California

Fanatics, Paris Saint-Germain Open First Standalone European Soccer Club Retail Location in Los Angeles

by Amy Works June 1, 2021

LOS ANGELES — Paris Saint-Germain (PSG), one of the top soccer teams in the world, has opened a permanent retail store within Westfield Century City Mall in Los Angeles. In partnership with apparel retailer Fanatics, the sports club is expanding its global retail presence with several new stores in key international markets, beginning with the Los Angeles location. The store openings form part of a 10-year retail and merchandising deal signed between PSG and Fanatics in 2020. Fanatics, which is part owner of Lids, will tap into Lids’ physical retail experience to open and operate the new Westfield store.

June 1, 2021

California Company News Retail Western

Gap’s First-Quarter Sales Increase 28 Percent, Net Sales Hit $4B

by Amy Works May 28, 2021

SAN FRANCISCO — Gap Inc. (NYSE: GPS), the parent company of Old Navy, Gap, Banana Republic and Athleta, released its first-quarter 2021 fiscal report showing net sales reached $4 billion, up 8 percent over first-quarter 2019. Additionally, comparable sales were up 28 percent year-over-year and rose 13 percent since pre-pandemic 2019. The company showed strong increases in net sales at Old Navy and Athleta — 27 percent and 56 percent increase over 2019, respectively. There were declines in net sales at Gap Global (16 percent) and Banana Republic Global (29 percent). Old Navy’s comparable sale were up 35 percent year-over-year and 25 percent versus 2019. Additionally, Athleta reported 113 percent digital growth compared to the first quarter of 2019, with comparable sales up 27 percent year-over-year and 46 percent versus 2019. Overall, first-quarter online sales for Gap Inc. grew 82 percent versus first-quarter 2019 and represented 40 percent of the total business. Store sales declined 16 percent compared to first-quarter 2019, primarily due to store closures and COVID lockdowns outside of the United States. Currently, Gap has 3,571 store locations in more than 40 countries, with the company operating 2,997 of them.

May 28, 2021

Affordable Housing California Development Multifamily Western

AMCAL Completes 102-Unit Las Ventanas Affordable Housing Community in Long Beach, California

by Amy Works May 27, 2021

LONG BEACH, CALIF. — AMCAL Multi-Housing has completed Las Ventanas Apartments, an affordable multifamily development located at 1795 Long Beach Blvd. in Long Beach. Situated on just over an acre, the four-story building features 102 apartments in a mix of one-, two- and three-bedroom layouts with balconies or patios for individuals and families earning between 20 percent and 80 percent of the area median income. Additionally, 15 units are reserved for Los Angeles County’s Homes for Health program for special needs homeless households. The community also features street-level commercial space, a semi-subterranean parking garage, access to the Blue Line stop on Pacific Coast Highway, an internal courtyard, a play area for children, outdoor seating, barbecue grills and secure bike storage. The community also offers social service offices where residents can receive social services tailored to their needs, while the adjacent management office features a community area with a media center, computer lab and open space for games and socializing for residential use. William Hezmalhalch Architects served as architect for the project, which is seeking LEED Platinum certification. FPI Management is the property manager. Financing partners included The Long Beach Community Investment Co., Union Bank, Hudson Housing Capital, California Department of …

May 27, 2021

California Features Multifamily Western

Yardi Matrix: US Multifamily Rents Increase by 1.6 Percent in April, Biggest Gain During Pandemic

by Julia Sanders May 27, 2021

SANTA BARBARA, CALIF. — Following an unsteady year in 2020, the multifamily sector is taking a leap in the early half of 2021, according to the latest Yardi Matrix National Multifamily Report. In April, multifamily rents rose 1.6 percent year-over-year, which Yardi Matrix says is the highest increase seen since the beginning of the pandemic. The firm reports overall rents increased by $10 in April to $1,417 per month, the biggest single-month gain since June 2015. Rent Growth, Occupancy Levels Across Different Markets Most markets saw month-over-month rent growth. Twenty four of the top 30 markets that Yardi Matrix tracks saw month-over-month rent growth exceeding 0.5 percent, and all gateway markets experienced positive gains from March. All gateway markets had positive rent growth for the trailing three months as well, with Miami’s rent growing 0.8 percent, Chicago 0.5 percent and Boston 0.4 percent. However, some gateway markets are still struggling compared to where they were a year ago, including Washington, D.C., with only a 0.2 percent growth. New York City, San Francisco and Seattle all experienced 0.1 percent rent growth. Yardi Matrix says that these gateway markets that are behind are expected to experience rent growth this summer. One of …

May 27, 2021

California Industrial Market Reports Western Western Market Reports

Industrial Demand is Unabated in the High Desert

by Jeff Shaw May 27, 2021

By Joseph W. Brady, President, Bradco Cos. The High Desert portion of San Bernardino County, also known as the Mojave River Valley, is anticipating exceptional industrial development growth in the upcoming years as the balance of the Inland Empire builds out and has no significant land to further develop. The Mojave River Valley region contains more than 22 million square feet of industrial space. The City of Hesperia has recently experienced a mass grading project — probably the largest grading project in the High Desert’s history. Covington Capital is mass grading 232 acres where it intends to build a 3.5-million-square-foot industrial complex. The first building (1,055,360 square feet) will be developed for Modway. It will increase the major furniture distributor’s ability to serve regional and national distribution requirements from its current 310,555-square-foot facility in Fontana. The 60-acre site is being developed by Exeter Property Group. Big Lots opened its new distribution center in north/east Apple Valley in late 2019. This 1.3-million-square-foot facility sits just south of Walmart’s distribution center. Brightline West has also acquired property in north Apple Valley near Dale Evans Parkway for a high-speed rail station that will move passengers from Southern California to Las Vegas in 90 minutes at speeds …

May 27, 2021

California Development Multifamily Western

Cityview to Develop $250M Waterfront Apartment Community in Oakland

by Amy Works May 26, 2021

OAKLAND, CALIF. — Cityview has unveiled plans for the development of Oakland Waterfront, an apartment property located within the 65-acre, master-planned Brooklyn Basin community in Oakland. The eight-story community will offer 378 apartments in a mix of studio, one-, two- and three-bedroom layouts with more than 80 percent of the units overlooking the waterfront. The project also features 331 parking spaces and 1,700 square feet of retail. Cityview raised nearly $100 million in opportunity zone capital for the $250 million project, which is slated for completion in 2023. The project team includes James E. Roberts Obayashi, Webcor, AC Martin and Nadia Geller Designs.

May 26, 2021

California Development Loans Office Western

Luzzatto Co. Receives $54.7M Construction Loan for Creative Office Development in Los Angeles

by Amy Works May 26, 2021

LOS ANGELES — The Luzzatto Co. has received a total of $54.7 million in construction financing for the development of The Depot, a 1.5-acre creative office campus in the West Adams market of Los Angeles. JLL Capital Markets secured a $28 million senior loan through Bank OZK and a $26.7 million mezzanine loan through Related Fund Management. Paul Brindley, Jeff Sause and Spencer Richley of JLL Capital Markets represented Luzzatto in the financing. Upon completion, The Depot will feature 107,199 square feet of creative office space, three levels of outdoor space totaling more than 20,000 square feet, a 225-space subterranean parking garage, 15-foot ceiling heights and steel-and-glass construction with 30-foot bays.

May 26, 2021

Acquisitions California Office Western

PG&E Moves to Oakland, Sells San Francisco Headquarters to Hines Atlas for $800M

by Amy Works May 25, 2021

SAN FRANCISCO — PG&E Corp., parent company of Pacific Gas and Electric Co., has agreed to sell the company’s San Francisco headquarters complex, located at 77 Beale St. and 245 Market St., to Hines Atlas US for $800 million. Under the terms of the sale agreement, the transaction closing is contingent on California Public Utilities Commission’s (CPUC) approval of the sale. PG&E will propose distributing approximately $390 million to $420 million to customers resulting from the gain on sale over a five-year period to offset future customer rates. CBRE’s San Francisco Capital Markets team represented PG&E in the transaction. PG&E is on track for a phased move to its new headquarters at 300 Lakeside Drive in Oakland, beginning in the first half of 2022. The company expects the move to Oakland to result in substantially lower headquarters costs over a long-term period. The company also plans to consolidate two other East Bay satellite offices – 3410 Crow Canyon Road in San Ramon and 1850 Gateway Blvd. in Concord – into the new Oakland headquarters.

May 25, 2021

Tapo-Canyon-Commerce-Center-Simi-Valley-CA

California Development Industrial Western

Stream Realty to Develop Five-Building Tapo Canyon Commerce Center in Simi Valley, California

by Amy Works May 25, 2021

SIMI VALLEY, CALIF. — Stream Realty, in a joint venture with QuadReal Property Group, is developing Tapo Canyon Commerce Center, a five-building industrial complex located at 1800 Tapo Canyon Drive in Simi Valley. Slated for delivery in fall 2022, Tapo Canyon Commerce Center will offer buildings ranging from 25,786 square feet to 135,759 square feet and leasing options from 19,239 square feet to the entire 344,056-square-foot campus. Situated on 18 acres, the buildings will feature 28- to 36-foot clear heights; high-image, window-lined office space; above-regional-standard dock-high loading; five different access points to the complex; and immediate access to Freeway 118. Patrick DuRoss, John DeGrinis and Jeff Abraham of Newmark are handling leasing for the property.

May 25, 2021

Acquisitions California Restaurant Retail Western

Wood Investments Buys Kings Canyon Pavilion Shopping Center in Fresno, California for $11.8M

by Amy Works May 25, 2021

FRESNO, CALIF. — Wood Investments Cos. has purchased Kings Canyon Pavilion, a 152,354-square-foot shopping center at 4965 E. Kings Canyon Road in Fresno. Los Angeles-based Decrom Properties sold the asset for $11.8 million. 99 Cents Only anchors the retail center, which was 91 percent occupied at the time of sale. Other tenants at the property include O’Reilly Auto Parts, Cricket Wireless Authorized Retailer, Corina’s Taqueria, an indoor family entertainment complex, No Surrender Unlimited and Fallas Paredes. By the close of escrow, Wood Investments has secured signed leases with Raising Cane’s Chicken Fingers and Dutch Bros. Coffee to occupy two single-tenant pad buildings. The new tenants are expected to open in mid-2022. Nick Frechou of Retail California represented the buyer in the transaction.

May 25, 2021

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