California

IPA Brokers $21M Sale of Addison Arms Apartments in Los Angeles

by Amy Works August 30, 2022

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Addison Arms Apartments, a multifamily community located in the Sherman Oaks neighborhood of Los Angeles. A private, Los Angeles-based owner sold the asset to a private family for $21 million, or $375,893 per unit. Originally constructed in 1969, Addison Arms features 57 apartments. The seller spent $2.2 million on capital expenditures to upgrade the property systems, common area amenities and 45 percent of the unit interiors. Improvements include a new roof, commercial air conditioning system and upgrades to the landscaping, signage, exterior paint, leasing office, clubhouse, hallways and exterior lighting. The project also added one accessory dwelling unit. Kevin Green, Joseph Grabiec and Greg Harris of IPA represented the seller and procured the buyer in the deal.

August 30, 2022

Northmarq-17.7M-Self-Storage-San-Diego-CA

California Industrial Loans Northmarq Self-Storage Western

Northmarq Arranges $17.7M Refinancing for Self-Storage Facility in San Diego

by Amy Works August 30, 2022

SAN DIEGO — Northmarq has arranged $17.7 million in refinancing for a newly developed self-storage facility in San Diego. Wyatt Campbell and Conor Freeman of Northmarq’s San Diego office secured the financing for the undisclosed borrower through the firm’s correspondent relationship with a life insurance company. The three-story property offers more than 1,200 self-storage units.

August 30, 2022

Acquisitions California Hospitality Western

Pebblebrook Sells Hotel Spero in San Francisco for $71M

by Amy Works August 29, 2022

SAN FRANCISCO — Pebblebrook Hotel Trust has completed the sale of Hotel Spero, located at 405 Taylor St. in San Francisco. An undisclosed third party acquired the asset for $71 million. The hotel features 236 guest rooms. Proceeds of the sale will be used for general corporate purposes and reducing Pebblebrook’s outstanding debt associated with recent hotel acquisitions.

August 29, 2022

California Development Retail Western

NewMark Merrill Cos. Breaks Ground on 96,011 SF Rialto Village Shopping Center in California

by Amy Works August 26, 2022

RIALTO, CALIF. — NewMark Merrill Cos. has broken ground on Rialto Village, a 96,000-square-foot shopping center in Rialto. Brian McDonald, Walter Pagel and Hannah Curran of CBRE, along with Greg Giacopuzzi of NewMark Merrill, are marketing the center for lease. Currently, 18 tenants are slated to join the project, which is located at the southwest corner of San Bernardino and Riverside avenues. Signed tenants include Sprouts Farmers Market, Burlington, Ulta, Five Below, Mattress Firm, Arrowhead Credit Union, Quick Quack Car Wash, In-N-Out Burger, Cold Stone Creamery, The Joint, Nekter Juice Bar, Coffee Bean & Tea Leaf and West Coast Dental, along with multiple local tenants. NewMark Merrill Cos. closed escrow on the 10.9-acre site in early August with lease commitments representing 97 percent of the total shopping center square footage. One 2,700-square-foot retail suite remains available for lease.

August 26, 2022

California Development Multifamily Student Housing Western

JLL Arranges $12.7M Sale of Student Housing Development Site Near San Diego State University

by Amy Works August 26, 2022

SAN DIEGO — JLL Capital Markets has arranged the $12.7 million sale of a 0.35-acre development site located adjacent to the San Diego State University campus in California. Situated at 5505 Lindo Paseo, the site is currently home to a fraternity house and is suitable for a dense, vertical development, according to JLL. Stewart Hayes, Scott Clifton, Teddy Leatherman, Kevin Kazlow and Jack Goldberger of JLL represented the sellers, Amplify Development Co. and Blue Vista Capital Management, in the disposition. An affiliate of Champion Real Estate Company acquired the property.

August 26, 2022

California Market Reports Office Western Western Market Reports

Orange County Office Tenants Seek Instagram-Worthy Environments to Collaborate

by Jeff Shaw August 26, 2022

By Mike Adams, Managing Director, Stream Realty Partners The state of office is transitioning to a desire for dynamic spaces. Tenants in the Orange County office market are gravitating toward assets that act and function like hotels. They are seeking out the newest buildings and the most unique office environments. This is evidenced through leasing activity being the strongest in the Irvine/Tustin Legacy and Irvine Spectrum submarkets. Employers are looking for a reason to bring their workforce back to the office and are recruiting high-caliber employees. One way to do this is through office space. Creative office space is still in high demand — and won’t likely change soon. Companies focused on employee retention want to create an “Instagram-worthy” type office environment. They are looking for office space that will create a buzz and function as a recruiting tool. Office buildings are unique assets that facilitate collaboration, culture and training. This interest in new development signifies a flight to quality of office assets — for landlords and tenants alike. Several trends related to the desire for quality include: Hotelization — office spaces that act and function as hotels Biophilic design — the concept of connecting a building with nature Proptech — using innovative technology and …

August 26, 2022

California Development Multifamily Western

Sudberry Properties Starts Construction of 268-Unit Luma at El Corazon Apartments in Oceanside, California

by Amy Works August 25, 2022

OCEANSIDE, CALIF. — Sudberry Properties has started construction of Luma at El Corazon, a mixed-use apartment community in Oceanside. Located at 3546 Village Commercial Drive, Luma is situated within El Corazon, a 465-acre multi-phase development on a former crystal silica mine. Luma at El Corazon will feature 23 three-story residential buildings with a mix of 113 one-bedroom, 120 two-bedroom and 35 three-bedroom apartments. Ranging in size from 691 square feet to 1,440 square feet, the units come in 11 floor plan configurations, all featuring an outdoor deck, balcony or patio, stainless steel appliances, quartz countertops, wood-style flooring and in-unit washers/dryers. Community amenities will include a furnished club room with demonstration kitchen and covered patio; conference room; indoor/outdoor fitness center; and a pool and spa area with lounges and barbecue facilities. Luma will also feature two 2,350-square-foot retail suites on either side of the main entrance. The community will be built in phases, with the leasing center and first apartments slated to open in fall 2023. The development team includes Bassenian Lagonia, architect; Hunsaker & Associates, civil engineer; Wermers Construction, general contractor; Schmidt Design Group, landscape architect; and Design Tec, interior design.

August 25, 2022

Acquisitions California Retail Western

Progressive Real Estate Brokers $5.8M Sale of La Pico Plaza Shopping Center in Whittier, California

by Amy Works August 25, 2022

WHITTIER, CALIF. — Progressive Real Estate Partners has arranged the sale of La Pico Plaza, a neighborhood shopping center located at 9150 Painter Ave. in Whittier. An Orange County-based private investor sold the asset to Desert Capital Ventures for $5.8 million. Circle K anchors the 20,939-square-foot retail center, which was fully leased to 14 tenants at the time of sale. Greg Bedell of Progressive Real Estate Partners represented the seller, while Drew Wetherholt of Marcus & Millichap represented the buyer in the deal.

August 25, 2022

Acquisitions California Retail Top Stories Western

Unibail-Rodamco-Westfield Sells 1.5 MSF Regional Mall Near Los Angeles for $537.5M

by Katie Sloan August 25, 2022

ARCADIA, CALIF. — Unibail-Rodamco-Westfield (URW) has sold Westfield Santa Anita, a 1.5 million-square-foot regional mall located roughly 15 miles northeast of Los Angeles in Arcadia, for $537.5 million. The transaction represents the largest price paid for a regional mall in the U.S. since 2018, according to Eastdil Secured, which acted as financial advisor to the seller. The buyer is an undisclosed real estate investor that owns other retail assets in Southern California. The acquisition was funded through a combination of equity and new debt, and reflects a sub-6 percent net initial yield and a 10.7 percent discount to the property’s latest appraisal price. The Class A regional mall was 96 percent leased at the time of sale to tenants including J.C. Penney, Macy’s, Nordstrom, Sephora, Free People, Kate Spade, Fabletics, Coach, lululemon, Michael Kors, Steve Madden, Victoria’s Secret, Zara and Abercrombie & Fitch, among others. The property is also home to AMC Theatres; entertainment concepts such as Bowlero, Luxy Karaoke and Dave & Buster’s; and restaurants including The Cheesecake Factory, Benihana, California Pizza Kitchen and Din Tai Fung. URW made headlines earlier this week with the announcement of redevelopment plans for Westfield Garden State Plaza, a 2.1 million-square-foot regional mall …

August 25, 2022

Acquisitions California Multifamily Western

CBRE Arranges Sale of Three-Property Multifamily Portfolio in Azusa, California for $33.6M

by Amy Works August 23, 2022

AZUSA, CALIF. — CBRE has brokered the sale of a three-property apartment portfolio in Azusa. Azusa Riviera Holdings LLC, Azusa Rainbow Holdings LLC and 1345 San Gabriel Holdings LLC sold the portfolio to Azusa 116 Assets LLC for $33.6 million. Eric Chen and Joyce Goldstein of CBRE represented the seller and buyer in the transaction. The three properties are: The Riviera Apartments, a 36-unit property at 1381 N. San Gabriel Canyon Road Palm View Apartments, a 36-unit community at 1311 N. Azusa Ave. The Azusan Apartments, a 44-unit asset at 1345 N. San Gabriel Ave. Each property has a mix of one- and two-bedroom units averaging more than 800 square feet per apartment. The properties include a community pools, laundry facilities, private patios/balconies, air conditioning and covered parking.

August 23, 2022

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