California

Geolo Capital Sells 160-Acre Ventana Big Sur Resort in California for $148M

by Julia Sanders June 18, 2021

BIG SUR, CALIF. — Geolo Capital and its joint venture partner Wanxiang America Real Estate have sold Ventana Big Sur Resort, an Alila Resort in Big Sur. The buyer, an affiliate of the Hyatt Hotels Corp., bought the 160-acre property for $148 million. Geolo, which is the private equity investment arm of the John Pritzker family office, claims the $2.5 million-per-room price is a record for a North American resort. Built in 1975, Ventana Big Sur Resort is a 59-room property. Geolo Capital acquired Ventana in 2015 and then renovated and reopened the property in 2017. San Francisco-based interior design firm BraytonHughes Design Studio and Carmel, Calif.-based architectural firm Ray Parks & Associates led the renovation project. The renovations included a new Glass House Gallery, which showcases artwork, jewelry, pottery and photography from California-based artists, as well as upgrades to all the guestrooms, suites and villas. Additionally, outdoor fireside seating was added, and a new 7,000-square-foot Ocean Meadow Lawn was added for events and weddings with space for up to 200 guests. Ventana Big Sur has a total of 12,000 square feet of events and meeting space. A new restaurant, the Sur House restaurant, was also built during renovations, as …

June 18, 2021

Acquisitions California Retail Western

Eastern Real Estate, Atlas Capital Acquire 466,000 SF Eagle Rock Plaza in Los Angeles

by Amy Works June 18, 2021

LOS ANGELES — Eastern Real Estate and Atlas Capital Group have purchased Eagle Rock Plaza, a regional shopping center at the intersection of Glendale and Ventura freeways in Los Angeles’ Eagle Rock neighborhood. Situated on 22 acres, the property features 466,000 square feet of retail space. Current anchor tenants include Target, Macy’s, Seafood City and Fitness 19. Bill Bauman and Kyle Miller of Newmark Capital Markets represented the undisclosed seller in the deal. The acquisition price was not released.

June 18, 2021

Acquisitions California Retail Western

Progressive Real Estate Negotiates $6M Sale of Rancho Car Wash Property in Temecula, California

by Amy Works June 18, 2021

TEMECULA, CALIF. — Progressive Real Estate Partners has arranged the sale of a Rancho Car Wash-occupied retail asset located at 27378 Jefferson Ave. in Temecula. The property traded hands for $6 million. Victor Buendia of Progressive Real Estate Partners represented the buyer and seller, both of which are Los Angeles County-based private investors, in the transaction. Established in 1988, Rancho Car Wash offers full-service hand car washes, auto detailing services and an oil and lube center. The transaction included both the business and real estate and the buyer plans to remodel and upgrade the operation.

June 18, 2021

California Loans Multifamily Seniors Housing Western

Ziegler Arranges $297M Financing for Ensō Village Seniors Housing Development in Sonoma County

by Amy Works June 17, 2021

HEALDSBURG, CALIF. — Ziegler has arranged $297 million in bond financing for the development of Ensō Village, a continuing care retirement community in the Sonoma County city of Healdsburg. The borrower is Kendal Corp., which is developing the property. The California Public Finance Authority issued the tax-exempt bonds. Ensō Village is located on approximately 16 acres and will feature 221 independent living apartments, 30 assisted living apartments and 24 memory support apartments. Of the 221 independent living apartments, 20 are low-income rental apartments for retired Buddhist teachers, and 10 are moderate-income apartments. “Clearly the groundbreaking concept of a Zen-inspired retirement community embodying Zen and Quaker values, with a net zero energy footprint that shows care for the planet and for residents, has resonated with depositors,” says Mary Muñoz, senior managing director, Ziegler Senior Living Finance. “The community achieved 95 percent presales in record time, and bond investor appetite for the transaction exceeded all expectations.”

June 17, 2021

Acquisitions California Multifamily Western

Bridge Partners Buys Harvest at Fiddyment Ranch Apartments in Roseville, California for $111M

by Amy Works June 17, 2021

ROSEVILLE, CALIF. — Bridge Partners has purchased Harvest at Fiddyment Ranch, a multifamily community located in Roseville, from Roseville-based USA Properties Fund for $111 million. Located at 1900 Blue Oaks Blvd. within the Fiddyment Ranch master-planned community, the 300-unit property was 97 percent leased at the time of sale. The community offers a mix of one-, two- and three-bedroom apartments, ranging from 771 square feet to 1,258 square feet. Community amenities include a clubhouse and game room, fitness center, heated pool and spa, dog park and playground. Marc Ross of CBRE represented the seller in the transaction. Andrew Behrens of CBRE’s San Francisco office organized an acquisition loan on behalf of the buyer.

June 17, 2021

Acquisitions Arizona California Hospitality Industrial Multifamily Western

MIG Expands Portfolio with Four Acquisitions Across Arizona, California

by Amy Works June 16, 2021

MESA, PHOENIX AND SEDONA, ARIZ., AND OCEANSIDE, CALIF. — Newport Beach, Calif.-based MIG Real Estate has purchased four properties to expand its portfolio in Arizona and California. The properties are: Gateway Technology Commerce Center, a 138,692-square-foot industrial property at 7535 E. Ray Road in Mesa. The property is fully leased to six tenants. Steve Lindley, Eric Wichterman and Will Strong of Cushman & Wakefield represented the undisclosed seller, while Ken McQueen and Chris McClurg of Lee & Associates provided leasing advice for MIG. First Commons, a two-building, 99,528-square-foot, multi-tenant industrial warehouse at 4624-4635 W. McDowell Road in Phoenix. Built in 2001, the property is 84 percent leased to 12 tenants. Tracy Cartledge and Robert Buckley of Cushman & Wakefield represented the seller, while John Pompay of Cushman & Wakefield provided leasing advice for MIG. Sedona Real Inn & Suites, an 89-key hotel located at 95 Arroyo Pinon Drive in Sedona. Built in two phases in 1996 and 2006, the property was acquired in an off-market transaction. Stone Arbor Apartment Village, an 88-unit, value-add multifamily community located at 612 Los Arbolitos Blvd. in Oceanside. Built in 1977, the property features one-, two- and three-bedroom floorplans and some townhomes. Stew Weston and …

June 16, 2021

California Industrial Leasing Activity Western

Lee & Associates Brokers 155,000 SF Long-Term Lease for M2 Ingredients in Vista, California

by Amy Works June 16, 2021

VISTA, CALIF. — Lee & Associates has arranged a long-term lease for M2 Ingredients to occupy a single-tenant industrial building located at 1395 Park Center Drive in Vista. The lease is valued at $20.5 million. The 150,000-square-foot building features 20,000 square feet of office space, four dock-high doors, eight grade-level doors and 135,000 square feet of warehouse space with 4,000 amps 277/480-volt power. M2 Ingredients was founded in 2010 and is a producer of certified mushroom powders with a full spectrum of bioactive compounds to support health, sport performance, recovery and cognition. The new facility will serve as the company’s corporate headquarters and main warehouse for the manufacturing and distribution of its products. Marko Dragovic, Isaac Little and Tim Moore of Lee & Associates – North San Diego County represented the tenant, while Aric Starck and Brant Aberg of Cushman & Wakefield represented the landlord, Alpha Industrial Properties, in the transaction.

June 16, 2021

Rite Aid occupies the 508,000-square-foot warehouse at 1755 E. Beamer St. in Woodland, Calif., (pictured) and the 926,860-square-foot warehouse at 2801 West Ave. H in Lancaster, Calif.

Acquisitions California Industrial Western

Westcore Buys Two Distribution Warehouses in California from Kimco Realty for $108M

by Amy Works June 15, 2021

LANCASTER AND WOODLAND, CALIF. — Westcore has acquired a two-property industrial portfolio, totaling more than 1.4 million square feet of space, located at 2801 West Ave. H in Lancaster and 1755 E. Beamer St. in Woodland. Kimco Realty Corp. sold the portfolio for $108 million. Rite Aid occupies both distribution warehouses on 20-year leases. The Lancaster facility features 926,860 square feet and the Woodland property offers 508,000 square feet. Darla Long, Barbara Emmons and Rebecca Perlmutter of CBRE represented the seller, while Westcore was self-represented in the transaction.

June 15, 2021

California Loans Multifamily Western

JLL Capital Markets Arranges $24.5M Loan for Cielo Apartments in Downtown San Diego

by Amy Works June 15, 2021

SAN DIEGO — JLL Capital Markets has secured $24.5 million in financing for Cielo, a Class A multifamily property located in San Diego’s Little Italy neighborhood. The borrower, Built Development, acquired the land in 2014 and broke ground in 2018 for the project, which was completed in January. Loan proceeds will be used to pay off the borrower’s existing construction loan and provide cash. Located at 915 W. Grape St., the eight-story, 63,500-square-foot property features studio, one- and two-bedroom units. Apartments offer private balconies and terraces, in-unit washers/dryers, stainless steel appliances and modern finishes. Community amenities include a fitness center, bicycle storage and an outdoor rooftop that includes a lounge, kitchen, wet bar and grilling stations. Jeff Sause, Christopher Collins and Chad Morgan of JLL Capital Markets arranged the floating-rate bridge loan through a correspondent life insurance company for the borrower.

June 15, 2021

California Development Industrial Western

Alere Property Starts Construction of 211,000 SF Industrial Warehouse in Western Inland Empire

by Amy Works June 14, 2021

ONTARIO, CALIF. — Alere Property Group is developing a speculative industrial facility located on 9.3 acres at 1656 S. Cucamonga Ave. in Ontario. With construction underway, the 211,000-square-foot property will feature 40-foot clear heights; a 5,000-square-foot, two-story office space; 23 dock-high doors; two ground-level doors; and a 185-foot truck court with extra trailer parking. Completion is slated for third-quarter 2021. Additionally, Alere Property acquired two industrial properties: 1062 McGaw Avenue in Irvine and 14422 Astronautics Drive in Huntington Beach. Terms of the transactions were not released. The company will redevelop the 5.2-acre site in Irvine, which Ricoh USA occupies, into a 120,000-square-foot industrial facility with 36-foot clear heights, 13 dock-high doors and two ground-level doors. Completion is slated for 2023. The 47,000-square-foot Huntington Beach property, which Terrible Herbst Motorsports occupies, features 26-foot clear heights, a secured fenced yard and three ground-level doors.

June 14, 2021

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