California

BioMed Realty Wins Municipal Approval for 910,000 SF Expansion of Life Sciences Campus in Bay Area

by John Nelson April 6, 2021

EMERYVILLE, CALIF. — The City of Emeryville in Northern California’s Bay Area has approved BioMed Realty’s proposal to expand its Emeryville Center of Innovation life sciences campus. The 12-acre property is located about four miles north of Oakland and 10 miles east of San Francisco. The expansion will add 910,000 square feet of Class A laboratory and office space to the development. Phase I of the expansion, which BioMed Realty expects to begin in 2022, will span 265,000 square feet. “We are grateful for our partnership with the City of Emeryville to develop purpose-built lab research facilities that support the growth of the industry and help our business partners attract and retain talent,” says Salil Payappilly, vice president of BioMed Realty. BioMed Realty is currently modernizing an existing 303,000-square-foot building at Emeryville Center of Innovation. The building, which is not part of the newly announced expansion, will be fully occupied by Zymergen Inc., a biomanufacturing company and Emeryville’s largest employer. Zymergen signed a lease in 2019 for its new corporate headquarters and to accommodate the expansion of its operations. BioMed Realty expects to complete Zymergen’s building in early 2023. Emeryville Mayor Dianne Martinez says that the origin of the life …

April 6, 2021

Acquisitions California Industrial Office Western

Realty Advisory Group Arranges Sale of 246,912 SF Office Building in El Monte, California

by Amy Works April 5, 2021

EL MONTE, CALIF. — Realty Advisory Group has arranged the sale of an office and industrial property located at 9320 Telstar Ave. in El Monte’s Flair Park area. Los Angeles-based Rising Realty Partners acquired the asset for $41 million. Built in 1975 and renovated in 2001, the 246,912-square-foot property offers 178,776 square feet of office space, which the Los Angeles County Department of Public Health occupies. Simultaneous with acquisition closing, Los Angeles County and Rising executed a new long-term lease for the office space. The remaining 68,136-square-foot industrial space is available for lease. Jim Abbott Sr. and Jim Abbott Jr. of Realty Advisory Group represented the undisclosed seller in the deal.

April 5, 2021

California Development Industrial Western

Amazon to Retrofit Vacant Kmart as Last-Mile Facility in Bakersfield, California

by Amy Works April 5, 2021

BAKERSFIELD, CALIF. — The City of Bakersfield has announced that Amazon will convert a vacant big-box retail property, located at 3500-3600 Wilson Road in Bakersfield, into a last-mile facility. The new facility will create approximately 200 new permanent jobs. Formerly a Kmart, the 93,000-square-foot property will undergo a $20 million renovation. Amazon is expected to begin operations in fourth-quarter 2021. Renovations will include a new roof and parking lot, enhanced lighting, landscaping and the addition of roll-up bay doors. Amazon is growing its last-mile delivery efforts to speed up customer delivery times and provide new innovations to customers, according to Amazon.

April 5, 2021

California Development Industrial Loans Top Stories Western

Bank OZK Provides $105M Construction Loan for Industrial Project in Southern California

by Taylor Williams April 5, 2021

CHERRY VALLEY, CALIF. — Bank OZK has provided a $105 million construction loan for the development of I-10 Logistics Center, a 1.8 million-square-foot industrial project located near the crossing of Interstate 10 and Cherry Valley Boulevard in Southern California. The borrower is a joint venture between locally based developer Shopoff Realty Investments and Artemis Real Estate Partners, an investment management firm based in the Washington, D.C. metro area. Mark Strauss and Rob Quarton of Walker & Dunlop arranged the debt, specific terms of which were not disclosed, on behalf of the joint venture. Situated on 155 acres, I-10 Logistics Center will consist of two buildings spanning approximately 815,000 and 1 million square feet. The development will feature 40-foot clear heights, 665 car parking spaces, 585 trailer parking spaces and 296 dock-high doors. Site work is set to begin in April, and construction is scheduled for completion by summer 2022. CBRE is marketing the project for lease. “This project represents one of the few opportunities to develop much-needed logistics product in Southern California,” says William Shopoff, president and CEO of Shopoff Realty Investments. “This state-of-the-art logistics center with I-10 freeway access will be in high demand as users continue to require …

April 5, 2021

Acquisitions California Office Western

Gemdale USA Buys 222,524 SF Office Campus in Calabasas for $79M

by Amy Works April 2, 2021

CALABASAS, CALIF. — Gemdale USA, a subsidiary of China-based Gemdale Corp., has acquired The Park Calabasas, an office campus located at 4500 Park Granada in Calabasas. Rising Realty Partners and Fortress Investment Group sold the asset for $79 million. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark’s U.S. Capital Markets team represented the sellers in the deal. David Milestone and Brett Green of Newmark secured acquisition financing for the buyer. The low-rise campus features 222,524 square feet of office space with expansive outdoor courtyards, on-site amenities, landscaped gardens and executive parking. At the time of sale, the property was 92 percent leased to six tenants. Originally developed as a corporate headquarters facility for Lockheed Martin and later serving as headquarters for Countrywide Financial (Bank of America), The Park Calabasas had been utilized as a single-tenant campus for nearly 20 years until a $12 million renovation by Rising Realty and Fortress Investment Group. The renovation converted the single-tenant property into a multi-tenant creative office space.

April 2, 2021

Acquisitions California Retail Western

Lion Real Estate Sells Retail Property in Los Angeles to Luzzatto Co. for $22.5M

by Amy Works April 2, 2021

LOS ANGELES — Lion Real Estate Group (LREG) has completed the sale of 3317 Exposition Place, a retail property in Los Angeles, to Luzzatto Co. for $22.5 million. Situated in Los Angeles’ West Adams District, the asset is a two-story, dual-building site comprising 29,759 square feet of retail space. TheRealReal, an online luxury retailer, currently occupies the property. Newmark served as financial advisor to LREG in the sale to Luzzatto Co. LREG first acquired the property in a $7.3 million co-investment deal alongside The Borman Group in December 2017. Since that acquisition, the companies have invested in renovations to the convert the former industrial space into a modern creative office location, increasing its value and curb appeal. Renovations included upgraded mechanical systems; refurbished bathrooms, kitchens and conference rooms; new seismic and green building standards in line with city codes; and the reactivation of rooftop parking.

April 2, 2021

Acquisitions Affordable Housing California Multifamily Western

Waterford Property, CSCDA Buy Oceanaire Apartments in Long Beach for $120M, Plan Middle-Income Housing Conversion

by Amy Works April 1, 2021

LONG BEACH, CALIF. — A partnership between Waterford Property Co. and the California Statewide Communities Development Authority (CSCDA) has purchased Oceanaire, a multifamily property located at 150 W. Ocean Blvd. in Long Beach. Waterford, as property administrator, acquired the property with CSCDA for $120 million. The partnership plans to convert the 216-unit property into middle-income housing, with the acquisition being part of a workforce housing financing program CSCDA created in 2020. Using tax-exempt bond financing, CSCDA can purchase multifamily projects without the use of public subsidies to provide needed housing for the middle-income workforce demographic. With this purchase, the partnership will be able to lower rents for qualified existing and new residents making between 80 percent and 120 percent of area median income. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented the buyers in the transaction.

April 1, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

Chelsea Investment, Sudberry Properties Open $155M Affordable Housing Development at Civita in San Diego

by Amy Works March 31, 2021

SAN DIEGO — Chelsea Investment Corp. and Sudberry Properties have opened Siena affordable apartments for seniors and Stylus affordable apartments for families in Civita urban village, located in the Mission Valley area of San Diego. The adjacent properties are located on Russell Park Way between Civita Boulevard and Friars Road. The $155 million project is one of the largest new affordable housing projects in San Diego County and brings the total of affordable apartments in Civita to 456. Civita is the redevelopment of a 79-year-old sand and gravel quarry into a sustainable, transit-oriented village. Siena features 103 apartments for seniors in earning 30 percent to 60 percent of area median income (AMI). The one- and two-bedroom units range from 540 square feet to 783 square feet, with rents starting at $468 per month. Stylus offers 203 two- and three-bedroom apartments for families earning 50 percent to 60 percent of AMI. The units range from 770 square feet to 1,040 square feet, with rents starting at $1,037 per month. Additionally, Stylus features 37,000 square feet of ground-floor retail space, which LA Fitness will occupy. Each apartment community has its own clubroom with kitchen, on-site management, computer lab, laundry facilities on each …

March 31, 2021

California Loans Multifamily Seniors Housing Western

NorthMarq Arranges $31M Refinancing for Seniors Housing Property in Rancho Cucamonga, California

by Amy Works March 31, 2021

RANCHO CUCAMONGA, CALIF. — NorthMarq has arranged $31 million in refinancing for Merrill Gardens Rancho Cucamonga, a seniors housing property located at 9942 Highland Ave. in Rancho Cucamonga. Built in 2018 on 4.2 acres, the property features 112 independent living, assisted living and memory care units. Stuart Oswald and Gordan Mickelson of NorthMarq secured the permanent, fixed-rate loan for the borrower through its relationship with a correspondent life insurance company. The loan, structured prior to stabilization, was structured with a five-year term on a 30-year amortization schedule. The property is a joint venture between Merrill Gardens and AEW Capital Management LP.

March 31, 2021

California Development Loans Multifamily Seniors Housing Western

JLL Capital Markets Arranges Development Financing for 92-Unit Seniors Housing Project in Santa Rosa, California

by Amy Works March 29, 2021

SANTA ROSA, CALIF. — JLL Capital Markets has arranged financing for development of The Lodge at Piner Road, a 92-unit seniors housing community. Blue Mountain Enterprises and Calson Management are developing the property, located in Santa Rosa, part of Sonoma County. Although the amount of the financing was undisclosed, it represents a 75 percent loan-to-cost ratio. A private lender provided the funds. The Class A property will total 37,762 square feet and consist of 66 assisted living units and 26 private memory care units. The property is adjacent to both a local bus stop and a Sonoma-Marin Rail Transit (SMART) station, which was recently completed in 2017, to allow connectivity to both Santa Rosa and San Francisco. Bercut Smith led the JLL Capital Markets team in the financing.

March 29, 2021

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