SANTA MONICA, CALIF. — Mandri Capital has arranged $14.1 million in combined financing to capitalize the acquisition and renovation of an apartment building located at 927 Ocean Ave. in Santa Monica. The borrower is Axis Development Group. The structured financing included a debt fund bridge loan, preferred equity and a joint-venture equity partner — providing 97 percent of the total project capitalization. Axis plans to restore the property, which was originally constructed in 1922. The renovation will provide residents with ocean views and access to world-class amenities. Upon completion, the property will offer 20 residences.
Coldwell Banker Commercial Brokers $3.8M Acquisition of Industrial Building in Riverside, California
RIVERSIDE, CALIF. — Coldwell Banker Commercial has arranged the purchase of a multi-tenant industrial property located at 661 Arlington Ave. in Riverside. The asset traded for $3.8 million. The names of the seller and buyer were not released. Constructed in 1989 on 1.7 acres, the building features 25,850 square feet of industrial space. Carey Paster of Coldwell Banker Commercial SC represented the buyer in the transaction. The buyer plans to hold the property as an investment.
PICO RIVERA, CALIF. — DAUM Commercial Real Estate has arranged the acquisition of an industrial property located at 8500 Mercury Lane in the Los Angeles suburb of Pico Rivera. Chicago-based CenterPoint Properties acquired the property from the undisclosed occupant for $63 million in an off-market, sale-leaseback transaction. The 173,134-square-foot facility features a 32-foot clear heights, 24 dock-high doors with the potential for six additional doors and an ESFR sprinkler system. The asset is situated less than two miles from Interstate 5. Jordan Lara, Rudy Lara and Nick Peukpiboon of DAUM handled the transaction.
FONTANA, CALIF. — Crazy Boss Big Discount Store has signed a lease to occupy 103,000 square feet of anchor space at 17099 Valley Blvd. in Fontana. Slated to open this fall, the new location will be within the 285,000-square-foot Vineyard Valley Center. Other tenants at Vineyard Valley Center include Food 4 Less, Big Lots, dd’s Discounts and several other shops, restaurants and services. Paul Galmarini of Progressive Real Estate Partners and Justin Altemus of The Altemus Co. co-listed the property and represented the undisclosed landlord in the deal. Galmarini also represented the tenant.
SAN FRANCISCO — A joint venture between Hines and the National Pension Service of Korea (NPS) has acquired the historic Pacific Gas & Electric Co. (PG&E) campus in the South Financial District of downtown San Francisco. The purchase price was $800 million, according to The Wall Street Journal. The buyers plan to completely reimagine the campus with a $2.5 billion redevelopment project. The first of two office projects will consist of the restoration and renovation of a 600,000-square-foot office complex dating back to the early 1900s. Hines plans to retain the historic architecture of the building façade and the original lobby. The building systems and technological capabilities will be upgraded in order to achieve the modern functionality of a Class A property. Secondly, 77 Beale is an existing 1 million-square-foot, 34-story tower that will be repositioned and renamed 200 Mission. The building will receive new systems and aesthetics. Architectural firm Pickard Chilton is leading the design. Lastly, Hines plans to develop 50 Main, a new apartment complex with more than 600 units. A timeline for construction was not released. Upon completion, the PG&E campus will represent the largest deal along Market Street in San Francisco over the last 10 years, …
CBRE Global Investors, Trammell Crow to Develop 606,343 SF Logistics Facility in Northern California
TRACY, CALIF. — CBRE Global Investors has purchased a 29.3-acre site located at 1205 E. Grant Line Road in Tracy for the development of a logistics center. The investment firm will partner with Trammell Crow Co. to develop the 606,343-square-foot facility. Construction is slated to begin in early 2022, with completion scheduled for first quarter 2023. The distribution facility will feature 40-foot clear heights, 185-foot truck courts, 56-foot by 60-foot column spacing, LED and sky lighting and an ESFR sprinkler system. HPA is serving as architect of record and Big-D Construction is the general contractor.
FAIRFIELD, CALIF. — Opportunity Housing Group and the California Statewide Communities Development Authority (CSCDA) have partnered to purchase Waterscape Apartments, a multifamily property located at 3001 N. Texas St. in Fairfield. A joint venture between Angelo Gordon and Glencrest Group sold the asset for $70 million. The 180-unit community will offer rents reduced to be affordable to low- to moderate-income individuals and families. On-site amenities includes a swimming pool, spa, picnic area with barbecue grills, a fireplace with lounge seating, package concierge, clubhouse, business center, fitness center, playground, dog park, gated access and 326 open, covered and garage parking spots. Opportunity Housing Group is a Danville-based company focused on creating workforce housing in California. The company acquired the property in partnership with CSCDA using CSCDA’s Workforce Housing Program. Under this structure, middle-income workers, including teachers, first responders, civil employees and others, are offered discounted rents at the property that align with their incomes and have capped annual increases. Salvatore Saglimbeni, Philip Saglimbeni, Stanford Jones and Alex Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.
CORONA, CALIF. — An investment group led by Ocean West Capital Partners, Tiger Alternative Investors and NH Investment & Securities has purchased The Monterey, a newly built apartment property in Corona. Completed in 2021, The Monterey features 442 apartments in a mix of one-, two- and three-bedroom units ranging from 726 square feet to 1,520 square feet. Community amenities include two resort-style swimming pools; clubhouses with roof decks; fitness, yoga and spin studios; co-working space with conference rooms and soundproof privacy pods; an outdoor movie theater; and a community garden and citrus orchard. Camden Pacific Partners is also a part of the consortium that owns the property. The seller and price were not disclosed.
CHICO, CALIF. — Greystone has provided a $20.1 million Fannie Mae DUS loan for the acquisition of Cedar Village Apartments, an affordable multifamily property in Chico. Scott Wallace of Greystone originated the loan for the undisclosed borrower. Built in 1979, Cedar Village Apartments features 10 two-story buildings offering a total of 116 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a laundry room, playground and business center. Cedar Village Apartments is a section 8 HAP property. The loan carries a 15-year term at a fixed rate with a 35-year amortization schedule.
ATWATER, CALIF. — Phillips Edison & Co. has completed the disposition of Atwater Marketplace, a shopping center located at 1601-1853 Bellevue Road in Atwater. A Los Angeles-based private investor acquired the property for an undisclosed price. Kevin Fryman and Eric Wohl of Hanley Investment Group represented the seller, while Brett Visintainer of Visintainer Group of Fresno represented the buyer in the deal. The 96,224-square-foot Atwater Marketplace was 100 percent occupied at the time of sale. Current tenants include Save Mart, CVS/pharmacy, Ace Cash Express, Baskin Robbins, Chase, Chinese Kitchen, Freeway Insurance, GameStop, Great Clips, Merco Credit Union, Rebobank, RE/MAX, Roundtable Pizza and Sourdough & Co.