California

Avanath Acquires St. John’s Manor Affordable Seniors Housing Community in Costa Mesa, California

by Amy Works April 15, 2022

COSTA MESA, CALIF. — Avanath Capital Management LLC has acquired St. John’s Manor, a 36-unit affordable seniors housing community in the Orange County city of Costa Mesa, for $11.8 million. Built in 1984 and renovated in 2007, St John’s Manor is currently 100 percent occupied. This acquisition comes on the heels of Avanath’s acquisition of The Overlook at Anaheim Hills, a 261-unit seniors housing community in Anaheim, and The Grove Senior, an 85-unit seniors housing community in Garden Grove. “We entered the Orange County market earlier this year, and plan to continue to be extremely bullish in the region,” says John Williams, president and CIO at Avanath. “Seniors housing is an asset class that remains particularly of interest to us as it has been one of the best performing asset types within our portfolio throughout the pandemic.” Avanath currently owns more than 13,000 units across the United States, 2,550 units of which are age-restricted senior apartments. “There is an increasing need for affordable housing for seniors, especially in high-priced areas of Orange County,” says Williams. “Baby boomers, a large percentage of whom are expected to reach retirement age by 2030, will be looking to downsize and seek quality options that are …

April 15, 2022

Acquisitions California Retail Western

Anchor Point Capital Negotiates $16.9M Sale of Pacific Plaza Shopping Center in Torrance, California

by Amy Works April 15, 2022

TORRANCE, CALIF. — Anchor Point Capital has arranged the sale of Pacific Plaza, a multi-tenant retail center located at 2382, 2390 and 2396 Crenshaw Blvd. in Torrance. A private family fund acquired the property from an undisclosed seller for $16.9 million. Woori Bank, Subway and The UPS Store are tenants at the 28,000-square-foot property. Eric Vu of Newport Beach-based Anchor Point Capital handled the transaction.

April 15, 2022

Acquisitions California Loans Retail Western

Marcus & Millichap Arranges $5.2M Acquisition Financing for Grocery Outlet-Occupied Property in Bishop, California

by Amy Works April 15, 2022

BISHOP, CALIF. — Marcus & Millichap Capital Corp. has secured $5.2 million in acquisition financing for a retail building located at 1320 N. Main St. in Bishop. Grocery Outlet occupies the 20,000-square-foot, single-tenant property, which was built in 2019. Richard Knorr of Marcus & Millichap Capital Corp. arranged the 10-year fixed-rate loan, which has a 60 percent loan-to-value ratio and a 3.25 percent interest rate. The name of the borrower was not released.

April 15, 2022

California Industrial Market Reports Western Western Market Reports

Los Angeles Industrial Market Reaches New Heights

by Jeff Shaw April 15, 2022

By Elizabeth Capati, Associate, Colliers Greater Los Angeles A new trend has emerged across Greater Los Angeles’ industrial market that has developers waiting for under-construction projects to capture the highest possible rent near the final development stages or closer to their target completion dates. With rents increasing at historical rates, a certain hesitancy exists, and companies are less likely to sign a lease during earlier development stages. In some instances, landlords ask listing agents to place certain buildings or projects on the market months in advance to build momentum and pique interest. Still, those landlords elect not to review offers until a month or two before their target completion date. Los Angeles is a land-constrained market where all new developments come from knocking down older, functionally obsolete buildings or conversions from other property types. The more contemporary, state-of-the-art facilities with the tallest warehouses and functional loading set the high water mark for new lease rates. With a 0.6 percent vacancy across an 862-million-square-foot market, tenants will continue to aggressively bid for any new big box space that comes to market. The South Bay and San Gabriel Valley markets are the only areas with more than 1 million square feet of development activity. Activity and Incentives …

April 15, 2022

Acquisitions California Multifamily Western

Bridge Investment Group Buys ReNew on Sunset Apartments in Suisun City, California for $72M

by Amy Works April 14, 2022

SUISUN CITY, CALIF. — Salt Lake City-based Bridge Investment Group has acquired ReNew on Sunset, an apartment community located in Suisun City. FPA Multifamily sold the asset for $72 million, or $321,430 per unit. Situated on more than 10 acres at 831 Pintail Drive, ReNew on Sunset features 224 apartments in a mix of 68 one-bedroom/one-bath units, 136 two-bedroom/one-bath units and 20 two-bedroom/two-bath units. During its ownership, FPA Multifamily invested more than $3 million, or $13,500 per unit, in capital improvements since June 2019, which includes the renovation of 87 units, deck and balcony upgrades, a leasing office transformation and exterior work. Community amenities include in-suite washers/dryers, a pool/spa, fitness center, barbecue/picnic area, pet spa, controlled access and covered parking. Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech of Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the transaction.

April 14, 2022

400-430-S-San-Vicente-Blvd-Los-Angeles-CA

Acquisitions California Retail Western

Kidder Mathews Brokers Sale of Retail Property in Los Angeles for Redevelopment

by Amy Works April 14, 2022

LOS ANGELES — Kidder Mathews has arranged the sale of a 17,228-square-foot retail center located at 400-430 S. San Vicente Blvd. in Los Angeles. A Los Angeles-based private investor sold the asset to Oklahoma Rock Holdings and The Abraham Cos. for an undisclosed price. The buyers plan to build a mixed-use development with more than 100 multifamily units and ground-level retail and restaurant space on the 28,497-square-foot lot. Janet Neman of Kidder Mathews represented the buyer in the deal.

April 14, 2022

California Loans Multifamily Seniors Housing Western

JLL Arranges $21.5M in Financing for Bay Area Memory Care Portfolio

by Amy Works April 14, 2022

SUNNYVALE AND MENLO PARK, CALIF. — JLL Capital Markets has arranged a $21.5 million loan for two memory care communities totaling 48 units in California’s Bay Area. The portfolio includes Crescent Oaks in Sunnyvale and Silver Oaks in Menlo Park. JLL worked on behalf of the borrower, Calson Management, to secure an 18-month, fixed-rate loan through Thorofare Capital. Crescent Oaks offers 22 one- and two-bed units with a total of 33 beds. The community is located near a variety of retail, dining and entertainment amenities. In addition, the property is located one mile from Valley Health Center and less than a mile from Highway 82. Silver Oaks offers 26 one- and two-bed units, totaling 43 beds. The property is directly across from the Menlo Park VA Medical Center and is less than a mile from Highway 101. Bercut Smith, Lauren Sackler and Ace Sudah led the JLL Capital Markets debt advisory team representing the borrower.

April 14, 2022

California Content Partner Features Industrial Retail Walker & Dunlop Western

Los Angeles Industrial, Retail: Overlapping Industries Adapting to Post-Pandemic Change

by Sarah Daniels April 14, 2022

As the pandemic recedes, unusual supply and demand trends have taken root in retail and industrial markets throughout the nation. Factors that caused upheaval even before the arrival of COVID — the changing face of retail due to e-commerce and the growing demand for industrial real estate — continue unabated two years past the pandemic lockdowns. Los Angeles County may act as a bellwether for the rest of the country in retail and industrial trends, especially in high-cost, high-density areas, where these two real estate types often compete for space. Bayard (By) Cartmell, senior director at Walker & Dunlop, Los Angeles, has extensive experience with commercial real estate in the Los Angeles area. He has seen unprecedented demand for industrial space and growing investor interest in retail cap rates in the Los Angeles area. Cartmell sat down with REBusinessOnline to talk about the outlook for industrial and retail in Los Angeles, their intersections and the sector trends he expects to see in the coming year. Los Angeles Industrial — High Demand REBusiness: What are you seeing in terms of demand for industrial space — particularly in Los Angeles? Cartmell: There is currently almost unlimited demand for industrial space, of any size, …

April 14, 2022

Acquisitions California Mixed-Use Office Western

RPG Sells Creative Office/Mixed-Use Portfolio Near San Diego for $86M

by Amy Works April 13, 2022

CARLSBAD, CALIF. — Cushman & Wakefield has represented RPG in the sales of an office and mixed-use office/retail portfolio in Carlsbad. The assets sold for $86 million. Sold separately, the recapitalizations consisted of Fusion, a recently renovated, 121,541-square-foot, Class A creative flex office building that is fully leased; and Lift, a creative mixed-use, ground-up development consisting of two Class A loft-style buildings totaling 53,205 square feet. New York-based Clarion Partners acquired Fusion, located at 1950 Camino Vida Roble, with a full building value of $54 million. Renovated in early 2020, the property was formerly an industrial/distribution facility that was converted into a Class A creative flex project with extensive glass lines and high ceilings. At the time of sale, the property was leased to Alphatec Spine, a medical technology company based in Carlsbad. Lift Innovation Way LLC purchased Lift, which comprises two buildings situated within Bressi Ranch, with a full building value of $32 million. Building A, located at 6023 Innovation Way, offers two full floors of creative office space totaling 33,770 square feet. The 19,435-square-foot Building B, located at 6021 Innovation Way, features 8,708 square feet of ground-floor restaurant space and 9,950 square feet of second-floor creative office space. …

April 13, 2022

Acquisitions California Retail Western

Faris Lee Investments Negotiates $19.7M Acquisition of Value-Add Shopping Center in Temecula, California

by Amy Works April 13, 2022

TEMECULA, CALIF. — Faris Lee Investments has negotiated the sale of a value-add shopping center located at 32881-32965 Temecula Parkway in Temecula. California-based Centers Dynamic Partners and United Growth acquired the property from Vail Commercial for $19.7 million. Best Buy and Fitness 19 are tenants at the 70,418-square-foot shopping center, which is situated on 7.6 acres. Joe Chichester and Matt Brooks of Faris Lee Investments represented the buyer in the transaction.

April 13, 2022

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