California

Oakmont Properties Sells Autumn Ridge Apartments in Citrus Heights, California to Kennedy Wilson for $120M

by Amy Works August 31, 2021

CITRUS HEIGHTS, CALIF. — Oakmont Properties has completed the disposition of Autumn Ridge, an apartment property located at 6011 Shadow Lane in Citrus Heights. Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson, acquired the asset for $120 million. Marc Ross of CBRE represented the seller in the deal. Andrew Behrens and Jesse Weber of CBRE’s San Francisco office organized acquisition financing for the buyer. Originally built in 1986, Autumn Ridge features 410 apartments in a mix of one- and two-bedroom layouts. Community amenities include three swimming pools and spas, a clubhouse, fitness center, fireplace lounge, racquet ball court, tennis court and business center. At the time of sale, the property was 96 percent leased.

August 31, 2021

California Development Industrial Western

Bridge Industrial Transforms Former Asphalt Factory into 415,320 SF Industrial Facility in Long Beach, California

by Amy Works August 31, 2021

LONG BEACH, CALIF. — Bridge Industrial has completed its intensive environmental remediation of 2400 E. Artesia Boulevard and construction of Bridge Point Long Beach, a 415,320-square-foot Class A industrial facility in Long Beach. Bridge acquired the property, the former home of an asphalt refinery, in 2019. Following the purchase, the company replaced the outdated facility with a sustainable, 416,000-square-foot warehouse complex with 21,000 square feet of dedicated office space. The property also features 453 parking stalls, including 104 outfitted with electric vehicle chargers; 61 trailer parking stalls; 36-foot clear ceiling heights; extensive landscaping; a solar-ready roof; and ESFR sprinkler systems. The building was pre-leased prior to its completion in August to a leading transportation and logistics provider of choice for the U.S. Postal Service for its warehousing and distribution operations. The company will begin its occupancy in September. The redeveloped site is part of the continued renewal of the Artesia Boulevard corridor and the project included substantial environmental remediation with oversight by the Southern California Regional Water Quality Control Board and South Coast Air Quality Management District.

August 31, 2021

Acquisitions Affordable Housing California Company News Maryland Multifamily Southeast Top Stories Walker & Dunlop Western

Walker & Dunlop Bolsters Affordable Housing Business with $696M Acquisition of Alliant Capital, Affiliates

by John Nelson August 31, 2021

BETHESDA, MD. AND WOODLAND HILLS, CALIF. — Walker & Dunlop (NYSE: WD) has entered into a definitive agreement to acquire Alliant Capital Ltd., a privately held affordable housing asset management firm based in Woodland Hills. Under the terms of the purchase agreement, Walker & Dunlop will acquire Alliant and its affiliates, Alliant Strategic Investments and ADC Communities, at a total value of $696 million. Alliant is the sixth-largest syndicator of low-income housing tax credits (LIHTC) in the United States and has participated in the development of over 100,000 affordable units serving over 400,000 families. ADC Communities is the affordable housing development arm of Alliant, which has financed 29 developments and over 5,400 units in eight states since 2014. Alliant Strategic Investments focuses on non-LIHTC affordable housing preservation, workforce housing and opportunity zone investments. The acquisition will bring Walker & Dunlop’s total affordable housing assets under management to $16 billion, with $14 billion of those assets under management belonging to Alliant. The move is expected to be accretive to Walker & Dunlop’s existing $112 billion servicing portfolio. “Alliant is one of the largest and most respected tax credit syndicators and affordable housing developers in the country. The addition of their people, …

August 31, 2021

Acquisitions California Office Western

Shorenstein Properties Buys 427,600 SF Phase I of America Center in North San Jose

by Amy Works August 30, 2021

SAN JOSE, CALIF. — Shorenstein Properties has purchased Phase I of America Center in North San Jose for an undisclosed price. The name of the seller was not released. The asset consists of two six-story, Class A office buildings, totaling 427,600 square feet, and a development parcel at 6001 and 6201 America Center Drive. The development site is entitled for a six-story, 200,000-square-foot office building. At the time of sale, the property was 98 percent leased with a weighted average remaining lease term of 2.9 years. The LEED Gold-certified property features on-site amenities, including exercise options, full-service cafeterias, outdoor trails, a sports park and expansive indoor and outdoor gathering space. The property is situated within the five-building America Center complex.

August 30, 2021

Acquisitions California Retail Western

Marcus & Millichap Brokers $5.7M Sale of Lake Forest Center Retail Property in California

by Amy Works August 30, 2021

LAKE FOREST, CALIF. — Marcus & Millichap has arranged the sale of Lake Forest Center, a shopping center located at 20761 Lake Forest Drive in Lake Forest. A California-based private family trust sold the asset to a Maryland-based private investor for $5.7 million, or $330 per square foot. The multi-tenant property features 17,244 square feet of retail space. Orbell Ovaness, Ara Rostamian and Peter Xiao of Marcus & Millichap’s Los Angeles office represented the seller and buyer in the deal.

August 30, 2021

Acquisitions California Industrial Western

Colliers Arranges Sale of 63,302 SF Industrial Facility in Corona, California

by Amy Works August 30, 2021

CORONA, CALIF. — Colliers has brokered the sale of a multi-purpose warehouse located at 2620 Palisades Drive in West Corona. Crown Associates acquired the property from L&CD Developments for an undisclosed price. Totaling 63,302 square feet, the building features 13,924 square feet of high-finish, two-story office space, 600 square feet of shop office space, 32-foot clear heights, ESFR sprinklers, 153 parking spaces, a private fenced yard and LED warehouse lighting. Built in 2017 on 3.6 acres, the warehouse site is zoned for both distribution and manufacturing. Clyde Stauff and Jace Gan of Colliers represented the buyer and seller in the transaction.

August 30, 2021

Acquisitions California Industrial Net Lease Office Western

Skyline Group Buys 273,180 SF Glen Bell Way Office/R&D Campus in Irvine, California

by Amy Works August 27, 2021

IRVINE, CALIF. — Taiwan-based Skyline Group International has acquired Glen Bell Way, a Class A office and R&D campus located in downtown Orange County’s Irvine Spectrum. The 273,180-square-foot campus includes: 1 Glen Bell Way, a five-story office building; 3 Glen Bell Way, a one-and-two story R&D and office headquarter building; and 5 Glen Bell Way, a four-level, 911-stall parking structure. The campus is 100 percent triple-net-leased to Yum! Brands and Ford Motor Co. There are 91,457 square feet of remaining entitlements associated with the campus that can be utilized for potential future expansion/office intensification for 3 Glen Bell Way. Kevin Shannon, Paul Jones, Ken White, Brunson Howard and Brandon White of Newmark represented the undisclosed seller in the deal. The acquisition price was not released.

August 27, 2021

California Market Reports Retail Western Western Market Reports

Outlook is Bright as Orange County Retail Continues to Heal

by Jeff Shaw August 27, 2021

By Terrison Quinn, Managing Principal, SRS Real Estate Partners Despite a recent uptick in vacancy from 4.07 percent to 4.5 percent and a softening of rents from $32.99 to $32.55 per square foot, Orange County remains Southern California’s tightest retail market. And retail investors remain bullish for good reasons. Theaters, gyms and other uses shuttered by the pandemic have reopened to greater-than-expected customer demand. In fact, several health club chains have reported they are back to pre-COVID membership numbers. A multitude of entertainment groups and theaters are also communicating positive messages about demand and expressing an interest in expanding. Theater operators have generally said their limitation is more related to content than demand. The reopening success is even more obvious in categories like grocery stores and drive-thru restaurants. This is apparent in nearly every Orange County city as parking lots are visibly impacted and cars continue to spill out of fast food drive-thru lanes. Most notably, Amazon Fresh is aggressively opening new stores, while fast feeders like Raising Cane’s, Chick-fil-A and Starbucks can’t seem to open new stores fast enough. Sit-down restaurants have also experienced a resurgence in demand with many national and regional groups setting record same-store sales. Clearly, …

August 27, 2021

Acquisitions California Industrial Office Western

Grosvenor Americas Purchases 218,645 SF R&D/Office Property in North San Jose, California

by Amy Works August 26, 2021

SAN JOSE, CALIF. — Grosvenor Americas has acquired Orchard-Trimble, an office and R&D campus located at Orchard Parkway and West Trimble Road in North San Jose’s Golden Triangle. The acquisition price and name of the seller were not released. Toshiba America Electronic Components, the U.S. storage and semiconductor division of Toshiba Corp., occupies the 218,645-square-foot property, which features R&D lab space. The campus is near San Jose International Airport and provides access to downtown San Jose via the VTA Light Rail.

August 26, 2021

Acquisitions California Retail Western

Paragon Commercial, Canyon Partners Acquire Village Center in Fountain Valley for $14.8M

by Amy Works August 26, 2021

FOUNTAIN VALLEY, CALIF. — Paragon Commercial Group and Canyon Partners Real Estate have purchased Village Center, a multi-tenant shopping center located in Fountain Valley. An undisclosed seller sold the asset for $14.8 million. Originally built in 1965 and owned by the same family until this purchase, Village Center features 92,386 square feet of retail space. Current tenants include Big Lots, Rite-Aid, Dollar Tree and Bank of America. Additionally, Sprouts Farmer’s Market is slated to join the roster as an anchor tenant. The ownership plans to implement an extensive capital improvement program that will update and modernize the shopping center, which has not been significantly updated in more than 50 years. This acquisition marks the eighth investment completed by Paragon through its joint venture with Canyon Catalyst Fund.

August 26, 2021

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