California

Swig Co. Buys 96,085 SF Value-Add Office Building in Santa Monica

by Amy Works September 6, 2022

SANTA MONICA, CALIF. — The Swig Co. has acquired 3130 Wilshire Boulevard, a value-add office building in Santa Monica, for an undisclosed price. The building features 96,085 square feet of office space and five levels of attached, secured parking. The transaction also includes a surface parking lot located approximately one block from the asset. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Kolcum of Newmark represented the undisclosed seller in the deal. Sean Fulp and Ryan Plummer of Newmark’s Private Capital group assisted with the sale.

September 6, 2022

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Orange Brokers Acquisition of 46,000 SF Industrial Building in Irvine, California

by Amy Works September 6, 2022

IRVINE, CALIF. — Lee & Associates Orange has arranged the purchase of an industrial distribution building in 9701 Research Drive in Irvine. Cohen Asset Management acquired the 46,000-square-foot property for an undisclosed price. The name of the seller was not released. Christopher Destino of Lee & Associates represented the buyer and seller in the transaction.

September 6, 2022

Acquisitions California Office Western

Montana Avenue Capital Partners Divests of Creative Office Building in El Segundo for $27.3M

by Amy Works September 2, 2022

EL SEGUNDO, CALIF. — Montana Avenue Capital Partners has completed the sale of 621 Hawaii Street, a two-story creative office building in El Segundo. BLT Enterprises acquired the asset for $27.3 million. Sean Fulp, Ryan Plummer, Mark Schuessler and Geoff Ludwig of Newmark’s private capital group represented the seller in the deal. At the time of sale, the property was 100 percent leased to Nexon America. The building serves as the North American headquarters of Nexon Co. Ltd., the parent company, which is South Korea’s largest video game developer and publicly traded in Japan.

September 2, 2022

Acquisitions California Net Lease Retail Western

SBH Real Estate Group Sells 7-Eleven-Occupied Property in Gardena, California for $6.9M

by Amy Works September 2, 2022

GARDENA, CALIF. — SBH Real Estate Group has completed the disposition of a commercial property located at 3121 Marine Ave. in Gardena. Masuda Investments acquired the asset for $6.9M. 7-Eleven occupies the building on a 15-year corporate ground lease. The asset includes a 3,000-square-foot convenience store and six gas station islands. The tenant opened for business in early 2022. Jeremy McChesney of Hanley Investment represented Eric Silverman of SBH Real Estate Group, while Trevor Morse and Chris Kostanecki of CPPRE represented the buyer in the deal.

September 2, 2022

Acquisitions California Retail Western

Gateway Co. Sells 13,000 SF Retail Building at Towngate Promenade in Moreno Valley, California

by Amy Works September 1, 2022

MORENO VALLEY, CALIF. — Gateway Co. has completed the disposition of a retail building at the Towngate Promenade in Moreno Valley. A private party acquired the asset for $2.8 million. The buyer will use the 13,000-square-foot building to accommodate a Kids Empire franchised location. Kids Empire encourages healthy, happy active play for children of all ages and features age-appropriate play structures, climbing walls, slides and rides. Headquartered in Southern California, Kids Empire currently has more than 30 locations in 10 states across the country. Located at 12650 Day St., the Kids Empire indoor playground location is slated to open in 2023. Pablo Velasco and Albert Lopez of Progressive Real Estate Partners represented the seller in the deal.

September 1, 2022

Acquisitions California Net Lease Retail Western

SBH Real Estate Divests of Triple-Net Leased Car Wash Property in Gardena, California

by Amy Works September 1, 2022

GARDENA, CALIF. — SBH Real Estate has completed the sale of a triple-net leased retail asset located at 15015 Crenshaw Blvd. in Gardena. KOAM Property Investment purchased the property for $3.5 million. Super Star Car Wash signed a 25-year triple-net ground lease for the property. The location opened for business in early 2022 and the tenant has invested more than $3 million into the location. Jeremy McChesney of Hanley Investment Properties represented the seller, Eric Silverman of SBH Real Estate, while Frank Choi of Win Realty & Properties represented the buyer in the transaction.

September 1, 2022

California Development Multifamily Student Housing Western

Core Spaces Plans 1,047-Bed Student Housing Development in Fullerton, California

by Amy Works August 31, 2022

FULLERTON, CALIF. — Core Spaces has announced plans for Hub Fullerton, a 1,047-bed student housing development in Fullerton. Groundbreaking is scheduled for later this year. DLR Group designed the project, which will serve students attending California State University-Fullerton, Hope International University and Pacific Christian College. The six-story building will offer shared amenities including a rooftop deck, swimming pool, hot tub, workspaces, a yoga and fitness center, spa and resident lounge space. The development will also feature a ground floor coffee shop and a landscaped public park space with seating. The community is scheduled for delivery in 2025 and will offer units in townhome and apartment configurations.

August 31, 2022

Acquisitions California Net Lease Retail Western

Stan Johnson Negotiates Acquisition of 56,000 SF Retail Property Leased to Target in Huntington Park, California

by Amy Works August 31, 2022

HUNTINGTON PARK, CALIF. — Stan Johnson Co. has brokered the purchase of a freestanding retail property located at 5731 Bickett St. in Huntington Park, just southeast of downtown Los Angeles. A New York-based private investor acquired the asset for $48.7 million. Principal Life provided acquisition financing. Developer Shane Cos. is slated to complete the 56,000-square-foot building in January 2023. Target has leased the property under a long-term, triple-net lease. Situated on 4.1 acres, the site will feature a Starbucks Coffee, Tesla charging station and an urban-format Target. Jason Maier of Stan Johnson Co. represented the buyer, while Alvin Mansour of The Mansour Group at Marcus & Millichap represented the undisclosed seller in the transaction.

August 31, 2022

Acquisitions California Net Lease Restaurant Retail Western

SBH Real Estate Sells Pollo Campero-Occupied Restaurant Property in Covina, California for $4.6M

by Amy Works August 31, 2022

COVINA, CALIF. — SBH Real Estate Group has completed the disposition of a restaurant property located at 1477 N. Azusa Ave. in Covina. HB Property Management acquired the asset for $4.6 million. Pollo Campero, a fast-casual restaurant, signed a 15-year, triple-net ground lease for the property. Construction is almost complete on the restaurant, which is slated to open 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.

August 31, 2022

California Loans Office Western

Dollinger Properties Receives $97M in Financing for Office Building in Sunnyvale, California

by Amy Works August 30, 2022

SUNNYVALE, CALIF. — Gantry has arranged $97 million in permanent financing to retire construction debt for a four-story, LEED Gold-certified office building in Sunnyvale’s Perry Park office district. Located at 675 Almanor Ave., the property features 152,000 square feet of Class A office space. Tony Kaufmann of Gantry arranged the financing for the borrower, Dollinger Properties. The nonrecourse, balance-sheet loan is structured with two fundings. The permanent, interest-only loan was structured with flexible prepayment and term extension options. A life insurance company lender provided the capital and locked the borrower’s rate 90 days in advance of closing.

August 30, 2022

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