisting students to reach their fullest potential.” The partnership plans to submit a grant application to the State of California to apply for funds in accordance with Senate Bill 169 – Affordable Student Housing Budget Investment. Gilbane Building Co. will act as builder for the project and PBK + Mogavero Architects as design team.
ANAHEIM, CALIF. — PSRS has arrange the $62.5 million refinancing of a mobile home park in Anaheim. Michael Tanner and Tony Messiah of PSRS secured the non-recourse, five-year, interest-only loan through a correspondent life insurance company for the undisclosed borrower. Built in 1977, the property is 98.5 percent occupied and features 387 mobile homes on single and double-wide lots. The property features padded parking spaces, 100 additional visitor parking spaces, paved roads, clubhouses and a community pool and park.
