California

Storm Properties Acquires Self-Storage, Retail Property in Escondido, California for $10.5M

by Amy Works February 3, 2025

ESCONDIDO, CALIF. — Storm Properties has purchased a self-storage and retail asset in Escondido for $10.5 million. Located at 510 and 520 W. Valley Parkway, the property features 37,125 square feet of storage buildings, a 7,000-square-foot retail strip building and a 5,900-square-foot pad for future retail development. The self-storage facility offers 262 storage units, while the retail space consists of four in-line suites and a single-tenant retail building. One of the retail suites serves as the onsite management for the self-storage facility. The retail is 100 percent occupied, while 97 percent of the self-storage units are currently rented. Storm Properties, a subsidiary of Torrance, Calif.-based Storm Industries, currently manages a diverse portfolio of multifamily, industrial and retail properties.

February 3, 2025

California Hospitality Loans Western

MMCC Arranges $5M Refinancing for El Dorado Hotel in Sonoma, California

by Amy Works February 3, 2025

SONOMA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has secured $5 million in refinancing for El Dorado Hotel, a boutique hotel in Sonoma. Bill Lanting arranged the financing with a national bank on behalf of the client, a California-based hospitality management and development group. Terms of the five-year, nonrecourse loan include a 6.9 percent interest rate with a 25 year-amortization. Located at 405 1st St. West, El Dorado Hotel offers 27 guest rooms. Built in 1880, the hotel was recently renovated in 2023. Amenities include a saltwater pool, semi-private balconies, a courtyard and a restaurant and bar.

February 3, 2025

California Industrial Loans Western

MetroGroup Realty Finance Provides $24M Refinancing for Industrial Property in Pomona, California

by Amy Works January 31, 2025

POMONA, CALIF. — MetroGroup Realty Finance has provided a $24 million loan for the refinancing of an owner-occupied manufacturing facility in Pomona. Located at 2200 S. Reservoir St., the property offers 228,000 square feet of single-tenant industrial space. MetroGroup closed on a fixed-rate senior loan on the property with an international bank based in Europe. Ivan Kustic of MetroGroup secured the loan on the behalf of the undisclosed owner.

January 31, 2025

5600-5650-W-Centinela-Ave-Culver-City-CA

Acquisitions California Industrial Western

Rialto Capital Divests of 57,868 SF Flex Campus in Culver City, California

by Amy Works January 31, 2025

CULVER CITY, CALIF. — Rialto Capital has completed the sale of Campus 56, a mixed-use flex property located at 5600-5650 W. Centinela Ave. in Culver City. Montana Avenue Capital Partners acquired the two-building asset for $14.8 million. Situated on 1.7 acres, the campus offers 57,868 square feet of flex space, onsite parking, electric vehicle charging stations, bike storage and several outdoor amenity areas. The property was vacant at the time of sale. Steve Solomon and Kristen Bowman of Colliers represented the seller and buyer in the transaction.

January 31, 2025

Phase-1-99-Central-Logistics-Center-Tulare-CA

California Development Industrial Western

Outrigger Industrial Completes First Building at 99 Central Logistics Center in Tulare, California

by Amy Works January 30, 2025

TULARE, CALIF. — Outrigger Industrial has completed Phase I of 99 Central Logistics Center in Tulare with the construction of a 544,077-square-foot building at 199 E. Paige Ave. At full build-out, the 160-acre business park will feature four buildings offering a total of 2.4 million square feet. The Phase I building includes a clear height of 36 feet, 56-foot by 50-foot column spacing, speculative offices and trailer parking. Additionally, the facility can accommodate a 550,000-square-foot expansion. 99 Central Logistics Center is Outrigger Industrial’s first development in California’s Central Valley region, which provides easy access to major highways, ports and airports.

January 30, 2025

Acquisitions California Hospitality Western

Marcus & Millichap Brokers Sale of 60-Room Black Forest Lodge in Big Bear Lake, California

by Amy Works January 30, 2025

BIG BEAR LAKE, CALIF. — Marcus & Millichap has arranged the sale of Black Forest Lodge, a hotel located at 41121 Big Bear Blvd. in Big Bear Lake. Terms of the transaction were not released. Christian Apt, Allan Miller, Chris Gomes and Skyler Cooper of the Miller-Gomes Hotel team at Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the deal. Mario Alvarez of Marcus & Millichap assisted with the transaction, while Tony Solomon of Marcus & Millichap served as the firm’s broker of record in California. Spanning 2.9 acres, Black Forest Lodge features 60 rooms, 2,300 square feet of retail space, a heated pool, spa, sports courts and RV parking. The property has been family-owned since 1976.

January 30, 2025

California Development Multifamily Western

Sudberry Properties Opens 268-Unit Luma at El Corazon in Oceanside, California

by Amy Works January 29, 2025

OCEANSIDE, CALIF. — Sudberry Properties has opened Luma at El Corazon, a 278-unit apartment community located at 3546 Village Commercial Drive in Oceanside’s El Corazon, a multi-phase development that is home to Frontwave Arena and approximately 400 acres of parks, open space and civic uses. Luma at El Corazon consists of 23 three-story buildings with a mix of 113 one-bedroom, 120 two-bedroom and 35 three-bedroom apartments. Ranging from 691 square feet to 1,440 square feet, each of the 11 floor plans includes an outdoor deck, balcony or patio, stainless steel appliances, quartz countertops, wood-style flooring and in-unit washers/dryers. Community amenities include a clubroom with a demonstration kitchen and adjoining covered patio, a conference room and an indoor/outdoor fitness center with cardio and weights, a pool and spa, a lounge area with ping-pong and facilities for outdoor dining and grilling. Additionally, the property offers an attached or detached garage for each unit, a package reception area, 24-hour emergency maintenance and electric vehicle chargers. The development team included Bassenian Lagoni, Hunsake & Associates, Wermers Construction, Schmidt Design Group and Design Tec.

January 29, 2025

Acquisitions California Industrial Western

Border Business Center Divests of 69,530 SF Industrial Park in San Ysidro, California

by Amy Works January 28, 2025

SAN YSIDRO, CALIF. — Border Business Center LLC has completed the sale of a four-building industrial park at 464, 494 and 524 W. Calle Primera and 2325 Via Tercero in San Ysidro. Partners Capital Inc. acquired the asset for $15 million. Known as Border Commerce Center, the 69,530-square-foot park offers 51 suites, averaging 1,200 square feet in size. At the time of sale, the property was fully leased. Matt Harris and Matt Pourcho of CBRE represented the seller in the transaction.

January 28, 2025

Acquisitions California Multifamily Western

Bascom Group, Oaktree Acquire 408-Unit Apartment Community in West Sacramento for $126M

by Amy Works January 27, 2025

WEST SACRAMENTO, CALIF. — The Bascom Group, in partnership with funds managed by Oaktree Capital Management, has purchased The Strand, a multifamily property in West Sacramento, for $126 million, or $308,824 per unit. Built in 2021 by MBK Rental Living, The Strand features 408 junior one-bedroom, one-bedroom, two-bedroom and three-bedroom units. Community amenities include two pools and spas, indoor and outdoor fitness centers, a clubhouse, dog park and electric vehicle charging stations. Louis Friedel, Clay Akiwenze and Hank Workman of Berkadia arranged the debt financing for the acquisition. Luke Goodwin and Alex Porter of Walton Street Capital provided the acquisition loan. Berkadia’s investment sales team, led by Jason Parr and Scott MacDonald, represented the seller. Sares Regis will provide property management services.

January 27, 2025

Acquisitions California Retail Western

JLL Negotiates Sale of 185,051 SF Former Department Store in San Diego

by Amy Works January 27, 2025

SAN DIEGO — JLL Capital Markets has negotiated the sale of a 9.3-acre redevelopment site consisting of a 185,051-square-foot former department store in San Diego. A joint venture between Jofa Capital and BLT Enterprises acquired the asset from a private seller for an undisclosed price. Located at 1555 Camino De La Reina, the redevelopment site is adjacent to the Mission Valley Mall. Daniel Tyner, Gleb Lvovich and Geoff Tranchina of JLL Capital Markets Investment and Sales Advisory team represented the seller in the deal.

January 27, 2025

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