California

Oak Properties Sells 60,119 SF Cooley Business Park in California’s Inland Empire

by Amy Works November 2, 2020

COLTON, CALIF. — San Diego-based Oak Properties has completed the disposition of Cooley Business Park, a multi-tenant flex office property located at 930 Mount Vernon Ave. and 937 Via Lata in Colton. A private investor acquired the asset for $5.9 million. Situated on 4.3 acres, the 60,119-square-foot property consists of two buildings offering a total of 19 units, ranging from 1,200 square feet to 6,700 square feet. At the time of sale, the property was fully leased to 15 tenants. Lee Spence and Mark Schafer of DAUM Commercial Real Estate Services represented the seller in the transaction.

November 2, 2020

California Development Multifamily Seniors Housing Western

Oakmont Senior Living Opens 142-Unit Seniors Housing Community in East Sacramento

by Amy Works October 30, 2020

SACRAMENTO, CALIF. — Oakmont Senior Living has opened an independent living, assisted living and memory care community in the East Sacramento neighborhood of the state capital. Located in the Fabulous Forties area, Oakmont of East Sacramento totals 140,000 square feet, plus a 36,000-square-foot parking garage, on a 3.5-acre plot. The community features 100 independent living/assisted living units and 42 memory care units. Terry Ervin is the executive director and Deanna Barker is director of memory care.

October 30, 2020

Acquisitions California Industrial Western

Dermody Properties Buys 70,209 SF Logistics Facility in East Bay Area

by Amy Works October 29, 2020

FREMONT, CALIF. — Dermody Properties has acquired a logistics property located at 45535 Northport Loop East in Fremont. Terms of the transaction were not released. Originally constructed in 1998 on 4.7 acres, the 70,209-square-foot property features 20-foot clear heights, four dock-high doors and four drive-in doors. At the time of purchase, 49,615 square feet was available in the facility. Dermody plans to invest in significant exterior and interior capital improvements, including a new roof, to the building. Michael Karp and Victor DeBeor of Cushman & Wakefield represented Dermody Properties in the transaction and will be leasing agents for the property.

October 29, 2020

Acquisitions California Office Western

BLT Enterprises Acquires Multi-Tenant Creative Office Property in West Los Angeles for $9.3M

by Amy Works October 29, 2020

LOS ANGELES — Santa Monica, Calif.-based BLT Enterprises has purchased a multi-tenant creative office building in West Los Angeles. An undisclosed seller sold the asset for $9.3 million. Located at 2256 Barry Ave., the property consists of two units, the first built in 2004 and the second in 2016. Offering more than 16,050 square feet, the asset was fully leased at the time of acquisition. Michael Preiss of rsfLA represented the seller in the transaction. BLT’s current West Los Angeles and Hollywood holdings now total nearly 300,000 square feet, with development opportunities for 450,000 square feet.

October 29, 2020

California Industrial Webinar Western

Webinar: Los Angeles Industrial Outlook — How has the Pandemic Changed the Industrial Sector in Southern California?

by Jaime Lackey October 29, 2020

On October 27, Western Real Estate Business magazine hosted a panel of industrial experts to discuss how the pandemic has impacted investment sales, leasing and development within the Los Angeles industrial real estate sector. Click to listen to the recording and hear the 2021 outlook. The webinar included two separate discussions. The developer/owner panel included Joseph Vargas of Wonderful Real Estate Development, Brett Tremaine of Majestic Realty, Damon Austin of Prologis, and Brett Dedeaux of Dedeaux Properties and Morgan Medlin of Allen Matkins. The second panel covered the capital markets/finance and brokerage perspectives and included Jeffrey Cole of Cushman & Wakefield, Bobby Khorshidi of Archway Capital, Steven Lurie of Greenberg Glusker, Peter Bacci of Lee & Associates, Chris Jackson of NAI Capital and Christopher Sheehan of Colliers International. Allen Matkins, Dedeaux Properties, Wonderful Real Estate Development, Greeberg Glusker, Archway Capital and Lee & Associates sponsored the discussion.

October 29, 2020

Acquisitions California Office Top Stories Western

SHVO, Deutsche Bank Acquire Transamerica Pyramid Center in San Francisco for $650M

by Alex Tostado October 29, 2020

SAN FRANCISCO — A joint venture led by SHVO and Deutsche Finance America has acquired Transamerica Pyramid Center, a two-building, 750,000-square-foot office complex in San Francisco’s Financial District, for $650 million. The seller was Dutch insurance company Aegon Asset Management, which assumed ownership of the asset in 1999 when it acquired Transamerica Corp. Transamerica Corp. has occupied space in the iconic 48-story, pyramid-shaped anchor building since it was built in 1972. Originally designed by William L. Pereira & Associates, the 853-foot-high tower is currently the third tallest pyramid in the world. Floor plates at the tower range from 22,226 square feet on the sixth floor to 2,531 square feet on the 48th floor. Tenants at the complex include private equity, wealth management, consulting and law firms. The complex spans a city block and includes the main office tower, situated at 600 Montgomery St.; a 20-story, 191,142-square-foot office building at 505 Sansome St.; and a development site at 545 Sansome St. where a nine-story, 106,807-square-foot office building is planned. In the middle of the complex is Transamerica Redwood Park, a grove of mature redwood trees shading public open space. “We’re proud to take on ownership and management of the Transamerica Pyramid, …

October 29, 2020

Acquisitions California Multifamily Western

Advanced Real Estate Acquires 215-Unit Multifamily Community in Riverside, California

by Amy Works October 28, 2020

RIVERSIDE, CALIF. — Advanced Real Estate Services has purchased an apartment property located on 10.5 acres in Riverside. The company acquired the asset from an undisclosed seller for just under $58 million. Advanced plans to implement a more than $10 million renovation program at the property, which will be rebranded The James. Renovations will include the installation of new windows, a new paint scheme, updated landscaping and modernized unit interiors. The 215-unit community features a pool, spa, clubhouse, turf soccer field with running track, pet park and playground. Sean Deasy and Ryan Fitzpatrick of JLL’s Newport Beach, Calif., office brokered the transaction. Alex Kane of JLL West Los Angeles secured an approximately $37.5 million Fannie Mae acquisition loan for the buyer.

October 28, 2020

California Industrial Loans Office Western

MetroGroup Provides $15.5M in Bridge Refinancing for Production Studios in Vernon, California

by Amy Works October 28, 2020

VERNON, CALIF. — MetroGroup has funded $15.5 million in bridge refinancing for the undisclosed owner of a 270,000-square-foot property in Vernon. The asset is fully occupied by the owner’s start-up company, which provides studio space to film and television production companies. The borrower is converting the property from a corporate headquarters building into a flex, office and industrial space. Ivan Kustic of MetroGroup arranged the cash-out refinancing that the borrower used to retire a higher-rate maturing loan and provide working capital.

October 28, 2020

Acquisitions California Industrial Western

Oaktree Capital, Intertex Cos. Sell Two-Building Industrial Park in Southern California for $22M

by Amy Works October 27, 2020

SYLMAR, CALIF. — Oaktree Capital Management and Intertex Cos., through managed funds, have completed the sale of a two-building industrial park located at 12744 San Fernando Road in Sylmar. Rexford Industrial Realty acquired the asset for $22 million. Situated on 6.5 acres, the property features 140,837 square feet of industrial space. At the time of sale, the asset was 56 percent occupied by two tenants. Kevin Shannon, Sean Fulp, Bret Hardy, Jim Linn and Ryan Plummer of Newmark represented the sellers, while the buyer was self-represented in the transaction.

October 27, 2020

Acquisitions California Industrial Western

Stos Partners Divests of Cold Storage Facility in San Diego for $8.3M

by Amy Works October 27, 2020

SAN DIEGO — Stos Partners has completed the disposition of a 56,300-square-foot cold storage facility located at 9925 Airway Road in San Diego’s Otay Mesa submarket. A private investor acquired the asset for $8.3 million. Stos Partners initially acquired the property for $6.1 million in 2019 and successfully brought the property to 100 percent occupancy. During its tenure, the company implemented a value-add program that resulted in a 35 percent value increase. Upgrades included a new roof and paint, mechanical enhancements, fresh landscaping and other general building improvements. Louay Alsadek, Hunter Rowe, Erik Parker and Matthew Pourcho of CBRE represented the seller in the deal.

October 27, 2020

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