SIMI VALLEY, CALIF. — Marcus & Millichap has brokered the sale of a multi-tenant retail center located at 1030 E. Los Angeles Ave. in Simi Valley. A local private investor sold the asset to an undisclosed buyer for $6.2 million at a 5.6 percent capitalization rate. James DeBuiser and Gary Cohen Marcus & Millichap’s Cohen | DeBuiser Team represented the seller in the deal. At the time of sale, the property was fully leased.
LOS ANGELES — California Landmark Group (CLG) has completed the final phase of G8, a mixed-use development in Los Angeles’ Marina del Rey neighborhood. The $120 million project includes 228 apartments and 25,000 square feet of creative office space. Situated in the Marina Arts District, G8 offers a mix of single, one-, two- and three-bedroom floor plans ranging in size from 550 square feet to 1,500 square feet, with 23 units earmarked as affordable and 68 designated as co-living suites. The community features 18,000 square feet of exterior common areas, including a public pocket park, swimming pool, spas and an 8,000-square-foot rooftop deck with outdoor grills and lounge seating. G8 also offers more than 10,000 square feet of shared indoor workspaces, a private movie theater, game room, fitness center and a yoga/stretching studio. Additionally, the project includes street-level creative office space designed as a colorful arrangement of cargo shipping containers. With this development, CLG has delivered nine mixed-use projects, totaling nearly 1 million square feet of residential and commercial space, to the Marina del Rey neighborhood.
EMERYVILLE, CALIF. — EAH Housing, an affordable housing nonprofit, has opened Estrella Vista, an apartment community located at 3706 San Pablo Ave. in Emeryville. Situated less than one mile from the Oakland MacArthur BART station, the transit-oriented property features 87 apartments in a mix of studio, one-, two-, three- and four-bedroom layouts, ranging in size from 569 square feet to 1,572 square feet. Rents at the affordable housing property range from $590 to $2,002 per month, with income requirements at 20 percent to 60 percent of area median income. Designed by KTGY Architecture + Planning and built by J.H. Fitzmaurice General Contractors, Estrella Vista features four main outdoor areas: a large central courtyard with playground, zen garden, “adult overlook” and outdoor sky deck. Additionally, the property offers a community room, computer learning center, fitness center and on-site laundry facilities. Financing for the community was provided by City of Emeryville, City of Oakland, County of Alameda, Oakland Housing Authority, Housing Authority of the County of Alameda, California Community Reinvestment Corp., California Department of Housing and Community Development, California Municipal Finance Authority, California Tax Credit Allocation Committee, California Debt Limit Allocation Committee, Federal Home Loan Bank and Wells Fargo Bank.
TORRANCE, CALIF. — Silicon Valley-based Nome Ventures has purchased Pacific Gateway, an office tower located at 19191 S. Vermont Ave. in Torrance within the South Bay submarket of Los Angeles County. An undisclosed seller sold the asset for $55.5 million. Built in 1981 and renovated in 2019, the 10-story tower features 237,145 square feet of Class A office space. The $6 million renovation included an upgraded lobby, new corridors, a new tenant amenity center and exterior improvements. At the time of sale, the building was nearly 84 percent occupied. Current tenants include Optum Care (formerly DaVita Medical Group), Kumon, Farmers Insurance Federal Credit Union and Olgetree Deakins. Kevin Shannon, Bill Bloodgood, Ken White, Scott Schumacher and Aly Chelf of Newmark Knight Frank represented the seller, while the buyer was self-represented in the transaction. Greg Grant of CBRE Capital Markets in Los Angeles, along with Mike Longo, Todd Tydlaska and Sean Sullivan of CBRE, arranged $39.3 million in financing for the buyer.
SAN FRANCISCO — Marcus & Millichap has arranged the sale of an USA Hostels hospitality property located at 711 Post St. in downtown San Francisco. A private investor acquired the asset for $19 million. Built in 1907, the five-story building features 123 rooms including 48 units with private bathrooms, a large common area, dining area, self-service commercial kitchen and yoga studio. Jag Patel of Marcus & Millichap’s Oakland office represented the seller and procured the buyer in the deal.
VERNON, CALIF. — A joint venture between Dedeaux Properties and Ledo Capital has completed the disposition of Vernon Avenue Logistics Center, a cold-storage facility located at the intersection of East Vernon and Alcoa avenues in Vernon. A Los Angeles-based family acquired the facility for $14.8 million. Built in March 2020, the 46,422-square-foot property features commercial kitchens, cold prep space, a fully racked cooler and freezer, dry storage space, 32-foot minimum clearances, seven dock-high doors and one ground-loading door fronting a 3,700-square-foot refrigerated dock. Additionally, the building includes 3,000 square feet of office and mezzanine space. The built-to-suit property is fully leased on a long-term basis to a Los Angeles-based restaurant group. Scott Heaton of Colliers International represented the buyer, while Jeff Chiate and Mike Adey of Cushman & Wakefield Capital Markets represented the seller in the deal.
MIRAMAR, CALIF. — San Diego-based Stos Partners has completed the sale of an industrial facility located at 8330 Arjons Drive in Miramar. A private investor acquired the 27,500-square-foot asset for $7.5 million. Stos Partners, in partnership with Boston-based Long Wharf Capital, initially purchased the vacant property in July 2019 for $4.2 million. The partnership implemented a repositioning and lease-up program at the property, ultimately resulting in the disposition of the asset. Bryce Aberg, Brant Aberg and Brooks Campbell of Cushman & Wakefield represented the seller in the deal.
NORCO, CALIF. — SRS Real Estate Partners has brokered the sale a single-tenant retail property located at 1428 Sixth St. in Norco. A family partnership acquired the asset from a local developer for $6 million. Grocery Outlet occupies the newly constructed, 18,000-square-foot building, which is situated on 1.7 acres. Grocery Outlet, which opened in March, is the anchor tenant for the new Norco Gateway Shopping Center. Additional tenants include Taco Bell and 6,000 square feet of future retail shops. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller, while Mark Bitterlin of Trust Real Estate Services represented the buyer in the transaction.
SAN FRANCISCO — Columbia Property Trust and Allianz Real Estate have completed the formation of a joint venture to recapitalize 221 Main Street, a LEED Platinum- and Energy Star-certified office building in San Francisco’s South Financial District. Allianz contributed $180 million in cash for a 45 percent ownership in the joint venture, which values 221 Main Street at $400 million. Columbia will retain a 55 percent ownership stake in the property, function as general partner for the venture and continue to oversee day-to-day operations of the asset. Acquired by Columbia in 2014, 221 Main Street features 381,000 square feet of office space, Bay views and abundant outdoor space. The property is fully leased, primarily to tech tenants such as DocuSign and Prosper Marketplace. With this transaction, Columbia and Allianz now own five properties as joint venture partners. The joint venture portfolio has a collective gross asset value of $2.3 billion.
LOS ANGELES — Dovetail Furniture & Designs has purchased a warehouse asset located at 14150 S. Figueroa St. in Los Angeles. AJ Wholesale sold the asset for $7.2 million. With its corporate headquarters located next door at 14000 S. Figueroa St., Dovetail plans to use the 41,723-square-foot building for warehouse and distribution space. The company sells handmade furniture, accessories and textiles from around the world. Matthew Stringfellow, Courtney Bell and Tyler Rollema of The Klabin Company/CORFAC International represented the buyer, while the seller was self-represented in the transaction.
