California

Grosvenor Americas Sells 90,769 SF Hamilton Marketplace in Novato, California

by Amy Works August 18, 2021

NOVATO, CALIF. — Grosvenor Americas has completed the disposition of Hamilton Marketplace, a retail center located at 5800 Nave Drive in Novato. Terms of the transaction were not released. Grosvenor originally developed the 90,769-square-foot, open-air shopping center in 2008. At the time of sale, the property was 100 percent occupied. Tenants include Safeway, Pet Food Express, Super Duper, Peet’s Coffee, Wells Fargo, Toast Restaurant and Cycle Bar. Nicholas Bicardo of Newmark Retail Capital Markets represented Grosvenor in the deal.

August 18, 2021

13255-S-Broadway-360-W132nd-St-Los-Angeles-CA

Acquisitions California Industrial Western

DAUM Commercial Negotiates Sale of 145,000 SF Industrial Complex in Los Angeles

by Amy Works August 18, 2021

LOS ANGELES — DAUM Commercial Real Estate Services has arranged the sale of a two-building industrial complex in the South Bay submarket of Los Angeles County. Newport Beach-based Hager Pacific Properties acquired the asset from a private party for $17.2 million. The property consists of a 108,000-square-foot building and a 37,000-square-foot building, with each leased to a single tenant. The asset is located at 13255 S. Broadway and 360 W.132nd St. The complex offers frontage on three streets, convenient access to major area freeways and close proximity to downtown Los Angeles and Long Beach. Michael Collins of DAUM Commercial represented the seller in the transaction.

August 18, 2021

Acquisitions California Multifamily Top Stories Western

IPA Brokers $275M Sale of Two-Property Multifamily Portfolio in Hermosa Beach

by Kristin Harlow August 18, 2021

HERMOSA BEACH, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $275 million sale of two adjacent multifamily properties in Hermosa Beach, a beachfront city in Los Angeles County. The 285-unit Playa Pacifica sold for $162.5 million, while the 169-unit The Gallery sold for $112.5 million. Built in 1972, Playa Pacifica was partially renovated in 2015 and 2016. The average unit size is 590 square feet. Amenities include two solar-heated pools, a fitness center, business center, clubhouse, spa and outdoor lounge with barbecue area. The Gallery was built in 1971 and partially renovated in 2003 and 2004. Units average 831 square feet. Amenities include a pool, fitness center, spa, sauna and covered parking. Both communities are located near Hermosa Beach Pier. Neighborhood attractions include The Strand and Greenbelt Park, along with beachfront nightlife and restaurants. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the seller, an institutional investor, and procured the buyer, Prime Residential. Previously, the IPA team brokered the sale of the properties in 2006 for $133 million. “The sale represents the acquisition of 24 percent of the entire apartment stock in Hermosa Beach and nearly 70 percent of the like-kind …

August 18, 2021

Helen-Caloggero-Womens-Family-Center-Orange-CA

California Development Healthcare Western

PMB Plans Medical Building on Providence St. Joseph Hospital Campus in Orange, California

by Amy Works August 17, 2021

ORANGE, CALIF. — PMB has unveiled plans for Helen Caloggero Women’s & Family Center, located on the Providence St. Joseph Hospital campus in Orange. The company will begin demolition for the 137,000-square-foot center this month. Located at 363 S. Main St., the four-story medical office building will house a range of services and amenities, including a mother and baby assessment center; maternal diabetes and wellness; maternal fetal testing; pelvic health and rehabilitation; perinatal education; OB/GYN clinical offices; pediatric clinical offices; certified midwives; women’s mental health services; conference/education rooms; birthing center; a pharmacy; and a Blue Bowl Superfoods outlet. Additionally, visitors and tenants will have access to an underground parking garage. The project team includes Boulder Associates as architect and Synder Langston as general contractor. San Diego-based PMB RES will serve as the property manager, and PMB and Madison Marquette will handle leasing. Completion of the facility is slated for fourth-quarter 2023.

August 17, 2021

Acquisitions California Office Western

Newmark Negotiates $70M Sale of Creative Office Building in El Segundo, California

by Amy Works August 16, 2021

EL SEGUNDO, CALIF. — Newmark has brokered the sale of 2221 Park Place, a two-story creative office property located in downtown El Segundo. 2221 Park Place Partners LLC, a partnership between Kyle Ransford of Cardinal Investments and Platform Ventures, sold the asset for $70 million, or $778 per square foot. The undisclosed buyer intends to occupy the 90,000-square-foot building, which was recently constructed. The building features a retractable rooftop, integrated landscaping, natural lighting, three-walled workspaces with open air access, flexible layout throughout, outdoor and upper-level patios and contemporary technology for health and efficiency. Kevin Shannon, Geoff Ludwig, Eric Lastition and Ken White of Newmark represented the seller in the off-market transaction.

August 16, 2021

California Development Multifamily Student Housing Western

Sacramento State University, Greystar Open 1,100-Bed Hornet Commons Residence Hall

by Amy Works August 16, 2021

SACRAMENTO, CALIF. — A public-private partnership between Sacramento State University and Greystar has opened Hornet Commons, a 1,100-bed residence hall on the university’s campus in Sacramento. The community offers apartment-style, fully furnished units for upper-division and graduate students. Shared amenities include a swimming pool, fitness center, volleyball and bocce ball courts, retail space leased to Einstein Bros. Bagels, fire pits, a clubhouse and yoga lawn. “We are excited to welcome Sacramento State’s students to Hornet Commons,” says Julie Skolnicki, senior managing director of Greystar university partnerships. “This project was conceived with lofty goals of supporting academic outcomes, strengthening the sense of community, and providing a long-term partnership. This vision has never been more significant as we welcome students back to Sacramento State and support the campus mission of transforming lives by preparing students for leadership, service, and success.”

August 16, 2021

California Loans Seniors Housing Western

Cushman & Wakefield Arranges $23M in Construction Financing for Seniors Housing Community in Rolling Hills Estates, California

by Madison Pettway August 13, 2021

ROLLING HILLS ESTATES, CALIF. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged $23 million in construction financing for Peninsula Pointe, a to-be-built 87-unit, assisted living and memory care community in Rolling Hills Estates on the Palo Verdes Peninsula. The borrower is a joint venture between Singerman Real Estate and Darnell Capital. The project includes the redevelopment of an existing, vacant office building into a luxury, three-story 65,000-square-foot seniors housing community to be operated by Cadence Living. The financing was provided by a large regional bank.

August 13, 2021

California Industrial Western

Lee & Associates Brokers Sale of Industrial Building in San Marcos, California for Nearly $2.6M

by Madison Pettway August 13, 2021

SAN MARCOS, CALIF. — Lee & Associates has negotiated the sale of an 11,650-square-foot industrial building in San Marcos for $2.59 million, or $222 per square foot. The building is located at 2750 S. Santa Fe Ave., approximately 50 miles north of San Diego. Lee & Associates’ Michael Golden and Trent France represented the buyer, Vascan Tile, a tiling contractor based out of Escondido, Calif., in the transaction. Matt Calvet of Kidder Mathews represented the seller, Gill Gregory Trust. The recently remodeled building is situated one block from State Route 78 on South Santa Fe Avenue and is located blocks away from a blend of shops, services, restaurants, and eateries. The property had four competing offers within the first week of being listed.

August 13, 2021

California Loans Multifamily Northmarq Western

NorthMarq Completes $263M Refinancing for Six Multifamily Properties in Southern California

by Kristin Harlow August 12, 2021

NEWPORT BEACH, CALIF. — NorthMarq has provided Advanced Real Estate with $263 million in loan proceeds through Freddie Mac for the refinancing of six multifamily properties throughout Southern California. The portfolio contains 1,255 units. The individual loans were structured with a 10-year term, interest-only payments for the full term, and a loan-to-value ratio of 65 percent. NorthMarq’s Newport Beach office executed the transaction. The portfolio includes: *Beachwood Apartments: 2970 W. Orange Ave., Anaheim, 301 units *California Palms Apartments: 901 S. Harbor Blvd., Santa Ana, 190 units *Countrywood Apartments: 1255 E. Citrus Ave., Redlands, 161 units *Crestwood Apartment Homes: 21011 Osterman Road, Lake Forest, 76 units *Sundial Apartments: 2704 W. Ball Road, Anaheim, 106 units *Uptown Fullerton: 2656 Associated Road, Fullerton, 421 units The transaction marks nearly $3 billion in closings between NorthMarq and Advanced Real Estate. Not only did the borrower receive a substantial cash-out, but it also decreased its overall debt service even though each loan was separate, according to NorthMarq.

August 12, 2021

Acquisitions California Restaurant Retail Western

Stos Partners Buys Restaurant Property in California for $1.9M

by Kristin Harlow August 12, 2021

SAN CLEMENTE, CALIF. — Stos Partners has acquired a vacant, 4,000-square-foot retail and restaurant property in the Orange County submarket of San Clemente in an off-market transaction. The sales price was $1.9 million. Stos Partners secured a long-term lease on the entire building with The Alchemists, a restaurant group operated by Leonard Chan. The new restaurant concept, Mura, will be an upcoming dining destination that offers Japanese grilled barbecue, a tiki bar and a Japanese speakeasy bar. Prior to opening, Stos Partners plans to complete extensive interior and exterior renovations in addition to making several building upgrades, including a new roof, mechanical systems and grease traps. Coastal Commercial represented Stos Partners in the transaction.

August 12, 2021

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