California

MIG Expands Portfolio with Four Acquisitions Across Arizona, California

by Amy Works June 16, 2021

MESA, PHOENIX AND SEDONA, ARIZ., AND OCEANSIDE, CALIF. — Newport Beach, Calif.-based MIG Real Estate has purchased four properties to expand its portfolio in Arizona and California. The properties are: Gateway Technology Commerce Center, a 138,692-square-foot industrial property at 7535 E. Ray Road in Mesa. The property is fully leased to six tenants. Steve Lindley, Eric Wichterman and Will Strong of Cushman & Wakefield represented the undisclosed seller, while Ken McQueen and Chris McClurg of Lee & Associates provided leasing advice for MIG. First Commons, a two-building, 99,528-square-foot, multi-tenant industrial warehouse at 4624-4635 W. McDowell Road in Phoenix. Built in 2001, the property is 84 percent leased to 12 tenants. Tracy Cartledge and Robert Buckley of Cushman & Wakefield represented the seller, while John Pompay of Cushman & Wakefield provided leasing advice for MIG. Sedona Real Inn & Suites, an 89-key hotel located at 95 Arroyo Pinon Drive in Sedona. Built in two phases in 1996 and 2006, the property was acquired in an off-market transaction. Stone Arbor Apartment Village, an 88-unit, value-add multifamily community located at 612 Los Arbolitos Blvd. in Oceanside. Built in 1977, the property features one-, two- and three-bedroom floorplans and some townhomes. Stew Weston and …

June 16, 2021

California Industrial Leasing Activity Western

Lee & Associates Brokers 155,000 SF Long-Term Lease for M2 Ingredients in Vista, California

by Amy Works June 16, 2021

VISTA, CALIF. — Lee & Associates has arranged a long-term lease for M2 Ingredients to occupy a single-tenant industrial building located at 1395 Park Center Drive in Vista. The lease is valued at $20.5 million. The 150,000-square-foot building features 20,000 square feet of office space, four dock-high doors, eight grade-level doors and 135,000 square feet of warehouse space with 4,000 amps 277/480-volt power. M2 Ingredients was founded in 2010 and is a producer of certified mushroom powders with a full spectrum of bioactive compounds to support health, sport performance, recovery and cognition. The new facility will serve as the company’s corporate headquarters and main warehouse for the manufacturing and distribution of its products. Marko Dragovic, Isaac Little and Tim Moore of Lee & Associates – North San Diego County represented the tenant, while Aric Starck and Brant Aberg of Cushman & Wakefield represented the landlord, Alpha Industrial Properties, in the transaction.

June 16, 2021

Rite Aid occupies the 508,000-square-foot warehouse at 1755 E. Beamer St. in Woodland, Calif., (pictured) and the 926,860-square-foot warehouse at 2801 West Ave. H in Lancaster, Calif.

Acquisitions California Industrial Western

Westcore Buys Two Distribution Warehouses in California from Kimco Realty for $108M

by Amy Works June 15, 2021

LANCASTER AND WOODLAND, CALIF. — Westcore has acquired a two-property industrial portfolio, totaling more than 1.4 million square feet of space, located at 2801 West Ave. H in Lancaster and 1755 E. Beamer St. in Woodland. Kimco Realty Corp. sold the portfolio for $108 million. Rite Aid occupies both distribution warehouses on 20-year leases. The Lancaster facility features 926,860 square feet and the Woodland property offers 508,000 square feet. Darla Long, Barbara Emmons and Rebecca Perlmutter of CBRE represented the seller, while Westcore was self-represented in the transaction.

June 15, 2021

California Loans Multifamily Western

JLL Capital Markets Arranges $24.5M Loan for Cielo Apartments in Downtown San Diego

by Amy Works June 15, 2021

SAN DIEGO — JLL Capital Markets has secured $24.5 million in financing for Cielo, a Class A multifamily property located in San Diego’s Little Italy neighborhood. The borrower, Built Development, acquired the land in 2014 and broke ground in 2018 for the project, which was completed in January. Loan proceeds will be used to pay off the borrower’s existing construction loan and provide cash. Located at 915 W. Grape St., the eight-story, 63,500-square-foot property features studio, one- and two-bedroom units. Apartments offer private balconies and terraces, in-unit washers/dryers, stainless steel appliances and modern finishes. Community amenities include a fitness center, bicycle storage and an outdoor rooftop that includes a lounge, kitchen, wet bar and grilling stations. Jeff Sause, Christopher Collins and Chad Morgan of JLL Capital Markets arranged the floating-rate bridge loan through a correspondent life insurance company for the borrower.

June 15, 2021

California Development Industrial Western

Alere Property Starts Construction of 211,000 SF Industrial Warehouse in Western Inland Empire

by Amy Works June 14, 2021

ONTARIO, CALIF. — Alere Property Group is developing a speculative industrial facility located on 9.3 acres at 1656 S. Cucamonga Ave. in Ontario. With construction underway, the 211,000-square-foot property will feature 40-foot clear heights; a 5,000-square-foot, two-story office space; 23 dock-high doors; two ground-level doors; and a 185-foot truck court with extra trailer parking. Completion is slated for third-quarter 2021. Additionally, Alere Property acquired two industrial properties: 1062 McGaw Avenue in Irvine and 14422 Astronautics Drive in Huntington Beach. Terms of the transactions were not released. The company will redevelop the 5.2-acre site in Irvine, which Ricoh USA occupies, into a 120,000-square-foot industrial facility with 36-foot clear heights, 13 dock-high doors and two ground-level doors. Completion is slated for 2023. The 47,000-square-foot Huntington Beach property, which Terrible Herbst Motorsports occupies, features 26-foot clear heights, a secured fenced yard and three ground-level doors.

June 14, 2021

Acquisitions California Industrial Loans Office Western

PSRS Arranges $31.6M in Acquisition Financing for Five Flex Buildings Near San Diego

by Amy Works June 11, 2021

SAN DIEGO AND CHULA VISTA, CALIF. — PSRS has arranged $31.6 million in acquisition financing for five multi-tenant buildings in Chula Vista and San Diego’s Mission Valley neighborhood. The portfolio includes four flex industrial/office buildings along Bay Boulevard in Chula Vista and a multi-tenant office building at 5920 Friars Road in San Diego. Tenants include Cox Communications, National University, Fresenius Medical, Bayfront Charter School and West Marine. Financed with a CMBS execution, Jim Mulvihill of PSRS secured a 10-year loan with full-term interest-only payments for the undisclosed borrower.

June 11, 2021

California Loans Multifamily Western

Keystone Mortgage Arranges $21.3M Refinancing for SALT Oceanside Multifamily Community Near San Diego

by Amy Works June 10, 2021

OCEANSIDE, CALIF. — Keystone Mortgage has arranged a $21.3 million loan for the refinancing of SALT Oceanside, an apartment property located in downtown Oceanside. Pelican Communities is the borrower. PGIM Real Estate provided the three-year loan, which will be used to refinance the existing construction loan. The newly constructed SALT Oceanside features 52 apartments and 7,200 square feet of ground-floor retail space.

June 10, 2021

Acquisitions California Multifamily Seniors Housing Western

SLIB Negotiates Sale of 77-Unit Seniors Housing Community in Whittier, California

by Amy Works June 9, 2021

WHITTIER, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Posada, a 77-unit assisted living and memory care community in Whittier, a suburb of Los Angeles. The facility was built in 1984 with a renovation in 2017. It totals 41,658 square feet on approximately 0.72 acres of land. The seller was a regional owner-operator looking to divest from the senior care space. The buyer is a local owner-operator that plans on making some renovations to the property. The price was not disclosed. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction.

June 9, 2021

Acquisitions Affordable Housing California Loans Multifamily Western

Hunt Capital Closes $8.5M Loan for Acquisition, Rehabilitation of Affordable Housing in Palm Desert, California

by Amy Works June 9, 2021

PALM DESERT, CALIF. — Hunt Capital Partners and developer D.L. Horn & Associates have closed on more than $8.5 million in federal Low Income Housing Tax Credits equity financing for the acquisition and rehabilitation of an affordable multifamily project in Palm Desert. The Hovley Gardens project consists of 16 two-story, walk-up residential buildings offering a total of 163 units, as well as a community building. The unit mix includes 72 two-bedroom units, 72 three-bedroom units, 18 four-bedroom units and one three-bedroom manager’s unit. Eighteen of the units will be restricted to households earning up to 30 percent of area median income (AMI), 55 units will be restricted to households earning up to 45 percent of AMI, 82 units will be for households earning up to 50 percent of AMI and seven units will be for households earning up to 60 percent of AMI. Units renovations will include upgraded cabinets, countertops, sinks, faucets and flooring. Twelve units will be converted to fully accessible and the five existing accessible units will be modified to be compliant with current regulations. Community upgrades will include improvements to the building systems, commons areas and community spaces. The project team includes ConAm Management Corp., Multi-Family Builders, …

June 9, 2021

Acquisitions California Healthcare Illinois Midwest Multifamily Nevada Seniors Housing Top Stories Western

Harrison Street Agrees to Acquire 24 Seniors Housing Assets, Sell 14 Medical Office Properties for $1.6B

by Kristin Harlow June 9, 2021

CHICAGO — Chicago-based Harrison Street has entered into a series of transactions under which the company agreed to purchase 24 seniors housing assets and sell 14 medical office properties for a total transaction volume of approximately $1.6 billion. The 24 Class A seniors housing properties comprise 2,195 assisted living and memory care units across California and Nevada. The purchase price was roughly $1.2 billion. Healthpeak Properties Inc. was the seller of 12 communities, while Gallaher Cos. was the seller of the other 12 properties. Oakmont Management Group operates all 24 assets, many of which have either been recently completed or are currently under construction. The Healthpeak portfolio maintained an average occupancy rate of 96 percent from 2016 to 2019, according to Harrison Street. The properties average four years in age. In 2020, Healthpeak established and began executing a plan to dispose of its seniors housing properties, except for its continuing care retirement communities. “The assets we are acquiring are managed by a leading operator and are located in attractive markets backed by solid demographics, high barriers to entry and historically high occupancy rates,” says Michael Gordon, global chief investment officer at Harrison Street. Additionally, Harrison Street has agreed to sell …

June 9, 2021

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