California

Square Mile Capital Provides $118M in Development Financing for Life Sciences Development in San Carlos, California

by Amy Works April 21, 2022

SAN CARLOS, CALIF. — Square Mile Capital Management has originated a $118 million loan to finance the development of 777 Industrial Road, a planned R&D and life sciences lab building in the Bay Area city of San Carlos. The borrower is a partnership managed by Presidio Bay Ventures, which purchased the former car dealership site in 2020. The project team plans to develop a four-story, 150,000-square-foot, Class A building on top of an existing parking podium at the site. The property will feature lab buildouts, a fitness center with full locker rooms, a 4,000-square-foot rooftop deck and ample outdoor seating. Jeff Wilcox of Gantry arranged the financing.

April 21, 2022

Acquisitions California Retail Western

Nella Holdings, Tower Investments Buy 371,114 SF Nut Tree Plaza in Vacaville, California

by Amy Works April 21, 2022

VACAVILLE, CALIF. — Nella Holdings and Tower Investments, two local family-owned companies, have acquired Nut Tree Plaza in Vacaville. A partnership managed by Dallas-based Dunhill Partners sold the asset for $124.5 million. Located at 1621 E. Monte Vista Ave, the 371,114-square-foot Nut Tree Plaza features 68 retail stores, 17 restaurants and outdoor attractions, including a kiddie train. Current tenants include Nordstrom Rack, ULTA Beauty, Best Buy, PetSmart, Five Below, Cost Plus World Market, HomeGoods, Old Navy, Buffalo Wild Wings, Michaels, Bevmo!, Panera Bread, Peet’s Coffee, See’s Candies, Jelly Belly Candy Store and Jamba Juice. At the time of sale, the property was 96 percent occupied. Dunhill Partners will provide property management services for the retail center. Jimmy Slusher, Philip Voorhees and James Tyrrell of CBRE’s National Retail Partners – West represented the seller, a partnership managed by Dallas-based Dunhill Partners, while DCA Partners facilitated the relationship between the buyers. Citibank and Wells Fargo financed the transaction.

April 21, 2022

Acquisitions California Industrial Western

JLL Income Property Trust Buys South San Diego Distribution Center for $158.5M

by Amy Works April 19, 2022

SAN DIEGO — JLL Income Property Trust has purchased South San Diego Distribution Center, a three-building industrial portfolio in San Diego. Affiliates of Murphy Development Co. sold the asset for $158.5 million. Totaling 665,000 square feet, the three properties were 96 percent leased to eight tenants at the time of sale. The investment was acquired through the assumption of an in-place, $72.5 million first mortgage at a 3.18 percent fixed interest rate. The financing features interest-only payments for another four years with maturity in 2031. The acquisition also includes the issuance of $75 million in operating partnership units to the sellers. The balance of the purchase was funded with cash.

April 19, 2022

Acquisitions California Multifamily Seniors Housing Washington Western

Merrill Gardens, NHI Acquire Six-Property Independent Living Portfolio in California, Washington

by Amy Works April 19, 2022

CALIFORNIA AND WASHINGTON — A joint venture between owner-operator Merrill Gardens and publicly traded REIT National Health Investors (NYSE: NHI) has acquired six independent living communities located on the Pacific Coast. The communities were formerly managed by Holiday Retirement, and more recently, Atria Senior Living. The price and seller were not disclosed. The communities will be rebranded as part of the Truewood by Merrill brand. The properties include: Truewood by Merrill, Fig Garden; Fresno, Calif.; 103 units Truewood by Merrill, Modesto; Modesto, Calif.; 120 units Truewood by Merrill, Pinole; Pinole, Calif.; 98 units Truewood by Merrill, Roseville; Roseville, Calif.; 117 units Truewood by Merrill, West Covina; West Covina, Calif.; 110 units Truewood by Merrill, Vancouver; Vancouver, Wash.; 103 units NHI was already the owner of the communities and leased them to third-party operators. The acquisition brings in Merrill Gardens as the new operator under a joint-venture structure rather than a lease.

April 19, 2022

Acquisitions California Retail Western

Presidio Property Trust Sells World Plaza Retail Center in San Bernardino for $10M

by Amy Works April 19, 2022

SAN BERNARDINO, CALIF. — Presidio Property Trust has completed the sale of World Plaza, a multi-tenant retail property in San Bernardino. A Los Angeles-based private investor acquired the asset for $10 million. Located at 1535 E. Highland Ave., World Plaza features 55,810 square feet of retail space. The property was remodeled in 2018 to accommodate a 36,000-square-foot Chuze Fitness and was 100 percent leased at the time of sale. Matt Burnett of Hanley Investment Group represented the seller, while Brian Heron of Modesto-based Commercial Retail Associates represented the buyer in the transaction.

April 19, 2022

California Loans Multifamily Western

American Capital Group Receives $34M Refinancing for Laguna Creek Apartments Near Sacramento

by Amy Works April 18, 2022

ELK GROVE, CALIF. — American Capital Group has received a $34 million loan for the refinancing of Laguna Creek Apartments, a multifamily property at 8760 Center Parkway in Elk Grove. Hartford Investment Management Co. provided the financing. Built in 2004 by American Capital Group, Laguna Creek Apartments features 160 one- and two-bedroom apartments across two- and three-story garden-style buildings. The units offer fully equipped kitchens, in-home washers/dryers, air conditioning and are pre-wired for high-speed internet. Onsite amenities include a clubhouse with fireplace and large-screen TV; fitness center; swimming pool and spa; playground; billiards and game room; and built-in business center. Dave Karson, Chris Moyer and John Spreitzer of Cushman & Wakefield’s Equity, Debt & Structured Finance team represented American Capital Group in the financing.

April 18, 2022

Acquisitions California Industrial Self-Storage Western

Colliers Negotiates $25M Sale of Self-Storage Facility in Stockton, California

by Amy Works April 18, 2022

STOCKTON, CALIF. — Colliers has arranged the sale of Hammer Lane Self Storage, a self-storage property located at 6220 Sampson Road in Stockton. Northwest Building LLC acquired the asset from Hammer Lane LLC for $25 million, or $227 per rentable square foot and $39,960 per unit. The property features 109,800 square feet in 526 fixed storage units and an additional 49,064 square feet of parking in 99 units. Tom de Jong and Dana Chobor of Colliers’ Self Storage Group represented the buyer and seller in the transaction.

April 18, 2022

California Development Loans Multifamily Seniors Housing Western

JLL Arranges $16.3M Loan for Two Seniors Housing Development Sites in Bay Area

by Amy Works April 18, 2022

LIVERMORE AND SOQUEL, CALIF. — JLL Capital Markets has arranged $16.3 million in acquisition financing for two land sites totaling 12.7 acres for the development of seniors housing communities in the Bay Area municipalities of Livermore and Soquel. JLL worked on behalf of the borrower, Calson Management, to secure the $10.5 million and $5.8 million one-year, fixed-rate loans through Barnett Capital Limited. The first site totals nine acres and will be developed into a 128-unit seniors housing community offering assisted living and memory care. The property is near local retail, entertainment and dining hubs and is near to Stanford Health Care – Valley Care Memorial Center and Livermore Division – VA Palo Alto Health Care System. Situated on 3.7 acres, the second land site will be developed into an 82-unit seniors housing community near Santa Cruz. The site is a fully entitled assisted living and memory care development that Calson Management took through the entitlement process while the site was under contract. Bercut Smith, Lillian Roos, Lauren Sackler and Ace Sudah led the JLL Capital Markets Debt Advisory team representing the borrower.

April 18, 2022

Acquisitions California Retail Western

Marcus & Millichap Brokers $1.7M Sale of Mobil-Occupied Gas Station Property in Blythe, California

by Amy Works April 18, 2022

BLYTHE, CALIF. — Marcus & Millichap has brokered the sale of a retail property located at 1900 E. Hobsonway in Blythe. A private investor sold the asset to an individual/personal trust for $1.7 million. A Mobil gas station and convenience store occupies the 2,816-square-foot retail property. Bruce Haulley of Marcus & Millichap’s Palm Springs office represented the buyer and seller in the deal.

April 18, 2022

Acquisitions California Loans Multifamily Western

Laguna Point Properties Receives $328.8M in Acquisition Financing for Five-Property Multifamily Portfolio in Downtown Los Angeles

by Amy Works April 15, 2022

LOS ANGELES — JLL Capital Markets has arranged $328.8 million in acquisition financing for a five-property apartment portfolio in downtown Los Angeles. The borrower is Laguna Point Properties. Totaling 1,037-units, the portfolio includes four historic pre-war buildings and a 1959-vintage building converted from an office asset. The properties are the 184-unit Lofts, 214-unit Main, 198-unit Manhattan, 178-unit Spring and 263-unit Tower, all of which underwent conversions to multifamily assets between 2007 and 2010. Charles Halladay, Jamie Kline and Charlie Vorscheck of JLL Capital Markets Debt Advisory team secured the three-year, floating-rate acquisition loan, which offers two 12-month extension options, through MF1 Capital. The seller was not disclosed.

April 15, 2022

Newer Posts

Older Posts