California

Urban Catalyst Plans 497-Unit Apollo Apartments in San Jose

by Amy Works October 28, 2021

SAN JOSE, CALIF. — Urban Catalyst has submitted its formal application with San Jose city planning officials for The Apollo, an 18-story apartment community at 32 Stockton Ave. in San Jose. Thang Do, CEO of Aedis Architects, is development partner on the project. The Apollo will feature 497 apartments, a spa, infinity pool with a transparent base above the main entrance, co-working space and two rooftop lounges. Additionally, the community is located near the Diridon train station and retail opportunities. “The Apollo is another step to address the housing crisis in Silicon Valley,” says Erik Hayden, CEO and managing partner of Urban Catalyst. “When we build high-density residential units in a transit-oriented location, we are building to meet the needs of today and tomorrow.”

October 28, 2021

Acquisitions California Industrial Western

Lincoln Property Co. Divests of 104,510 SF Last-Mile Industrial Facility in San Diego for $64.2M

by Amy Works October 28, 2021

SAN DIEGO — Lincoln Property Co. has completed the disposition of a newly renovated last-mile distribution center in San Diego’s Kearny Mesa submarket. Realterm Logistics acquired the asset for $64.2 million. Situated on 10.5 acres at 7995 Armour St., the freestanding facility features 104,510 square feet of industrial space. The seller completed significant capital improvements and repositioned the asset, which was built in the 1980s. The facility features well-designed ingress/egress; efficient warehouse and office layouts; dock- and grade-loading capabilities; and ample parking. At the time of sale, the property was fully leased to a global Fortune 50 e-commerce company. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction.

October 28, 2021

Acquisitions California Net Lease Restaurant Retail Western

Marcus & Millichap Arranges Sale of Starbucks-Occupied Property in Oakland

by Amy Works October 28, 2021

OAKLAND, CALIF. — Marcus & Millichap has brokered the sale of a retail building located at 470 Lake Park Ave. in Oakland. A limited liability company sold the asset to an undisclosed buyer for $3.5 million. Starbucks Coffee net leases the 1,600-square-foot property, which was built in 1968. Chris Lind and Mark Ruble of Marcus & Millichap’s Phoenix office represented the seller in the deal. David Nelson of Marcus & Millichap’s Oakland office was broker of record for the transaction.

October 28, 2021

Acquisitions California Life Sciences Office Top Stories

Longfellow Buys Nine Office Assets in San Diego for $315.4M, Plans Conversion to Life Sciences Campus

by Julia Sanders October 28, 2021

SAN DIEGO, CALIF. — Longfellow Real Estate Partners has acquired Luskin Business Park, a nine-property office portfolio totaling 371,281 square feet in San Diego. The sales price was $315.4 million. Longfellow plans to convert the assets into a massive life sciences campus. The properties are located at 6150, 6160, 6370, 6440, 6450, 6540, 6640 and 6650 Lusk Blvd. and 10225 Barnes Canyon Road in the Sorrento Mesa submarket, a part of San Diego that is home to major corporations and has a high demand from life sciences tenants. All of the properties are two-story buildings that are zoned for office, light industrial and other commercial uses, including life sciences. Situated on a total of 20.6 acres, the portfolio has access to top San Diego research institutions, including Scripps Research, UC San Diego, the Salk Institute and Sanford Burnham Prebys Medical Discovery Institute. San Diego remains one of the top markets for life sciences demand, according to CBRE’s U.S. Life Sciences Midyear 2021 report. Lynn LaChapelle, Bob Prendergast, Sach Kirpalani and Michael Leggett of JLL represented the seller, PS Business Parks, in the transaction. “This was a rare opportunity to acquire a life sciences redevelopment opportunity of scale in one of …

October 28, 2021

Acquisitions California Healthcare Office Western

GPI Cos. Sells Medical Office Building in North Hollywood in Off-Market Transaction

by Amy Works October 27, 2021

LOS ANGELES — GPI Cos. has completed the disposition of a medical office building located in Los Angeles’ North Hollywood neighborhood. Principal Real Estate Investors acquired the asset for an undisclosed price in an off-market transaction. Located at 4343 Lankershim Blvd., the three-story property features 32,418 square feet of medical office space. The property is fully leased to a local health institution and offers pain medicine and digestive disease services. Andrew Milne, Evan Kovac and Matt DiCesare of JLL Healthcare Capital Markets, along with Bryan Lewitt of JLL’s Los Angeles Healthcare Markets, represented the seller in the deal.

October 27, 2021

Acquisitions California Net Lease Retail Western

Faris Lee Negotiates $5.4M Sale of CVS-Occupied Building in Bakersfield, California

by Amy Works October 27, 2021

BAKERSFIELD, CALIF. — Faris Lee Investments has arranged the sale of a freestanding retail property located at 2690 Mount Vernon in Bakersfield. Southern California-based Intertex Property Advisors acquired the building from a Los Angeles-based developer for $5.4 million. The property is absolute triple-net leased to CVS Y Mas, which has occupied this location for 48 years. Other tenants include 99 Cents Only, Chase Bank, Arco AM/PM and Denny’s. Sean Cox and Jeff Conover of Faris Lee Investments represented the seller, while Cushman & Wakefield represented the buyer in the transaction.

October 27, 2021

Acquisitions California Industrial Western

Brookfield Properties Buys 255,000 SF Industrial Building in La Mirada, California

by Amy Works October 26, 2021

LA MIRADA, CALIF. — Brookfield Properties has purchased an industrial property located at 14555 Alondra Blvd. in La Mirada. Interstate 5 Firestone sold the asset for an undisclosed price. Originally built in 1969 and completed in 2016, the 255,000-square-foot property features more than 11,000 square feet of office space, substantial storage facilities, 22-foot clear heights, a concrete-fenced yard and oversized truck doors. The property also features an on-site truck washdown and a full-service mechanics building. Chuck Wilson of Colliers represented the seller and buyer, which acquired the property as a leased investment, in the transaction.

October 26, 2021

Acquisitions Affordable Housing California Multifamily Western

Waterford Property, Development Authority Acquire 265-Unit Apartment Building in Anaheim for $127.3M

by Amy Works October 25, 2021

ANAHEIM, CALIF. — Waterford Property Co., in partnership with California Statewide Community Development Authority (CSCDA), has purchased 1818 Platinum Triangle, a 265-unit multifamily property located at 1818 S. State College Blvd. in Anaheim’s Platinum Triangle. UDR sold the asset for $127.3 million. Upon taking ownership, Waterford and CSCDA will immediately lower rents for qualified new residents making between 60 percent and 120 percent of the area median income under CSCDA’s middle-income housing program. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented the buyers in the deal.

October 25, 2021

California Development Industrial Western

CapRock Partners Breaks Ground on 24-Acre Saddle Ranch Industrial Complex in Norco, California

by Amy Works October 25, 2021

NORCO, CALIF. — CapRock Partners, with Premier Design + Build Group as general contractor, has broken ground on Saddle Ranch Phase II in Norco. Situated on 23.8 acres at 3166 Horseless Carriage Drive, the development will feature three buildings offering a total of 387,180 square feet. The speculative structures will feature 32-foot clear heights, 8,000 amps of power in each building, ESFR K17 @ 52 PSI fire sprinklers, three drive-in doors and 35 dock doors. Additionally, Premier will add parking to accommodate approximately 36 trailers and 309 vehicles. The project scope also includes 270,000 square feet of landscaping. Project partners include RGA, Office of Architectural Design, X Engineering and Darin Fong and Associates. Completion is slated for third-quarter 2022.

October 25, 2021

California Development Loans Multifamily Seniors Housing Western

CBRE Originates $42M Construction Financing for LGBTQ-Focused Seniors Housing Community in Palm Springs, California

by Amy Works October 22, 2021

PALM SPRINGS, CALIF. — CBRE Senior Housing has arranged $42 million in construction financing for Living Out Palm Springs, a luxury active adult community that will cater primarily to LGBTQ residents. Aron Will, Austin Sacco and Tim Root of CBRE Senior Housing arranged the financing on behalf of a joint venture between KOAR International Inc. and a group of high-net-worth investors. The financing is a non-recourse, four-year loan with full-term interest-only payments and an extension option. A national bank provided the funds. The nine-acre site is located at the northwest corner of East Tahquitz Canyon Way and North Hermosa Drive in central Palm Springs. The community will be the first of its kind, as virtually no other LGBTQ-oriented, market-rate active adult communities exist in the market today, according to CBRE. Additionally, the community was planned and will be operated with the active involvement and input of the LGBTQ community. While the community’s primary target is LGBTQ seniors living in Southern California, marketing efforts will target prospective residents from all over the United States. The community will feature 122 units. Living Out Management LLC, an affiliate of KOAR, will operate the community under a traditional management agreement.

October 22, 2021

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