California

Turnbridge Equities, Waterford Property Co. Acquire City Place Long Beach Mixed-Use Property in Southern California

by Amy Works March 18, 2021

LONG BEACH, CALIF. — A partnership between Turnbridge Equities and Waterford Property Co., along with Monument Square Investment Group, has purchased City Place Long Beach, a 14-acre, large-scale, open-air, mixed-use development in downtown Long Beach. The partnership first acquired the loan on the asset at the end of 2020 and now reached an agreement to take over ownership of the property. Originally the site was Long Beach Plaza Mall, an enclosed shopping mall that was built in 1982 and demolished in 2002 to make way for City Place. The partnership is now reinventing the property as a mixed-use development with retail, office, restaurant and entertainment spaces, as well as working to immediately stabilize the asset.

March 18, 2021

Acquisitions California Net Lease Retail Western

Marcus & Millichap Negotiates $22.5M Sale of Smart & Final Grocery Store Location in Westlake Village, California

by Amy Works March 18, 2021

WESTLAKE VILLAGE, CALIF. — Marcus & Millichap has arranged the sale of an asset occupied by a Smart & Final grocery store in Westlake Village, a suburb of Los Angeles. The triple-net-leased asset sold for $22.5 million, or $448 per square foot. The property totals 50,242 square feet with Smart & Final as the main tenant. However, 12,500 square feet is subleased to Dollar Tree on a 10-year, triple-net lease, with Smart & Final responsible for all aspects of the lease. Lior Regenstreif of Marcus & Millichap represented the seller, Riverside Villas LLC, in the transaction.

March 18, 2021

Acquisitions California Retail Western

Forward One Buys CVS-Occupied Property in La Verne, California for $7.7M

by Amy Works March 18, 2021

LA VERNE, CALIF. — California-based Forward One has purchased a retail property located at 1479 Foothill Blvd. in La Verne, a suburb of Los Angeles. New Jersey-based Arctrust, a private REIT, sold the asset for $7.7 million in an off-market transaction. CVS/pharmacy anchors the 26,500-square-foot building, which is situated on 1.6 acres. Anton Qiu of Anchor Pacific Capital represented the buyer, while David Kern of The Mansour Group represented the seller in the deal.

March 18, 2021

Acquisitions California Net Lease Restaurant Retail Western

JLL Arranges $4.3 Million Sale of Retail Building in Long Beach, California

by Amy Works March 18, 2021

LONG BEACH, CALIF. — JLL Capital Markets has arranged the $4.5 million sale of a newly constructed, 1,839-square-foot retail building at 5865 E. Spring St. that is triple-net leased to The Coffee Bean & Tea Leaf in Long Beach. Adam Friedlander of JLL marketed the property on behalf of the seller, Pacific West Property Group Inc. An undisclosed private investor acquired the property in an all-cash transaction as part of a 1031 exchange. Alan Wong of DAAG Developments acted as the buyer’s consultant. Situated 20 miles south of downtown Los Angeles, The Coffee Bean & Tea Leaf was constructed in 2020 and features a drive-thru along with an outdoor patio that can accommodate up to 90 customers.

March 18, 2021

Acquisitions California Retail Western

Buchanan Street Partners Acquires Showroom Retail Center in Orange County for $24M

by Amy Works March 17, 2021

FOUNTAIN VALLEY, CALIF. — Newport Beach, Calif.-based Buchanan Street Partners has purchased E405 Euclid Shops, a showroom retail center located at 18225 to 18349 Euclid St. in Fountain Valley. A Southern California-based family trust sold the asset for $24 million. Situated on 4.9 acres, the property features 91,517 square feet of flexible showroom and retail space. Current tenants include Sherwin-Williams, Guitar Center and Cort Furniture. Matthew Mousavi, Patrick Luther and Rich Walter of SRS National Net Lease Group represented the buyer and seller in the deal.

March 17, 2021

Acquisitions California Industrial Western

PPS Packaging Co. Sells 127,138 SF Industrial Building in Fowler, California

by Amy Works March 17, 2021

FOWLER, CALIF. — PPS Packaging Co. has completed the disposition of an industrial property located at 3189 Manning Ave. in Fowler. Esbenshade Partnership acquired the 127,138-square-foot building for an undisclosed price. Ethan Smith, Nick Audino and Kyle Riddering of Newmark Pearson Commercial, in cooperation with Graham & Associates and US Commercial, handled the transaction.

March 17, 2021

Acquisitions California Multifamily Western

JRK Property Holdings Buys Harrison Glendale Apartment Property in California for $90.7M

by Amy Works March 16, 2021

GLENDALE, CALIF. — JRK Property Holdings has acquired The Harrison Glendale, an apartment community located at 318 W. Wilson Ave. in downtown Glendale. A Las Vegas-based developer sold the asset for $90.7 million in an off-market transaction. Built in 2018, The Harrison Glendale features 164 apartments in a mix of studio, one- and two-bedroom layouts spread across two five-story LEED-certified buildings. The community offers a central courtyard with a resort-style pool, park and barbecue area. Additionally, the property features 15,100 square feet of ground-floor retail space occupied by CVS/pharmacy; a two-level, 239-stall subterranean garage; a two-level fitness center; yoga studio; club room; and dog run. The property also offers a rooftop deck with fire pits, barbecues and bar. At the time of sale, the asset was 96 percent leased. Dean Zander, Stewart Wilson and Chris Tresp of CBRE Los Angeles represented the seller in the deal. Robert Falese of Berkadia arranged acquisition financing with agency debt through Freddie Mac’s Green Advantage program for the buyer.

March 16, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

USA Properties Starts Construction of Two Adjacent Multifamily Communities in Simi Valley

by Amy Works March 16, 2021

SIMI VALLEY, CALIF. — USA Properties Fund has commenced construction on two apartment projects in Simi Valley. Totaling $114 million, the combined communities will offer a total of 311 mixed-income, multi-generational units to the area. Situated on nearly 13 acres, the projects are The Landing at Arroyo, a market-rate community, and Vintage at Sycamore, an affordable seniors housing community for residents at least 62 years old. The project is located on the former Rancho Simi Recreation and Park District’s headquarters at 1692 Sycamore Drive. Vintage at Sycamore will feature 99 apartments for seniors earning 50 percent to 70 percent of the area’s median household income. The property will offer one-bedroom units featuring energy-efficient appliances, a patio or balcony and laundry rooms on each of the three floors. The $32 million community will feature a clubroom, fitness center, computer center with WiFi and printers, swimming pool, an outdoor seating area with barbecues and a pet area. Completion of Vintage at Sycamore is slated for late 2021. County of Ventura, Calif., contributed a $3.5 million subsidy for the project. The Landing at Arroyo will offer 212 one-, two-, and three-bedroom apartments with stainless steel appliances, a kitchen island, in-unit washers/dryers, high-end flooring …

March 16, 2021

Acquisitions California Healthcare Seniors Housing Western

CareTrust REIT Purchases Buena Vista Care Center in Santa Barbara for $15.9M

by Jeff Shaw March 16, 2021

SANTA BARBARA, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Buena Vista Care Center, a 150-bed skilled nursing facility in the Southern California community of Santa Barbara. California-based Covenant Care Inc. will continue to operate the property under a long-term lease that CareTrust assumed in the off-market transaction. It represents the eighth property that CareTrust owns and Covenant operates. CareTrust’s total investment was approximately $15.9 million, inclusive of transaction costs. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Covenant Care has approximately four years left on its existing lease term, with two five-year renewal options. The lease currently carries approximately $1.5 million in annual cash rent with 3 percent annual escalators.

March 16, 2021

Conejo-Spectrum-Gateway-Thousand-Oaks-CA

California Development Industrial Western

Sares Regis to Develop 172,516 SF Conejo Spectrum Gateway Industrial Park in Thousand Oaks, California

by Amy Works March 15, 2021

THOUSAND OAKS, CALIF. — Irvine, Calif.-based Sares Regis Group has started construction of Conejo Spectrum Gateway, a two-building speculative industrial park at the intersection of Rancho Conejo Boulevard and Lawrence Drive in Thousand Oaks. The two new buildings will offer a total of 172,516 square feet of for-lease space between an 88,946-square-foot facility at 1515 Rancho Conejo Blvd. and an 83,570-square-foot building at 1489 Lawrence Drive. The 1515 Rancho Conejo building will offer a 5,554-square-foot office space, 17 dock-high doors, two ground-level doors, 30-foot clear heights, 1,200 amps (expandable), 277-480 volts, three-phase power, 201 parking stalls, 28 electric vehicle stalls and 17 bicycle parking stalls. The facility at 1489 Lawrence Drive will offer a 5,586-square-foot office area, 15 dock-high doors, two ground-level doors, 172 parking stalls, 11 electric vehicle stalls, 14 bicycle stalls, 1,200 amps, 299-480 volts and three-phase power. Grading is complete for the two buildings and vertical construction is underway. Both buildings are available for lease now and will be ready for tenant build-out in the third quarter. Tom Dwyer and Bennett Robison of CBRE represented Sares Regis Group.

March 15, 2021

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