California

Anton DevCo Breaks Ground on 205-Unit Anton Pacific Apartments in Downtown Santa Cruz

by Amy Works February 26, 2021

SANTA CRUZ, CALIF. — Anton DevCo has started construction of Anton Pacific, a 205-unit multifamily property located at the corner of Pacific Avenue and Laurel Street in downtown Santa Cruz. The development will feature 48 studio, 98 one-bedroom and 59 two-bedroom layouts, a rooftop deck, spa, fitness center and fire pits. The rooftop deck will offer fireside seating, dining areas and barbecue grills, as well as a 1,300-square-foot indoor lounge with kitchen and bar. The property will also feature 11,000 square feet of ground-floor retail space with two-story-high ceilings and outdoor patio areas to accommodate sidewalk dining. Anton Building Co. is serving as general contractor for the project, which is slated for completion in 2023.

February 26, 2021

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment Group Arranges $2.6M Sale of New Starbucks-Occupied Property in Rancho Cordova

by Amy Works February 26, 2021

RANCHO CORDOVA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, single-tenant retail property located within Zinfandel Village, a shopping center in Rancho Cordova. An Orange County-based private investor acquired the property from Irvine-based Pacific Castle Management for $2.6 million. Starbucks Coffee occupies the 2,200-square-foot freestanding building with a drive-thru, which is located at 2875 Zinfandel Drive. Other tenants at Zinfandel Village include Grocery Outlet, Pizza Hut, Burger King, Popeyes, Lumber Liquidators, Little Caesars, Skechers and Sourdough & Co. Bill Asher and Kevin Fryman of Hanley Investment represented the seller, while Eric Reuveni of Encino-based Los Angeles Commercial Real Estate Group represented the buyer in the deal.

February 26, 2021

California Retail Western

Fry’s Electronics Permanently Closes Business Operations, Shuttering 31 Stores, Online Presence

by Amy Works February 24, 2021

SAN JOSE, CALIF. — San Jose-based Fry’s Electronics has decided to shut down its operations and close business permanently as a result of changes in the retail industry and challenges created by the COVID-19 pandemic. After nearly 36 years as a one-stop shop and online resource for high-tech consumers, Fry’s says it will implement a shutdown of its 31 stores across nine states through a wind-down process that will be in the best interests of the company, its creditors and other stakeholders. Fry’s ceased regular operations and began the closing process today. The intentions of the wind-down process are to reduce costs, avoid additional liabilities, minimize the impact to customers, vendors, landlords and associates, as well as maximize the value of the company’s assets for its creditors and stakeholders. Currently, Fry’s is in the process of reaching out to its customers with repairs and consignment vendors to help them understand the closing process and the proposed next steps.

February 24, 2021

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $17.2M Sale of The Encore Apartment Building in Pasadena

by Amy Works February 24, 2021

PASADENA, CALIF. — Marcus & Millichap has arranged the sale of The Encore, a multifamily building located at 712 E. Walnut St. in Pasadena’s Playhouse District. A foreign investor acquired the property for $17.2 million. Built in 2004, The Encore features 28 apartments and two ground-floor commercial units. All apartments offer in-unit washers/dryers and most feature a balcony. Additionally, the building offers gated parking, an elevator and an interior courtyard. Gayle Factor of Marcus & Millichap’s Encino, Calif., office represented the seller in the transaction.

February 24, 2021

Acquisitions California Industrial Western

RPG, CenterSquare Acquire 203,000 SF Value-Add Industrial Property Near San Diego

by Amy Works February 24, 2021

VISTA, CALIF. — A joint venture between RPG and CenterSquare has purchased an industrial property located at 1 Viper Way in Vista. San Francisco-based Stockbridge sold the asset for an undisclosed price. The buyers plan to implement a comprehensive repositioning plan to modernize the 203,000-square-foot property to appeal to industrial tenants throughout the region. Planned improvements include the addition of nine dock-high doors and five grade-level doors, as well as a reduction of office and mezzanine space, to appeal to last-mile industrial users. The property features 28-foot clear heights, heavy power and dock loading options. At the time of purchase, the property was vacant, having previously served as headquarters for an automotive technology company for 20 years. Aric Starck and Bill Cavanagh of Cushman & Wakefield represented the seller in the transaction.

February 24, 2021

Acquisitions California Mixed-Use Office Retail Western

4S Bay Partners Acquires Redevelopment Site in Baldwin Hills Crenshaw Corridor of Los Angeles for $24M

by Amy Works February 23, 2021

LOS ANGELES — Chicago-based 4S Bay Partners has purchased a 1.8-acre land parcel at 3701 W. Stocker St. in the Baldwin Hills Crenshaw Corridor of Los Angeles. Sticks Holdings LLC and an affiliate of Optimus Properties sold the asset for $24 million. James Daughrity of Daughrity Real Estate represented the buyer and seller in the deal. The property is located in a designed Opportunity Zone with a transit-oriented development designation, which allows for pedestrian-friendly and community-serving uses. The parcel currently contains a 45,000-square-foot, four-story office structure, which was built in 1954. Additionally, the site is in proximity to the planned Metro Crenshaw/LAX light rail transit line. The buyer previously purchased 3731, 3741, 3751 and 3761 W. Stocker St. all within the Baldwin Hills Crenshaw Corridor. Los Angeles-based Pantheon Business Consulting will manage the development of the sites. Potential development plans include a multi-use film studio, entertainment campus and business incubator redevelopment project in line with 4S Bay Partners’ social impact and community development mission to increase economic development within underserved and urban communities. According to 4S Bay, the project’s vision is to partner with creatives, thought-leaders and non-profits surrounding South Los Angeles to create economic opportunities and amplify storytelling about …

February 23, 2021

California Loans Multifamily Western

BridgeCore Capital Closes $5.1M Loan for Apartment Complex in Stockton, California

by Amy Works February 23, 2021

STOCKTON, CALIF. — BridgeCore Capital has closed a $5.1 million loan for a multifamily property in Stockton. The undisclosed borrower required a non-recourse bridge loan to refinance the recently renovated apartment complex. Existing loans with the senior and multiple junior lien holders had matured and required a swift pay-off, as well as a new second trust deed loan to satisfy outstanding debt. The loan features a 12-month term, including one six-month extension option, which will allow the borrower to either execute an exit strategy through a sale or to refinance through a conventional lender for long-term financing.

February 23, 2021

Acquisitions California Multifamily Western

Colliers Negotiates $43M Sale of Historic Keystone Apartments in San Francisco

by Amy Works February 22, 2021

SAN FRANCISCO — Colliers International has arranged the sale of Keystone Apartments, a multifamily property located in San Francisco’s Nob Hill neighborhood. A San Francisco-based family sold the asset to an undisclosed buyer for $43 million. Located at 1369 Hyde St., the seven-story building features 87 apartments in a mix of 13 efficiency units, one studio, 31 one-bedroom units, 35 two-bedroom units and six two-bedroom “plus” units. At the time of sale, the property was 20 percent vacant. The property is historically and culturally significant to San Francisco as it appeared in the 1982 film 48 Hours starring Eddie Murphy and Nick Note, and has served as a general landmark for the city since its opening in 1910. The Keystone Apartments name is derived from its original developer, Keystone Real Estate Co., which developed the property as a hotel. The Devincenti Lagomarsino Team of Colliers, led by Dustin Dolby, represented the seller in the transaction.

February 22, 2021

California Development Industrial Western

McShane Construction Breaks Ground on 481,500 SF Distribution Center for Black Creek Group in Richmond, California

by Amy Works February 19, 2021

RICHMOND, CALIF. — McShane Construction Co. has broken ground for the development of 500 Pittsburg Avenue, an industrial project located in Richmond. Owned by Black Creek Group, the development will feature a 481,500-square-foot distribution center situated on a 34-acre site near the intersection of Pittsburg Avenue and Richmond Parkway. The facility will include concrete tiltwall panel exterior with storefront windows, 36-foot clear heights, 84 truck doors, four drive-in doors, seven-inch concrete slab floors and ESFR sprinklers. For the first phase of the project, McShane completed extensive ground improvements, including wick drains, deep dynamic compaction and grading. The company will also widen Richmond Parkway and Pittsburg Avenue and add turn lanes and traffic signals. HPA is serving as architect of record for the project, which is slated for completion in November 2021.

February 19, 2021

Acquisitions California Retail Western

Nazareth Enterprises Buys Retail Property in Downtown San Mateo for $7.3M

by Amy Works February 19, 2021

SAN MATEO, CALIF. — Nazareth Enterprises has acquired a retail building located at 616 S B St. in San Mateo for $7.3 million. The San Mateo-based company is planning to redevelop the 7,500-square-foot building, which is currently leased by Kelly-Moore Paint, into a mixed-use property. Richard Beale of Beale Properties represented the undisclosed sellers. Mitch Zeemont and Tony Kaufmann of Gantry arranged acquisition financing, which AvidBank provided.

February 19, 2021

Newer Posts

Older Posts