California

Partnership Breaks Ground on $1.8B Arena for Los Angeles Clippers in Inglewood, California

by Julia Sanders September 17, 2021

INGLEWOOD, CALIF. — A public-private partnership between Murphy’s Bowl LLC and the City of Inglewood has broken ground on Intuit Dome, a 915,000-square-foot basketball and events arena in Inglewood that will serve as the home of the Los Angeles Clippers. Murphy’s Bowl is a development entity backed by the Los Angeles Clippers. San Francisco-based developer and investor Wilson Meany is also part of the project, which is expected to cost $1.8 billion, according to the Los Angeles Times. Named Intuit Dome, the arena will be the future home of the National Basketball Association’s (NBA) LA Clippers, which is led by chairman and former Microsoft executive Steve Ballmer. The venue is slated for completion by the 2024-2025 NBA season. The Clippers hosted a ceremony today to celebrate the start of construction on the arena. Star Clippers players Kawhi Leonard and Paul George attended the groundbreaking, as well as Clippers head coach Tyronn Lue. The Intuit Dome will host Clippers’ home games as well as non-Clippers sporting events, family shows, concerts, conventions and corporate events. Intuit Dome will have an 85,000-square-foot team practice and athletic training facility, approximately 71,000 square feet of offices for the Clippers’ staff and a 25,000-square-foot sports medicine …

September 17, 2021

Acquisitions California Retail Western

Chartwell Real Estate Acquires Iconic Balboa Fun Zone in Newport Beach

by Amy Works September 16, 2021

NEWPORT BEACH, CALIF. — Chartwell Real Estate Development has purchased Balboa Fun Zone, a mixed-use entertainment development in Newport Beach. Discovery Cube, a Southern California children’s science museum, sold the property for an undisclosed price. The new owners plan to restore the historic landmark and continue to operate the property as the Balboa Fun Zone, one of Southern California’s oldest amusement park dating to the early 1900s. Located at 600 E. Bay Ave., the 34,500-square-foot property offers 212 feet of waterfront space, the Edgewater Place boardwalk, the Balboa Ferris Wheel, a more than 25-boat marina with 775 linear feet of docking, Fun Zone amusement park rides and attractions, 16,000 square feet of mixed-use improvements, and a 58-stall subterranean parking garage. Lars Platt, Joseph Lising and Matthew Godman of Cushman & Wakefield represented the seller, while Bob Thagard of Cushman & Wakefield represented the buyer in the transaction.

September 16, 2021

Acquisitions California Retail Western

Progressive Real Estate Partners Negotiates $8.8M Sale of Los Compadres Plaza in Inland Empire

by Amy Works September 16, 2021

COLTON, CALIF. — Progressive Real Estate Partners has arranged the sale of Los Compadres Plaza, a retail property located in Colton. A Southern California-based buyer acquired the asset from a Los Angeles County-based seller for $8.8 million. Located at 1035 S. Vernon Ave., Los Compadres Plaza features 47,090 square feet spread across four buildings, which were built in two phases in 1977 and 1980. The unanchored property is 93 percent occupied with 82 percent of the center’s tenants being independent, internet-resistant businesses, including restaurants, medical users, beauty and other services. The property recently underwent renovations, including painting, roof replacements and parking lot improvements. Brad Umansky, Greg Bedell and Mike Lin of Progressive Real Estate Partners represented the seller in the deal.

September 16, 2021

Acquisitions California Multifamily Western

Gelt Acquires The Oasis Anaheim Apartment Community in California for $146.5M

by Amy Works September 15, 2021

ANAHEIM, CALIF. — Gelt, a Los Angeles-based, value-add real estate investor, has purchased The Oasis Anaheim, a transit-oriented apartment property in the northeast area of Anaheim. Redhill Realty Investors sold the asset for $146.5 million. Built in 2009 on 5.2 acres, The Oasis Anaheim features 312 apartments spread across two four- and five-story buildings in a mix of loft, townhome, one- and two-bedroom layouts. On-site amenities include a resort-style pool, fitness center/yoga studio, clubhouse, recycling services, a business center, barbecue grills and 626 parking spaces. The community is located at 3530 E. La Palma Ave. Sean Deasy, Ryan Fitzpatrick and Chelsea Jervis of JLL represented the buyer and seller in the transaction.

September 15, 2021

California Colorado Loans Multifamily Seniors Housing Western Wyoming

Capital Funding Group Provides $262.6M Refinancing for Skilled Nursing Portfolio in Colorado, California, Wyoming

by Amy Works September 15, 2021

BALTIMORE — Capital Funding Group, a Baltimore-based lender, has provided a $262.6 million term loan to refinance a 29-asset long-term care portfolio. Spanning Colorado, California and Wyoming, the portfolio includes 28 skilled nursing facilities and one joint skilled nursing and assisted living facility, with a total of 3,140 beds. The borrower is a privately owned real estate investment group. Erik Howard and Tim Eberhardt originated the transaction for Capital Funding Group.

September 15, 2021

California Loans Multifamily Northmarq Washington Western

NorthMarq Arranges $132M Refinancing for Six Multifamily Properties in California, Washington

by Amy Works September 14, 2021

SAN FRANCISCO — NorthMarq’s San Francisco office has arranged the $132 million in refinancing for six multifamily properties in California and Washington comprising 965 units. Dennis Williams and Tom Wright of NorthMarq arranged the financing for the borrower, JB Matteson, through its long-time correspondent relationship with Allianz. The six permanent loans featured fixed interest rates with interest-only payments for the full 10-year terms. The financing includes: A $19.2 million loan for Avanti Apartments, a 216-unit property located at 4450 El Centro Road in Sacramento. A $31.4 million loan for Millworks Apartments, a 124-unit community located at 900 Reichert Ave. in Novato, Calif. An $18.5 million loan for Reflections at the Park, a 244-unit complex located at 11510 NE 112th Drive in Vancouver, Wash. A $19.4 million loan for Tustin Cottages, a 93-apartment community at 1361 El Camino Real in Tustin, Calif. A $25.5 million loan for Urban Village, a 129-unit property at 1081 Long Beach Blvd. in Long Beach, Calif. An $18 million loan for Waterfront Apartments, a 96-unit community with 4,000 square feet of commercial space in Petaluma, Calif.

September 14, 2021

Acquisitions California Multifamily Western

Gemdale USA Sells Madison at Town Center Apartment Complex in Valencia, California for $62M

by Amy Works September 14, 2021

VALENCIA, CALIF. — Gemdale USA has completed the disposition of The Madison at Town Center, a multifamily property in Valencia. Fairfield Residential acquired the asset for $62 million, or $476,923 per unit. Built in 2003, The Madison at Town Center features 130 apartments, a heated swimming pool, fitness center, internet café and 24-hour maintenance concierge. The property offers 16 different floor plans, ranging from one- to three-bedrooms, with in-unit washers and dryers, walk-in closets, upgraded appliances, gallery-style track lighting with spotlight, soaking tubs and single vanities. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

September 14, 2021

Acquisitions California Industrial Life Sciences Mixed-Use Top Stories Western

Oxford Properties Group Acquires Industrial Park in Metro LA for $133.5M

by John Nelson September 14, 2021

SANTA CLARITA, CALIF. — Oxford Properties Group, a real estate investment and management firm based in Toronto, has purchased Santa Clarita Innovation Park, a 14-building campus situated on 118.5 acres in the Los Angeles suburb of Santa Clarita. Funds managed by Oaktree Capital Management and Intertex Cos. sold the property, which was formerly known as Mann Biomedical Park, for $133.5 million. The acquisition of Santa Clarita Innovation Park falls in line with Oxford’s investment strategy as it is leased to various distribution users and life sciences firms such as Boston Scientific and Bioness. Oxford aims to have 45 to 60 percent of its assets-under-management portfolio to be in life sciences, industrial and residential real estate by 2025. In addition to distribution and life sciences, Santa Clarita Innovation Park includes some offices, a childcare facility and Wolf Creek Brewery. Additionally, the acquisition includes development rights for approximately 40 acres within the park. “Substantially growing our life sciences and industrial businesses represents our highest conviction investment strategies and top priorities at Oxford,” says Chad Remis, executive vice president of North America at Oxford. “The acquisition of Santa Clarita Innovation Park, and its additional development capacity, uniquely provides us with flexibility to build …

September 14, 2021

Acquisitions California Industrial Western

Exeter 4837 Watt Buys Flex Industrial Building in North Highlands, California for $12.4M

by Amy Works September 13, 2021

NORTH HIGHLANDS, CALIF. — Exeter 4837 Watt LLC has acquired a flex industrial facility located at 4837 Watt Ave. in North Highlands. Stoneridge Watt Avenue LLC sold the asset for $12.4 million. Built in 1987 for Price Club, the property was renovated in 1997 for industrial and flex use. Situated on 12.8 acres, the 129,491-square-foot property is half a mile from Interstate 80. Alan Pekarcik and Chris Smith of Avison Young’s Irvine, Calif., office represented the buyer, while Cushman & Wakefield represented the seller in the deal.

September 13, 2021

Acquisitions California Retail Western

Triss Sells 25,148 SF Retail Strip Center in Long Beach, California

by Amy Works September 10, 2021

LONG BEACH, CALIF. — Triss LLC has completed the disposition of a retail strip center located on the corner of East Pacific Coast Highway and Martin Luther King Jr. Avenue in Long Beach. A family trust acquired the asset for $4.4 million, or $175 per square foot. 7-Eleven anchors the 25,148-square-foot property. Tina LaMonica and Cheryl Pester of NAI Capital Commercial’s Investment Services represented the seller in the deal.

September 10, 2021

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