California

Orange County’s Multifamily Market Stays Strong as New Inventory May Curb the Supply-Demand Imbalance

by Jeff Shaw February 21, 2022

By Peter Hauser, Principal, Avison Young The Orange County multifamily sector is extremely strong. Rents continue on a positive upward trend and occupancies remain very high, hovering around 97 percent. It is unquestionably a landlord’s market. Many years of supply constrained NIMBY-ism that created the lack of new construction is coming to an end, however. The California governor has mandated that cities approve quality residential developments with the goal of increasing density and combatting the significant housing shortage. There are currently 6,800 new multifamily units in the process of being delivered. While there are projects in the majority of cities, Irvine, Anaheim, Orange and Santa Ana are seeing the most development activity. Some very active Orange County developers include Trammel Crow Residential, Alliance, the Irvine Company, Western National Group, JPI, Wermers Companies, Avalon, Fairfield, Shopoff Realty and Garden Communities. Alliance Residential is nearly complete on its 1,221-unit Park & Paseo in Santa Ana, near the border of the master-planned Tustin Legacy community. Wermers Companies is also in the process of finishing the 603-unit Elan, located less than a mile from downtown Santa Ana near the intersection of the 55 and 5 freeways. The 653-unit Avalon Brea Place is starting to …

February 21, 2022

Acquisitions California Office Western

Buck Design Acquires Creative Office Building in Downtown Los Angeles for $26.5M

by Amy Works February 18, 2022

LOS ANGELES — Buck Design, a global creative agency, has acquired a creative office property in Los Angeles for its West Coast operations. Brickstar Capital sold the asset for $26.5 million. Located at 120 S. San Pedro St., the building features 79,249 square feet of creative office space. Brickstar Capital purchased the property in 2017 and transformed it into a creative campus in 2020 with an updated lobby, private patio and new gym. The building was originally built in 1985 and includes ground-floor retail and subterranean parking. Jack Cline, Doug Cline and Even Jurgensen of Lee & Associates represented the buyer, while Taylor Watson, Brad Chelf, Phillip Sample, Chris Caras, Michael Shustak and Ryan Phillips of CBRE represented the seller in the deal.

February 18, 2022

Acquisitions California Multifamily Western

29SC Buys Sunterra Apartments in Oceanside, California from Ideal Group for $97.5M

by Amy Works February 17, 2022

OCEANSIDE, CALIF. — 29th Street Capital (29SC) has acquired Sunterra Apartments in Oceanside from Ideal Group for $97.5 million. Built in 1974, Sunterra features 240 apartments, a resort-style pool, two playgrounds, a sundeck with an outdoor fireplace and a fitness center. 29SC plans to implement a community improvement plan including installing stainless steel appliances, quartz countertops, oval soaking tubs and modern white cabinetry. Exterior improvement will include updating the roof, wrapping balconies in wood paneling and replacing windows and glass doors. Haven Residential, 29SC’s in-house property management company, will oversee management and leasing. Hunter Combs of Walker & Dunlop’s San Diego office brokered the off-market transaction. John Montakab and Mark Grace of Walker & Dunlop arranged the financing.

February 17, 2022

Acquisitions California Retail Western

Progressive Real Estate, Newmark Broker $6.1 Sale of Bank of America-Occupied Property in Rancho Cucamonga

by Amy Works February 17, 2022

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners and Newmark have arranged the sale of a single-tenant retail building located at 8700 Baseline Road in Rancho Cucamonga. A private, Northern California-based investor acquired the property from WM Capital for $6.1 million. Brad Umansky of Progressive Real Estate Partners and Glenn Rudy of Newmark represented the seller in the transaction. Bank of America has occupied the 9,195-square-foot drive-thru property since 1976. The building is located within Country Village shopping center.

February 17, 2022

Acquisitions California Healthcare Office Western

IRA Capital Acquires 13,000 SF Serra Medical Plaza in Thousand Oaks, California

by Amy Works February 16, 2022

THOUSAND OAKS, CALIF. — IRA Capital has purchased Serra Medical Plaza, a two-story medical building in Thousand Oaks. Terms of the transaction were not released. The 13,000-square-foot asset was constructed in 2014 as a build-to-suit project for Thousand Oaks Surgery Center. A group of highly established physicians with more than 50 years of combined medical management and surgery center experience operates the property.

February 16, 2022

California Loans Office Western

CBRE Arranges $145M Refinancing for Glendale Plaza Office Tower in California

by Amy Works February 15, 2022

GLENDALE, CALIF. — CBRE has secured $145 million in refinancing for Glendale Plaza, a recently renovated, Class A office tower in Glendale. Located at 655 N. Central Ave., the 24-story, 542,000-square-foot tower was originally constructed in 1999 and is currently 77 percent leased to a mix of media companies, blue-chip financial services firms and law firms. The property includes an adjacent eight-level parking structure. Brad Zampa, Michael Walker and Greg Grant of CBRE’s Debt & Structured Finance group represented the borrower and building owner, DivcoWest, in the financing. The five-year, floating-rate loan was secured through a multinational investment banking company. DivcoWest acquired Glendale Plaza in 2017 and has invested more than $17 million into building upgrades, including the addition of an indoor/outdoor experience, common areas, event and conference space for tenants, a fitness area and modernization of the restrooms. The company is also planning to add a restaurant and café to the asset.

February 15, 2022

California Loans Retail Western

Gantry Secures $33.3M Refinancing for Marina Pacific Shopping Center in Long Beach, California

by Amy Works February 15, 2022

LONG BEACH, CALIF. — Gantry has arranged a $33.3 million refinancing for Marina Pacific Shopping Center, located on Pacific Coast Highway in Long Beach. George Mitsanas, Peter Hillakas and Austin Ridge of Gantry’s Los Angeles production office represented the borrower, a private investor, in the financing. Situated on 20 acres, the property features 296,958 rentable square feet of retail space in nine buildings. Anchor tenants include Ralphs Supermarket, Nordstrom Rack, Barnes & Noble, AMC Theatres, LA Fitness and Howards Appliances.

February 15, 2022

Acquisitions California Multifamily Western

LA Apartments Acquires Six-Property Multifamily Portfolio in Los Angeles’ Westside

by Amy Works February 15, 2022

LOS ANGELES — LA Apartments has purchased Venice-Mar Vista Portfolio, a six-property apartment portfolio in the Westside region of Los Angeles. A family trust sold the asset for $30 million. Built between 1961 and 1971, the portfolio includes: 17 units at 11735 Culver Blvd. 14 units at 11964 Lindblade St. 10 units at 4316 Berryman Ave. 18 units at 2712 Abbot Kinney Blvd. 24 units at 711 and 715 Machado Drive 16 units at 450 S. Venice Blvd. Kevin Green, Joseph Grabiec and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap, and Peter Castleton of Voit Real Estate Services represented the seller and procured the buyer in the deal.

February 15, 2022

Affordable Housing California Loans Multifamily Seniors Housing Western

Grandbridge Funds $30.4M Loan for Affordable Seniors Housing Community in Los Angeles

by Amy Works February 14, 2022

LOS ANGELES —Grandbridge Real Estate Capital has provided a $30.4 million first mortgage loan secured by Sunset at Normandie Towers, a 148-unit Section 8 senior living facility in Los Angeles. Artin Anvar originated the refinancing transaction through HUD’s 223(f) loan insurance program. The loan features a 35-year term and 35-year amortization. “The owners of Sunset Normandie were able to lock a very low fixed rate for 35 years allowing for the preservation of the much-needed affordable housing in Los Angeles,” says Anvar. “As a repeat HUD borrower they were able to capitalize on the low rate environment while also taking equity out of the property.”

February 14, 2022

Acquisitions California Industrial Western

Klabin Co. Negotiates $24M Sale of Industrial Property in Gardena, California

by Amy Works February 11, 2022

GARDENA, CALIF. — The Klabin Co./CORFAC International has brokered the sale of an industrial asset located at 301 E. Alondra Blvd. in Gardena. Illinois-based CenterPoint Properties purchased the property for $24 million. Matt Stringfellow, Courtney Bell and Tyler Rollema of Klabin Co. represented the private seller in the transaction. Situated on four acres, the 91,342-square-foot property features dock-high and grade-level loading, a large private yard and is ideal for future redevelopment as a logistics/last-mile facility.

February 11, 2022

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