California

Ingka Centres to Redevelop Office Building to IKEA-Anchored Retail Asset in Downtown San Francisco

by Amy Works September 10, 2020

SAN FRANCISCO — Ingka Centres, part of the Ingka Group, has purchased the 6×6 Building in downtown San Francisco. MSP Property LLP, a company controlled and owned by Alexandria Real Estate Equities and TMG Partners, sold the asset for an undisclosed price. Ingka Centres will transform and redesign the more than 375,000-square-foot property, located at 945 Market St. IKEA will anchor the development, which will also feature mixed-use offerings. The IKEA store and first phase of redevelopment are slated to open in fall 2021. The property includes a parking lot and offers a total of 256,000 gross leasable square feet. The total investment, including acquisition and future redevelopment costs, is estimated at $260 million for the project. The acquisition and redevelopment is Netherlands-based Ingka Centres’ first in the United States and its second mixed-use project in a downtown location, following the company’s acquisition of Kings Mall in London’s Hammersmith earlier this year. Ingka Centres’ urban projects are all anchored by IKEA and designed to complement the IKEA Retail U.S. strategy of opening smaller-format stores within city centers in response to global urbanization trends, changing customer behavior and the digitization of retail.

September 10, 2020

California Development Multifamily Student Housing Western

Joint Venture Opens 254-Bed The Enclave Student Housing Near University of California, Berkeley

by Amy Works September 10, 2020

BERKELEY, CALIF. — A joint venture between WEST Builders and Spectrum Partners has completed The Enclave, a 253-bed student housing community master leased to the University of California, Berkeley. The property offers shared amenities including retail space occupied by a vegan hamburger restaurant, an upscale sandwich shop and a virtual reality experience operator; two outdoor terraces; an interior courtyard; and a large rooftop deck.

September 10, 2020

Acquisitions California Multifamily Western

Stepp Commercial Brokers $3M Sale of Value-Add Apartment Property in West Hollywood

by Amy Works September 10, 2020

WEST HOLLYWOOD, CALIF. — Stepp Commercial has arranged the sale of a multifamily building located at 1237 N. Orange Grove in West Hollywood. Los Angeles-based Bold Partners acquired the asset from a Los Angeles-based private investor for $3 million. Built in 1926, the two-story, Spanish-style value-add property features eight one-bedroom/one-bath apartments. Each unit offers hardwood flooring, large windows with ample natural light, modernized kitchens and baths with custom tiles, recessed lighting and designer fixtures. On-site amenities include seven parking spaces, laundry facilities and a community courtyard patio with seating. Kimberly Stepp of Stepp Commercial represented the seller and buyer in the deal.

September 10, 2020

Acquisitions California Retail Western

Credit Union Acquires 2,480 SF Retail Building in Ventura, California

by Amy Works September 10, 2020

VENTURA, CALIF. — County Schools Federal Credit Union (CSFCU) has purchased a retail property located at 3954 E. Main St. in Ventura. Terms of the off-market transaction were not released. CSFCU plans to renovate the site, which includes a 2,480-square-foot retail building, to serve as the company’s new headquarters, including a customer banking area, conference room and office space. The credit union is downsizing from its nearby 9,600-square-foot headquarters. Hayden Eaves, Kristen Sullivan and Matthew Spear of Avison Young represented the buyer, while Dustin Dammeyer of Dammeyer & Associates represented the seller, a Texas-based private investor, in the transaction.

September 10, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $8M Sale of Apartment Building in Santa Monica

by Amy Works September 9, 2020

SANTA MONICA, CALIF. — Marcus & Millichap has directed the sale of 2647 6th Street, a 24-unit multifamily property located in Santa Monica. A private investor sold the asset to another private investor for $8 million in an all-cash transaction. David O’Keefe and Steve Bogoyevac of Marcus & Millichap represented the seller and buyer in the deal. Built in 1968, the building was converted to condominiums via Tenant Ownership Rights Charter Amendment (TORCA), but is currently operating as an apartment building. The property features four studios, 19 one-bedroom units and four two-bedroom units.

September 9, 2020

Acquisitions California Industrial Western

Sierra Way Industrial Partners Buys Asset in California for $3.9M

by Amy Works September 9, 2020

CORONA, CALIF. — Redlands, California-based Sierra Way Industrial Partners has purchased an industrial building located at 1160 California in Corona. A private seller sold the asset for $3.9 million. Built in 1990 on 1.1 acres, the 22,547-square-foot property features 2,400 square feet of office space, 24-foot clear heights, a large secured yard and two ground- and grade-level doors. Avison Young’s Cody Lerner and Stan Nowak represented the buyer and seller in the transaction. Additionally, Lerner and Alex Heim and Nesha Ritchie of Lee & Associates have been retained by the owner as leasing agents.

September 9, 2020

California Content Partner Features Lument Multifamily RED Capital Group Western Western Feature Archive

Coming Attraction: The Great Los Angeles Multifamily Recovery

by Sarah Daniels September 9, 2020

Reducing the Los Angeles economy to the entertainment industry would be a serious mistake. In fact, the L.A. labor market is highly diversified with world-class healthcare, professional services, biotech and technology clusters providing co-sector leadership — no one-trick pony is this. Nonetheless, the entertainment industry is the single element that separates this metro economy from all others, and its tentacles are long. In its absence, the metro’s financial and professional services, tourism and digital media sectors might seem almost ordinary. Hollywood content production has been curtailed dramatically by social distancing demands. Active filming in the second quarter plummeted 98 percent from the year before, according to nonprofit industry group FilmLA. This has a devastating effect on thousands of employees on industry payrolls and many times more freelancers, sole proprietors and contract employees that make up the bulk of the film and TV industry’s creative workers. Consequently, the L.A. labor market absorbed among the hardest blows dealt by COVID-19. Although second quarter L.A. County payroll employment declined only 12.4 percent year on year, in line with outcomes observed in the Bay Area and San Diego, total employment — a government statistic that includes the self-employed and gig economy workers — plunged …

September 9, 2020

Acquisitions California Office Western

Longfellow Real Estate Partners Buys 124,473 SF Creekside Office Complex in San Diego

by Amy Works September 4, 2020

SAN DIEGO — Longfellow Real Estate Partners has purchased Creekside, a three-building office property located in San Diego’s Sorrento Mesa submarket. The price was not disclosed. The acquisition brings Longfellow’s San Diego portfolio to more than 660,000 square feet spanning 23 buildings in the Sorrento Valley and Sorrento Mesa submarkets. The company plans to immediately convert 60,000 square feet of existing vacancy and eventually transition the entire 124,473-square-foot campus into state-of-the-art lab space. Creekside is part of Longfellow’s SOVA Science District campus — throughout which Longfellow is completing campus façade enhancements and an outdoor amenity space featuring murals by local artists that will be unveiled this fall. Creekside tenants will also have access to Elevate, Longfellow’s proprietary tenant amenities and hospitality offerings, including a fitness center, brewery, restaurant, coffee shop, programs and services. Louay Alsadek and Hunter Rowe of CBRE and Chris High and Steve Bruce of Newmark Knight Frank assisted with the transaction. Newmark Knight Frank will continue to represent Creekside as leasing agent for Longfellow.

September 4, 2020

Acquisitions California Industrial Loans Net Lease Western

JLL Arranges $23.7M Acquisition Loan for Pellisier Logistics Center in Colton, California

by Amy Works September 4, 2020

COLTON, CALIF. — JLL Capital Markets has secured $23.7 million in acquisition financing for Pellisier Logistics Center, an industrial warehouse and distribution property located at 1901 W. Center St. in Colton. Marc Schillinger, Keith Rosso and Eric Boucher of JLL’s Debt & Structured Finance group in Century City, Calif., placed the two-year, fixed-rate loan with Thorofare Capital for the borrower, a privately owned apparel manufacturer. Loan proceeds were used to purchase the asset immediately upon completion by developer Hillwood Investment Properties, a Perot Co. The property was 100 percent leased simultaneously with closing for an initial lease term of 10 years, excluding two five-year extensions options at a fair-market, triple-net rate. Situated on 12.5 acres, the newly constructed, 232,588-square-foot Pellisier Logistics Center features 36- to 42-foot clear heights, 24 dock-high doors, 168 trailer parking spaces and 219 auto parking spaces.

September 4, 2020

California Development Office Retail Western

RevOZ, Argosy Plan Redevelopment of 127,000 SF Office Building in Sacramento

by Amy Works September 3, 2020

SACRAMENTO — RevOZ Capital has formed a joint venture with Argosy Real Estate Partners to purchase a 127,000-square-foot office property located at 660 J St. in downtown Sacramento. SG Downtown LLC, an affiliate of the Sacramento Kings ownership group, sold the building for an undisclosed price. The joint venture plans to rehabilitate and re-image the four-story building into a mix of office and retail space to complement the recently completed Downtown Commons (DoCo) sports and entertainment district. Renovation plans include redesigning the building to LEED-certification standards, re-skinning the building’s exterior, recreating a lobby, adding on-site amenities, creating new outdoor space, updating restrooms and modernizing building systems. LPA is serving as architect and Cushman & Wakefield will market the property upon completion in late 2021.

September 3, 2020

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