California

Gantry Arranges $20M Recapitalization for Beverly Hills Saks 5th Avenue Location

by Amy Works May 21, 2021

BEVERLY HILLS, CALIF. — Gantry has secured $20 million to recapitalize the signature Beverly Hills location of Saks 5th Avenue. The loan was originated with one of Gantry’s correspondent life insurance company lenders and secured on behalf of the private client property owner. Situated on Wilshire Boulevard, the property is a landmark location for the luxury retailer. Saks 5th Avenue men’s and bridal departments occupy the entire building while the remaining departments are located in Saks’ separate building immediately east across Bedford Drive. The subject property also includes an adjacent parking structure. Braden Turnbull and Josh Natker of Gantry’s Los Angeles office placed the 25-year loan for the borrower.

May 21, 2021

Acquisitions California Loans Office Retail Western

Thorofare Capital Funds $18M Acquisition Loan for The Spreckels Building in San Diego’s Gaslamp District

by Amy Works May 20, 2021

SAN DIEGO — Thorofare Capital has funded an $18 million loan for a joint venture between New York-based Taconic Capital Advisors and Triangle Capital Group for the purchase of The Spreckels Building in San Diego. Located at 121 Broadway in the Gaslamp District, The Spreckels Building features 217,173 square feet of office, retail and theater space. The six-story building was built in 1912 and most recently renovated in 1982. The property was designated as one of San Diego’s historic sites in 1972 and placed on the National Register of Historic Places in 1975. Marc Renard led the Cushman & Wakefield team that represented the seller, a family trust associated with Jacquelyn Littlefield, while the buyer was self-represented in the transaction. CBRE will serve as the property’s manager under the new ownership.

May 20, 2021

California Development Industrial Restaurant Retail Western

Shasta Management to Open 100-Acre Cannabis Retail, Manufacturing Project in Imperial County

by Amy Works May 20, 2021

HEBER, CALIF. — Shasta Management has signed a long-term lease for 100 acres of mixed-use space at the northeast corner of State Route 111 and East Heber Road in Imperial County’s Heber. The company plans to open a cannabis campus on the site with retail and manufacturing space. The first phase of the complex is scheduled to open in mid-June with a 9,000-square-foor retail center, including two 2,000-square-foot retail dispensaries along with a 5,000-square-foot consumption lounge and restaurant. The adult-only consumption lounge will feature a high-end glass shop, lounge areas, 85-inch TVs, gaming stations and vibe centers. Cannabis concierges will assist guests with purchases and products, as well as offer tasting flights and product education. Upon completion, the campus will be a fully integrated cannabis space with two indoor cultivation centers, totaling 37,000 square feet, and six greenhouse cultivation centers, totaling 60,000 square feet. The second phase, slated to open this fall, will include a 3,300-square-foot distribution center, 3,000 square feet of manufacturing space and several 25,000-square-foot greenhouses. Additionally, an adjacent building will house a quick-service restaurant, liquor lounge and a full-service restaurant. The campus’s name and branding, along with additional tenants, will be announced at a later date.

May 20, 2021

California Development Industrial Western

Jupiter Holdings Unveils Plans for 702,147 SF Industrial Center in Menifee, California

by Amy Works May 19, 2021

MENIFEE, CALIF. — Newport Beach, Calif.-based Jupiter Holdings has released plans for Scott Road Commerce Center, an industrial center located at 33380 Zeiders Road in Menifee. Totaling 702,147 square feet on 40.5 acres, Scott Road Commerce Center will include one existing, fully leased industrial building and four to-be-constructed buildings. The first phase of construction includes buildings one and two, with an estimated groundbreaking on building two in August 2021 for completion in mid-2022. The second phase will include buildings three, four and five with a tentative groundbreaking in early 2022 and completion slated for year-end 2022. The completed complex will offer buildings ranging from 73,000 square feet to 230,000 square feet. Tucker Hohenstein, Steve Bellitti and Joey Jones of Colliers International, in partnership with Gordon Mize of Lee & Associates, will handle marketing efforts for the development.

May 19, 2021

Acquisitions California Office Western

Harvest Properties, Cerberbus Capital Sell 385,000 SF Office Building in Daly City, California

by Amy Works May 19, 2021

DALY CITY, CALIF. — Harvest Properties and an affiliate of Cerberus Capital Management have completed the disposition of DC Station, a Class A office building located at 2001 Junipero Serra Blvd. in Daly City. The transaction also included an adjacent seven-level parking structure. Terms of the sale, including the name of the buyer and acquisition price, were not released. The sellers originally acquired the 385,000-square-foot property in April 2018 and implemented a leasing program that resulted in more than 90 percent occupancy by early 2020.

May 19, 2021

California Development Multifamily Retail Western

Cisterra to Develop 22-Story Retail, Residential Tower in San Diego with Target as Anchor Tenant

by Amy Works May 19, 2021

SAN DIEGO — San Diego-based Cisterra Development is developing Radian, a planned 255,000-square-foot retail and residential high-rise tower in the Ballpark District of San Diego’s East Village neighborhood. Located along G Street between 9th and 10th avenues, the 22-story tower will feature 241 apartments and ground-floor retail space, which a 36,000-square-foot Target will occupy. Residential amenities will include an indoor/outdoor fitness center, game room, event/dining room, business center/lounge, dog park/wash, outdoor theater and a rooftop pool/hot tub area with views of Petco Park, the Pacific Ocean, San Diego Bay and Coronado. Project partners include San Diego-based Carrier Johnston + CULTURE as building architect, Gensler for interior design and Swinerton as the general contractor. ACORE Capital provided construction financing, which CBRE procured, while Berkadia arranged a private family office as a joint-venture partner. The Koman Group and Wermers Properties are also joint-venture partners on the project.

May 19, 2021

California Industrial Leasing Activity Western

IDC Leases 354,810 SF Industrial Facility in Inland Empire

by Amy Works May 19, 2021

PERRIS, CALIF. — IDC has inked a deal to occupy an industrial building located at 251 Rider St. in Perris. WPT Industrial REIT, a Canadian real estate investment trust, is the landlord. The newly constructed, 354,810-square-foot facility features 185 parking stalls, 65 trailer stalls and 47 dock-high loading doors. The property is situated near the 60 and 215 freeways. Mark Zorn and Cory Whitman of Colliers International represented the landlord in the deal.

May 19, 2021

Acquisitions California Retail Western

Colliers Negotiates $61.5M Sale of Camarillo Village Square in Southern California

by Amy Works May 18, 2021

CAMARILLO, CALIF. — Colliers’ National Retail Capital Markets has arranged the $61.5 million sale of Camarillo Village Square, a grocery-anchored shopping center in Camarillo. Anchor tenants at the 247,000-square-foot property are Sprouts Farmers Market, Rite Aid, Big 5 Sporting Goods and PetSmart. The asset is located at 1656-2350 Las Posas Road. Donahue Schriber sold the property to an undisclosed buyer in an off-market transaction. According to Colliers, the sale was the largest priced retail transaction year-to-date in California. El Warner of Colliers represented the seller in the deal.

May 18, 2021

Cottages-at-Mission-Trail-Lake-Elsinore-CA

California Development Multifamily Western

Civic Partners, Premier Design + Build Complete Multifamily Community in Lake Elsinore, California

by Amy Works May 18, 2021

LAKE ELSINORE, CALIF. — Civic Partners, with the support of the City of Elsinore, and Premier Design + Build Group have completed The Cottages at Mission Trail, a multifamily development in Lake Elsinore. The Cottages at Mission Trail features 143 two- and three-bedroom apartments in six floor plans spread across 78 buildings on a 20-acre site. Community amenities include a recreation center, large park, tot lot with playground equipment, laundry center and leasing center. The community has parking for 330 vehicles and many individual homes offer driveways. The Cottages at Mission Trail is part of Summerly, a 3,000-acre Lake Elsinore development that includes a golf course, single-family residential community and retail center. The project team included KTGY Group, ima, Gouvis Engineering and Wilson-Mikami.

May 18, 2021

California Development Multifamily Student Housing Western

Farco Properties Buys Multifamily Development Site Near USC in Los Angeles for $5M

by Amy Works May 17, 2021

LOS ANGELES — Farco Properties has acquired an 0.29-acre development site located near the University of Southern California (USC) in Los Angeles. A private seller sold the property for $5 million. Located at 647 W. 28th St., the multifamily site provides a development opportunity on the area’s “Fraternity/Sorority Row” within walking distance of USC. The site, which is currently unentitled and used as a parking lot, is within a designated opportunity zone and is classified as a tier 3 transit-oriented community. Farco Properties plans to develop a multifamily property on the site. Laurie Lustig-Bower and Kamran Paydar of CBRE represented the seller in the transaction.

May 17, 2021

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