California

Colliers Brokers $55M Sale of Single-Tenant Industrial Facility in Burlingame, California

by Amy Works July 19, 2021

BURLINGAME, CALIF. — Colliers International has arranged the sale of a single-tenant industrial property located in the Burlingame submarket of the San Francisco Peninsula. The asset traded hands for $55 million. The names of the seller and buyer were not released. Located at 1649 Adrian Road, the single-story facility features 129,759 square feet of industrial space on 6.6 acres. At the time of sale, the building was 100 percent leased to Lahlouh Inc., an end-to-end communications management services company that has been a tenant since 1996. The building was built in 1957. Tim Maas, Mike Davis, Tony Crossley and Darren Kuiper of Colliers represented the seller in the deal.

July 19, 2021

California Development Loans Retail Western

JLL Arranges $23M Loan for Crossroads Plaza Shopping Center Redevelopment in Pico Rivera, California

by Amy Works July 16, 2021

PICO RIVERA, CALIF. — JLL has secured a $23 million construction loan for Crossroads Plaza Shopping Center, a 140,198-square-foot retail center in Pico Rivera. Located at 9050-9200 Whittier Blvd., the center sits on a 10.4-acre site that is positioned 13 miles southeast of downtown Los Angeles. John Marshall of JLL worked on behalf of the borrower, an entity doing business as Crossroads Plaza LP, and its developer, TRF Pacific LLC, to secure the loan through a regional bank. Loan proceeds will be used to redevelop and renovate portions of the center and develop an additional 12,000 square feet of proposed shop space. Originally built in 1988, Crossroads Shopping Center is undergoing redevelopment to replace a 100,000-square-foot Home Depot that terminated its lease in 2019 after 30 years. The building has been leased to three unnamed national soft goods retailers. The center is shadow anchored by Superior Grocery, an independent grocery store chain based in Southern California.

July 16, 2021

Acquisitions California Multifamily Western

MWest Holdings Sells Hollywood Tower Apartments in Los Angeles for $20.1M

by Amy Works July 16, 2021

LOS ANGELES — MWest Holdings has completed the sale of Hollywood Tower, a landmark multifamily asset located in Los Angeles’ Hollywood neighborhood. A family partnership acquired the property for $20.1 million, or $386,538 per unit. Built in 1929 and extensively renovated in 2010, the eight-story Hollywood Tower features 51 apartment units in a mix of studio, one- and two-bedroom layouts with vintage French Norman architectural details and modern fixtures and finishes. Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.

July 16, 2021

Acquisitions California Office Western

TMG Partners, Goldman Sachs Acquire 445,967 SF Office Campus in Mountain View, California

by Amy Works July 15, 2021

MOUNTAIN VIEW, CALIF. — TMG Partners and the real estate business within Goldman Sachs Asset Management have purchased an office campus located at 350-380 Ellis St. in Mountain View. NortonLifeLock sold the asset for an undisclosed price and is leasing back one of the property buildings. Totaling 445,967 square feet, the Class A property consists of four four-story office buildings interconnected in a U-shape surrounding a main campus area and a single-story amenity building. Campus amenities include open work environments, meeting/conference rooms, kitchen/break areas, collaborative spaces, a full-service Union 82 Restaurant & Gastropub, multi-story parking structure, a bocce ball court, tennis court, sand volleyball court and outdoor patios. The recently completed headquarter lobby renovation and Client Experience Center offers hospitality suites, briefing/boardrooms, technology demonstration rooms, pre-function space, integrated technology and a multi-functional outdoor patio. The estimated $22 million project was completed in late 2018. Jon Mackey, Mike Saign and Phil Mahoney of Newmark are the leasing agents for the property.

July 15, 2021

California Development Industrial Western

Birtcher Development Breaks Ground on 125-Acre Industrial Campus in California’s Inland Empire

by Amy Works July 15, 2021

CALIMESA, CALIF. — Birtcher Development has broken ground on Birtcher Oak Valley Commerce Center, a 125-acre, ground-up industrial development at Singleton and Roberts roads in Calimesa. Birtcher is developing the project with QuadReal Property Group. Totaling 2.2 million square feet, the development will consist of four Class A industrial buildings offering 40-foot clear heights, flat floor and a minimum of 185-foot truck courts. Completion of the 1.2-million-square-foot first phase is scheduled for second-quarter 2023, with the 1-million-square-foot second phase slated for completion in third-quarter 2023. The project team includes HPA, Proactive Engineering Consultants West, Albert A. Webb Associates, Alta California Geotechnical and Southern California Geotechnical. The site’s previous owner, Oak Valley Development Co., owned the property since 1997 and obtained entitlements for the project in first-quarter 2021. Oak Valley Development Co. will deliver the offsite and road infrastructure for the project in addition to the building pads for Birtcher’s vertical development. Oak Valley Development Co. plans to develop an 80-acre retail center immediately adjacent to Birtcher Oak Valley Commerce Center. Herb Grabell and David Burback of Kidder Mathews and Mike McCrary, Peter McWilliams, Patrick Wood and Scott Coyle of JLL handled the sales transaction.

July 15, 2021

Acquisitions California Retail Western

SRS Negotiates $11M Sale of Two-Tenant Retail Property in Mission Viejo, California

by Amy Works July 14, 2021

MISSION VIEJO, CALIF. — SRS Real Estate Partners has arranged the sale of a two-tenant retail property located at 26911 and 26921 Trabuco Road in Mission Viejo. Starpoint Properties sold the asset to a Hawaii-based private investor for $11 million. Smart & Final and Saddleback Carpet & Flooring fully occupy the 26,202-square-foot property, which is part of Alicia Trabuco Plaza. Smart & Final serves as the anchor tenant for the plaza. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller and buyer in the deal.

July 14, 2021

Acquisitions California Loans Multifamily Western

CBRE Global Investors Closes $41.5M Loan for Elevate Long Beach Apartments in California

by Amy Works July 13, 2021

LONG BEACH, CALIF. — A fund sponsored by CBRE Global Investors has closed on a $41.5 million loan the acquisition of Elevate Long Beach Apartments, a multifamily property located in Long Beach. The borrower is Los Angeles-based investment firm Gelt. The floating-rate loan has an initial term of three years, which can be extend up to two additional years, and includes future funding to finance the sponsor’s business plan. Brandon Smith, Annie Rice and David Pelaia of JLL Capital Markets in Los Angeles arranged the loan for the borrower. Located at 225 W. Third St., Elevate Long Beach (formerly known as Sofi on Third) features 160 apartments in a mix of studio, one- and two-bedroom units. Community amenities include a rooftop sundeck with grilling stations, 24-hour fitness center, swimming pool, resident lounge and secured subterranean parking garage.

July 13, 2021

Acquisitions California Industrial Western

CenterPoint Properties Acquires 264,450 SF Industrial Property in Carson, California

by Amy Works July 13, 2021

CARSON, CALIF. — CenterPoint Properties has purchased an industrial facility, located at 2850 E. Del Amo in Carson, from Century Distribution Systems in a sale-leaseback transaction. The acquisition price was not released. Situated on 19.2 acres, the 264,450-square-foot property features 28- and 32-foot clear heights, 66 dock doors and parking for 180 trailers. Nick Foster, Zac Sakowski and Mark Detmer of JLL Capital Markets represented the seller in the deal.

July 13, 2021

Acquisitions California Industrial Western

Stos Partners Buys 125,000 SF Multi-Tenant Industrial Facility in Simi Valley, California

by Amy Works July 13, 2021

SIMI VALLEY, CALIF. — Stos Partners has purchased a multi-tenant industrial property located at 2320-2380 Shasta Way in Simi Valley. An undisclosed seller sold the asset for $20 million in an off-market transaction. Dan Cherrie of CBRE represented Stos Partners in the acquisition. At the time of sale, the 125,000-square-foot property was 94 percent leased to a diverse base of long-term tenants. The buyer plans to implement capital improvements at the property including mechanical system upgrades, parking lot repaving and fresh paint on both the exteriors and interiors.

July 13, 2021

California Development Hospitality Mixed-Use Top Stories Western

Alagem Capital, Cain International Unveil Plans for $2B One Beverly Hills Project

by John Nelson July 13, 2021

BEVERLY HILLS, CALIF. — Alagem Capital Group and Cain International have unveiled plans for One Beverly Hills, a 17.5-acre “urban resort” that the developers estimate will value $2 billion upon completion. The project will include two new condominium towers, an eight-acre botanical garden and a new 10-story tower comprising 42 luxury hotel rooms, 37 shared-ownership condominiums and a fine dining restaurant. One Beverly Hills also includes the revitalization of the adjacent Beverly Hilton and Waldorf Astoria Beverly Hills, two luxury hotels that Alagem Capital and Cain purchased in 2018. In June, the Beverly Hills City Council approved the project by a vote of 4 to 1. The historic development agreement between the developers and the City of Beverly Hills guarantees a $100 million public benefit fee, which Alagem Capital and Cain will pay over the course of eight years, according to the Beverly Hills Courier. None of the condominiums will be reserved for affordable housing, according to local and national media outlets. One Beverly Hills’ hotel-condo tower will include a private members club open to residents and a select number of non-residents. Members will have access to 130,000 square feet of amenities space over three levels that will be divided …

July 13, 2021

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