California

CBRE Brokers Sale of 160-Bed Student Housing Property Near UCLA

by Amy Works March 31, 2022

LOS ANGELES — CBRE has arranged the sale of Studio 11024, a 160-bed student housing property serving students attending the University of California, Los Angeles (UCLA). The 31-unit community was built in 2015 in the Westwood neighborhood of Los Angeles. The property offers shared amenities including a fitness center; yoga studio; study center with both private and group study spaces; a community room with a kitchenette; courtyard; grilling station; and two rooftop decks. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Laurie Lustig-Bower and Kadie Presley Wilson of CBRE represented the seller, Phoenix Property Co., in the disposition of the property to an undisclosed company based in the Los Angeles area.

March 31, 2022

Acquisitions California Multifamily Western

Lowe, LaSalle Investment Divest of IDEA1 Multifamily Community in San Diego for $106M

by Amy Works March 30, 2022

SAN DIEGO — Lowe and LaSalle Investment Management have completed the disposition of IDEA1, a mid-rise apartment complex located at 895 Park Blvd. in San Diego’s East Village neighborhood. Fairfield acquired the property for $106 million. Built in 2017 by Lowe, LaSalle and I.D.E.A. Partners, the six-story IDEA1 features 295 apartments in a mix of studios, one- and two-bedroom units with 12-foot ceilings, dual-pane vinyl windows, full-size washers/dryers, stainless steel appliances, quartz countertops and an average size of 739 square feet. Community amenities include a glass IDEA Box that serves as a business center, coworking space and conference room that can transform into a giant screen for movies and concerts in the courtyard. Additional amenities include a rooftop clubroom, sundeck with outdoor barbecues and firepits, rooftop spa, 24-hour fitness center, the HUB flexible event space, onsite restaurants and an art gallery. The property also offers 5,533 square feet of retail space and 7,717 square feet of office space, as well as a five-story mural. Darcy Miramontes and Kip Malo of JLL Capital Markets represented the seller in the deal.

March 30, 2022

Acquisitions Affordable Housing California Multifamily Northmarq Western

Northmarq Arranges $79.7M Sale of Towne at Glendale Apartment Complex in Glendale, California

by Amy Works March 30, 2022

GLENDALE, CALIF. — Northmarq has brokered the sale of Towne at Glendale, a multifamily community located in the Verdugo Woodlands area of Glendale. Los Altos, Calif.-based Interstate Equities Corp. sold the asset to a public-private partnership of CSCDA Community Improvement Authority and BLVD Impact Housing for $79.7 million, or $630,000 per unit. Built in 1965, Towne at Glendale features 126 units, averaging 1,136 square feet. The property has undergone major renovations to provide luxury interior features and outstanding amenities. The buyer plans to expand upon the already completed enhancements and lease all units to renters earning between 80 percent and 120 percent of average median income. Shane Shafer and Bryan Schellinger of Northmarq’s Los Angeles investment sales team represented the seller in the transaction.

March 30, 2022

Acquisitions California Restaurant Retail Western

Matthews Brokers $9M Sale of Woodland Hills Retail Property in California

by Amy Works March 30, 2022

WOODLAND HILLS, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a retail building located at 5780 Canoga Ave. in Woodland Hills. California-based Bolour Associates acquired the property from California-based Flamingo Investments for $9 million in an off-market transaction. Baja Fresh, Salad Farm and The Stand are tenants at the retail building. Kyle Pari and Michael Pakravan of Matthews Real Estate Investment Services represented the buyer and seller in the transaction.

March 30, 2022

Acquisitions California Industrial Western

LDK Ventures, PCCP Sells 617,760 SF Distribution Facility in San Francisco’s North Bay Area

by Amy Works March 29, 2022

VACAVILLE, CALIF. — A joint venture between LDK Ventures and PCCP has completed the disposition of a Class A distribution/e-commerce facility, located at 4800 Midway Road in Vacaville. A global real estate investment manager acquired the single-tenant asset for an undisclosed price. Built in 2021 on 35.7 acres, the 617,760-square-foot property features 40-foot clear heights, 54-foot by 50-foot column spacing, cross-dock loading with 130-foot truck courts, LED lighting and ESFR fire suppression. At the time of sale, the property was 100 percent occupied by a global Fortune 10 e-commere company. Steve Hermann, Seth Siegel, Ryan Venezia, Rick Ryan and Kevin Flemming of Cushman & Wakefield’s Northern California Capital Markets Group represented the seller in the deal. Brooks Pedder, John McManus and Tony Binswanger of Cushman & Wakefield provided market advisory.

March 29, 2022

Acquisitions California Office Western

Majestic Asset Management Divests of 88,334 SF Office Building in Westlake Village, California

by Amy Works March 29, 2022

WESTLAKE VILLAGE, CALIF. — Majestic Asset Management has completed the sale of 2829 Townsgate, a multi-tenant office building in Westlake Village. California Commercial Investment Cos. acquired the property for $27 million. Located at 2829 Townsgate Road, the property features 88,334 square feet of office space, occupied by 10 tenants. Kevin Shannon, Sean Fulp, Ryan Plummer and Mark Schuessler of Newmark represented the seller in the deal.

March 29, 2022

California Development Multifamily Seniors Housing Western

Joint Venture Starts Construction of 158-Unit Seniors Housing Community in Los Angeles

by Amy Works March 29, 2022

LOS ANGELES — A joint venture between Ryan Cos. US Inc., Cadence Living and Harrison Street has received financing and started construction of Acoya South Bay in Los Angeles. Located near the Del Amo Fashion Center, the luxury senior living community will be in a prime, amenity-laden location with increasing demand for senior housing. By 2026, there will be more than 6,000 75-and-older, income-qualified households in the South Bay area, according to Moore Diversified Services Inc. “We’re going to continue seeing demand significantly outpace supply because of the high barriers to entry in this submarket,” says Patrick Dimaano, vice president of senior living development, Ryan Cos. Just two miles from the ocean, the 175,810-square-foot, four-story independent living and assisted living community will offer 158 apartments and 177 underground parking spaces. Ryan is the developer, builder and capital markets partner for the project. Upon completion in 2023, Cadence Living will lead day-to-day operations and Ryan will support asset management. AO Architects is the architect of record and Ryan A+E Inc. has been engaged as the interior designer. Wells Fargo provided construction financing for this project. This is the first Acoya-branded location in California and fifth in the Western United States.

March 29, 2022

Acquisitions California Industrial Western

Dalfen Industrial Expands California Portfolio, Acquires Two Industrial Properties

by Amy Works March 29, 2022

SAN DIEGO AND STOCKTON, CALIF. — Dalfen Industrial has purchased Otay Mesa Logistics Center in San Diego and Stockton Supply Chain Center III in Stockton. Terms of the transactions were not released. Built in 2005, the 62,875-squarf-foot Otay West Logistics Center features 24-foot clear heights, a 170-foot truck court, 15 dock-high doors, four drive-in doors and ample parking. At the time of sale, the property was fully leased to DHL. Rob Hixson of CBRE handled the transaction. Located at 2230-2248 Stagecoach Road, the two-building Stockton Supply Chain III features 121,280 square feet of industry property. The property is fully occupied, with Fairview Distribution as the largest tenant. Mike Goldstein, Ryan McShane and Alex Hoeck of Colliers International brokered the off-market deal.

March 29, 2022

Acquisitions California Industrial Western

Cohen Asset Management Purchases 65,000 SF Industrial Building in Pico Rivera, California

by Amy Works March 28, 2022

PICO RIVERA, CALIF. — Cohen Asset Management has purchased an industrial property located at 8640 Slauson Ave. in Pico Rivera. Terms of the transaction were not released. At the time of sale, the 65,000-square-foot building was 100 percent leased.

March 28, 2022

Acquisitions California Retail Western

DJM Capital Buys Four Grocery-Anchored Properties in California Totaling 488,000 SF

by Amy Works March 25, 2022

SAN JOSE, CALIF. — San Jose-based DJM Capital, through a joint venture with affiliates of Fortress Investment Group, has acquired a four-property, grocery-anchored portfolio totaling 488,000 square feet of retail space across California. Merlone Geier sold the portfolio for an undisclosed price. Chris Hoffmann of Eastdil Secured brokered the transaction. Bank of America served as lender and Brian Ley of JLL acted as equity intermediary. The portfolio includes: Magnolia & Adams, a 68,000-square-foot property at 9062 Adams Ave. in Huntington Beach, Calif. Magnolia & Warner, a 62,000-square-foot center at 17070 Magnolia St. in Fountain Valley, Calif. Poway Town Center, a 101,000-square-foot asset at 12342 Poway Road in Poway, Calif. Deer Creek Village, a 257,000-square-foot property at 429 N. McDowell Blvd. in Petaluma, Calif.

March 25, 2022

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