California

STAG Industrial Buys Caro Nut’s Fresno Production Facility in $30M Sale-Leaseback Deal

by Amy Works September 14, 2022

FRESNO, CALIF. — STAG Industrial has acquired a 233,840-square-foot industrial facility, located at 2624 E. Edgar Ave. in Fresno. Caro Nut, a producer of nuts and nut butters for blue-chip retail customers such as Costco and Hormel, sold the asset for $30 million in a sale-leaseback transaction. The asset is a single-tenant nut processing facility operated by Caro Nut Co., which processes and packages a variety of nuts sourced from around the world and turns them into dry roasted, oil roasted or pasteurized raw snacking nuts; nut butters; and ingredients for major brands, private labels and industrial manufacturers. The facility features 24- to 26-foot clear heights, 44- by 48-foot column spacing, 10 dock-high doors, four grade-level doors, a paved and fenced yard and ESFR sprinklers. Jordan Alleva and Carter Lear of Newmark represented the seller in the deal.

September 14, 2022

California Development Multifamily Seniors Housing Western

Revel Communities Opens Independent Living Development in Folsom, California

by Amy Works September 13, 2022

FOLSOM, CALIF. — Revel Communities, a division of The Wolff Company representing a portfolio of independent living communities, has opened its newest property, Revel Folsom. Located 35 miles outside of Sacramento, Revel Folsom will feature views of the foothills of the Sierra Nevada Mountains. The size and number of units were not disclosed. Alicia Rist is the community’s executive director. Revel Folsom is the latest expansion for Revel across the Western U.S. and will join Revel Palm Desert and Revel Lodi as the brand’s third independent living community in California in two years.

September 13, 2022

Acquisitions California Industrial Self-Storage Western

LeClaire-Schlosser Group Negotiates Sale of VIP Self Storage in El Cajon, California

by Amy Works September 13, 2022

EL CAJON, CALIF. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of VIP Self Storage in El Cajon. Terms of the transaction were not released. Totaling 23,620 square feet, VIP Self Storage offers 376 non-climate-controlled units. Keith Phillips and Charles LeClaire of Marcus & Millichap represented the seller, a California-based partnership that has owned the asset for more than 25 years. The buyer is a real estate investment firm that operates nationwide.

September 13, 2022

Paul Darrow LA multifamily investment sales

Acquisitions California Content Partner Development Features Leasing Activity Multifamily Walker & Dunlop Western

LA Multifamily Investment Deals See Volume Normalization, Pricing Resets for Select Assets

by Sarah Daniels September 13, 2022

Multifamily investment transaction volume had an unprecedented year in 2021, and the first six months of 2022 were quite robust. Now, economic uncertainty in the form of rising interest rates and a cooling economy has created some hesitancy on the part of investors. “Some normalization is occurring in the market now, in addition to a pullback because of what is going on in the capital markets and economy,” says Paul Darrow, a managing director of Walker & Dunlop’s investment sales team based out of Los Angeles. Walker & Dunlop is one of the largest providers of capital to commercial real estate industry in the United States. Darrow sat down with REBusinessOnline to talk about multifamily investment sales trends in the Los Angeles area and the opportunities he sees for investors down the road. REBusiness: Investor interests have shifted in the past few months. What kinds of properties are investors most interested in now? Darrow: It’s a mixed bag when it comes to investor appetite. Those who raised money to buy specific types of buildings are obviously guided by what they’ve promised their investors in the form of return profiles and risk. Core funds, for example, can’t just switch to value-add or …

September 13, 2022

Acquisitions California Industrial Office Western

Majestic Asset Management Buys 248,961 SF Telstar Building in El Monte, California for $73M

by Amy Works September 12, 2022

EL MONTE, CALIF. — Rising Realty Partners and Brasa Capital Management have completed the disposition of Telstar Building, an industrial and office building at 9320 Telstar Ave. in El Monte. Majestic Asset Management acquired the property for $73 million. Michael Longo, Todd Tydlaska, Sean Sullivan, Darla Longo, Will Pike, Melissa Moock, Anthony DeLorenzo and Mark Shaffer of CBRE represented the seller in the transaction. The County of Los Angeles leases the entire 248,961-square-foot building and recently renewed its lease for the property. The renewal also included an 86,961-square-foot expansion of industrial space. The tenant houses its public health, public social services and children and family services departments at the facility. Situated on 7.9 acres, the building features 67 percent office space, 33 percent industrial space and 627 parking spaces.

September 12, 2022

Acquisitions California Multifamily Northmarq Western

Northmarq Brokers $64.5M Sale of River’s Edge Apartments in Lake Elsinore, California

by Amy Works September 9, 2022

LAKE ELSINORE, CALIF. — Northmarq has brokered the sale of River’s Edge Apartments, a multifamily community located at 2088 E. Lakeshore Drive in Lake Elsinore. Weidner Apartment Homes sold the asset to an entity of Atlantic Pacific Cos. for $64.5 million. Built in 2007, River’s Edge Apartments features 184 apartments. Kyle Pinkalla of Northmarq’s San Diego investment sales team represented the buyer and seller in the deal.

September 9, 2022

Harbor-Cove-Plaza-Rancho-Palos-Verdes-CA

California Loans Office Western

PSRS Arranges $6.4M Refinancing for Harbor Cove Plaza in Rancho Palos Verdes, California

by Amy Works September 9, 2022

RANCHO PALOS VERDES, CALIF. — PSRS has arranged a $6.4 million cash-out refinancing for an office property in Rancho Palos Verdes. Harbor Cove Plaza is a 45,837-square-foot, multi-tenant office building offering 65 units. Trevor Blood of PSRS secured the five-year loan with a 25-year amortization schedule. The name of the borrower was not released.

September 9, 2022

California Loans Retail Western

PSRS Arranges $7.6M Refinancing for Retail Center in Los Angeles

by Amy Works September 8, 2022

LOS ANGELES — PSRS has arranged a $7.6 million cash-out refinance of a two-story retail center in Los Angeles. The name of the borrower was not released. William DeFanti of PSRS secured the refinancing, which features a 4.45 percent interest rate, five-year term and two years of interest-only payments followed by a 30-year amortization. The subject property is a walk-up retail center with 17 suites.

September 8, 2022

Acquisitions California Office Western

Pacific Development Partners Sells Concorde Career College Office Building in Garden Grove, California for $14M

by Amy Works September 7, 2022

GARDEN GROVE, CALIF. — Pacific Development Partners has completed the disposition of Concorde Career College, a two-story office property in Garden Grove. Brooklyn Cos. acquired the asset for $14 million. The transaction also included rights to 4.2 acres of land in Garden Grove. Located at 12951 S. Euclid St., the building features 45,451 square feet of office space. At the time of sale, the property was fully leased to Concorde Career College. The asset has served as a medical and dental vocational school since 1999. Sean Fulp, Ryan Plummer, Mark Schuessler, Paul Jones and Brandon White of Newmark represented the seller in the in the deal. Norman Lee and Jason Roth of Newmark secured financing for the buyer.

September 7, 2022

Acquisitions Affordable Housing Arizona California Multifamily New Mexico Western

CPP Acquires Three Affordable Housing Communities in California, New Mexico, Arizona for $48.7M

by Amy Works September 6, 2022

EL CAJON, CALIF.; GRANTS, N.M.; AND GLENDALE, ARIZ. — Community Preservation Partners (CPP) has purchased three multifamily properties in California, New Mexico and Arizona. CPP acquired Park Villa, a two-story garden-style apartment building in El Cajon, for $9 million. Built in 1959, Park Villa features 38 studio, one- and two-bedroom units designated at 30 percent to 60 percent of area median income (AMI). The project has a total redevelopment cost of approximately $18 million. Renovation is underway, with completion slated for December. The company bought Vista Mesa Villa, a 100-unit property with one- and two-bedroom layouts in Grants, for $6.5 million. CPP plans to invest $4.7 million, or $45,000 per unit, in renovations. Construction is underway and completion is scheduled for spring 2023. The residences at Vista Mesa Villa are set at 60 percent AMI. CPP also purchased Bethany Glen, a 25-building residential property in Glendale, for $33.2 million. The company plans to invest $58,000 per unit in renovations at the 150-unit community. Bethany Glen features one-, two- and three-bedroom units, as well as two additional buildings containing an employee unit and an office building. Project funding for all the properties leveraged Low-Income Housing Tax Credits and tax-exempt bonds and …

September 6, 2022

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