California

Duke Realty Leases 1.2 MSF Inland Empire Industrial Facility to Lecangs

by Amy Works December 15, 2021

PERRIS, CALIF. — Duke Realty has leased its new 1.2 million-square-foot speculative distribution property in Perris. Lecangs, whose parent company is Loctek Ergonomic Technology Corp., signed a lease to occupy the entire facility, which situated on 55 acres at 728 W. Rider St. Slated for completion by year’s end, the facility will feature 40-foot clear heights, 241 dock doors, 344 trailer parking spaces and 442 auto spaces. Additionally, the property is being constructed to LEED certification standards — meeting requirements for environmentally sustainable construction and site development, water savings, energy efficiency and construction waste management. Chuck Belden, Phil Lombardo, Kyle Kehner, Tim Pimentel and Brice Larson of Cushman & Wakefield worked with Collin Phillips of Duke Realty in the transaction. Ian Devries and Chris Devries of Colliers, along with Jennifer Whelan of AZ Realty & Investment Corp. represented the tenant in the deal.

December 15, 2021

Acquisitions California Multifamily Western

Standard Communities, Faring Acquire Monterey Station Apartments in California for $130M

by Amy Works December 14, 2021

POMONA, CALIF. — Standard Communities and Faring, a national investor and developer of affordable and workforce housing, have purchased Monterey Station, a multifamily community in Pomona. Clear Capital sold the property for $130 million. Located at 120-180 E. Monterey Ave., Monterey Station features 349 apartments with 14 different floor plans. Unit amenities include stainless steel GE appliances, Nest thermostats, walk-in closets, stackable washers/dryers, nine-foot ceilings and central air and heating. Community amenities include a resort-style pool and spa; fitness center with outdoor workout area; water and fire features; courtyards with cabanas; a dog run; and a resident clubhouse. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction.

December 14, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

USA Properties Fund Starts Construction of $32M Sage at Folsom Seniors Housing Property in California

by Amy Works December 14, 2021

FOLSOM, CALIF. — USA Properties Fund has started construction on Sage at Folsom, located approximately 25 miles east of Sacramento in Folsom. Sage at Folsom will offer affordable housing for residents 55 years and older earning between 30 and 80 percent of area median income — approximately $19,150 to $51,000 per year. Rents will range from $450 to $1,300. The 111-unit community is a few blocks from Folsom Lake College, healthcare providers, grocery stores and several large shopping centers, including Broadstone Plaza and the Palladio Shopping Center. Construction of the $32 million development is scheduled for completion in first-quarter 2023. Bank of America and the City of Folsom are investment partners on the project.

December 14, 2021

Acquisitions California Multifamily Western

CBRE Arranges $28M Sale of Hallmark at Mission Apartments in Ontario, California

by Amy Works December 13, 2021

ONTARIO, CALIF. — CBRE has arranged the sale of Hallmark at Mission, a multifamily property in Ontario. A private investor sold the asset to a private foreign investor for $28 million in an all-cash transaction. Located at 840 S. Magnolia Ave., the four-story property features 75 units in a mix of one- and two-bedroom layouts. Community amenities include a swimming pool, spa, clubhouse, fitness center and private attached garages. The property was constructed in 2019. Eric Chen of CBRE represented the seller and buyer in the deal.

December 13, 2021

Acquisitions California Retail Western

Tooley Interests Buys Carlsbad Village Plaza in North San Diego County for $23.5M

by Amy Works December 13, 2021

CARLSBAD, CALIF. — Santa Monica, Calif.-based Tooley Interests LLC has purchased Carlsbad Village Plaza, a grocery-anchored shopping center in Carlsbad. Balboa Retail Partners sold the asset for $23.5 million. Located 945-1065 Carlsbad Village Drive, Carlsbad Village Plaza features 58,735 square feet of retail space. Smart & Final Extra anchors the property, and there are 12 other tenants. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal.

December 13, 2021

Acquisitions California Retail Western

Progressive Real Estate Brokers $4.6M Sale of Cross Creek Golf Club in Temecula

by Amy Works December 13, 2021

TEMECULA, CALIF. — Progressive Real Estate Partners has arranged the sale of Cross Creek Golf Club, located at 43860 Glen Meadows Road in Temecula. ANB Enterprises sold the asset, which includes the real estate and business, to Ken Tina LLC for $4.6 million. Brad Umansky and Greg Bedell of Progressive represented the seller, while Craig Way of Seaway Properties represented the buyer in the deal. Built in 2001, the Arthur Hill-designed, 18-hole Cross Creek Golf Club sits on 166 acres. The buyer plans to make significant investments to the upgrade the clubhouse, improve the condition of the golf course and potentially add new facilities for hosting weddings and special events. Touchstone Golf will manage the property.

December 13, 2021

Acquisitions California Office Western

Miramar Capital Acquires 82,972 SF Aston Views Office/Flex Building in Carlsbad

by Amy Works December 10, 2021

CARLSBAD, CALIF. — Miramar Capital has purchased Aston Views, a freestanding office/flex building located at 1808 Aston Ave. in Carlsbad. MCR Aston LLC sold the property for $20 million. Built in 2001 on 8.7 acres, the two-story Aston Views features 82,972 square feet of space. At the time of sale, the property was 90 percent leased. Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets team represented the seller in the deal. Justin Halenza and Michael Mahoney, also of Cushman & Wakefield, provided leasing advisory.

December 10, 2021

Acquisitions California Retail Western

Matthews Arranges $5.5M Sale of Manchester Plaza Shopping Center in Los Angeles

by Amy Works December 10, 2021

LOS ANGELES — Matthews Real Estate Investment Services has arranged the sale of Manchester Plaza, a retail property located at 520-536 E. Manchester Ave. in Los Angeles. An undisclosed developer sold the asset to a local investor for $5.5 million, or $647 per square foot. The property offers approximately 8,500 square feet of multi-tenant retail space. Joe Nelson of Matthews handled the transaction.

December 10, 2021

Acquisitions California Industrial Western

Covington Group Purchases 1 MSF Saugus Station Industrial Center in Santa Clarita, California

by Amy Works December 9, 2021

SANTA CLARITA, CALIF. — Affiliates of Covington Group, along with an institutional capital partner, have acquired Saugus Station Industrial Center, a portfolio of buildings totaling 1 million square feet of industrial space in Santa Clarita. Situated on 69.5 acres, the 24-building complex offers varying clear heights up to 39 feet and units ranging in size from 8,000 square feet to 133,000 square feet. At the time of purchase, the property was 100 percent occupied. The acquisition also includes a separate, 24-acre, fully horizontally improved land site. Covington plans to implement a property and asset management strategy that will focus on tenant retention and aesthetic improvements to the property to increase curb appeal. Craig Peters and Doug Sonderegger of CBRE represented the buyer and seller in the deal. Terms of the transaction were disclosed.

December 9, 2021

Acquisitions California Retail Western

Paragon Commercial, Canyon Partners Buy 215,761 SF Washington Square Retail Center in Sonoma County

by Amy Works December 9, 2021

PETALUMA, CALIF. — Paragon Commercial Group and Canyon Partners Real Estate have purchased Washington Square, a multi-tenant, grocery-anchored shopping center in Petaluma. This acquisition is the ninth investment completed by Paragon and its joint venture with Canyon Catalyst Fund, and Paragon’s fifth retail acquisition in 2021. Terms of the transaction were not released. Situated on the corner of South McDowell Boulevard and East Washington Street, Washington Square features 215,761 square feet of retail space. Current tenants include Bank of America, Wells Fargo, WestAmerica Bank, Planet Fitness, Party City and Pet Food Express. The center was developed in 1971 and owned by the same company for 35 years.

December 9, 2021

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