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Palm-Terrace-Lake-Forest-CA
AcquisitionsCaliforniaOfficeWestern

Bailard Sells Office Campus in Lake Forest, California to Kingsbam Real Estate Capital for $40M

by Amy Works

LAKE FOREST, CALIF. — Bailard has completed the disposition of Bailard Real Estate Fund of Palm Terrace, an office campus located in Lake Forest. Kingsbam Real Estate Capital acquired the asset for $40 million in an off-market transaction. Located at 25521, 25531 and 25541 Commercentre Drive, the three-building campus features 155,795 square feet of office space. At the time of sale, the property was 97 percent leased to a variety of tenants, including Del Taco, PGM Holdings, Hometown Equity, Citadel Servicing and Anyone Home. The property features revamped landscaping, an outdoor common area and courtyard, open floorplates, ample natural light, abundant surface-level parking, building signage and energy-efficient lighting. Kevin Shannon, Paul Jones and Brandon White of Newmark represented the seller, while the buyer was self-represented in the deal.

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CaliforniaLoansMultifamilyWestern

BridgeCore Funds $2.1M Loan for Los Angeles Multifamily Property

by Amy Works

LOS ANGELES — BridgeCore has provided a $2.1 million loan for a nine-unit apartment building located in Los Angeles’ Mar Vista neighborhood. The loan features a 6.5 percent pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. The 18-month term, including one six-month extension option with interest and capital improvement reserves, provides the undisclosed borrower with time and capital to renovate and lease the three vacant units at market rate, retrofit the building and position the property for an eventual exit with conventional financing.

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AcquisitionsCaliforniaIndustrialOfficeWestern

Voit Real Estate Brokers $47M Sale of Office/Industrial Portfolio in Southern California

by Amy Works

CHULA VISTA AND MISSION VALLEY, CALIF. — Voit Real Estate Services has arranged the sale of a five-property office and industrial portfolio in Chula Vista and Mission Valley. Protea Properties acquired the portfolio from Carleton Management for $47 million. Totaling 231,878 square feet, the portfolio includes a 48,828-square-foot, fully leased industrial/showroom building at 630 Bay Blvd. in Chula Vista; a 32,601-square-foot, fully leased multi-tenant office property at 660 Bay Blvd. in Chula Vista; a 99,584-square-foot, fully occupied office/industrial building at 780-784 Bay Blvd. in Chula Vista; a 30,046-square-foot, single-tenant property at 830 Bay Blvd. in Chula Vista; and a 20,819-square-foot, multi-tenant office building located at 5920 Friars Road in Mission Valley. Tenants at the portfolio include Cox Communications, National University, Fresenius Medical, Bayfront Charter School and West Marine. Randy LaChance Sr. of Voit’s San Diego office represented the seller, while the buyer was self-represented.

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San-Mateo-Bay-Center-San-Mateo-CA
CaliforniaDevelopmentLoansOfficeWestern

Mesa West Capital Funds $178M Loan for Acquisition, Conversion of San Mateo Bay Center Office Campus in California

by Amy Works

SAN MATEO, CALIF. — Mesa West Capital has provided Longfellow Real Estate Partners with a $178 million first mortgage loan to recapitalize costs associated with its recent acquisition and fund the planned repositioning of the San Mateo Bay Center office campus in San Mateo. A portion of the proceeds from the five-year, floating-rate loan will be used to convert the 235,911-square-foot conventional office property into a life sciences and laboratory facility. Developed in 1984, San Mateo Bay Center features two seven-story office towers located at 901 and 951 Mariner’s Island Blvd. Campus amenities include showers, a fitness center, café and outdoor patio space. The campus is located in the mid-peninsula Foster City/San Mateo life sciences market with an inventory of nearly 2 million square feet of life sciences space, anchored by the 1.4 million-square-foot world headquarters campus for Gilead Sciences. Ramsey Daya of Newmark Knight Frank arranged the financing. Mark Osher of Gibson, Dunn and Crutcher LLP represented Mesa West Capital in the deal.

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The-Link-Burbank-CA
AcquisitionsCaliforniaOfficeWestern

Fortress Investment, Ocean West Capital Sell The Link Office Building in Burbank for $61.5M

by Amy Works

BURBANK, CALIF. — A partnership between Fortress Investment Group and Ocean West Capital Partners has completed the disposition of The Link, a repositioned office building located at 2901 W. Alameda Ave. in Burbank. Pendulum Property Partners acquired the asset for $61.5 million. Totaling 124,785 square feet, the property features creative office space and post-production, broadcasting, screening and editing facilities. The property underwent extensive renovation in 2019 and now features an outdoor courtyard, redesigned lobby, enterprise-grade dark fiber connectivity, revitalized exterior, 13- to 18-foot ceiling heights and a 2,500-square-foot outdoor patio on the seventh floor. At the time of sale, the property was 76 percent leased to five tenants. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the transaction, while David Milestone, Brett Green and Henry Cassiday of Newmark arranged acquisition financing for the buyer.

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CaliforniaLoansRetailWestern

PSRS Arranges $40M Refinancing for La Alameda Shopping Center in Los Angeles

by Amy Works

LOS ANGELES — PSRS has arranged a $40 million refinancing for La Alameda Shopping Center, a 244,554-square-foot retail plaza located in Los Angeles. Kostas Kavayiotidis, Mike Davis and Jacob Lee secured the financing for the undisclosed borrower. The non-recourse loan features 10 years of interest-only payments. Built in 2008, La Alameda Shopping Center consists of six one- and two-story building clusters offering a total of 226,826 square feet of retail space and 17,728 square feet of office space on 18.3 acres. The multi-tenant property also features pedestrian-friendly courtyards, plaza spaces, outdoor seating and a fountain.

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PSG-LA-CA
CaliforniaCompany NewsDevelopmentRetailWestern

Fanatics, Paris Saint-Germain Open First Standalone European Soccer Club Retail Location in Los Angeles

by Amy Works

LOS ANGELES — Paris Saint-Germain (PSG), one of the top soccer teams in the world, has opened a permanent retail store within Westfield Century City Mall in Los Angeles. In partnership with apparel retailer Fanatics, the sports club is expanding its global retail presence with several new stores in key international markets, beginning with the Los Angeles location. The store openings form part of a 10-year retail and merchandising deal signed between PSG and Fanatics in 2020. Fanatics, which is part owner of Lids, will tap into Lids’ physical retail experience to open and operate the new Westfield store.

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CaliforniaCompany NewsRetailWestern

Gap’s First-Quarter Sales Increase 28 Percent, Net Sales Hit $4B

by Amy Works

SAN FRANCISCO — Gap Inc. (NYSE: GPS), the parent company of Old Navy, Gap, Banana Republic and Athleta, released its first-quarter 2021 fiscal report showing net sales reached $4 billion, up 8 percent over first-quarter 2019. Additionally, comparable sales were up 28 percent year-over-year and rose 13 percent since pre-pandemic 2019. The company showed strong increases in net sales at Old Navy and Athleta — 27 percent and 56 percent increase over 2019, respectively. There were declines in net sales at Gap Global (16 percent) and Banana Republic Global (29 percent). Old Navy’s comparable sale were up 35 percent year-over-year and 25 percent versus 2019. Additionally, Athleta reported 113 percent digital growth compared to the first quarter of 2019, with comparable sales up 27 percent year-over-year and 46 percent versus 2019. Overall, first-quarter online sales for Gap Inc. grew 82 percent versus first-quarter 2019 and represented 40 percent of the total business. Store sales declined 16 percent compared to first-quarter 2019, primarily due to store closures and COVID lockdowns outside of the United States. Currently, Gap has 3,571 store locations in more than 40 countries, with the company operating 2,997 of them.

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Las-Ventanas-Long-Beach-CA
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

AMCAL Completes 102-Unit Las Ventanas Affordable Housing Community in Long Beach, California

by Amy Works

LONG BEACH, CALIF. — AMCAL Multi-Housing has completed Las Ventanas Apartments, an affordable multifamily development located at 1795 Long Beach Blvd. in Long Beach. Situated on just over an acre, the four-story building features 102 apartments in a mix of one-, two- and three-bedroom layouts with balconies or patios for individuals and families earning between 20 percent and 80 percent of the area median income. Additionally, 15 units are reserved for Los Angeles County’s Homes for Health program for special needs homeless households. The community also features street-level commercial space, a semi-subterranean parking garage, access to the Blue Line stop on Pacific Coast Highway, an internal courtyard, a play area for children, outdoor seating, barbecue grills and secure bike storage. The community also offers social service offices where residents can receive social services tailored to their needs, while the adjacent management office features a community area with a media center, computer lab and open space for games and socializing for residential use. William Hezmalhalch Architects served as architect for the project, which is seeking LEED Platinum certification. FPI Management is the property manager. Financing partners included The Long Beach Community Investment Co., Union Bank, Hudson Housing Capital, California Department of …

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Apartments in Huntsville
CaliforniaFeaturesMultifamilyWestern

Yardi Matrix: US Multifamily Rents Increase by 1.6 Percent in April, Biggest Gain During Pandemic

by Julia Sanders

SANTA BARBARA, CALIF. — Following an unsteady year in 2020, the multifamily sector is taking a leap in the early half of 2021, according to the latest Yardi Matrix National Multifamily Report. In April, multifamily rents rose 1.6 percent year-over-year, which Yardi Matrix says is the highest increase seen since the beginning of the pandemic. The firm reports overall rents increased by $10 in April to $1,417 per month, the biggest single-month gain since June 2015. Rent Growth, Occupancy Levels Across Different Markets Most markets saw month-over-month rent growth. Twenty four of the top 30 markets that Yardi Matrix tracks saw month-over-month rent growth exceeding 0.5 percent, and all gateway markets experienced positive gains from March. All gateway markets had positive rent growth for the trailing three months as well, with Miami’s rent growing 0.8 percent, Chicago 0.5 percent and Boston 0.4 percent. However, some gateway markets are still struggling compared to where they were a year ago, including Washington, D.C., with only a 0.2 percent growth. New York City, San Francisco and Seattle all experienced 0.1 percent rent growth. Yardi Matrix says that these gateway markets that are behind are expected to experience rent growth this summer. One of …

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