RANCHO SANTA FE, CALIF. — Undisclosed local investors have purchased a commercial and retail building located in the village of Rancho Santa Fe in San Diego County. Francisco Family Partnership, which owned the property for 83 years, sold the freestanding asset for $5.6 million. The iconic property is located at 6015 Paseo Delicias. Peter Curry, Brooks Campbell and Kevin Cuff of Cushman & Wakefield represented the seller in the deal.
PALMDALE, CALIF. — RAAM Construction has broken ground on the construction Palmdale Terrace, an affordable multifamily property located at SW 25th Street East and East Avenue in Palmdale. The project team includes Meta Housing Corp., Western Community Housing, AMJ Construction Management and Y&M Architects. Slated for completion in May 2023, Palmdale Terrace will feature 151 apartments in a mix of one-, two- and three-bedroom layouts. All units will offer fully equipped kitchens and bathrooms. On-site amenities include community gathering areas, a shaded picnic area, a large children’s play structure and a dog park. Additionally, two units will be for on-site managers. The residences are reserved for individuals and families earning between 30 percent and 60 percent of Los Angeles County’s median income. Pacific Western Bank provided a $40.5 million construction loan for the project.
ANAHEIM HILLS, CALIF. — San Diego-based Sunbelt Investment Holdings has purchased a Home Depot Superstore in Anaheim Hills for an undisclosed price. The name of the seller was not released. The 205,000-square-foot flagship store is situated on 18 acres along the north side of Interstate 91. The property is the largest Home Depot on the West Coast and the second largest in the nation, according to the buyer. Sunbelt Investment now owns 18 shopping centers in Southern California and three in Arizona, representing approximately 4 million square feet of Class A retail space. The company also owns Home Depot locations at Genesse Plaza and on Sports Arena Boulevard in San Diego and a store in San Bernardino.
POWAY, CALIF. — Stos Partners has purchased a corporate headquarters and manufacturing facility located at 13955 Stowe Drive in Poway. A private seller sold the asset for $8.6 million. Stos Partners plans to implement a series of capital upgrades including interior office rehabilitation, roof repair and HVAC system replacement. Shortly after closing, the buyer secured a tenant to fully occupy the 37,500-square-foot office and manufacturing building. James Duncan and Mickey Morera of Kidder Matthews represented Stos Partners in the transaction. C3Bank provided financing for the acquisition.
SANTA ANA, CALIF. — Toll Brothers, through its Toll Brothers Apartment Living rental subsidiary, has partnered with EJF Capital to develop Rafferty, a multifamily property in Santa Ana. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital identified the joint venture partner and helped structure the deal. The project is being financed through $31.7 million in joint venture equity from EJF Capital, along with a $66 million loan facility from Santander Bank. Toll Brothers’ in-house finance department arranged the financing. Rafferty will feature 218 apartments in two five-story and seven-story buildings with 328 parking spaces. The community will offer a fitness center, resident lounge, maker’s room, jam room, speakeasy, co-working space and sky lounge with an outdoor terrace. Additional amenities will include a swimming pool, seating with grills and fire pit and outdoor fitness equipment. The property will also feature 12,350 square feet of ground-floor commercial space along Main and Fourth streets. Completion is slated for 2024.
SANTA BARBARA, CALIF. — Shopoff Realty Investments and Praelium Commercial Real Estate, in partnership with an affiliate of Dune Real Estate Partners, has acquired the former Nordstrom property at the Paseo Nuevo mixed-use shopping center in downtown Santa Barbara. Terms of the transaction were not released. The three-story, 175,000-square-foot retail property is connected to the north end of the Paseo Nuevo mixed-use shopping center, which offers more than 450,000 square feet of open-air mixed-use space. Originally constructed in 1924, the property underwent a wholesale redevelopment between 1989 and 1994 into its current form and more recently underwent a $20 million renovation to enhance the outdoor lifestyle shopping experience.
POMONA, CALIF. — DAUM Commercial Real Estate Services has arranged the sale of Pomona Business Park, an industrial property located on 3.9 acres in Pomona. A private investor sold the asset to a local investor for $6.8 million. The buyer plans to implement a value-add renovation program at the 60,032-square-foot property, which is located at 201 N. Palomares St. At the time of sale, the property was 95 percent leased to multiple tenants. Dennis Sandoval and Kevin Sandoval of DAUM represented the seller, while Ryan Campbell of NAI Capital represented the buyer in the deal.
CULVER CITY, CALIF. — A partnership between Irvine-based Pendulum Property Partners and Boston-based Long Wharf Capital has acquired an office building in Culver City. Watt Properties and Edge Principal Advisors sold the asset for $55.9 million in an off-market transaction. Located at 3000 S. Robertson Blvd., the four-story building features 111,384 square feet of office space. Current tenants include Kaiser Permanente and WeWork. Mike Longo, Todd Tydlaska, Sean Sullivan and Greg Grant of CBRE represented the seller. The CBRE team also procured acquisition financing for the buyer from a regional bank.
TRABUCO CANYON, CALIF. — Faris Lee Investments has arranged the sale of a freestanding retail building located in Trabuco Canyon. Southern California-based ValueRock Realty acquired the property from an undisclosed seller for $4.2 million. CVS/pharmacy occupies the property, located at 21572 Plano Trabuco Road, on a triple-net lease basis. Rich Chichester and Don MacLellan of Faris Lee, in partnership with John Cumbelich of Cumbelich & Associates, represented the seller and buyer in transaction.
SIMI VALLEY, CALIF. — Stream Realty Partners and QuadReal Property Group, in a joint venture, have broken ground on Tapo Canyon Commerce Center, a five-building industrial complex in Simi Valley. Located at 1800 Tapo Canyon Drive, the property will feature 344,056 square feet of Class A industrial space. Tapo Canyon Commerce Center will offer buildings ranging from 25,786 square feet to 135,579 square feet with leasing options from 19,239 square feet to the entire 344,056-square-foot campus. The buildings will feature 28-foot to 36-foot clear heights, window-lined office space, above-regional-standard dock-high loading, five different access points and immediate 118 freeway access. The project team includes HPA Architects, Kimley-Horn and KRPS as general contractor. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark are handling leasing for the property.
