California

Avison Young Negotiates Acquisition of 156,937 SF Gifford Business Park in San Bernardino, California

by Amy Works October 22, 2021

SAN BERNARDINO, CALIF. — Avison Young has arranged the purchase of Gifford Business Park, a multi-tenant industrial property in San Bernardino. A Southern California-based private investor acquired the asset from Phoenix-based Gifford Business Park LLC for $21.1 million. Alan Pekarcik and Chris Smith of Avison Young represented the buyer in the transaction. Built in 1989 on 11.5 acres, the seven-building property features 156,937 square feet of industrial space. At the close of escrow, the property was 95 percent occupied by 35 tenants. The asset is located at 750-760 E. Central Ave. and 765-791 S. Gifford Ave.

October 22, 2021

Acquisitions California Multifamily Western

Klingbeil Capital Buys 137-Unit Avery at TownCentre Apartments in Brentwood, California for $49.5M

by Amy Works October 21, 2021

BRENTWOOD, CALIF. — Columbus, Ohio-based Klingbeil Capital Management has purchased Avery at TownCentre, a two-story apartment community in Brentwood. ConAm sold the asset for $49.5 million. Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech of Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the deal. Comprising 13 buildings, Avery at TownCentre features 137 apartments in a mix of 56 one-bedroom units, 68 two-bedroom units, 12 three-bedroom units and one studio unit. The apartments feature stainless steel appliances, granite countertops, wood-style flooring and private patios/balconies. Some units also offer vaulted ceilings and washers/dryers. Community amenities include a pool, sundeck, fitness center, playground, on-site laundry facility and covered parking.

October 21, 2021

Zen-Diamong-Valley-Senior-Living-Apts-Hemet-CA

Acquisitions California Multifamily Seniors Housing Western

IPA Brokers $23.9M Sale of Zen Diamond Valley Senior Living Apartments in Hemet, California

by Amy Works October 21, 2021

HEMET, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Zen Diamond Valley Senior Living Apartments, a 177-unit active adult community in the Inland Empire city of Hemet. Investment Concepts acquired the property for $23.9 million. “One of the fastest-growing submarkets in Southern California, the Inland Empire is well suited to meet demands for seniors housing,” says Bill Roblero, vice president of investments in Marcus & Millichap’s Ontario office. “Supported by the area’s strong economic fundamentals and demographics, Zen Diamond Valley Senior Living Apartments is an excellent candidate for an interior and exterior renovation program that will reposition it as a seniors housing market leader.” Roblero, Alexander Garcia Jr. and Christopher Zorbas represented the undisclosed seller.

October 21, 2021

Acquisitions California Retail Western

Commercial Asset Advisors Negotiates $6M Purchase of Retail Center in San Diego County

by Amy Works October 21, 2021

JAMUL, CALIF. — Commercial Asset Advisors (CAA) has arranged the off-market acquisition of a retail center located in Jamul. Fuel Team Inc. purchased the asset from Dan Floit for $6 million. Located 12918-12930 Campo Road, a 7-Eleven gas station anchors the 18,926-square-foot property. Gino Kalasho and Mike Conger of CAA represented the buyer in the transaction.

October 21, 2021

California Development Hospitality Mixed-Use Multifamily Restaurant Retail Western

CGI+ Real Estate Strategies to Construct Mixed-Use Development on Los Angeles’ Miracle Mile

by Amy Works October 20, 2021

LOS ANGELES — CGI+ Real Estate Strategies has received full entitlements to develop a hotel, multifamily and retail mixed-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’ Miracle Mile district. Located at 639 S. La Brea Ave., the eight-story, transit-oriented property will feature a 125-key hotel, 121 residential rental units and 13,000 square feet of street-level and rooftop restaurant space. The boutique-style hotel will offer rooms ranging in size from 320 square feet to 415 square feet, as well as two top-floor guest suites as large as 1,200 square feet. Hotel amenities will include a 3,500-square-foot event space, a layered rooftop guest deck and a swimming pool. The residential component will offer a mix of one-, two- and three-bedroom floorplans with 18 units set aside for extremely low-income households and one for a moderate-income household. Each apartment will feature hardwood floors, in-unit washers/dryers and home automation controls for security and climate, as well as one-touch access to neighborhood services. Community amenities will include a fitness center, rooftop deck with interactive lounge spaces and pool, and a bicycle storage area. Morris Adjmi is serving as architect and interior designer for the development, which is the …

October 20, 2021

Acquisitions California Loans Multifamily Seniors Housing Western

Contour Receives $31.6M in Acquisition Financing for Estancia Senior Living in Southern California

by Amy Works October 20, 2021

FALLBROOK, CALIF. — Contour has obtained $31.6 million in acquisition and mezzanine financing for Estancia Senior Living, a newly developed assisted living and memory care community located at 1735 S. Mission Road in Fallbrook. Alanna Ellis and Jeff Sause of JLL Capital Markets secured a $24 million, three-year, floating-rate bank loan and a $7.6 million, four-year, fixed-rate mezzanine loan for the borrower. Developed in summer 2021, the two-story Estancia Senior Living features 103 units and 114 beds in a mix of 79 assisted living units and 25 memory care units on a 3.4-acre site. The acquisition also includes approximately five acres of additional vacant land located adjacent to the property. On-site amenities include restaurant-style dining, two landscaped courtyards, fitness classes, a physical therapy center, daily wellness and social activities, a beauty salon, spa and hot tub, movie theater, transportation services and laundry facilities. Meridian Senior Living operates the property.

October 20, 2021

Acquisitions California Retail Western

Matthews Brokers $10.1M Sale of Rite Aid-Occupied Retail Property in Sacramento

by Amy Works October 20, 2021

SACRAMENTO, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a retail building located at 4241 Marconi Ave. in Sacramento. A private individual sold the asset to an undisclosed buyer for $10.1 million. Rite Aid occupies the property. Courtney Haubach, Bill Pedersen and Chad Kurz of Matthews represented the seller and sourced the buyer for the transaction.

October 20, 2021

California Market Reports Retail Western Western Market Reports

Valley Area Retail Market Slowly Picking Back Up

by Jeff Shaw October 20, 2021

By Yair Haimoff, Executive Managing Director, Spectrum Commercial Real Estate The COVID-19 pandemic slowed or halted markets across the world. But how did Los Angeles fare? Well, the retail market slowed in 2020 as a result of the pandemic, but, fortunately, it is slowly picking up with reopenings and the adoption of the COVID-19 vaccine. Looking back, recent transactions in the retail space have predominantly included food-related deals. With established fast food businesses like In-n-Out, Starbucks, Popeye’s Chicken, Chick-Fil-A and more showing more transactions, there is definitely a pattern of increased demand for services that support activities necessitated by isolation. However, there have also been deals that included gyms/fitness users, family entertainment, tutoring centers and a few other ancillary retail uses. It looks as if the reopenings are starting to bring in a renewed demand for more social activities, which, blended with the rise of fast food establishments, is a good sign the market is picking up. Looking at current retail development activities, the local market has been mostly quiet in terms of retail-only centers. This makes sense, as retail stores suffered during the shutdown, with many existing retailers turning to curbside pick-up services to stay afloat. Many developers simply aren’t …

October 20, 2021

Acquisitions California Industrial Western

H.I.G. Realty Partners Buys 3.4 MSF Southern California Logistics Center in Victorville

by Amy Works October 19, 2021

VICTORVILLE, CALIF. — H.I.G. Realty Partners has purchased Southern California Logistics Center (SCLC), a seven-property industrial portfolio in Victorville. Terms of the off-market transaction were not released. Situated on the former George Air Force Base, SCLC features 3.4 million square feet of industrial space. The fully leased property provides mission-critical logistics support to tenants in the consumer products, manufacturing, food and beverage, and aviation sectors.

October 19, 2021

Acquisitions California Office Western

Bioscience Properties, Harrison Street Acquire Two-Building Office Property in San Diego for $41.3M

by Amy Works October 18, 2021

SAN DIEGO — Bioscience Properties and Harrison Street have purchased Sorrento Heights, a two-building office asset in San Diego, for $41.3 million. The seller was a fund managed by DRA Advisors LLC in partnership with Cypress Office Properties. Located at 9980 and 10020 Huennekens St., Sorrento Heights features 92,875 square feet of office space spread across two two-story buildings, an open breezeway, outdoor seating and tenant parking. At the time of sale, the property was 68 percent vacant, as the property’s largest tenant has placed the entirety of the 10020 Huennekens Street building on the market for sublease. Kevin Shannon, Brunson Howard, Paul Jones and Ken White of Newmark represented the seller in the transaction.

October 18, 2021

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