California

Hanley Investment Group Arranges $17M Sale of Shopping Center in Huntington Beach, California

by Amy Works December 11, 2020

HUNTINGTON BEACH, CALIF. — Hanley Investment Group has arranged the sale of Village Plaza at Huntington Harbor, a 20,328-square-foot shopping center. According to industry sources, the sales price was $17 million. The property was 91 percent leased at the time of sale to tenants including Harbor Barber, Secret Spot Restaurant, La Bodega Bottle Shop, Super Mex, Stoney’s Pizza, Sunset Vapor, Riip Beer Co. and Tsunami Sushi. The center is situated at 17196-17236 Pacific Coast Highway, two blocks from the beach and 31 miles south of downtown Los Angeles. Jeff Lefko, Bill Asher and Beau Velten of Hanley Investment Group represented the seller, a private partnership based in Palm Springs, California. Mel Zelenak of Maly Realty represented the buyer, an undisclosed private partnership based in Los Angeles.

December 11, 2020

Acquisitions California Hospitality NAI Western

Sunstone Hotel Investors Sells Renaissance Los Angeles Airport Hotel for $91.5M

by Amy Works December 10, 2020

LOS ANGELES — Sunstone Hotel Investors has completed the disposition of Renaissance Los Angeles Airport Hotel, located at 9620 Airport Blvd. in Los Angeles. An undisclosed buyer acquired the asset for $91.5 million, or approximately $182,300 per room. Located less than one mile from Los Angeles International Airport, the hotel features 502 guest rooms, a rooftop pool, fitness center, Studio 12 restaurant and 18,000 square feet of newly renovated event space.

December 10, 2020

California Development Industrial Western

Rockefeller Group Breaks Ground on 135,623 SF Airway Industrial Park in Otay Mesa, California

by Amy Works December 10, 2020

OTAY MESA, CALIF. — Rockefeller Group has started construction of Airway Industrial Park, a distribution center located on a 7.8-acre site in Otay Mesa. When complete, the project will be Rockefeller’s first development in the South San Diego industrial market. Slated for completion in June 2021, Airway Industrial Park will offer 135,623 square feet of distribution space and 137 auto parking spaces. The project team includes Ware Malcomb as architect and Dempsey Construction has general contractor. Rich Kwasny and Bob Mooney of Colliers International are marketing the property, which will be available for lease or sale.

December 10, 2020

California Development Multifamily Top Stories Western

Cityview to Break Ground on $125M Multifamily Community in Los Angeles

by Alex Tostado December 10, 2020

LOS ANGELES — Cityview will break ground on Adams & Grand, a 296-unit multifamily community situated within an Opportunity Zone in Los Angeles, this month. The Los Angeles-based developer secured $125 million for the project through Opportunity Zone investors. Communal amenities will include a two-story clubroom, business center, fitness center, pool, dog park, a pet washing station and two rooftop decks. The community will also feature 390 parking spaces and 332 bike spaces, as well as 5,000 square feet of ground-level retail space. The seven-story property will offer 125 studio, 87 one-bedroom and 84 two-bedroom floor plans. Unit interiors will include stainless steel appliances, Nest thermostats, vinyl flooring and quartz countertops. Select units will feature balconies. Three units will be reserved for moderate-income residents and 25 units will be designated for low-income residents. Adams & Grand will be situated at 2528 S. Grand Ave., one mile from the University of Southern California (USC) and three miles south of downtown Los Angeles. The property will not be reserved for college students but will cater toward many residents, including students at USC. “Catering to college faculty and staff, other professionals and students, the project will bring much-needed housing to this rapidly growing …

December 10, 2020

California Company News Retail Western

Online Clothing Retailer Stitch Fix Reports 10 Percent Revenue Growth to $490.4M

by Amy Works December 9, 2020

SAN FRANCISCO — Stitch Fix (NASDAQ: SFIX) has reported a net revenue of $490.4 million, an increase of 10 percent year-over-year, for the first quarter of fiscal year 2021, which ended Oct. 31. The online personal styling service reports that new clients have grown dramatically during the pandemic. The company has nearly 3.8 million active clients, an increase of 347,000, or 10 percent year-over-year, and 241,000 new clients quarter-over-quarter. The company reported a slight decrease of 4 percent year-over-year of net revenue per active client, which totals $467. “This quarter we are proud to have achieved several multi-year highs, including our highest sequential client addition on record,” says Katrina Lake, founder and CEO. According to the company’s shareholder letter, it aims to deliver between 20 percent and 25 percent growth for the full fiscal year. The company delivers clothing personalization services to clients through a combination of data science and human judgement. Since its founding in 2011, the company has helped millions of people discover and purchase apparel, shoes and accessories curated by Stitch Fix stylists and algorithms.

December 9, 2020

Acquisitions California Industrial Western

Colliers Negotiates $20.7M Sale of Industrial Warehouse Facility in Bay Area

by Amy Works December 9, 2020

HAYWARD, CALIF. — Colliers International has arranged the sale of a light industrial property located at 3340 Arden Road in Hayward. Roxborough Group sold the asset to Berkley Partners for $20.7 million. At the time of sale, the three-building, 102,122-square-foot facility was 87 percent occupied. Greig Lagomarsino and Nick Ousman of Colliers represented the seller and buyer in the transaction.

December 9, 2020

California Development Multifamily Western

MBK Rental Living Completes 330-Unit Artesa at Menifee Town Center Apartments in California

by Amy Works December 8, 2020

MENIFEE, CALIF. — MBK Rental Living, with R.D. Olson Construction as general contractor, has completed the development of Artesa at Menifee Town Center, a multifamily property located at 30414 Town Center Drive in the heart of a master-planned community in Menifee. The community was delivered in 10 phases and consists of 37 residential buildings, two clubhouses and a variety of amenities. The property features 330 units in a mix of one, two- and three-bedroom layouts, with a total of eight floor plans ranging from 820 square feet to 1,322 square feet. Units offer quartz countertops, smart thermostats, gourmet kitchens with prep islands, custom cabinetry, covered patios, wood-style flooring, in-home washers/dryers and stainless steel appliances. Additionally, all units have access to a private garage and select units have vaulted ceilings and direct garage access. Community amenities include a resort-style pool and spa, barbecue area, dog park, package lockers, Wi-Fi in common areas, a playground, large clubhouse with a full kitchen and sports television wall, and a mix of outdoor community spaces. The project team also included SummA Architecture, Gouvis Engineering, Alliance Land Planning and Sitescapes.

December 8, 2020

Acquisitions California Office Western

Realm Buys Melrose Plaza Office Campus in Vista, California

by Amy Works December 8, 2020

VISTA, CALIF. — Realm LP has purchased Melrose Plaza, a six-building office campus located at 500-550 W. Vista Way in Vista. Melrose Plaza Complex LP sold the asset for $7.5 million. At the time of sale, the 58,483-square-foot property was 98 percent leased. Jeff Abramson of Lee & Associates North San Diego County represented the buyer and seller in the deal.

December 8, 2020

Acquisitions California Multifamily Seniors Housing Western

JCH Negotiates $5.4M Sale of Seniors Housing Community in Southern California

by Amy Works December 8, 2020

RIVERSIDE COUNTY, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community featuring 64 skilled nursing beds and 49 assisted living beds in Riverside County, located east of Los Angeles. The facility was in escrow when COVID-19 hit with a first-time buyer that decided not to proceed. The seller, a family-owned owner-operator, eventually sold the property to a first-time buyer. The sales price was $5.4 million, or $84,375 per bed at a 9 percent capitalization rate. JCH also assisted the buyer in setting up a lease with a local assisted living operator looking to expand in the area.

December 8, 2020

Acquisitions California Multifamily Western

Oakmont Properties Acquires Alira Luxury Apartments in Sacramento from AG Spanos Cos. for $92.3M

by Amy Works December 7, 2020

SACRAMENTO, CALIF. — San Rafael, Calif.-based Oakmont Properties has purchased Alira Luxury Apartments, a multifamily property in the Natomas submarket of Sacramento. Stockton-based AG Spanos Cos. sold the asset for $92.3 million in an off-market transaction. Marc Ross of CBRE’s Sacramento office brokered the sale. Andrew Behrens of CBRE Capital Markets’ Debt & Structured Finance group in San Francisco arranged financing on behalf of the buyer. Located at 4100 Innovator Drive, the 293-unit property features a rooftop deck, heated swimming pool and spa, barbecue areas, fitness center, yoga studio with on-demand fitness, hammock garden, gaming room and movie theater. The community offers a unit mix of studio, one-, two- and three-bedroom layouts.

December 7, 2020

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