California

Progressive Negotiates $3.9M Sale of Multi-Tenant Retail Center in Big Bear Lake, California

by Amy Works February 11, 2022

BIG BEAR LAKE, CALIF. — Progressive Real Estate Partners has arranged the sale of Village Mall at Big Bear, a multi-tenant retail property located at 40729 Village Drive in Big Bear Lake. An Inland Empire-based investor sold the asset to a San Gabriel Valley-based investor for $3.9 million in an all-cash transaction. Greg Bedell and Roxy Klein of Progressive Real Estate represented the seller, while Doreen Chen of Pinnacle Real Estate Group represented the buyer in the deal. At the time of sale, the 24,806-square-foot retail center was 100 percent leased.

February 11, 2022

California Loans Restaurant Retail Western

JLL Arranges $11.7M Refinancing for Neighborhood Retail Property in San Diego’s Kearny Mesa

by Amy Works February 11, 2022

SAN DIEGO — JLL has secured $11.7 million in refinancing The Convoy, a neighborhood retail strip center located at 4428-4444 Convoy St. in the Kearny Mesa submarket of San Diego. The borrower was CEG Capital Partners, which will use the proceeds to refinance the existing bridge loan used to acquire the asset in 2017. CEG Capital renovated The Convoy, which was originally constructed in 1973, after acquiring the property in 2017. The 51,623-square-foot property is fully leased to a variety of tenants, including Bank of Hope, Hive, Convoy Strength, Ichibanya and Axe Thro, Manna Heaven BBQ, Synergy Dental Group and Da Nang Corner. Chris Collins and Daniel Pinkus of JLL arranged the seven-year, fixed-rate loan through a regional credit union on behalf of the borrower.

February 11, 2022

Acquisitions California Industrial Western

DAUM Negotiates Acquisition of Two Industrial Buildings Totaling 208,180 SF in Fremont, California

by Amy Works February 10, 2022

FREMONT, CALIF. — DAUM Commercial Real Estate Services has arranged the purchase of two fully leased industrial properties in Fremont. CenterPoint Properties acquired the assets from an undisclosed seller for $86 million. Jordan Lara of DAUM represented the buyer in the deal. Situated on 13.7 acres at 41099 Boyce Road, the properties offer a total of 208,180 square feet of industrial space with 28-foot clear heights and a fully secured site.

February 10, 2022

Acquisitions California Loans Multifamily Western

Ready Capital Closes $17.3M Loan for Multifamily Property in Los Angeles

by Amy Works February 10, 2022

LOS ANGELES — Ready Capital has closed $17.3 million in financing for the acquisition, renovation and stabilization of a 94-unit apartment community in Los Angeles’ Norwalk submarket. Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan including taking care of deferred maintenance projects while renovating unit interiors, building exteriors and common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

February 10, 2022

Acquisitions California Retail Western

Calbay Development Buys 26,000 SF Retail Property in Alhambra, California

by Amy Works February 9, 2022

ALHAMBRA, CALIF. — Manhattan Beach-based Calbay Development has purchased the fee interest in a freestanding retail building along Valley Boulevard in Alhambra. Terms of the transaction were not released. Situated on 1.5 acres, Office Depot formerly occupied the 26,000-square-foot asset. The property also offers 98 parking stalls and prominent visibility and signage on Valley Boulevard. Calbay acquired the property as a value-add opportunity and is in late-stage negotiations with a national retailer to lease the entire space. Bill Asher and Jeff Lefko of Hanley Investment Group brokered the transaction.

February 9, 2022

Acquisitions California Office Western

Prologis Acquires Pacific Vista Office Campus in Orange County for $96M

by Amy Works February 8, 2022

LAKE FOREST, CALIF. — Prologis has purchased Pacific Vista, a corporate office campus at 25500-25550 Commercentre Drive in Lake Forest. An undisclosed party sold the asset for $96 million. Situated on 24.4 acres, Pacific Vista consists of five two-story buildings featuring a 322,262 square feet of Class A office space. At the time of sale, the property was leased to seven long-term tenants. Jason Ward of Cushman & Wakefield represented the buyer, while John Harty, Jeffrey Cole, Nico Napolitano and Ed Hernandez of Cushman & Wakefield represented the seller in the transaction.

February 8, 2022

California Development Multifamily Western

Stockbridge Real Estate, Cityview Buy South Bay X Multifamily Development in Gardena, California

by Amy Works February 8, 2022

GARDENA, CALIF. — A joint venture between Stockbridge Real Estate and Cityview has purchased South Bay X, a development site fully entitled for sustainable multifamily housing located at 12850 Crenshaw Blvd. in Gardena. South Bay X will feature 265 units in a mix of studio, one- and two-bedroom apartments ranging from 510 square feet to 1,197 square feet. The joint venture plan to achieve LEED Silver certification with the project, designing the Class A property to realize 20 to 30 percent improved energy efficiency over other similar non-green buildings. South Bay X will feature high-performing lighting, enhanced indoor air quality and a solar thermal water heating system that relies on renewable energy. The property will offer premier interior finishes, a fitness center and expansive outdoor amenities, including a pool, spa, lanai, outdoor strength area, barbecues and three open-air courtyards. The project is slated to break ground in the fourth quarter, with completion scheduled for early 2025.

February 8, 2022

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Brokers $11.7M Sale of Industrial Building in Vista, California

by Amy Works February 8, 2022

VISTA, CALIF. — Lee & Associates – NSDC has arranged the sale of a single-tenant industrial property located within Oak Ridge Business Center in Vista. Elion Partners acquired the asset for $11.7 million from Tom E. Dixon Trust. The 47,560-square-foot property features three dock-high doors, two grade-level doors and heavy power. Additionally, the building is 100 percent temperature controlled. Rusty Williams, Chris Roth and Jack Rubendall of Lee & Associates Williams-Roth Group represented the seller, while Greg Pieratt of Lee & Associates represented the buyer in the deal.

February 8, 2022

Acquisitions California Office Western

Parallel Capital Sells Shoreline Square Office Tower in Long Beach for $85.5M

by Amy Works February 7, 2022

LONG BEACH, CALIF. — Parallel Capital Partners has completed the disposition of Shoreline Square, an office tower in downtown Long Beach. Shoreline Square Holdings LLC acquired the asset for $85.5 million. Located at 201 E. Ocean Blvd., the 20-story tower features 410,920 square feet of office space. At the time of sale, the property was 92 percent leased to a diverse tenant mix, with 52 percent of the rent roll including U.S. government and municipal tenants. Current tenants include U.S. Customs, California State Land Commission, Department of Defense, California Coastal Commission and the Bureau of Alcohol, Tobacco, Firearms and Explosives. Additional tenants include Jersey Mike’s Subs, Comeria Bank, Café 301 and Corporate Concierge. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the transaction.

February 7, 2022

California Development Multifamily Seniors Housing Western

Griffin Living Opens 102-Unit Seniors Housing Community Near Los Angeles

by Amy Works February 7, 2022

SIMI VALLEY, CALIF. — Griffin Living has opened the doors on Varenita of Simi Valley, an assisted living and memory care community in Simi Valley, approximately 40 miles northwest of Los Angeles. The 97,000-square-foot building, located in the Griffin Plaza shopping center at the corner of Tapo Canyon Road and Cochran Street, includes 75 assisted living units and 27 memory care units. The location of Varenita of Simi Valley represents a pioneering design in senior living development, since residents are within walking distance of amenities like Aldi supermarket, CVS pharmacy and a variety of retail shops, services and restaurants. Griffin believes placing residents at the heart of a vibrant community center allows them to maintain independence as they age. “Our residents may not be able to go into the world as easily as they once did, so at Varenita, we bring the world to them,” says Paul Griffin, CEO of Griffin Living. “Traditional senior living is modeled on the idea that older residents want peace and quiet,” continues Griffin. “It can have an unintended effect of isolating them.”

February 7, 2022

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