California

Avanath Capital Purchases The Grove Senior Apartments in Garden Grove, California for $19.8M

by Amy Works February 18, 2021

GARDEN GROVE, CALIF. — Irvine, Calif.-based Avanath Capital Management has purchased The Grove Senior Apartments, an affordable seniors housing property located at 12721 Garden Grove Blvd. in Garden Grove. Meta Housing sold the asset for $19.8 million. The Grove, which is currently 100 percent occupied, features 85 units, a fitness center, club room, courtyard and bus stop directly in front of the property. Rents range from $840 to $1,729 per month for units ranging from 542 to 815 square feet. While Avanath is headquartered in Irvine and has more than 10,000 units within its nationwide portfolio, this transaction is its first acquisition in the company’s hometown market of Orange County.

February 18, 2021

Acquisitions Arizona California Colorado Industrial Loans Western

CBRE Arranges $46.7M Acquisition Loan for Four-Property Industrial Portfolio in Western United States

by Amy Works February 17, 2021

ENGLEWOOD, COLO., COMPTON AND STOCKTON, CALIF., AND PHOENIX — CBRE has secured a $46.7 million loan on behalf of San Diego-based Westcore Properties for the acquisition of a four-property industrial portfolio in Colorado, California and Arizona. Totaling 704,065 square feet, the assets are 14101 E. Otero Avenue in Englewood, 19515 S. Susana Road in Compton, 1551 S. Fresno Avenue in Stockton and 4455 W. Camelback Road in Phoenix. The properties have a combined vacancy rate of more than 50 percent, providing a value-add opportunity to reposition the space for new tenants. Mark McGovern, Brian Cruz and Colby Matzke of CBRE’s Debt and Structured Finance team in San Diego arranged the loan for the buyer.

February 17, 2021

California Loans Multifamily Western

JPI Receives $69.7M Refinancing for Jefferson Pacific Beach Apartments in San Diego

by Amy Works February 17, 2021

SAN DIEGO — JPI, a Texas-based multifamily investment and development firm, has received a $69.7 million loan for the refinancing of Jefferson Pacific Beach, a recently constructed apartment community in San Diego’s Pacific Beach neighborhood. Located at 4275 Mission Bay Drive, Jefferson Pacific Beach features 169,571 square feet of residential space, including 172 apartments, and 14,000 square feet of commercial space. On-site amenities include a business center, resort-style saltwater pool and spa, fitness center and surfboard repair station. Additionally, the bayfront community is adjacent to Interstate 5 and less than three miles from the Pacific Beach Pier. Troy Tegeler, Scott Peterson, Bill Chiles and Trevor Breaux of CBRE’s debt and structured finance team in San Diego arranged the loan for the borrower.

February 17, 2021

California Company News Hospitality Western

ACORE Raises $1B to Launch North American Hospitality Rescue Capital Investments

by Amy Works February 17, 2021

SAN FRANCISCO — ACORE Capital, a global credit manager focused on commercial real estate lending, has raised $1 billion to launch ACORE Hospitality Partners (AHP). Backed by a group of institutions, AHP is an investment strategy focused on providing North American hotel operators with rescue capital to navigate the ongoing COVID-19 pandemic. AHP’s strategy is to originate and acquire structured hotel debt investments, including senior and mezzanine loans, B-notes and preferred equity. The investment strategy will invest across the entire spectrum of hotel types, ranging from high-end luxury resorts to smaller limited-service hotels, focusing on assets in high-barrier markets with compelling rebound characteristics. “The pandemic has had a disproportionate and historic impact on the lodging industry leading to unprecedented distress and liquidity issues for hotel owners,” says Warren de Haan, managing partner at ACORE. “We formed ACORE Hospitality Partners to solve this liquidity crisis by providing hotel owners with the capital they require to continue operations and keep people working.” AHP will benefit from ACORE’s extensive experience originating and managing debt investments. Since its inception in 2015, ACORE has originated more than $4.2 billion of hospitality investments. The ACORE team includes more than 80 commercial real estate finance professionals that …

February 17, 2021

Acquisitions California Multifamily Western

Bell Partners Buys 232-Unit Windsor at Redwood Creek Apartments in Rohnert Park, California

by Amy Works February 16, 2021

ROHNERT PARK, CALIF. — Bell Partners, on behalf of its Fund VII investors, has purchased Windsor at Redwood Creek, an apartment property in Rohnert Park. The buyer plans to rename the 232-unit property to Bell Rohnert Park. The seller and price were not released. Built in 2005 on 12.3 acres, Bell Rohnert Park features a resort-style swimming pool and spa with poolside dining area and gas grills, a clubhouse, fitness center, resident lounge, playground, dog park and detached garages. Each unit has a fully equipped kitchen with stainless steel appliances, washers/dryers, walk-in closets and a private balcony or patio, while select units include fireplaces. The acquisition represents Bell Partners’ second owned community in the Bay Area and second West Coast purchase of 2021, continuing the firm’s expansion into the region.

February 16, 2021

Acquisitions California Retail Western

DAUM Commercial Brokers Sale of Automotive Retail Building, Lot Adjacent to LAX

by Amy Works February 16, 2021

LOS ANGELES — DAUM Commercial Real Estate Services has negotiated the sale of an automotive retail building and lot located 9220 S. Sepulveda Blvd. in Los Angeles. S.A.S Services Group acquired the asset from a private partnership for $3.5 million. Situated adjacent to Los Angeles International Airport (LAX), The property includes a 1,114-square-foot building sitting on a 10,454-square-foot land parcel in a corner location in close proximity to a new parking and car rental development. Kurt Yacko, Dennis Sandoval and Brian Sandoval of DAUM represented the seller in the deal.

February 16, 2021

Acquisitions California Data Centers Industrial Western

Capital Source 1031 Acquires 16,529 SF Data Center in La Mirada, California

by Amy Works February 16, 2021

LA MIRADA, CALIF. — Capital Source 1031 has purchased an all-purpose data center, located at 16680 Valley View Ave. in La Mirada, for an undisclosed price. The property was acquired for CS1031 California Data Center, a Delaware statutory trust. Cogent Communications, an internet service provider, occupies the 16,529-square-foot building. Cogent delivers internet, ethernet and colocation services to more than 88,100 customers in more than 207 markets and 47 countries across the globe. The tenant has more than 13 years remaining on its double-net lease with annual rental increases of 3 percent through the initial term and two five-year renewal options. Jeffrey Jackson of CBRE Capital Markets represented the undisclosed seller, while Capital Source 1031 was self-represented the in the deal.

February 16, 2021

California Market Reports Multifamily Western Western Market Reports

Inland Empire Multifamily Sales Volume Down, but Economics Stronger than Ever

by Jeff Shaw February 16, 2021

By Cray Carlson, CBRE With 2020 coming to an end, we look back at a year of much uncertainty, confusion and unprecedented restrictions. Yet amidst all that, the Inland Empire multifamily market has been going steady, continuing to thrive in spite of some substantial drops in sales volumes. Total multifamily sales of eight units and larger in the Inland Empire were $2.5 billion in 2018 and $2.1 billion in 2019. That compares with only $1.09 billion in 2020, as of October. We expect total sales volumes in the area could ultimately show a reduction of up to 40 percent for the full year. So, how is the Inland Empire maintaining its title as one of the strongest apartment markets in the nation? Collections A recent housing and employment study examined the ability for renters to make their rent payments. The Inland Empire led the category of households caught up on those payments. Respondents also indicated a high confidence level in their ability to meet their future lease obligations. Among the 15 metros surveyed, the Inland Empire ranked second. Vacancy Rates Rent vacancies have decrease in the Inland Empire to as low as 3.7 percent as rent growth has risen 6.2 …

February 16, 2021

California Development Industrial Western

Premier Design + Build Constructing Three Industrial Facilities in Southern California for Black Creek Group

by Amy Works February 15, 2021

RIVERSIDE COUNTY, SAN BERNARDINO COUNTY AND TORRANCE, CALIF. — Premier Design + Build, as contractor, is constructing three industrial facilities in Southern California for Black Creek Group, a Denver-based real estate investment management firm. Totaling nearly 696,000 square feet, the projects include Perris DC III in Riverside County, Fontana Logistics Center in San Bernardino County and Gateway Logistics Center in Torrance. Situated on 24.5 acres, Perris DC III will feature a 251,000-square-foot facility with 32-foot clear heights, 37 truck dock positions, a drive-in door and 216 excess trailer stalls. Perris DC III is slated for completion in first-quarter 2021. Located on a vacant 8.9-acre site, Fontana Logistics Center will feature a 193,000-square-foot industrial warehouse offering 36-foot clear heights, 27 truck dock positions, two drive-in doors and office space. Completion is scheduled for first-quarter 2021. Slated for completion in fourth-quarter 2021, Gateway Logistics Center will feature a 252,000-square-foot building with 36-foot clear heights, 42 truck doors, two drive-in doors and 67 trailer parking stalls.

February 15, 2021

California Development Industrial Western

Trammell Crow, CBRE Global Investors to Develop 410,076 SF Butterfield 5 Technology Park in Morgan Hill, California

by Amy Works February 15, 2021

MORGAN HILL, CALIF. — Trammell Crow Co. and CBRE Global Investors have broken ground on Butterfield 5 Technology Park in Morgan Hill, approximately 70 miles southeast of San Francisco. Totaling 410,076 square feet, the park will feature five Class A industrial buildings on 24 acres at the intersection of Butterfield and Sutter boulevards. Completion is scheduled for first-quarter 2021. The buildings will range from 70,280 square feet to 91,738 square feet and are designed to accommodate tenants that require as little as 35,000 square feet of space. The buildings will feature prominent glass entries, extensive landscaping, clear heights ranging from 28 feet to 32 feet, and convenient access to Monterey Road and US 101. CBRE’s Rob Shannon, Chip Sutherland and Brian Matteoni is representing the project.

February 15, 2021

Newer Posts

Older Posts