California

Murphy Development Starts Construction of Two Spec Industrial Buildings in San Diego’s Otay Mesa

by Amy Works March 9, 2021

SAN DIEGO — San Diego-based Murphy Development Co. has commenced construction of two speculative industrial assets – Buildings A and C – at Brown Field Technology Park, a 52-acre corporate industrial and office park in San Diego’s Otay Mesa area. Completion of the two buildings is slated for the third quarter of this year. The 105,150-square-foot Building A and the 123,913-square-foot Building C will both feature 32-foot clear heights, 4,000 amps of 277/480 power, manufacturing sewer and water capacity, ESFR sprinklers, concrete truck courts, wide column spacing and high dock door ratios designed for distribution users. The buildings can accommodate a variety of user requirements ranging from 50,000 square feet to 229,063 square feet. Andy Irwin, Ryan Spradling and Greg Lewis of JLL are overseeing leasing of the two buildings.

March 9, 2021

Acquisitions California Office Top Stories Western

Kilroy Realty Agrees to Sell Dropbox-Anchored Office Campus in San Francisco for $1B

by John Nelson March 9, 2021

SAN FRANCISCO — Kilroy Realty Corp. (NYSE: KRC) has agreed to sell The Exchange on Sixteenth, a 750,000-square-foot office campus located at 1800 Owens St. in San Francisco’s Mission Bay neighborhood. The buyer was not disclosed, but the San Francisco Chronicle reported it was KKR, a private equity firm based in New York. The agreed purchase price is a little more than $1 billion, equating to approximately $1,440 per square foot. Kilroy Realty says this is the highest per-square-foot sales price for a “major property” in the history of San Francisco’s commercial real estate market. The Chronicle reports the sale represents the second largest transaction for a single property in the city’s history. “This transaction demonstrates that quality assets in quality locations remain highly attractive to buyers, and in this case generated a record price,” says John Kilroy, chairman and CEO of Kilroy Realty. Software storage giant Dropbox Inc. (NASDAQ: DBX) signed a 15-year lease for its corporate headquarters at the campus in 2017. The San Francisco Business Times reported last summer that the company listed 270,000 square feet of its space at the campus for sublease as the COVID-19 pandemic caused most of its staff to work remotely. Kilroy …

March 9, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

USA Properties Fund Starts Construction of $80M Affordable Seniors Housing Community in Los Angeles

by Amy Works March 8, 2021

LOS ANGELES — USA Properties Fund Inc. has started construction of Vintage at Woodman, a 239-unit affordable seniors housing community in the Panorama City neighborhood of Los Angeles. Units will be restricted to residents at least 55 years old that meet a range of income limits, via the California Housing Finance Agency’s Mixed-Income Program. Vintage at Woodman is the first USA Properties project to use the Mixed-Income Program. With the Mixed-Income Program, renters earning 50 percent to 80 percent of the area median income — about $45,000 to $72,000 for a two-person household leasing a one-bedroom apartment — could qualify for Vintage at Woodman. “Vintage at Woodman is an example of the type of development that is key to addressing the housing crisis facing Los Angeles County and the entire state,” says Tia Boatman Patterson, executive director of the California Housing Finance Agency (CalFHA). CalHFA issued tax-exempt bonds and provided subsidy funds through its Mixed-Income Program for the project. “The mix of incomes in this project allows local residents to improve their financial and housing situations while staying at home in their community,” adds Patterson. The five-story apartment community, featuring one- and two-bedroom units, is scheduled for completion in spring …

March 8, 2021

Acquisitions California Multifamily Western

TMG Brokers $29.2M Sale of Park West Apartment Homes in Fresno

by Amy Works March 8, 2021

FRESNO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Park West Apartment Homes, a multifamily community located in Fresno in California’s Central Valley. A Southern California-based seller sold the asset to a Southern California-based private capital investor for $29.2 million. Built in 1973 on 23 acres, Park West Apartments features 256 units, two swimming pools and spas, tennis courts, basketball courts, garages, covered parking, a leasing center, clubhouse with kitchen facilities, laundry facilities and a commercial building that is leased to a day care center. Alex Mogharebi, Otto Ozen, Robin Kane and Brenda Kane of TMG represented the seller in the deal.

March 8, 2021

Acquisitions California Office Top Stories Western

CIM Group Sells Uptown Station Office Building in Oakland for $419M

by Taylor Williams March 8, 2021

OAKLAND, CALIF. — Los Angeles-based investor and developer CIM Group has sold Uptown Station, a 397,000-square-foot office building in Oakland. Local media outlets including the East Bay Times report that the sales price was $419 million, and that the property sold to Mapletree Investments, which is based in Singapore. The price equates to roughly $1,057 per square foot, which the Times reports would be a record for an Oakland office building. Newmark brokered the deal. Square Inc., a locally based provider of financial services like mobile payments that is headed by Twitter founder Jack Dorsey, occupies the entire eight-story building. The property was originally built in 1929 to house a Sears department store. CIM Group acquired the asset in December 2017 from Uber, which was in the process of redeveloping the building into an urban office campus. Uptown Station is situated at the nexus of three arteries — Broadway, Telegraph Avenue, and 20th Street — in Oakland’s Uptown district. The property is located directly above a BART station, offers outdoor roof decks and includes 35,000 square feet of retail space that is leased to Shake Shack and One Medical. “CIM Group delivered on its vision for Uptown Station, bringing a …

March 8, 2021

California Development Mixed-Use Top Stories Western

Pacific Equity Properties Receives $130M Construction Financing for Mixed-use Development in Malibu, California

by Julia Sanders March 5, 2021

MALIBU, CALIF. — Pacific Equity Properties Inc. has received $130 million in construction financing for Cross Creek Ranch Malibu, a 112,000-square-foot mixed-use development in Malibu, a beach city just west of downtown Los Angeles. Cross Creek Ranch is the largest development to be approved since Malibu incorporated in 1991, according to the developer. The property will offer 70,000 square feet of retail and restaurant space, including 10,000 square feet of interior dining, and 42,000 square feet of Class A office space. More than 80 percent of Cross Creek Ranch’s 12.9-acre grounds will be dedicated to landscape architecture, water treatments and gathering places. The development will also feature subterranean and perimeter surface parking. The project is slated for completion in 2023. “As opposed to focusing exclusively on the shopping experience of the center, we have put an emphasis on the communal aspect of Cross Creek Ranch. Our aim is to create an intimate, rural village atmosphere,” says Bryan Gordon, CEO of Pacific Equity Properties. The site is located near shopping destinations such as Malibu Country Mart, Malibu Village, The Park at Cross Creek and Malibu Lumber Yard, immediately adjacent to a new expansion campus of Santa Monica College. Integrated Capital Management …

March 5, 2021

California Industrial Loans Self-Storage Western

Gantry Arranges $364M in Refinancing for Ezralow’s 15-Property Self-Storage, Industrial Portfolio in California

by Amy Works March 5, 2021

CALABASAS, CALIF. — Gantry has arranged a total of $364 million in long-term refinancing for Calabasas-based The Ezralow Co. for 15 separate self-storage and industrial assets in California. Paige Serden, Peter Welsh, Braden Turnbull and Josh Natker of Gantry’s Los Angeles production office structured the loans, which were sourced from four separate life insurance companies, three of which are Gantry’s correspondent lenders. Totaling 1.75 million square feet, the 12 Price Self Storage-operated properties are located in Los Angeles, Orange, San Diego, Ventura, Riverside, San Bernardino and Contra Counties. The three industrial properties offer a total of 428,000 square feet of multi-tenant space in Southern California.

March 5, 2021

Acquisitions California Multifamily Seniors Housing Western

CareTrust REIT Acquires Four Seniors Housing Properties in California for $126.1M

by Amy Works March 5, 2021

CAMARILLO, CARLSBAD, RANCHO MIRAGE AND SAN JUAN CAPISTRANO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has purchased four continuing care retirement communities (CCRCs) in the upscale Southern California submarkets of Camarillo, Carlsbad, Rancho Mirage and San Juan Capistrano. The campuses, which hotelier Marriott International Inc. originally developed between 1999 and 2000, total 637 assisted living, skilled nursing and memory care beds. CareTrust’s initial investment in the four rental CCRCs, inclusive of capital expenditure commitments and transaction costs, was approximately $126.1 million. Bayshire Senior Communities, an existing CareTrust tenant based in San Diego, will lease and operate the Rancho Mirage and Carlsbad campuses under an amendment to Bayshire’s existing master lease. Aspen Skilled Healthcare, based in Laguna Niguel, will lease and operate the San Juan Capistrano and Camarillo campuses under a new 15-year master lease with CareTrust. Aggregate annual cash rent for the first year is approximately $8.6 million, increasing to $9.4 million in the second year with CPI-based annual escalators thereafter. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Evans Senior Investment represented the seller, an institutional owner, in the transaction.

March 5, 2021

Acquisitions California Office Western

Crusader Insurance Sells 46,889 SF Office Building in Calabasas, California

by Amy Works March 4, 2021

CALABASAS, CALIF. — Crusader Insurance Co. has completed the sale of a two-story office building located at 26050 Mureau Road in Calabasas. An undisclosed buyer acquired the asset for $12.7 million, or $271 per square foot. Built in 1997, the 46,899-square-foot building features a training center, boardrooms, fitness center, server rooms, employee lounge, outdoor patio, elevator and 157 parking spaces. Jay Rubin and Eugene Kim of Lee & Associates represented the seller, while Craig Miller and Todd Cobin of Stone Miller represented the seller in the deal.

March 4, 2021

LogistiCenter-Park-Meridian-Riverside-CA

California Industrial Leasing Activity Western

Global One Logistics to Occupy 262,260 SF LogistiCenter at Park Meridian in Riverside, California

by Amy Works March 4, 2021

RIVERSIDE, CALIF. — Global One Logistics has inked a deal to lease LogistiCenter at Park Meridian in Riverside. The third-party warehousing and distribution specialist serving the home fashion and apparel industry will occupy the Class A building located at 21822 Opportunity Way in the Inland Empire East submarket. The property totals 262,260 square feet. Phil Lombardo, Chuck Belden, Andrew Starnes and Cruise Adams of Cushman & Wakefield represented the landlord, Dermody Partners, in the lease.

March 4, 2021

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