California

SRS Real Estate Partners Negotiates $10.9M Sale of Grocery Outlet-Anchored Retail Center in San Gabriel, California

by Amy Works December 16, 2021

SAN GABRIEL, CALIF. — SRS Real Estate Partners has arranged the sale of a grocery-anchored retail center located at 7260 Rosemead Blvd. in San Gabriel. A West Coast-based owner and operator sold the property to a Hong Kong-based buyer for $10.9 million. Situated on 1.8 acres, the three-tenant center was built in 1960 and renovated in 2017 and 2018. Grocery Outlet, Bank of America and Wingstop occupy the 25,510-square-foot property. Matthew Mousavi and Patrick Luther of SRS’ Investment Properties Group represented the seller in the deal.

December 16, 2021

Acquisitions California Multifamily Western

McMillin Divests of Apartment Complex in San Diego’s Little Italy for $64.4M

by Amy Works December 15, 2021

SAN DIEGO — McMillin has completed the disposition of Eighteen Ten State Street, a Class A multifamily property located at 1810 State St. in San Diego’s Little Italy neighborhood. An undisclosed buyer acquired the asset for $64.4 million, or $650,500 per unit. The eight-story property offers 99 units with wood-plank style flooring, floor-to-ceiling windows, bay and city skyline views, nine-foot ceilings, walk-in closets, in-unit laundry, quartz countertops, stainless steel appliances and average floor plan sizes of 721 square feet. Community amenities include a village patio, sky spa, hotel-inspired lobby and horizon lounge. Darcy Miramontes, Kip Malo, Tim Wright and Bharat Madan of JLL Capital Markets Investment Sales and Advisory team represented the seller in the deal.

December 15, 2021

Acquisitions California Industrial Western

Stos Partners Acquires 139,000 SF Vacant Industrial Building in Jurupa Valley, California

by Amy Works December 15, 2021

JURUPA VALLEY, CALIF. — San Diego-based Stos Partners has purchased a vacant industrial facility located at 10220 San Sevaine Way in Jurupa Valley. A private company sold the asset for $19.8 million. Built in 1986 on 8.2 acres, the 139,000-square-foot property includes 7,000 square feet of office space, 16 docks, three drive-in doors and 1,600 amps of power. Additionally, the asset features a large secured storage yard with drive-around truck access and a long truck queuing lane. Stan Nowak and Cody Lerner of Avison Young represented the buyer, while Nowak, Lerner and John Pinjuv, also of Avison Young, represented the seller in the deal.

December 15, 2021

California Development Industrial Leasing Activity Western

Duke Realty Leases 1.2 MSF Inland Empire Industrial Facility to Lecangs

by Amy Works December 15, 2021

PERRIS, CALIF. — Duke Realty has leased its new 1.2 million-square-foot speculative distribution property in Perris. Lecangs, whose parent company is Loctek Ergonomic Technology Corp., signed a lease to occupy the entire facility, which situated on 55 acres at 728 W. Rider St. Slated for completion by year’s end, the facility will feature 40-foot clear heights, 241 dock doors, 344 trailer parking spaces and 442 auto spaces. Additionally, the property is being constructed to LEED certification standards — meeting requirements for environmentally sustainable construction and site development, water savings, energy efficiency and construction waste management. Chuck Belden, Phil Lombardo, Kyle Kehner, Tim Pimentel and Brice Larson of Cushman & Wakefield worked with Collin Phillips of Duke Realty in the transaction. Ian Devries and Chris Devries of Colliers, along with Jennifer Whelan of AZ Realty & Investment Corp. represented the tenant in the deal.

December 15, 2021

Acquisitions California Multifamily Western

Standard Communities, Faring Acquire Monterey Station Apartments in California for $130M

by Amy Works December 14, 2021

POMONA, CALIF. — Standard Communities and Faring, a national investor and developer of affordable and workforce housing, have purchased Monterey Station, a multifamily community in Pomona. Clear Capital sold the property for $130 million. Located at 120-180 E. Monterey Ave., Monterey Station features 349 apartments with 14 different floor plans. Unit amenities include stainless steel GE appliances, Nest thermostats, walk-in closets, stackable washers/dryers, nine-foot ceilings and central air and heating. Community amenities include a resort-style pool and spa; fitness center with outdoor workout area; water and fire features; courtyards with cabanas; a dog run; and a resident clubhouse. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction.

December 14, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

USA Properties Fund Starts Construction of $32M Sage at Folsom Seniors Housing Property in California

by Amy Works December 14, 2021

FOLSOM, CALIF. — USA Properties Fund has started construction on Sage at Folsom, located approximately 25 miles east of Sacramento in Folsom. Sage at Folsom will offer affordable housing for residents 55 years and older earning between 30 and 80 percent of area median income — approximately $19,150 to $51,000 per year. Rents will range from $450 to $1,300. The 111-unit community is a few blocks from Folsom Lake College, healthcare providers, grocery stores and several large shopping centers, including Broadstone Plaza and the Palladio Shopping Center. Construction of the $32 million development is scheduled for completion in first-quarter 2023. Bank of America and the City of Folsom are investment partners on the project.

December 14, 2021

Acquisitions California Multifamily Western

CBRE Arranges $28M Sale of Hallmark at Mission Apartments in Ontario, California

by Amy Works December 13, 2021

ONTARIO, CALIF. — CBRE has arranged the sale of Hallmark at Mission, a multifamily property in Ontario. A private investor sold the asset to a private foreign investor for $28 million in an all-cash transaction. Located at 840 S. Magnolia Ave., the four-story property features 75 units in a mix of one- and two-bedroom layouts. Community amenities include a swimming pool, spa, clubhouse, fitness center and private attached garages. The property was constructed in 2019. Eric Chen of CBRE represented the seller and buyer in the deal.

December 13, 2021

Acquisitions California Retail Western

Tooley Interests Buys Carlsbad Village Plaza in North San Diego County for $23.5M

by Amy Works December 13, 2021

CARLSBAD, CALIF. — Santa Monica, Calif.-based Tooley Interests LLC has purchased Carlsbad Village Plaza, a grocery-anchored shopping center in Carlsbad. Balboa Retail Partners sold the asset for $23.5 million. Located 945-1065 Carlsbad Village Drive, Carlsbad Village Plaza features 58,735 square feet of retail space. Smart & Final Extra anchors the property, and there are 12 other tenants. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal.

December 13, 2021

Acquisitions California Retail Western

Progressive Real Estate Brokers $4.6M Sale of Cross Creek Golf Club in Temecula

by Amy Works December 13, 2021

TEMECULA, CALIF. — Progressive Real Estate Partners has arranged the sale of Cross Creek Golf Club, located at 43860 Glen Meadows Road in Temecula. ANB Enterprises sold the asset, which includes the real estate and business, to Ken Tina LLC for $4.6 million. Brad Umansky and Greg Bedell of Progressive represented the seller, while Craig Way of Seaway Properties represented the buyer in the deal. Built in 2001, the Arthur Hill-designed, 18-hole Cross Creek Golf Club sits on 166 acres. The buyer plans to make significant investments to the upgrade the clubhouse, improve the condition of the golf course and potentially add new facilities for hosting weddings and special events. Touchstone Golf will manage the property.

December 13, 2021

Acquisitions California Office Western

Miramar Capital Acquires 82,972 SF Aston Views Office/Flex Building in Carlsbad

by Amy Works December 10, 2021

CARLSBAD, CALIF. — Miramar Capital has purchased Aston Views, a freestanding office/flex building located at 1808 Aston Ave. in Carlsbad. MCR Aston LLC sold the property for $20 million. Built in 2001 on 8.7 acres, the two-story Aston Views features 82,972 square feet of space. At the time of sale, the property was 90 percent leased. Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets team represented the seller in the deal. Justin Halenza and Michael Mahoney, also of Cushman & Wakefield, provided leasing advisory.

December 10, 2021

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