California

JLL Secures $48.7M in Construction Financing for Creative Office Project in Los Angeles

by Amy Works October 9, 2020

LOS ANGELES — JLL Capital Markets has arranged $48.7 million in construction financing for Exposition 3, a creative office property located in Los Angeles’ West Adams submarket. Paul Brindley, Jeff Sause and Spencer Richley of JLL secured the three-year, floating-rate loan through HIG Realty Partners on behalf of the borrower, The Luzzatto Co. Slated for delivery in 2022, Exposition 3 is fully preleased on a long-term basis to an undisclosed company for use as its new headquarters. The property previously served as an industrial property, and Luzzatto is renovating the asset into a two-building, 94,082-square-foot creative office space.

October 9, 2020

Acquisitions California Multifamily Western

JCM Partners Sells Camden Parc Apartments in Vacaville, California for $58M

by Amy Works October 9, 2020

VACAVILLE, CALIF. — JCM Partners has sold Camden Parc Apartments, a multifamily property located on Aegean Way in Vacaville. Camden Parc Residential LLC acquired the community from JCM for $58 million, or $250,000 per unit. Situated on 15 acres, Camden Parc Apartments features 232 apartments in a mix of one-, two- and three-bedroom layouts spread across 24 two-story buildings. JCM completed interior and exterior renovations to Camden Parc in 2019. Steven Nelson and Dusty Haeling of Marcus & Millichap represented the seller and procured the buyer in the deal.

October 9, 2020

California Loans Office Western

PSRS Arranges $7.1M in Refinancing for Office Park in Westlake Village, California

by Amy Works October 9, 2020

WESTLAKE VILLAGE, CALIF. — PSRS has arranged $7.1 million in refinancing for Promenade Office Park, a multi-tenant office building located in Westlake Village. The building features 74,000 square feet of office space. Grady Seldin of PSRS secured the financing through a life insurance company for the undisclosed borrower.

October 9, 2020

California Development Multifamily Seniors Housing Western

Advocacy Development Completes Entitlements for 83-Unit Assisted Living Project in San Jose

by Amy Works October 8, 2020

SAN JOSE, CALIF. — Advocacy Development Partners (ADP) has received unanimous approval from the San Jose City Council for a new assisted living and memory care project in the city. The 1.2-acre project will include 73,000 square feet of living and common areas, comprisingf 83 units and 93 beds. “This facility underscores the need for assisted living and memory care for senior residents in San Jose,” says Pam Foled, Councilmember for District 9, where the community will be located. “This project meets the market demand in a fashion that is least intrusive to the overall community by terracing the building into the single-family neighborhood of Dry Creek and creating fabulous outdoor garden spaces for the residents.” As recommended by the San Jose Planning Commission, the City Council approved the Conditional Use Permit for the project site to replace existing dilapidated retail strip buildings with a modern, three-story building. ADP is in the process of securing its project team of architects, engineers and contractors for the development, according to Paul Bunton of ADP. He says the firm also expects to have its financing and operator in place in the next couple months and anticipates breaking ground in early 2021, which would …

October 8, 2020

Acquisitions California Retail Western

Faris Lee Brokers $4.3M Sale of Property Leased to Starbucks in Metro Los Angeles

by Amy Works October 8, 2020

SANTA ANA, CALIF. — Faris Lee Investments has brokered the $4.3 million sale of a retail property leased to Starbucks Coffee in Santa Ana. Starbucks recently signed a 10-year, corporate-guaranteed lease at the freestanding building, which is located at 2701 N. Grand Ave., 30 miles southeast of downtown Los Angeles. Shaun Riley and Nick Miller of Faris Lee represented the buyer, an Orange County, Calif.-based private family investor, in the transaction. The sale closed five days before the buyer’s deadline for completing a 1031 exchange. Patrick Wade and Alex Kozakov of CBRE represented the undisclosed seller.

October 8, 2020

California Development Multifamily Western

MBK Rental Living Buys Development Site for 292-Unit Apartment Community in Duarte, California

by Amy Works October 7, 2020

DUARTE, CALIF. — MBK Rental Living has purchased a 3.4-acre site in Duarte for the development of 292-unit apartment community in Duarte, situated 11 miles from downtown Pasadena and 22 miles from downtown Los Angeles. MBK is developing the project in partnership with Haseko Corp. Located along the Interstate 210 corridor and steps away from City of Hope Metro Gold Line, the five-story, transit-oriented development will feature a mix of flats and lofted studios, one-, two- and three-bedroom units, as well as co-living apartments. Amenities will include a fitness center and resort-style pool and spa, clubroom and “Bru Hause” gathering spot. Construction of the property, which will also include an eight-story parking structure, is scheduled to start in 2022. The new development is situated adjacent to Esperanza at Duarte Station, the partnership’s first project that will deliver 344 apartments upon completion in mid-2023.

October 7, 2020

California Loans Multifamily Western

Greystone Funds $52M Fannie Mae DUS Refinancing for Manufactured Housing Community in San Jose

by Amy Works October 7, 2020

SAN JOSE, CALIF. — Greystone has provided a $52.2 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a 434-unit manufactured housing community in San Jose. Tim Thompson of Greystone originated the transaction for the borrower, Chateau La Salle LLC. The financing has a 10-year term and 30-year amortization, with a fixed rate and full-term interest-only payments. The loan enables the borrower to refinance its existing Greystone loan and monetize its existing equity in the property. Built in 1980, Chateau La Salle consists of 434 pads across 58 acres. Property amenities include a community clubhouse with wine tasting room, swimming pool, fitness center, laundry facilities and tennis courts.

October 7, 2020

Glendale-Marriott-Residence-Inn-Glendale-CA

California Development Hospitality Western

R.D. Olson Development Completes 190,000 SF Glendale Marriott Residence Inn in California

by Amy Works October 6, 2020

GLENDALE, CALIF. — R.D. Olson Development and R.D. Olson Construction have completed Glendale Marriott Residence Inn, a five-story, mission-style hotel located at 199 N. Louise St. in Glendale. The 190,000-square-foot hotel offers 120 studios with king beds, 12 corner suites, six two-bedroom suites and seven Americans with Disabilities Act-compliant rooms, all with full kitchens. Hotel amenities include a fitness center; courtyard deck with pool and spa; large meeting room; complimentary Wi-Fi; 24-hour market; indoor and outdoor seating areas; and two levels of underground parking. Additionally, the hotel is located near Griffith Park, Hollywood, Dodger Stadium and other Los Angeles-area attractions. Project partners include WATG and SANDdesign.

October 6, 2020

Acquisitions California Retail Western

Progressive Real Estate Partners Negotiates $5.3M Sale of Foothill Village Shopping Center in Fontana, California

by Amy Works October 6, 2020

FONTANA, CALIF. — Progressive Real Estate Partners has arranged the sale of Foothill Village, a retail center located at 14755 Foothill Blvd. in Fontana. A Los Angeles-based private investor sold the property to a Los Angeles-based investor for $5.3 million in an all-cash transaction. Built in 2006, Foothill Village features 24,985 square feet of retail space. At the time of sale, the property was fully leased to 13 tenants. Greg Bedell and Albert Lopez of Progressive Real Estate Partners represented the seller, while Bedell also represented the buyer in the transaction.

October 6, 2020

California Company News Western

Two Pacific Oak Strategic Opportunity REITs Merge to Form $2B Company

by Amy Works October 6, 2020

LOS ANGELES — Los Angeles-based Pacific Oak Strategic Opportunity REIT has completed its previously announced merger with Pacific Oak Strategic Opportunity REIT II in a stock-for-stock transaction, creating a combined company with more than $2 billion in gross real estate and real estate-related assets. The new company has retained the name Pacific Oak Strategic Opportunity REIT. “We believe the merger creates a stronger and more robust company, and provides significant benefits to stockholders, including improved access to capital markets and reduced operating costs,” says Keith Hall, CEO and a director of Pacific Oak Strategic Opportunity REIT. Houlihan Lokey acted as financial advisor to Pacific Oak Strategic Opportunity REIT’s special committee of the board of directors and SunTrust Robinson Humphrey acted as financial advisor to Pacific Oak Strategic Opportunity REIT II’s special committee of board of directors. Morrison & Foerster LLP, Rogers & Hardin LLP and DLA Piper LLP (US) served as legal counsel in the transaction.

October 6, 2020

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