California

Lee & Associates Brokers Sale-Leaseback of 45,214 SF Industrial Property in Vista, California

by Amy Works June 21, 2022

VISTA, CALIF. — Lee & Associates has arranged the sale-leaseback of an industrial asset located at 1280 N. Melrose Drive in Vista. Exeter Property Group acquired the property from an undisclosed seller for $11.5 million. Built in 1982, the 45,214-square-foot property features 12 dock-high doors, two grade-level doors, heavy power and 20-foot clear heights. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates – North San Diego County’s Williams Roth Group represented the buyer. Jim Benson of Kidder Mathews represented the seller in the transaction.

June 21, 2022

Acquisitions California Net Lease Retail Western

Faris Lee Arranges $10.8M Sale of Smart & Final-Occupied Building in Bakersfield, California

by Amy Works June 21, 2022

BAKERSFIELD, CALIF. — Faris Lee Investments has brokered the sale of a single-tenant retail property located at 1725 Golden State Ave. in Bakersfield. A Southern California-based private investor sold the asset to an undisclosed buyer for $10.8 million. Grocery store Smart & Final occupies the 26,237-square-foot building on a long-term, absolute triple-net lease basis with rental increases. Sean Cox and Alex Moore of Faris Lee represented the seller in the deal.

June 21, 2022

Butterfield-5-Technology-Park-Morgan-Hill-CA

Acquisitions California Industrial Western

Trammell Crow, CBRE Divest of 410,101 SF Butterfield 5 Technology Park in Northern California

by Amy Works June 20, 2022

MORGAN HILL, CALIF. — Trammell Crow Co. and joint-venture partner CBRE Investment Management, on behalf of one of its funds, have sold Butterfield 5 Technology Park in Morgan Hill. Invesco Real Estate acquired the asset for an undisclosed price. Totaling 410,101 square feet, the industrial park was completed earlier this year and features five Class A industrial buildings situated on 24 acres. HPA Inc. served as architect and Lusardi Construction acted as general contractor for the project. Rebecca Perlmutter with CBRE National Partners represented the sellers in the disposition. Rob Shannon, Chip Sutherland and Brian Matteoni of CBRE will continue to handle marketing and leasing for the industrial park.

June 20, 2022

Acquisitions California Office Western

Madison Capital, Meadow Partners Acquire Ford Point R&D Property in Richmond, California for $103.7M

by Amy Works June 17, 2022

RICHMOND, CALIF. — New York-based Madison Capital and Meadow Partners have purchased Ford Point, a creative R&D building located at 1414 Harbour Way S. in Richmond. Orton Development sold the asset for $103.7 million. At the time of sale, the 478,761-square-foot property was 83 percent leased to a variety of tenants, including SunPower, Mountain Hardwear and California Closets. Orton Development purchased the long-dormant, 22.9-acre site from the Richmond Redevelopment Agency in 2004 and began a comprehensive $40 million renovation of the entire building, installing new building systems and undertaking an extensive seismic upgrade. Since 2008, the company invested an additional $11.3 million for an ungraded roof, electric vehicle charging stations, asphalt repaving and one mega-watt rooftop solar system. Designed in 1930 by Albert Kahn, Ford Point was built as the Ford Motor Co. Assembly Plant and was the largest assembly plant to be built on the West Coast. Ford Point has been on the National Register of Historical places since 1988, and the site is home to a National Parks Services education center, known as the Rosie the Riveter Visitor Center. Seth Siegel, Steve Hermann, Ryan Venezia, Rick Ryan, Kevin Flemming and Courtney Trunnell of Cushman & Wakefield’s Northern California …

June 17, 2022

Affordable Housing California Development Multifamily Western

USA Properties Fund Starts Construction of Terracina at Whitney Ranch Affordable Housing Community in Rocklin, California

by Amy Works June 17, 2022

ROCKLIN, CALIF. — Roseville-based USA Properties Fund has started construction of Terracina at Whitney Ranch, an affordable multifamily property in Rocklin. Completion is slated for late 2024. Situated between University Avenue and Wildcat Boulevard, Terracina at Whitney Ranch will feature 288 apartments in a mix of one-, two- and three-bedroom layouts. Units will offer energy-efficient appliances, light fixtures and ceiling fans, as well as low-flow faucets, showers and toilets. One-bedroom apartment rents are projected to be $515 to $1,275 per month, while two-bedroom apartments will lease for $606 to $1,518 per month and three-bedroom units will rent for $687 and $1,741 per month. Community amenities will include a 4,000-square-foot clubhouse with a community room and fitness room, a swimming pool, courtyard with seating, a tot-lot play area and laundry facilities.

June 17, 2022

Creekside-Plaza-Office-Park-San-Leandro-CA

Acquisitions California Office Western

Cushman & Wakefield Negotiates Sale of 227,803 SF Creekside Plaza Office Park in San Leandro, California

by Amy Works June 17, 2022

SAN LEANDRO, CALIF. — Cushman & Wakefield has arranged the sale of Creekside Plaza Office Park, a three-building office campus and development site in San Leandro. An institutional investor purchased the asset from a privately held real estate development company for an undisclosed price. Built in phases between 2002 to 2010, Creekside Plaza Office Park features 227,803 square feet of Class A, multi-tenant office space. Owned by the original developers for the more than 20 years, this is the first time Creekside Plaza was marketed for sale. Ryan Venezia, Barry Cohn, Seth Siegel, Steve Hermann, Rick Ryan, Kevin Flemming and David Englert of Cushman & Wakefield represented the seller in the transaction.

June 17, 2022

Acquisitions California Net Lease Retail Western

Hanley Investment Group Brokers Sale of Grocery Outlet-Occupied Property in Kerman, California

by Amy Works June 16, 2022

KERMAN, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly completed, single-tenant retail property located at 14868 W. Whitesbridge Ave. in the Fresno County city of Kerman. A local private investment firm sold the asset to a San Mateo County.-based private investor for $6.4 million. Grocery Outlet occupies the 16,000-square-foot building on a net-lease basis. Based in Emeryville, Grocery Outlet has more than 420 stores in California, Washington, Oregon, Pennsylvania, Idaho, Nevada and New Jersey. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Nigel Keep of Kidder Mathews’ office in Silicon Valley, Calif., represented the buyer in the transaction.

June 16, 2022

Acquisitions California Georgia Illinois Maryland Michigan Midwest Minnesota Northeast Pennsylvania Retail Southeast Texas Top Stories Western

JLL Brokers $278M Sale of Eight-Property Grocery-Anchored Retail Portfolio

by Katie Sloan June 16, 2022

OAK BROOK, ILL. — JLL’s Capital Markets group has arranged the $278 million sale of an eight-property, grocery-anchored retail portfolio. The buyer was Inland Real Estate Income Trust Inc. The properties were 88.5 percent leased at the time of sale to tenants including Ralphs, Target, Whole Foods Market, Giant, Trader Joe’s, Sprouts Farmers Market, Nordstrom Rack, Starbucks Coffee, Rite Aid and Sierra Trading Post. The properties span 687,000 square feet and include: Olde Ivy Village, located outside of Atlanta at 4330 East-West Connector in Smyrna, Ga.; Denton Village, located at 4930 Teasley Lane in the Dallas suburb of Denton, Texas; Northpark Square Village, located at 27706-27776 McBean Parkway in the metro Los Angeles community of Valencia, Calif.; Northville Park Place, located at 18771-39869 Traditions Drive in Northville, Mich., outside of Detroit; City Place, located eight miles east of Saint Paul at 205 Radio Drive in Woodbury, Minn.; Rusty Leaf Plaza, located at 2512-2560 E. Chapman Ave. in Orange, Calif.; Lower Makefield Shopping Center, located at 700 Stony Hill Road in Yardley, Pa., outside Philadelphia; and New Town Village, located at 9700 Groffs Mill Drive in the metro Washington, D.C., community of Owings Mills, Md. Bill Moylan, Chris Angelone, Barry Brown, …

June 16, 2022

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

Standard Communities Acquires 559-Unit Affordable Seniors Housing Portfolio in California

by Amy Works June 15, 2022

ANAHEIM, ESCONDIDO AND LIVERMORE, CALIF. — Standard Communities, through a public-private partnership, has acquired three mixed-income seniors housing communities totaling 559 rental units in California. The total capitalization of the three-property portfolio is over $195 million, including more than $19 million in renovations. The properties include: Heritage Village Anaheim, totaling 196 units on 5.1 acres in Anaheim Heritage Park Escondido, totaling 196 units on five acres in Escondido Heritage Park Livermore, totaling 167 units on 8.2 in Livermore “We’re preserving and expanding affordable housing in some of the areas that need it most in California,” says Jeffrey Jaeger, co-founder and principal of Standard Communities. “Seniors are the fastest-growing population in California.” “In the city of Livermore for example, almost 20 percent of the population are seniors and 24 percent of them are renters,” adds Joon Lee, managing director of strategic capital for Standard. “The average price of a home in Livermore is over $1 million, which has increased nearly 30 percent year over year. It’s important to Standard to provide affordable housing options for seniors” Standard’s improvements at the three Heritage communities will consist of plumbing, HVAC, electrical, fire safety and security upgrades; roof, door and window repair or replacement; …

June 15, 2022

Acquisitions California Healthcare Western

Ovaness-Rostamian Group Arranges $9.3M Sale of Medical Office Building in Long Beach, California

by Amy Works June 15, 2022

LONG BEACH, CALIF. — The Ovaness-Rostamian Group of Marcus & Millichap has brokered the sale of a medical office building located at 1525 Long Beach Blvd. in Long Beach. The property traded for $9.3 million, or $1,082 per square foot. Fresenius Medical Care occupies the 8,600-square-foot asset. Orbell Ovaness, Ara Rostamian, Aren Ohanian, Jason Anguiano, Peter Xiao, Austin Che, George Baltakian and Sean Matsuura of Marcus & Millichap’s Ovaness-Rostamian Group represented the undisclosed buyer, while Alvin Mansour and David Kern of Marcus & Millichap’s Mansour Group represented the undisclosed seller in the deal.

June 15, 2022

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