California

PSRS Arranges $30M in Financing for Office/Retail Property in Encinitas, California

by Amy Works March 3, 2022

ENCINITAS, CALIF. — PSRS has secured $30 million in financing for Pacific Station, a recently renovated office and retail property in Encinitas. Pasha Johnson of PSRS arranged the financing for the undisclosed borrower. The non-recourse loan allowed the ownership to capitalize on the value created by converting the previously dark space into a modern office and retail community. The loan’s first three years of interest-only payments allow for maximized cash flow and its 10-year, fixed-rate term hedges against interest rate risk.

March 3, 2022

Acquisitions California Multifamily Western

Matthews Brokers $10.1M Sale of Tuscania Apartment Homes in Ventura, California

by Amy Works March 3, 2022

VENTURA, CALIF. — Matthews Real Estate Investment Services has arranged the sale of Tuscania Apartment Homes, a multifamily property at 248 S. Hemlock St. in Ventura. A California-based investor sold the asset to a California-based buyer for $10.1 million. Built in 1965, Tuscania Apartment features 35 one- and two-bedroom units with select units offering ocean views. Daniel Withers, David Harrington and John Boyett of Matthews represented the seller and sourced the buyer in the deal.

March 3, 2022

California Industrial Market Reports Western Western Market Reports

Lack of Supply Drives New Industrial Development in Orange County

by Jeff Shaw March 3, 2022

By Garrett McClelland, Vice President, JLL With a global pandemic still in flux, strong demand for Orange County industrial remained constant throughout 2021. As we start the New Year, signs of a slowdown are nowhere in sight. Orange County’s overall vacancy was at 2 percent last quarter, which ranks among the lowest nationally. Demand continues to outpace supply — with limited inventory bringing the vacancy rate down and driving rents to historic highs. With very few viable options, tenants are forced to settle for anything that will satisfy their needs, or renew. Given this, developers have gotten creative to find solutions and build new industrial product in primary submarkets. The primary target for industrial developers in Orange County has been Class B and C office buildings located on industrial-zoned parcels. For example, Duke Realty recently bought a primarily vacant 100,000-plus-square-foot office building in Brea. The building is situated on 5.8 acres and is planned for a new modern warehouse industrial facility. According to JLL Research, out of the 12 conversion projects announced last year, nine were office to industrial. This shouldn’t come as a surprise as we’ve seen rapid rent growth in the industrial sector over the past 24 months. This has made office-to-industrial …

March 3, 2022

Acquisitions California Hospitality Mixed-Use Retail Western

Stockdale Capital Acquires 186,000 SF Los Angeles Athletic Club

by Amy Works March 2, 2022

LOS ANGELES — Stockdale Capital Partners has purchased Los Angeles Athletic Club, a 186,000-square-foot club in downtown Los Angeles, for an undisclosed price. The name of the seller was not released. The 12-story club, which opened at its current location at the corner of Seventh and Olive streets in 1912, features Beaux-Arts architecture, 72 hotel rooms, 17,200 square feet of ballrooms, meeting and event space and rooftop facilities. The property also includes an indoor swimming pool, track, basketball court, racquetball courts, handball courts, squash courts, yoga, kickboxing, aerobics, Pilates studios and spa and wellness facilities. Since 2015, the property has undergone $29.3 million in capital improvements. The acquisition includes the adjacent Olive Park Garage, an eight-story structure with 421 parking spaces, 12,000 square feet of office and retail space and a 114-space surface parking lot.

March 2, 2022

Acquisitions California Office Western

Newmark Arranges $93M Sale of Netflix-Occupied Hollywood Media Campus in Los Angeles

by Amy Works February 28, 2022

LOS ANGELES — Newmark has arranged the sale of Hollywood Media Campus, a 3.5-acre site located at 1350 N. Western Ave. in the Hollywood neighborhood of Los Angeles. New York City-based The Georgetown Co. acquired the asset from Pasadena-based Gemdale USA for $93 million. The site features a fully leased, 75,593-square-foot office building and an adjacent development parcel. Netflix fully occupies the office building under a sublease from master lessee Zest Finance. The development parcel is a 1.7-acre site with the right to build in accordance with current zoning and the opportunity to increase density with a zoning change. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the deal.

February 28, 2022

Acquisitions California Restaurant Retail Western

Levin Johnston, Taycon Real Estate Broker $36M Sale of El Gato Village Shopping Center in Los Gatos, California

by Amy Works February 28, 2022

LOS GATOS, CALIF. — Levin Johnston of Marcus & Millichap and Taycon Real Estate have arranged the sale of El Gato Village Shopping Center, a retail property situated on 3.4 acres in Los Gatos. A family trust sold the asset to a privately held real estate investment and development company for $36 million. Adam Levin of Levin Johnston and Marko Buljan of Taycon Real Estate represented the seller and procured the buyer in the deal. Located at 15710 Los Gatos Blvd., the center features 58,519 square feet of retail space. At the time of sale, the property was 97 percent occupied. Current tenants include Nob Hill Foods, Chase Bank, Los Gatos Café Uptown, Una Mas Mexican Grill, PostalAnnex and Baskin-Robbins.

February 28, 2022

California Development Multifamily Seniors Housing Western

Consolidated Contracting Completes 122-Unit WellQuest Seniors Housing Project in Menifee, California

by Amy Works February 25, 2022

MENIFEE, CALIF. — Consolidated Contracting has completed construction of WellQuest of Menifee Lakes, senior living community in Menifee, located between Los Angeles and San Diego. The 134,641-square-foot, three-story property features 92 independent living and assisted living units ranging from 470 to 1,017 square feet, as well as 30 memory care units ranging from 386 to 578 square feet. Jonetta Eads, executive director of the facility, predicts the community will be fully occupied by mid-summer. Project consultants included Greg Irwin of Irwin Partners Architects as the architect; Conley360, space planner; Nelson Structural Engineers, structural engineer; Bam Consulting Engineers, civil engineer; United Brothers Concrete, sitework contractor; A Good Plumbing, plumbing; Edge Mechanical, mechanical engineer; Cattrac, grading; Hondo Framing, framing; AME Design Group, mechanical engineer; and Wilson Associates Landscape Architecture, landscape architect. FJ Management was the developer.

February 25, 2022

Acquisitions California Retail Western

JLL Negotiates $23.5M Sale of Goldenwest & Bolsa Shopping Center in Huntington Beach, California

by Amy Works February 25, 2022

HUNTINGTON BEACH, CALIF. — JLL Capital Markets has arranged the sale of Goldenwest & Bolsa, a retail center located at 15031 Goldenwest St. in Huntington Beach. A private equity fund sold the property to a local private investor for $23.5 million. Constructed in 1974 on six acres, Goldenwest & Bolsa features 63,269 square feet of retail space. At the time of sale, the property was 95.4 percent leased to a mix of daily needs and internet-resistant tenants. Gleb Lvovich, Geoff Tranchina and Daniel Tyner of JLL Retail Capital Markets represented the seller in the transaction.

February 25, 2022

Acquisitions California Life Sciences Top Stories

Oxford Properties Acquires 13-Building Life Sciences Portfolio in San Diego for $464M

by Julia Sanders February 25, 2022

SAN DIEGO, CALIF. — Oxford Properties Group has acquired a nine-property, 13-building life sciences portfolio in San Diego. Oxford acquired the portfolio for $464 million. The seller was San Diego-based BioMed Realty, according to The San Diego Union-Tribune. The portfolio includes 650,000 square feet of space, with 12 of the 13 buildings centrally located within San Diego’s Sorrento Valley and Sorrento Mesa submarkets. The properties are 98 percent leased. The portfolio features mainly one- to two-story buildings and a 60/40 life sciences-to-office ratio. The buildings’ features include modern mechanical, electrical and plumbing (MEP) systems and ample tenant parking. According to Oxford Properties, Sorrento Valley and Sorrento Mesa have emerged as epicenters of life sciences growth within San Diego. The firm reports that San Diego recorded over 4 million square feet of leasing volume in 2021, which is an all-time high and 80 percent higher than in 2020. Because of record high demand and limited vacancy, asking rents in San Diego’s life sciences market have increased by 34 percent. The life sciences market in the area is anchored by research institutions and non-profits including San Diego State University, UC San Diego, Scripps Research and the Sanford Burnham Prebys Medical Discovery Institute. …

February 25, 2022

6700-E-Pacific-Coast-Highway-Long-Beach-CA

Acquisitions California Development Multifamily Office Western

Holland Partners Buys Congressional Place Office Building in Long Beach, Plans Multifamily Conversion

by Amy Works February 24, 2022

LONG BEACH, CALIF. — Holland Partners has purchased Congressional Place, a two-story office building in Long Beach. ValueRock Partners sold the asset for $41 million. Situated on 2.5 acres at 6700 E. Pacific Coast Highway, the 73,769-square-foot will be redeveloped into a multifamily property. Chris Benton, Anthony Muhlstein, Kevin Shannon, Bill Bauman, Ken White and Seal Fulp of Newmark represented the seller in the deal.

February 24, 2022

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