California

St. Anton Communities Starts Construction of 196-Unit Affordable Housing Property in Santa Clara

by Amy Works January 19, 2021

SANTA CLARA, CALIF. — St. Anton Communities is developing St. Anton Tasman, a $100 million affordable housing community in Santa Clara. Located at 2233 Calle De Mundo, the property will feature 196 affordable units, with nearly 20 percent for very low-income tenants making up to 50 percent area median income (AMI) and the remaining units for low-income tenants making up to 80 percent AMI. The community is regulated to stay as affordable housing for at least 55 years. St. Anton Tasman will offer 153 studio units and 43 one-bedroom apartments, a podium deck, clubroom, fitness center, dog run and classroom/business center. Additionally, the community will offer services including instructor-led educational, health and wellness and skill-building classes. KTGY Architecture + Planning designed the six-story residential community, which is slated to open for occupancy in mid-2022. Bank of America provided primary construction and permanent financing for the project, with The Irvine Co. providing gap funding.

January 19, 2021

Acquisitions California Multifamily Western

Waterton Enters San Francisco Market, Buys 154-Unit Delphine on Diamond Apartment Community

by Amy Works January 19, 2021

SAN FRANCISCO — Waterton, a Chicago-based national real estate investor and operator, has purchased Delphine on Diamond, formerly known as eaves Diamond Heights, as its entry into the San Francisco market. Situated in the city’s Noe Valley neighborhood, Delphine on Diamond features 154 one-, two- and three-bedroom apartments spread across two podium buildings with subterranean parking. Waterton plans to renovate the community, which was built in 1972, including new siding and windows, landscaping, mechanical upgrades and updates to hallways, common areas and amenities. Additionally, units will be updated with new light fixtures, carpeting and faux wood flooring throughout, while kitchens will be outfitted with new cabinets, solid surface countertops and modern plumbing fixtures. The property is located at 5285 Diamond Heights Blvd. Terms of the acquisition were not released.

January 19, 2021

Acquisitions California Multifamily Seniors Housing Western

SLIB Arranges $7.8M Sale of FountainWood Lodge Assisted Living Community in Orangevale, California

by Amy Works January 19, 2021

ORANGEVALE, CALIF. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of FountainWood Lodge, a 90-unit assisted living and memory care community in Orangevale, a suburb of Sacramento. The community was built in 1981 and has undergone several renovations. The 63,930-square-foot building is located on six acres of land. The seller is a nonprofit owner-operator. A regional owner-operator acquired the property for $7.8 million. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction. “FountainWood Lodge has a great reputation in the local market, and the buyer plans on improving upon this as they take over,” says Goodsell. “This acquisition is a nice fit for the buyer, as they grow their portfolio and already successfully operate in the area.”

January 19, 2021

California Development Industrial Western

CRG, Bird Dog to Develop 5.5 MSF Industrial Park in Glendale, Arizona

by Amy Works January 18, 2021

GLENDALE, ARIZ. — CRG, in a joint venture with Phoenix-based Bird Dog Industrial, is developing The Cubes at Glendale, a 335-acre, up to 5.5 million-square-foot industrial park in at the intersection of Reems Road and Northern Avenue in Glendale. The first phase of the project includes the construction of a 1.2 million-square-foot speculative warehouse with 40-foot clear heights, 213 dock doors, 50-foot by 56-foot column spacing and parking for 740 cars and 470 trailers. Construction is slated to begin on March 1, with the firm having already acquired the first 260-acre parcel of land. Acquisition of the second parcel is expected to close in the second quarter. Chicago-based Clayco, CRG’s parent company, will serve as builder, with Lamar Johnson Collaborative serving as architect for the first warehouse. John Lydon of JLL represented CRG in the land acquisition, while Tony Lydon, also of JLL, represented the undisclosed seller. John Lydon and Bill Honsaker of JLL will handle leasing at The Cubes at Glendale.

January 18, 2021

Acquisitions California Multifamily Western

TMG Negotiates $49.8M Sale of Portico Villas Apartment Community in Fullerton, California

by Amy Works January 18, 2021

FULLERTON, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Portico Villas, an apartment property located at 140 West Hills Ave. in Fullerton. A Southern California-based investment group sold the asset to a Southern California-based private investment group for $49.8 million. Built in 1987, Portico Villas features 128 one- and two-bedroom apartments spread across nine two-story buildings, totaling 114,656 rentable square feet. Situated on 3.5 acres, the community features a swimming pool, clubhouse, pet playground, fitness center, laundry facility and ground-floor covered parking. Alex Mogharebi and Otto Ozen of TMG represented the seller in the deal.

January 18, 2021

California Loans Office Western

Ready Capital Closes $15M Loan for Flex Office Property in Palo Alto, California

by Amy Works January 18, 2021

PALO ALTO, CALIF. — Ready Capital has closed $15 million in financing for the acquisition, repositioning and lease-up of a flex office building in Palo Alto. Situated in the Embarcadero submarket, the property features 24,000 square feet of Class B flex office space. David Cohen of Ready Capital closed the financing for the undisclosed borrower.

January 18, 2021

Acquisitions California Healthcare Office Western

Medical Office REIT Buys Torrey Hills Medical Plaza in San Diego for $37.3M

by Amy Works January 15, 2021

SAN DIEGO — A publicly traded REIT has acquired Torrey Hills Medical Plaza, a Class A medical office building and attached parking garage in San Diego. Virtus Real Estate Capital and Coast Income Properties sold the property for $37.3 million. Situated on 2.6 acres at 4765 Carmel Mountain Road, the 47,596-square-foot asset features a connected, two-level parking garage. Fresenius Medical Care anchors the two-story building, which is 91 percent leased. Andrew Milne, Evan Kovac, Trent Jemmett, Paul Braun, Chris Ross and Kelly Moriarty of JLL Healthcare Capital Markets represented the seller in the transaction.

January 15, 2021

California Company News Retail Western

Petco Ends First Day of Trading 63 Percent Higher than IPO Price

by Alex Tostado January 15, 2021

SAN DIEGO — Petco ended its first day of trading on Nasdaq on Thursday at $29.40 per share, 63 percent higher than its initial public offering (IPO). The San Diego-based pet care retailer is trading under the stock symbol WOOF. Petco priced its IPO at $18 per share, and the stock price opened at $26 per share Thursday. Petco operates more than 1,500 stores in the United States, Puerto Rico and Mexico and sells food, toys and healthcare needs for a variety of pets. Additionally, more than 100 Petco locations offer in-store veterinary services.

January 15, 2021

Acquisitions California Industrial Western

Avison Young Brokers Sale of 45,702 SF Single-Tenant Industrial Property in Rancho Cucamonga

by Amy Works January 15, 2021

RANCHO CUCAMONGA, CALIF. — Avison Young has arranged the acquisition of a single-tenant industrial building, located at 8767 Rochester Ave. in Rancho Cucamonga. An Orange County-based private investor purchased the asset from a local private owner for an undisclosed price. Built in 1989 on nearly two acres, the 45,702-square-foot building features 24-foot clear heights, eight dock-high loading doors and a partial second-floor office. Alan Pekarcik and Chris Smith of Avison Young represented the buyer, while Ryan Velasquez and Milo Lipson of Cushman & Wakefield represented the seller in the transaction.

January 15, 2021

California Development Leasing Activity Office Top Stories Western

Beyond Meat to Open 300,000 SF Headquarters Near Los Angeles

by Katie Sloan January 15, 2021

EL SEGUNDO, CALIF. — Beyond Meat Inc. (NASDAQ: BYND), a producer of plant-based meat replacement products, has signed a 12-year lease for a 300,000-square-foot corporate headquarters less than one mile south of Los Angeles International Airport at 888. N. Douglas St. in El Segundo. The headquarters will be located within a four-building, 550,000-square-foot creative office and industrial campus currently under development by Hackman Capital Partners, which is scheduled for completion this spring. Beyond Meat’s offices are set to open in fall of this year and will include advanced research labs and incubator spaces for the development of new technologies and more innovative products. The company’s headquarters is designed for LEED and Fitwel certification in alignment with Beyond Meat’s mission and commitment to sustainability and workplace wellbeing. “Our new campus and state-of-the-art research facilities will house cutting-edge fundamental and applied research alongside globalized product development teams, all in service to a single goal — creating meat from plants that is indistinguishable from its animal protein equivalent,” says Ethan Brown, founder and CEO of Beyond Meat. The JLL team of Gary Horwitz, Blake Searles, Connor Hall and Kamil Agha represented Beyond Meat in the leasing transaction. The company also tapped DPPM Project Management …

January 15, 2021

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