California

IRA Capital Acquires Live Nation Headquarters Building in Beverly Hills for $153M

by Taylor Williams October 18, 2021

BEVERLY HILLS, CALIF. — IRA Capital, a private equity firm based in Southern California, has acquired The Post, an office complex in Beverly Hills, for $153 million. The seller was not disclosed. The 102,500-square-foot property serves as the headquarters of promotion and ticketing company Live Nation Entertainment (NYSE: LYV), which occupies 92 percent (94,300 square feet) of the space. The U.S. Postal Service occupies the other 8 percent (8,200 square feet) of the four-story building. The Post underwent a $44 million capital improvement program in 2019 to reposition the building to attract more creative office users. The project incorporated an open-floor workspace that features 22-foot ceilings, an open stairway and outdoor patio spaces. “The property’s irreplaceable location and thriving tenant align with IRA’s investment thesis of pursuing best-in-class properties,” says Samir Patel, IRA Capital’s co-founder. “Despite the impact of COVID-19 on the live entertainment sector, the industry is now experiencing record-setting volumes.” The stock price of Live Nation, which employs more than 44,000 people worldwide, opened at $100.80 per share on Monday, Oct. 18, up nearly 100 percent from $54.59 per share a year ago. IRA Capital, which expects to exceed $1 billion of commercial acquisitions by the end of …

October 18, 2021

California Development Multifamily Student Housing Western

Urban Catalyst Receives Approval for 850-Bed Student Housing Community Near San Jose State University

by Amy Works October 15, 2021

SAN JOSE, CALIF. — Urban Catalyst has received approval for development of The Mark, a 850-bed student housing community located one block from the San Jose State University (SJSU) campus in Northern California. Groundbreaking is expected before the end of this year with completion scheduled for fall 2024. The property will offer 200 units alongside shared amenities including open-air decks, common areas designed to promote student success and views of the SJSU campus. “Our goal is to offer students a robust off-campus experience that complements their educational experience,” says Erik Hayden, founder of Urban Catalyst. “The Mark will help address the long-term problem of an off-campus housing shortage around SJSU.” The project was designed by the student housing division of BDE Architecture in coordination with Gould Evans interior design and will be managed by Asset Living upon completion. The Mark is one of six projects funded through Urban Catalyst’s Fund I, which closed in December with $131 million in investments.

October 15, 2021

Acquisitions California Retail Western

Lincoln Property Co., Cara Investment Acquire 135,000 SF Saks Fifth Avenue-Occupied Property in San Francisco

by Amy Works October 14, 2021

SAN FRANCISCO — Lincoln Property Co. and Cara Investment have purchased 384 Post Street on Union Square in San Francisco’s retail district. Terms of the transaction were not released. Saks Fifth Avenue has occupied the 135,000-square-foot property for more than four decades and currently leases the entirety of the property through 2027. The building features 163 feet of retail frontage along Post Street, with five floors above grade and one below-grade floor. Eastdil Secured represented the seller in transaction.

October 14, 2021

Acquisitions California Retail Western

JLL Brokers $8.4M Sale of Rite Aid-Occupied Retail Building in Wildomar, California

by Amy Works October 14, 2021

WILDOMAR, CALIF. — JLL Capital Markets has arranged the sale of a single-tenant retail property located at 32459 Clinton Keith Road in Wildomar. A private seller, which owned the property since 2012, sold the asset to an undisclosed buyer for $8.4 million. Rite Aid occupies the 17,272-square-foot building, which was constructed in late 2007. Situated on 1.5 acres, the property features a drive-thru lane and ample parking. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the seller in the deal.

October 14, 2021

California Development Multifamily Top Stories Western

Kennedy Wilson Unveils Plans for 589-Unit Master-Planned Community in Camarillo, California

by Kristin Harlow October 13, 2021

CAMARILLO, CALIF. — Kennedy Wilson (NYSE: KW) has signed a long-term ground lease for a 32-acre parcel in Camarillo owned by California State University Channel Islands (CSUCI), with plans to build a new residential community. The master-planned project will include 310 market-rate apartments, 109 for-sale townhomes and 170 income-restricted apartments for seniors. It will also feature community-serving amenities. The project site is adjacent to the university and at the western edge of the Santa Monica Mountains. Camarillo is about 60 miles northwest of Los Angeles. The soon-to-be-named development contributes to Kennedy Wilson’s growing pipeline totaling approximately 4,700 multifamily units that are scheduled for completion by 2024. When the Camarillo project is completed, Kennedy Wilson’s global portfolio will total more than 33,000 units. “Developing this new community is an important step in our larger partnership with CSUCI and will meaningfully contribute to a region that is short on supply of high-quality apartments and homes for faculty, staff and local residents,” says Nick Bridges, managing director with Kennedy Wilson. “Many people are rethinking how and where they want to live, and we continue to see a trend of residents moving from city centers toward communities that have access to the outdoors, are …

October 13, 2021

California Market Reports Office Western Western Market Reports

Greater Los Angeles’ Office Market is Bouncing Back

by Jeff Shaw October 13, 2021

By Steve Solomon, Senior Executive Vice President, and Kristen Bowman, First Vice President, Colliers International Greater Los Angeles leasing activity surged, reaching nearly 3 million square feet in the second quarter. Although higher than the past few quarters, it was significantly lower than the 2019 pre-pandemic quarterly average of 4.6 million square feet. Much of the activity occurred in West Los Angeles, where large expansions and renewals were signed by tech, media and entertainment tenants. While leasing did ramp up, overall vacancy continued to rise, eventually reaching a historic high of 19.4 percent. This rate, which includes direct and sublease space, is 160 basis points higher than the previous peak in 2013 when it hit 17.8 percent. Nearly 25 percent of office space, whether vacant or currently occupied, is available for lease. There is currently 4.9 million square feet of speculative new office construction underway delivering by 2023 in Greater Los Angeles. These major developments, which do not include renovations, are currently 30.7 percent pre-leased. Over half of this new construction is in West Los Angeles, which has a higher pre-leased rate of 36.6 percent. The rate is highest in Central Los Angeles, where Netflix has snatched up 44.6 percent …

October 13, 2021

Acquisitions California Multifamily Western

CBRE Negotiates $53.6M Sale of The Vue Apartments in San Bernardino, California

by Amy Works October 12, 2021

SAN BERNARDINO, CALIF. — CBRE has arranged the sale of The Vue, an apartment community located in San Bernardino. Tailwind Investment Group acquired the property from Dalan Management and VM Management for $53.6 million. Situated on 11.9 acres at 1660 W. Kendall Drive, The Vue features 197 apartments, two swimming pools, a business center, sand volleyball court, half-court basketball court and barbecue areas. Apartments offer in-unit washers/dryers and central air conditioning. Dean Zander and Stewart Weston of CBRE represented the sellers in the transaction.

October 12, 2021

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

Avanath Buys 360-Unit Affordable Seniors Housing Community in Corona, California

by Amy Works October 12, 2021

CORONA, CALIF. — Avanath Capital Management has purchased River Run Senior, an affordable seniors housing property located at 863 River Road in Corona. With this acquisition, Avanath now owns 11 properties in Southern California with 2,187 units under management in the region. Built in 2004, River Run consists of six three-story, garden-style residential buildings totaling 216,684 square feet. The community offers a mix of 306 one-bedroom units and 54 two-bedroom units. Units feature air conditioning, dishwashers, vinyl plank flooring, walk-in closets and private balconies or patios. Residential amenities include a community center, leasing office, business center, pool, elevator service, laundry rooms in each building and a gated entry. Avanath will implement social programming at River Run, in addition to its Wellbeats partnership program that allows residents to exercise from home. The company also plans to upgrade the property’s mechanical systems; replace roofs, HVAC systems and boilers; add a maintenance shop; and install security cameras near access gates. Avanath Communities will manage the asset.

October 12, 2021

Acquisitions California Industrial Western

Delta Capital Acquires Industrial Building in Valencia, California for $3.1M

by Amy Works October 12, 2021

VALENCIA, CALIF. — Delta Capital LLC has purchased a warehouse building located at 24820 Avenue Tibbitts in Valencia. An undisclosed seller sold the asset for $3.1 million. Situated on a 31,146-square-foot parcel, the 13,045-square-foot building was built in 1987. The property features two drive-in/grade-level doors, ample power and 17-foor clear heights. At the time of sale, the property was fully leased. The buyer plans to hold the asset as an investment property. Yair Haimoff of Spectrum Commercial Real Estate represented the buyer in the transaction.

October 12, 2021

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $16.7M Purchase of Multifamily Portfolio in Redding, California

by Amy Works October 11, 2021

REDDING, CALIF. — Marcus & Millichap has arranged the acquisition of an apartment portfolio located throughout Redding. OSM Investment Co. purchased the assets from a multi-generational family of investors for a combined $16.7 million. The portfolio offers a total of 162 apartments. The buyer plans to make improvements to the properties and streamline management of the portfolio. Rand Hoffman and Daniel Kapic of Marcus & Millichap secured and represented the buyer in the deal.

October 11, 2021

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