California

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

California Industrial Loans Self-Storage Western

InSite Property Group Receives $140M Credit Facility for National Self-Storage Development Pipeline

by Amy Works March 15, 2021

LOS ANGELES — JLL Capital Markets has arranged a $140 million credit facility with the ability to expand up to $215 million for Los Angeles-based InSite Property Group. The facility will fund InSite’s development pipeline of Class A self-storage facilities across the nation. ACORE Capital provided the floating-rate loan, which was arranged by Bill Fishel, Matt Stewart and Chad Morgan of JLL Capital Markets, along with Brian Somoza, Steve Mellon and Griffin Guthneck of JLL’s national self-storage team. The financing is part of the InSite’s ongoing acquisition, development and repositioning strategy that includes a pipeline of 40 projects totaling nearly 5 million square feet of core, Class A product in infill markets across the United States. The company operates facilities under the Secure Space Self Storage brand.

March 15, 2021

Acquisitions California Net Lease Restaurant Retail Western

SRS Brokers $2.9M Sale of Starbucks-Occupied Property in Porterville, California

by Amy Works March 12, 2021

PORTERVILLE, CALIF. — SRS Real Estate Partners has arranged the sale of a freestanding, single-tenant retail building located at 421 Vandalia Ave. in Porterville. A Southern California-based owner and developer sold the asset to a California-based investor in a 1031 exchange for $2.9 million, or $960 per square foot. Built in 2008, the 2,992-square-foot property was originally an El Pollo Loco restaurant until it was renovated in 2020 for Starbucks Coffee, which occupies the property under a 10-year, triple-net lease. The building also features a drive-thru lane. Matthew Mousavi and Patrick Luther of SRS National Net Lease Group represented the seller, while Bryan Cifranic of Commercial Retail Associates represented the buyer in transaction.

March 12, 2021

259-267-S-San-Gabriel-Blvd-715-E-Broadway-San-Gabriel-CA

Acquisitions California NAI Retail Western

NAI Capital Arranges $2.9M Sale of Three-Building Retail Property in San Gabriel, California

by Amy Works March 11, 2021

SAN GABRIEL, CALIF. — NAI Capital Commercial has arranged the sale of a three-building retail asset located at 259-267 S. San Gabriel Blvd. and 715 E. Broadway in San Gabriel. San Gabriel Sash & Door Inc. sold the asset for $2.9 million, or $255 per square foot, to an undisclosed buyer. Totaling 11,712 square feet, the asset comprises three buildings on three separate parcels with frontage along both S. San Gabriel Boulevard and East Broadway, plus a parking lot. The property was partially leased at the time of sale. The seller plans to lease back 2,156 square feet of the property, while the new owner will occupy the vacant unit. Marie Taylor of NAI Capital Commercial’s Investment Services Group handled the transaction.

March 11, 2021

Acquisitions California Net Lease Retail Western

Faris Lee Investments Brokers $22.6M Sale of Central Plaza Shopping Center in Lake Elsinore, California

by Amy Works March 10, 2021

LAKE ELSINORE, CALIF. — Faris Lee Investments has arranged the $22.6 million sale of Central Plaza Shopping Center in Lake Elsinore, with the $2.8 million sale of ULTA Beauty as the last piece of the break-up strategy for asset. The seller was HFC/PRP Elsinore LLC. The names of the buyers were not released. The Faris Lee team arranged the sale of a total of seven different properties within the center to seven different buyers. The transactions include a single-tenant, net-leased Marshalls; a single-tenant, net-leased Panera Bread with drive-thru; a two-tenant pad occupied by Pieology and Ono Hawaiian BBQ; a single-tenant, net-leased Five Below; a single-tenant, net-leased Sketchers; a single-tenant, net-leased Miguel Jr.’s with drive-thru; and the single-tenant, net-leased ULTA Beauty. Situated on 7.3 acres, Central Plaza is a 66,000-square-foot retail center located at the junction of Interstate 15 and Central Avenue. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller in all the transactions.

March 10, 2021

Acquisitions California Healthcare Multifamily Seniors Housing Western

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

by Jeff Shaw March 10, 2021

March 10, 2021

Acquisitions California Retail Western

CBRE Negotiates $5.8M Sale of Grocery Outlet-Occupied Retail Property in Anaheim

by Amy Works March 10, 2021

ANAHEIM, CALIF. — CBRE has brokered the sale of a retail property located at 3430 W. Lincoln Ave. in Anaheim. Land Investments sold the asset to a Los Angeles-based private investor for $5.8 million. Grocery Outlet occupies the 26,414-square-foot building, which is situated on a two-acre lot. The asset is situated two miles south of Knott’s Berry Farm and six miles east of Disneyland. Alan Krueger and Vanessa Haddad of CBRE represented the buyer and seller in the transaction.

March 10, 2021

Pomona-College-Athletic-Recreation-Center-Claremont-CA

California Civic Development Western

C.W. Driver Breaks Ground on $43M Pomona College Athletic Center Expansion in Claremont, California

by Amy Works March 9, 2021

CLAREMONT, CALIF. — C.W. Driver Cos. has broken ground on a $43 million expansion of Pomona College’s Athletic and Recreation Center in Claremont. Located at 220 E. Sixth St., the 95,000-square-foot facility will provide additional space for the Pomona-Pitzer athletics program through a mix of renovations and new construction. Slated for completion by fall 2022, the facility will include 15,000 square feet of additional training and weight rooms, dedicated areas for cardio exercise, athletic department offices and expanded locker rooms. Enhancements to the center will include expanded variety and faculty locker rooms; a strength and conditioning center; additional training and conditioning space; an all-new, two-court practice and recreational gymnasium above the fitness area; three new team meeting rooms; individual offices for coaches and administrative staff; and equipment storage space. The center will be designed to achieve LEED Gold certification, with daylight shading devices to mitigate solar heat gain, HVAC systems that prioritize natural ventilation, rooftop photovoltaics and solar hot water. C.W. Driver Cos. is partnering with SCB Architects on the project.

March 9, 2021

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