California

R.D. Olson Breaks Ground on 64-Unit Affordable Housing Community in South Los Angeles

by Amy Works April 28, 2021

LOS ANGELES — R.D. Olson Construction has broken ground for West Terrace, a sustainable affordable multifamily property located at 6576 Southwest Blvd. in South Los Angeles. R.D. Olson is partnering with A Community of Friends, a nonprofit developer, and FSY Architects for the project. Totaling 52,300 square feet, West Terrace will offer 14 studio, 29 one-bedroom and 20 two-bedroom units, plus one three-bedroom unit. On-site amenities will include a community room, laundry facilities, barbecue grills, a playground, bike storage, an interior courtyard and community garden. Completion is slated for summer 2022.

April 28, 2021

Acquisitions California Office Western

Pac West Office Equities Sells Office Park in Sacramento to Nome Capital Partners for $57.5M

by Amy Works April 27, 2021

SACRAMENTO, CALIF. — Pac West Office Equities has completed the disposition of a two-building office park located at 1625 and 1747 N. Market in Sacramento. San Francisco-based Nome Capital Partners acquired the asset for $57.5 million. Situated on 22.9 acres, the 315,372-square-foot property was 99 percent leased to the California Department of Consumer Affairs. The acquisition also includes 4.6 acres of excess land for potential development.

April 27, 2021

Affordable Housing California Loans Multifamily Seniors Housing Western

Greystone Provides $29.9M in HUD-Insured Financing for Affordable Housing Property in Pomona, California

by Amy Works April 27, 2021

POMONA, CALIF. — Greystone has provided a $29.9 million HUD-insured loan to refinance Serenity Villas, a 174-unit affordable seniors housing property in Pomona. Shana Daby, a managing director with Greystone, originated the transaction on behalf of AMCAL. The Section 223(f) loan refinances the property at a fixed rate with a 35-year term and amortization. Loan proceeds also enable the borrower to make capital improvements and set up a debt service reserve, as well as monetize existing equity in the property. Originally constructed by the borrower in 2002, Serenity Villas is an age- and income-restricted apartment community for adults aged 55 years and older. Set across six mid-rise elevator buildings, the property offers one- and two-bedroom units, including Section 8 voucher units.

April 27, 2021

Acquisitions California Industrial Western

Westcore Buys 108,927 SF Warehouse in Southern California for $16M

by Amy Works April 27, 2021

TEMECULA, CALIF. — Westcore has purchased a warehouse building located at 28381 Vincent Moraga Drive in Temecula. A private party sold the asset for $16 million. The 108,927-square-foot property features 40- to 42-foot clear heights and an existing in-rack sprinkler system. The 6.6-acre site offers ample dock-high loading and a fully fenced and secured truck yard. The buyer plans to make several cosmetic and deferred maintenance improvements to the property, including new paint, drought-tolerant landscaping, a new roof and skylights, and interior enhancements to the existing office space. Randy Lockhard of Newmark represented Westcore, while the seller was self-represented in the deal.

April 27, 2021

Acquisitions California Multifamily Top Stories Western

Waterford, Development Authority Jointly Acquire Metro LA Apartments for $300M, Plan Workforce Housing Conversion

by Amy Works April 27, 2021

GLENDALE, CALIF. — Waterford Property Co., in partnership with the California Statewide Communities Development Authority (CSCDA), has purchased Altana, an apartment community located at 633 N. Central Ave. in Glendale, for $300 million. The partnership plans to convert the 507-unit property to workforce housing. Upon taking ownership, Waterford and CSCDA will immediately lower rents for qualified new residents making 80 percent to 120 percent of the area median income (AMI) in Los Angeles County. Current tenants who qualify can participate in the program during lease renewals. The AMI for Los Angeles County is $52,574 annually, which translates to roughly $4,381 per month. To be considered affordable, a household would need to spend less than 30 percent of its monthly income on rent. For Los Angeles County and Glendale, this means that rents equal to or less than $1,314.30 per month are deemed affordable for households earning 100 percent of AMI. Rental rates at Altana currently range from $2,235 per month for a one-bedroom unit to $4,340 for a two-bedroom apartment and loft layout, according to the property website. In partnership with CSCDA, Waterford has now acquired four multifamily communities in California since the start of the year as part of …

April 27, 2021

California Company News Restaurant Retail Western

Chipotle Reports 133.9 Percent Digital Sales Growth for First-Quarter 2021

by Amy Works April 23, 2021

NEWPORT BEACH, CALIF. — Chipotle Mexican Grill (NYSE: CMG) has reported its financial results for the first quarter, ended March 31, 2021, with digital sales growing 133.9 percent year-over-year to $869.8 million. Digital sales accounted for 50.1 percent of overall sales for the Newport Beach-based fast-casual restaurant chain. Chipotle’s revenue increased 23.4 percent to $1.7 billion compared to first-quarter 2020, with comparable restaurant sales increasing 17.2 percent. Additionally, the company reported opening 40 new restaurants and closing five restaurant locations, bringing the total restaurant count to 2,803, with 26 of the new locations offering a “Chipotlane” drive-thru option. As of March 31, Chipotle has nearly $1.2 billion in cash, investments and restricted cash, and no debt. The company also has access to a recently refinanced $500 million untapped credit facility with which to continue to navigate the COVID-19 pandemic. Net income for the restaurant was $127.1 million, an increase from $76.4 million in first-quarter 2020. “Chipotle is off to a great start in 2021 thanks to our employees and their incredible level of collaboration and tireless dedication,” says Brian Niccol, chairman and CEO of Chipotle. “As vaccines roll out and we get closer to moving past this pandemic, I believe …

April 23, 2021

Acquisitions California Retail Western

Faris Lee Brokers $2.9M Sale of Retail Property in Los Angeles’ Los Feliz Neighborhood

by Amy Works April 23, 2021

LOS ANGELES — Faris Lee Investments has arranged the sale of a freestanding retail building located at 1824 Hillhurst Ave. in Los Feliz, a neighborhood in Los Angeles. The asset sold for $2.9 million. The names of the seller and buyer were not released. Situated at the intersection of Hillhurst and Russell avenues, the property features a private parking lot and patio space.Tyler Strauss and Jeff Conover of Faris Lee Investments represented the seller in the deal. The property formerly house Ample Hills Creamery, which closed its doors in early 2020, according to Eater LA.

April 23, 2021

Acquisitions California Office Western

Longfellow Real Estate Buys Office Campus in San Mateo from Rubicon Point Partners for $156M

by Amy Works April 22, 2021

SAN MATEO, CALIF. — Longfellow Real Estate Partners has purchased San Mateo Bay Center, a two-building office campus located at 901 and 951 Mariners Island Blvd. in San Mateo. Rubicon Point Partners sold the asset for $156 million. Steven Golubchik, Edmund Najera, Jonathan Schaefler, Darren Hollak and Jack Phipps of Newmark represented the seller in the deal. Totaling nearly 250,000 square feet, the campus is currently 88 percent occupied with substantial near-term rollover of 198,000 square feet in the first three years, enabling a conversion to life sciences space for the buyer. The campus has received more than $17 million in capital improvements since 2015, including multiple outdoor amenity spaces, a ground-floor café, onsite fitness center, creative exposed ceilings in tenant areas, HVAC renovations, lobby upgrades and parking lot resurfacing.

April 22, 2021

Acquisitions California Multifamily Seniors Housing Western

Avanath Capital Acquires Seniors Housing Community in Anaheim Hills for $87.5M

by Amy Works April 20, 2021

ANAHEIM HILLS, CALIF. — Avanath Capital Management has purchased Overlook at Anaheim Hills, a seniors housing property located at 145-235 S. Festival Drive in Anaheim Hills. An undisclosed seller sold the property for $87.5 million. Built in 2001, Overlook consists of seven two- and three-story garden-style buildings offering a total of 261 units with an average unit size of 751 square feet. Community amenities include a community center, clubhouse, business center, pool, spa, fitness center and billiard room. At the time of sale, the property was nearly 100 percent occupied. Avanath plans to implement a variety of capital improvements to the property, including renovating the clubhouse and community spaces, adding a dog park and implementing sustainability initiatives to reduce the property’s carbon footprint and generate energy savings.

April 20, 2021

California Loans Multifamily Western

Ready Capital Closes $6.9M in Financing for Multifamily Property in Los Angeles

by Amy Works April 20, 2021

LOS ANGELES — Ready Capital has closed $6.9 million in financing for the acquisition, renovation and stabilization of an apartment community located in the Van Nuys submarket of Los Angeles. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to renovate all 23 units. Renovations will include repairing flooring, upgrading cabinets, upgrading electrical and plumbing, and installing new appliances. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.

April 20, 2021

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