California

CBRE Negotiates $2.6M Sale of Inland Empire Multifamily Community in California

by Amy Works August 7, 2020

FONTANA, CALIF. — CBRE has arranged the sale of Juniper Apartments, a multifamily property located in Fontana. A local private investor sold the complex to another private buyer for $2.6 million. Located at 8945 Juniper Ave., the community offers 18 two-bedroom/two-bath units that average 856 square feet. Additionally, the property features gated access, 25 covered parking spaces, 16 storage units and 15 surface parking spaces. Located south of the historic Route 66, the property is within walking distance to Chaffey College-Fontana campus, Fontana Metrolink Station and downtown Fontana. Cray Carlson of CBRE represented the seller and buyer in the deal.

August 7, 2020

California Development Office Western

Boston Properties Buys 50 Percent Interest in Beach Cities Media Campus Joint Venture in El Segundo, California

by Amy Works August 6, 2020

EL SEGUNDO, CALIF. — Boston Properties has acquired a 50 percent interest in an existing joint venture that owns Beach Cities Media Campus, a 6.4-acre site on the Rosecrans Corridor in El Segundo. Continental Development, a developer and owner of Class A properties in the El Segundo and South Bay submarkets of Los Angeles, is another partner in the joint venture. The site is fully entitled to support the future development of approximately 275,000 square feet of Class A creative office space. The Media Campus is the western border of Continental Park, a 3 million-square-foot, 86-acre office and mixed-use campus.

August 6, 2020

California Loans Multifamily Student Housing Western

UC Funds Provides $13M Construction Loan for Student Housing Project in Berkeley, California

by Amy Works August 6, 2020

BERKELEY, CALIF. — UC Funds has provided a $13 million construction loan for a student housing development in Berkeley. The undisclosed borrower plans to develop a 40-unit student housing project on the site, which is located on University Avenue adjacent to the University of California – Berkeley.

August 6, 2020

Acquisitions California Office Western

BLT Enterprises Buys 200,000 SF Television Center Office Campus in Hollywood

by Amy Works August 5, 2020

LOS ANGELES — Santa Monica, Calif.-based BLT Enterprises has acquired Television Center, a creative office and production campus located on 6.4 acres in the Hollywood submarket of Los Angeles. Terms of the transaction, including seller and acquisition price, were not released. The 200,000-square-foot property was the original headquarters of Technicolor and the studio lot for Metro Pictures, a silent filmmaker and forerunner of Metro-Goldwyn-Mayer. The previous owner updated the property from its original uses and tailored the asset to the needs of traditional media, streaming media companies, television, film and digital production tenants, as well as innovative technology and design professionals. Brad McCoy, Dave Wilson and Aaron Wilder of Lee & Associates West LA represented BLT in the transaction. Bryan Kenny and Will James of Sunrise Mortgage arranged acquisition financing, while Mike Slinger, Patricia Shlageck and their teams at Chicago Title handled title and escrow. With the acquisition, BLT now owns more than 250,000 square feet of office, production and studio space in Hollywood. Last year, BLT purchased a four-stage studio lot adjacent to Television Center and established BLT Studios, serving production clients throughout the area. Earlier this year, the company also acquired two additional creative office projects within a half-mile …

August 5, 2020

Acquisitions California Multifamily Western

ACI Apartments Brokers $9.6M Acquisition of Villas Bonita Multifamily Property in El Centro, California

by Amy Works August 5, 2020

EL CENTRO, CALIF. — ACI Apartments has arranged the purchase of Villas Bonita, a multifamily complex located at 699 Wake Ave. in El Centro. Imperial Properties acquired the asset from Villas Bonita LCC for $9.6 million. Built in 2005, the 71,250-square-foot community features 75 apartments spread across seven two-story buildings. The property offers one-, two- and three-bedroom apartment layouts ranging from 730 square feet to 1,130 square feet, each with an in-unit washer/dryer and balcony or patio. The community also includes 75 carports, 51 surface parking spaces, a gym, recreation room, pool, spa, playground area, barbecues and a large patio. Ricardo Lopez of ACI Apartments represented the buyer, while Steve Willmore and Erik Faucett of Lee & Associates represented the seller in the deal.

August 5, 2020

California Company News Western

CBRE Reports $25M in COVID-Related Expenses, 6 Percent Revenue Decline in Second Quarter

by Amy Works August 4, 2020

LOS ANGELES — CBRE Group Inc. (NYSE: CBRE) released its financial results for the second quarter, ending June 30, showing a six percent decline in revenue, down to $5.4 billion from $5.7 billion in second-quarter 2019. The COVID-19 pandemic impacted second-quarter results across all major markets, including CBRE spending $25 million in COVID-related costs and a $16 million donation to a COVID relief fund. “The overall impact [of COVID-19] was cushioned by our diverse business mix, particularly the sustained growth of our contractual business over the past decade,” says Bob Sulentic, president and chief executive officer of the Los Angeles-based commercial real estate services firm. “We also benefited from early moves to reduce our expense base, a process that is continuing, and strengthen our financial position and cash-flow generation despite the ongoing challenges from the pandemic.” Across the company’s advisory services, the second-quarter report shows that leasing contracted 43 percent in the United States and property sales fell 51 percent. However, loan servicing revenue increased 15 percent, partially offsetting more cyclical business lines. On the real estate investment front, the second quarter adjusted revenue was $154 million compared to $169 million in second quarter 2019. CBRE’s global workplace solutions fee …

August 4, 2020

Acquisitions California Multifamily Western

Levin Johnston Arranges $34.3M Sale of Three-Property Multifamily Portfolio in Bay Area

by Amy Works August 4, 2020

SUNNYVALE, LOS GATOS AND SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sales of three apartment properties located in the Bay Area for a total consideration of $34.2 million. Adam Levin and Robert Johnston of Levin Johnston of Marcus & Millichap represented the seller and procured the buyer for the sales. Details on the buyer and seller were not disclosed. The transactions include: The $15.3 million sale of 1234 Sunnyvale Saratoga Road in Sunnyvale. Originally constructed in 1963, the property features 34 units in a mix of studio, one-, two- and three-bedroom layouts. The $11.5 million sale of a 24-unit multifamily property located at 100 Oak Rim Way in Los Gatos. Constructed in 1961, the building features four one-bedroom/one-bath units and 20 two-bath/one-and-a-half bath units. The $7.5 million sale of 2905 Old Almaden Road, a 25-unit property in San Jose. Built in 1961, the 20,196-square-foot building features 20 one-bedroom/one-bath units, four two-bedroom/two-bath apartments and a three-bedroom/two-bath unit. The three communities each feature a community courtyard, picnic area, private carports, security cameras and an on-site laundry facility.

August 4, 2020

California Market Reports Retail Western Western Market Reports

A Hollywood Ending for LA Retail?

by Jeff Shaw August 3, 2020

By Matthew M. May, President, May Realty Advisors A bird’s-eye look at the Los Angeles metro prior to the coronavirus outbreak reveals that the area was already beginning to soften as it worked its way through more than 1.26 million square feet of new retail space that was delivered to neighborhood and community shopping centers over the past five years. According to REIS, about 35 percent of that, or 443,000 square feet, came online in 2018. Vacancy rates increased every year for the past five years, while averaging about 7.3 percent for the metro area in 2019. Despite the increasing vacancy, we also had quarter-over-quarter and year-over-year growth in asking rents, primarily led by increases in the higher-end neighborhoods. At the street level, quarterly asking rents for neighborhood and community centers averaged about $33.03 for 2019, while increasing about $0.5 per square foot from 2018 to 2019. However, pre-leasing has been weakening over the past few quarters. Discussions in development circles were indicating fewer mixed-use projects in the planning stages with more builders favoring dedicated multifamily builds. Nevertheless, new retail inventory was in the pipeline for this year, with optimism surrounding the evolving retail landscape. All of this was, of …

August 3, 2020

California Civic Development Western

C.W. Driver Breaks Ground on $48.2M Academic Building at Long Beach City College in California

by Amy Works August 3, 2020

LONG BEACH, CALIF. — C.W. Driver Cos., as general contractor, has broken ground on a multi-disciplinary facility located at Long Beach City College’s Liberal Arts Campus in Long Beach. The $48.2 million property is the first design-build project at the school funded by the state of California and will house a variety of academic programs, including language arts, career technology education, computer studies, office studies, student success center and support programs. The project includes the demolition of two existing classroom buildings, as well as all associated utilities, hardscape, irrigation and landscaping. Originally two 1960s concrete frame buildings, the new three-story, 96,000-square-foot facility will be constructed as a single steel-frame structure complete with classroom, study and administrative spaces. Key areas will include a lecture hall, reading and writing focus areas and breakout rooms. Additionally, the project will be built around existing community courtyards where students can connect, study and socialize. Designed HPI Architecture to obtain LEED Gold certification, the project is slated for completion in November 2021.

August 3, 2020

California Loans Office Walker & Dunlop Western

Walker & Dunlop Arranges $8M Refinancing for Orange County Office Property

by Amy Works August 3, 2020

TUSTIN, CALIF. — Walker & Dunlop has secured a $8 million loan for the refinancing of Pointe Red Hill, a single-tenant office building located in Tustin. The borrower is Fortland Inc. Symetra Life Insurance Co. provided the 10-year, fixed-rate loan, which allowed the borrower to refinance the property’s existing debt and implement property improvements, including the installation of solar carports. Grant Robertson and Kevin Dinneen of Walker & Dunlop’s Los Angeles-based team arranged the financing. The two-story, 51,065-square-foot property features an open floor plan with a mix of private suites and conference rooms. Since 2018, an online retail company has occupied the building.

August 3, 2020

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