California

Lendlease Breaks Ground on $1.1B Mixed-Use Tower in San Francisco

by Taylor Williams July 25, 2022

SAN FRANCISCO — Lendlease, a global investment firm headquartered in Australia, has broken ground on 30 Van Ness, a $1.1 billion mixed-use tower that will be located in between San Francisco’s Hayes Valley and Mid-Market districts. The price tag represents Lendlease’s largest investment to date in the Americas. Completion is slated for 2025. Designed by SCB Architects, the 540-foot-tall building will consist of 333 residential condominiums and 290,000 square feet of office and retail space. The property’s 38 stories of residential space will be constructed atop the nine-story podium that will house the office and retail components. Residences will come in studio, one-, two- and three-bedroom floor plans and have an average size in excess of 1,000 square feet. About 25 percent of the units will be reserved as affordable housing, specific income requirements for which were not disclosed. The 10th floor of the building will house residential amenities. Each level of office space will offer outdoor terraces and dynamic glass that lowers energy usage throughout the building. In addition, the site’s event and retail space will open into a public plaza at the northeast corner of Market and Van Ness streets. This space will be used to host both …

July 25, 2022

California Development Loans Multifamily Western

Gemdale USA Receives $94.3M Construction Financing for Multifamily Development in Pleasant Hill, California

by Amy Works July 22, 2022

PLEASANT HILL, CALIF. — Gemdale USA has received $94.3 million in construction financing for an apartment community located in the Bay Area city of Pleasant Hill. Located at 85 Cleaveland Road, the four-story property will feature 189 apartments, a fitness center, communal lounges, clubroom, outdoor courtyard with lounge seating, amenitized rooftop and pool deck, co-working lounge, outdoor meeting rooms and fireplaces. Additionally, the property will be adjacent to 350,000 square feet of retail stores, restaurants and a movie theater. Brandon Roth, Nicco Lupo, Jordan Angel and Tatiana Hodapp of JLL Capital Markets’ Debt and Equity Advisory team arranged the senior financing through Bank OZK and the mezzanine financing through AvalonBay Communities for the borrower.

July 22, 2022

California Hospitality Market Reports Western Western Market Reports

Should Hoteliers Stay in San Diego?

by Jeff Shaw July 22, 2022

Western Real Estate Business sat down with two hotel experts to discuss what the future holds for tourism-heavy markets like San Diego. They include Robert A. Rauch, managing partner of the locally based Hilton Campus Del Mar and Fairfield Inn & Suites San Marcos and a faculty associate at Arizona State University, as well as Gary H. London, senior principal of Carlsbad, Calif.-based London Moeder Advisors, which prepares commercial market and financial feasibility studies and analyzes real estate investments for prospective investors. WREB: How is San Diego’s hospitality and tourism industries stacking up to other markets that are similar in either size or tourist popularity? London: Because of an ongoing slowdown in international travel, many American travelers divert to San Diego as a favored domestic destination. San Diego’s tourism sector has been very strong since the perceived end of the pandemic-induced recession almost a year ago. Rauch: Over the nine months spanning from July 2021 to March 2022, San Diego has been in the top five of the 25 largest U.S. markets in all three categories of occupancy, average rate and RevPAR. Hotel occupancy comes in at 67.6 percent, average rate per night is $179.85 and RevPAR (revenue per available room) stands at …

July 22, 2022

Acquisitions California Retail Western

Faris Lee Negotiates $27.1M Sale of Santee Town Center Retail Property in California

by Amy Works July 21, 2022

SANTEE, CALIF. — Faris Lee Investments has arranged the $27.1 million sale of Santee Town Center, a shopping center in Santee. Brixton Capital acquired the asset from a Los Angeles-based private family office. Sean Cox and Alex Moore, Don MacLellan and Gene Ventura of Faris Lee represented the buyer and seller in the deal. At the time of sale, the 106,903-square-foot retail center was fully leased. Current tenants include Ross Dress for Less, Dollar Tree and Michaels.

July 21, 2022

California Loans Office Western

Greenbridge, Deutsche Bank Originate $150M Loan for The Reef Creative Office Building in Los Angeles

by Amy Works July 21, 2022

LOS ANGELES — Greenbridge Finance and Deutsche Bank have co-originated a $150 million refinancing for The Reef, a creative flex office property in downtown Los Angeles. Located at 1933 S. Broadway, The Reef offers more than 800,000 rentable square feet of creative space tailored for innovators, entrepreneurs and diverse creators. LA Mart, Maker City LA and Magic Box are tenants at the 12-story building, which also has a basement.

July 21, 2022

California Loans Multifamily Seniors Housing Western

Meridian Capital Group Arranges $40M Financing for Seniors Housing Property in Simi Valley, California

by Amy Works July 21, 2022

SIMI VALLEY, CALIF. — Meridian Capital Group has arranged a $40 million loan to refinance Varenita of Simi Valley, an assisted living and memory care facility in Simi Valley. The borrower is Griffin Living, which opened the property in April. Proceeds from the transaction repaid an existing construction loan and provided a return of capital to the owners while the community was still in lease-up. A finance company provided the funds. Meridian’s Ari Adlerstein, Josh Simpson and Jesse Rauch negotiated the transaction. Varenita of Simi Valley comprises 75 assisted living and 27 memory care units.

July 21, 2022

Acquisitions California Net Lease Retail Western

Stan Johnson Brokers $5.5M Sale of Planet Fitness-Occupied Property in Palmdale, California

by Amy Works July 21, 2022

LOS ANGELES — Stan Johnson Co. has arranged the sale of a fitness and sports facility located at 40014 10th St. West in Palmdale. A New York City-based private investor sold the asset to the tenant, Planet Fitness, for $5.5 million. Prior to acquiring the real estate, Planet Fitness occupied the 18,000-square-foot property on a triple-net lease that features rental increases and option periods. Ronnie Givargis of Stan Johnson Co. represented the seller in the deal.

July 21, 2022

California Development Multifamily Seniors Housing Western

Belmont Village Opens 17-Story Seniors Housing Community in La Jolla, California

by Amy Works July 20, 2022

LA JOLLA, CALIF. — Belmont Village Senior Living has opened Belmont Village Senior Living La Jolla. The property rises 17 stories along the Pacific Coast just north of San Diego, featuring 180 units of independent living, assisted living and memory care. It is Belmont’s 15th community in California and 33rd overall. Partners on the project include Greystar, UC San Diego Center for Healthy Aging and the Stein Institute for Research on Aging. James Arp is the executive director.

July 20, 2022

Sherman-Way-Industrial-Center-Los-Angeles-CA

Acquisitions California Industrial Western

Cushman & Wakefield Negotiates $37M Sale of Sherman Way Industrial Center in North Hollywood

by Amy Works July 20, 2022

LOS ANGELES — Cushman & Wakefield has arranged the sale of Sherman Way Industrial Center, a fully leased industrial park located on 5.4 acres in the North Hollywood neighborhood of Los Angeles. The Ben B. and Joyce E. Eisenberg Foundation, a charitable organization, sold the asset to a joint venture between affiliates of Captiva Partners and Westbrook Partners for $37 million. The seller is donating 100 percent of the proceeds from the sale to multiple charitable organizations that it supports. Totaling 139,567 square feet, Sherman Way Industrial Center consists of five buildings that were fully leased to 20 tenants at the time of sale. David Hasbrouck, Lars Platt, Benjamin Cooper and Mitchell Neff of Cushman & Wakefield’s Capital Markets team represented the seller in the deal. Paul Sims, also of Cushman & Wakefield, provided leasing advisory for the property.

July 20, 2022

Acquisitions California Industrial Western

Dalfen Industrial Buys 86,680 SF Property in San Diego from Alcion Ventures, LPC West

by Amy Works July 18, 2022

SAN DIEGO — Dalfen Industrial has acquired a freestanding industrial building, located at 7615 Siempre Viva Road in San Diego’s Otay Mesa submarket. A partnership between Alcion Ventures and Lincoln Property Co. West sold the asset for $24.8 million. Mark Lewkowitz and Chris Holder of Colliers represented the buyer and seller in the deal. Totaling 86,680 square feet, the building is divisible by 45,180 square feet and features 20 dock-high doors, two grade-level roll-up doors, a sprinkler system, 27- to 28-foot clear heights, 1,500 amps, a 180-foot truck court and 6,950 square feet of office space.

July 18, 2022

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