California

Orange-County-Global-Medical-Center-Santa-Ana-CA

CBRE Arranges $58.2M Refinancing for Healthcare Portfolio in Orange County, California

by Amy Works May 13, 2021

SANTA ANA AND ANAHEIM, CALIF. — CBRE has arranged a $58.2 million loan for the refinancing of a five-property healthcare portfolio in Orange County. Sabrina Solomiany and Zack Holderman of CBRE’s Debt & Structured Finance platform secured the loan on behalf of Pacific Coast Holdings Investment, the owner of the portfolio. Jonathan Bloch and Jennifer Eiteljorg of Brownstein Hyatt represented the borrower in the financing transaction. The portfolio consists of three acute-care hospital leased to KPC Healthcare, one long-term acute care hospital leased to Kindred Healthcare and a vacant medical office building. Orange County Global Medical Center, South Coast Global Medical Center, Kindred Hospital and the vacant building are located in Santa Ana; and Anaheim Global Medical Center is located in Anaheim. The 621,000-square-foot, 703-bed portfolio was more than 97 percent leased at the time of refinancing.

May 13, 2021

Acquisitions California Net Lease Restaurant Retail Western

Marcus & Millichap Brokers $2.2M Sale of Rally’s-Occupied Restaurant Space in Rialto, California

by Amy Works May 13, 2021

RIALTO, CALIF. — Marcus & Millichap has brokered the sale of a restaurant property located at 466 E. Foothill Blvd. in Rialto. A limited liability company sold the asset to an undisclosed buyer for $2.2 million. Rally’s occupies the 1,086-square-foot property, which was built in 2020, under a new 15-year absolute triple-net lease. The property features double drive-thru lanes. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Matthew Luchs of Marcus & Millichap’s Ontario, Calif., office served as broker of record in the transaction.

May 13, 2021

Acquisitions California Multifamily Top Stories Western

Blackstone Group to Acquire 66 Multifamily Communities in San Diego for $1B

by Katie Sloan May 13, 2021

SAN DIEGO — Blackstone Group (NYSE: BX), in partnership with TruAmerica, plans to acquire 66 multifamily communities in San Diego County for more than $1 billion. The sale is one of the largest real estate transactions in county history, according to reports by The San Diego Union-Tribune. The seller, Conrad Prebys Foundation — a philanthropic organization created by local real estate owner Conrad Prebys — began shopping its multifamily portfolio in February, according to KPBS, a public broadcasting service in San Diego. The assets largely feature below-market-rate rents for low-income renters. The report by KPBS lists that the portfolio includes Conrad Villas apartments in Spring Valley, alongside communities located in San Ysidro, Imperial Beach, Chula Vista, National City, Lemon Grove, Lakeside, Spring Valley, Pacific Beach, Ocean Beach, El Cajon, Escondido, Ramona and Santee. The 5,800-unit, market-rate portfolio is set to undergo $100 million in renovations under the new ownership, according to the Union-Tribune. Blackstone also plans to partner with the nonprofit organization Pacific Housing to provide services for residents, including after-school tutoring, financial literacy classes, and health and wellness initiatives at no cost. The deal will add to Blackstone’s existing portfolio of $4.5 billion worth of assets in San Diego …

May 13, 2021

Affordable Housing California Development Multifamily Western

HCHC, KFA Complete 74-Unit Florence Mills Affordable Apartments in South Central Los Angeles

by Amy Works May 12, 2021

LOS ANGELES — Hollywood Community Housing Corp. (HCHC) and KFA, a full-service architecture and design firm, have completed The Florence Mills Apartments, a mixed-use affordable housing development located at the southwest corner of Central Avenue and Jefferson Boulevard in Los Angeles. Florence Mills features 74 apartments, 5,000 square feet of commercial space along Central Avenue, and an open, landscaped public plaza. The four-story building features 13 one-bedroom units, 37 two-bedroom apartments, 24 three-bedroom units, community and common areas, underground parking, four laundry rooms and secure access to the building. The units are restricted to households at low-, very low- and extremely low-income levels with rents set between $507 and $1,171 per month. The property is set to obtain LEED Platinum certification and features drought-tolerant landscaping, locally sourced materials, high-efficiency lighting, Energy Star appliances and low-flow fixtures. Young Musicians Foundation has leased the commercial space, which is located in the corner plaza with roll-up doors. Through a partnership between HCHC and Young Musicians Foundation, residents of Florence Mills and Paul R. Williams apartments are able to attend free music classes, music technology and recording lab, concerts, workshops and multi-disciplinary arts programming.

May 12, 2021

California Company News Restaurant Retail Western

Chipotle Increases Wages to $15 Per Hour Average, Plans to Hire 20,000 Employees

by Amy Works May 11, 2021

NEWPORT BEACH, CALIF. — Chipotle Mexican Grill (NYSE: CMG) is increasing its restaurant wages, resulting in an $15 average hourly wage by the end of June, according to the Newport Beach-based company. Additionally, the Chipotle employees can advance to a “restaurateur” status, the highest general manager position, in approximately three-and-a-half years, with average compensation of $100,000. Wage increases for new and existing hourly and salaried restaurant employees will be rolled out over the next few weeks and will result in hourly crew member starting wages ranging from $11 to $18 per hour. The company has also launched a $200 employee referral bonus for crew members and a $750 referral bonus for apprentices and general managers. With approximately 200 restaurants slated to open this year coupled with continued growth and demand, Chipotle plans to hire 20,000 new team members across the United States. The company will host a virtual career fair on Discord on May 13.

May 11, 2021

California Company News Office Western

World-Renowned Commercial Real Estate Architect Art Gensler Passes Away at 85

by Amy Works May 11, 2021

SAN FRANCISCO — M. Art Gensler Jr., founder of San Francisco-based global design firm Gensler, passed away on Monday. At the age of 85, Gensler died at his Mill Creek, Calif., home following an 18-month battle with lung disease, according to the San Francisco Chronicle. In 1965, along with his wife Drucilla Cortell Gensler and James Follett, Gensler co-founded the design firm M. Arthur Gensler Jr. & Associates in San Francisco. Since its founding, the firm has grown from a three-person operation to more than 5,000 employees across 50 locations globally. “Art didn’t want to be a ‘starchitect,’” says Andy Cohen, Gensler co-CEO. “In fact, what he built was a constellation of stars by hiring smart people and getting out of their way. It’s why Gensler is a pioneer in our industry, and Art’s legacy will remain embedded in our firm’s unique culture.”

May 11, 2021

Acquisitions California Restaurant Retail Western

Progressive Real Estate Brokers $1.3M Sale of Retail Building in Apple Valley, California

by Amy Works May 11, 2021

APPLE VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a retail property located at 20152 US Highway 18 in Apple Valley, approximately 90 miles northeast of Los Angeles. An Orange County-based private investor sold the property to a Riverside County-based investor for $1.3 million. Little Caesars Pizza occupies a portion of the recently renovated, 4,995-square-foot building. Roxy Klein of Progressive Real Estate Partners represented the seller in the deal.

May 11, 2021

Acquisitions California Retail Western

Merlone Geier Partners Acquires Value-Add Shopping Center in Riverside, California for $39.4M

by Amy Works May 10, 2021

RIVERSIDE, CALIF. — Merlone Geier Partners has purchased Magnolia Tyler Center, a value-add shopping center located at 3650-3790 Tyler St. in Riverside. A private family, which owned the property for more than 50 years, sold the asset for $39.4 million. At the time of sale, the 182,653-square-foot property was 83 percent leased. Tenants include Aldi, Bob’s Discount Furniture, Big Lots, Bed Bath & Beyond, Starbucks Coffee, Olive Garden and America’s Tire. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the seller in the deal.

May 10, 2021

Affordable Housing California Development Multifamily Western

Aedis Real Estate, C.W. Driver Break Ground on 98-Unit Affordable Housing Project in Los Angeles

by Amy Works May 10, 2021

LOS ANGELES — Aedis Real Estate Group and C.W. Driver Cos. have broken ground on Hope on Hyde Park, an affordable transitional housing community in Los Angeles. The development is supported by the Los Angeles County Department of Health Services and Brilliant Corners, a nonprofit. Situated along the Crenshaw Corridor, the five-story property will offer 98 studio and one-bedroom modular units, ranging in size from 400 square feet to 480 square feet, for residents experiencing chronic homelessness. Units will feature modern design, hardwood flooring, contemporary furniture and floor-to-ceiling windows. Community amenities will include a central courtyard, outdoor community space, on-site parking for social services staff, bike storage for residents, residential and support services and ground-floor retail space, as well as access to the new K Line, an 8.5-mile light rail that connects the Crenshaw district to Leimert Park, Inglewood and the Los Angeles International Airport. KTGY is serving as architect for the project, which is slated for completion in summer 2022.

May 10, 2021

Acquisitions California Multifamily Top Stories Western

CBRE Arranges $155.7M Sale of Presidio View Apartments in San Diego’s Mission Valley

by Julia Sanders May 7, 2021

SAN DIEGO — CBRE has arranged the sale of Presidio View, a 350-unit apartment community located in the Mission Valley area of San Diego. Griffis Residential LLC acquired the asset from AEW Capital Management for $155.7 million. Presidio View is situated on approximately 6.9 acres at 1440 Hotel Circle North and includes a variety of one-, two- and three-bedroom floorplans with an average unit size of 928 square feet. Archstone built the property in 2007. (Archstone was acquired by AvalonBay Communities Inc. and Equity Residential in 2013.) Features include 9-foot ceilings, walk-in closets, in-unit washer/dryers, storage and private balconies. Community amenities include a swimming pool, resident lounge, fitness center, clubhouse, business center and electric car charging stations. “It’s very rare to be able to acquire a well-maintained, 2007-vintage asset of this scale in a primary San Diego location like Mission Valley,” says Kevin Mulhern, a broker with CBRE. “There were more than 40 investor tours and 25 offers, and the competition to acquire the property was very intense.” Mulhern, Stewart Weston and Dean Zander of CBRE’s San Diego office represented the seller in the transaction. Presidio View is located on the western end of Mission Valley and has access to …

May 7, 2021

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