California

Faris Lee Arranges $28.3M Break-Up Strategy of Signal Hill Gateway Retail Center Near Long Beach

by Amy Works April 30, 2021

SIGNAL HILL, CALIF. — Faris Lee Investments has completed the break-up strategy of Signal Hill Gateway, a retail property in Long Beach, to four different buyers for a total of $28.3 million. Prior to listing, the urban infill property was divided into four product categories, including big box parcels, quick-service restaurant and daily needs strip, a sit-down restaurant and a drive-thru fast-food restaurant. Scott DeYoung and Jeff Conover of Faris Lee Investments represented the seller in the deal, Signal Hill Petroleum. The company will retain ownership of a one-acre parcel within the shopping center that contains active oil wells and drill sites. An undisclosed buyer in a 1031 exchange acquired the three-tenant big box parcel, which includes Ross Dress for Less, Petco and Dollar Tree, at 99.2 percent of the listing price. Another undisclosed buyer in a 1031 exchange purchased the quick-service restaurant and daily needs parcel, which includes Starbucks Coffee, Chipotle, T-Mobile and Bank of America ATM, for 99.5 percent of the list price. The sit-down restaurant parcel features an Applebee’s Grill + Bar parcel, which is under an absolute triple-net ground lease and operated by an entity of Flynn Restaurant Group. The parcel sold for a 5.1 percent …

April 30, 2021

Arizona California Company News Top Stories Western

Realty Income Agrees to Acquire VEREIT in All-Stock Transaction, Create $50B REIT

by Julia Sanders April 30, 2021

SAN DIEGO and PHOENIX — Realty Income Corp. (NYSE: O), a San Diego-based real estate investment trust active in the net lease sector, has agreed to acquire VEREIT (NYSE: VER), a Phoenix-based real estate investment trust in the single-tenant net lease sector. The all-stock transaction will create a combined company dominant in the net lease space with an enterprise value of approximately $50 billion, making it one of the largest real estate investment trusts. VEREIT shareholders will receive 0.705 shares of Realty Income stock for every share of VEREIT stock they own. After the merger agreement closes, the combined company — operating as Realty Income — plans to create a taxable spin-off of substantially all of the office properties of both companies into a new, self-managed, publicly traded REIT known as SpinCo. Realty Income and former VEREIT shareholders are expected to own about 70 percent of Realty Income and 30 percent of SpinCo. “This is a huge game changer for the REIT market,” says Scott Merkle, managing partner of SLB Capital Advisors, which specializes in net lease transactions. “It creates the sixth largest REIT, makes Realty Income multiples larger than the nearest net lease competitor, and allows them to become …

April 30, 2021

California Development Multifamily Student Housing Western

HighBridge Properties Starts Construction of 706-Bed Student Housing Community Near the University of California, Davis

by Amy Works April 29, 2021

DAVIS, CALIF. — HighBridge Properties has started construction of The Ryder on Olive, a 706-bed development near the University of California, Davis. The 260,000-square-foot community is set for delivery in August 2021 and will offer a mix of fully furnished two-, three-, four- and five-bedroom units. Shared amenities will include a fitness center, yoga room, study areas, game rooms, a swimming pool, karaoke room, dog park and a 24-hour micro-market offering food and drinks. The project’s development team includes partner Grand Peaks Development; general contractor Brown Construction; Humphreys & Partners Architects; and South Park Interiors. Asset Living will manage the community.

April 29, 2021

Acquisitions California Net Lease Retail Western

Marcus & Millichap Brokers $8.9M Sale of Walgreens-Occupied Property in Reseda, California

by Amy Works April 29, 2021

RESEDA, CALIF. — Marcus & Millichap has arranged the sale of a retail building located at 18430 Sherman Way in Los Angeles. A limited liability company sold the asset for $8.9 million. The buyer was an undisclosed limited liability company. Walgreens occupies the 14,900-square-foot property under a lease agreement until 2023. The buyer plans to redevelop the property – most likely to multifamily – upon lease expiration. The property allows for the development of up to 223 residential units. Brandon Michaels of Marcus & Millichap represented the seller and buyer in the deal.

April 29, 2021

California Hospitality Top Stories Western

Ohana Real Estate Sells 130-Room Montage Healdsburg Luxury Resort in California’s Wine Country for $265M

by Katie Sloan April 29, 2021

HEALDSBURG, CALIF. — Ohana Real Estate Investors has sold the Montage Healdsburg, a 130-room luxury hotel located within California’s Sonoma County wine country. Sunstone Hotel Investors Inc. (NYSE: SHO) bought the resort for $265 million, more than $2 million per key. Montage Healdsburg is a newly built, 258-acre resort situated within walking distance of downtown Healdsburg. The property offers bungalow-style guest rooms and suites alongside shared amenities including a full-service spa; multiple swimming pools; an archery range; pickleball courts; bocce ball; dining options including a multi-level main restaurant and an outdoor bar and grill overlooking the resort’s vineyards; and meeting and event space. The property also offers a number of 4,500-square-foot, move-in-ready residences titled Harvest Homes, which feature four bedrooms with bed-to-bath parity. Ohana will retain ownership of the residential parcels within the property, and has begun constructing homes and selling custom homesites affiliated with the resort. “This sale reflects the strong interest from investors in best-in-class, leisure-oriented resorts as the hotel industry begins to recover from the effects of the COVID-19 pandemic,” says James Cole, head of asset management at Ohana. Dentons was legal advisor to Ohana on the transaction. This disposition marks Ohana’s second sale of a hotel …

April 29, 2021

Affordable Housing California Loans Mixed-Use Multifamily Retail Western

George Smith Partners Secures $58M in Construction Financing for Mixed-Use Project in Culver City, California

by Amy Works April 28, 2021

CULVER CITY, CALIF. — George Smith Partners has secured $42 million in senior construction debt from a life insurance company capital provider and assisted in obtaining $16 million in preferred equity for a seven-story mixed-use development in Culver City. The borrower is GR Properties USA. The development will feature 139 apartments, including 14 affordable units, in a mix of studio, one- and two-bedroom layouts. Community amenities will include a swimming pool, clubhouse and fitness center, as well as 1,969 square feet of ground-floor retail space. Antonio Hachem of George Smith Partners led the team that secured the non-recourse construction financing for the borrower.

April 28, 2021

Affordable Housing California Development Multifamily Western

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

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