California

Meridian, Harrison Street Acquire 110,400 SF Building for Medical Office Conversion in Irvine, California

by Amy Works September 15, 2020

IRVINE, CALIF. — A joint venture between Meridian and Harrison Street has purchased a Class A office building located at 114 Pacifica Court in Irvine. The joint venture plans to invest additional capital in building improvements to convert the property into medical office space. Situated on 4.8 acres, the property features 110,400 square feet. At the time of sale, the property was 60 percent occupied. Constructed in 1999, the building is currently named Pacifica Court, but will be renamed to Pacifica Medical Plaza once conversion is complete. Anthony DeLorenzo and Todd Tydlaska of CBRE represented the seller, an institutional owner, while the joint venture represented itself in the deal. John Wadsworth and Aaron Phillips of Colliers International will handle leasing for the property following the medical office conversion.

September 15, 2020

California Development Multifamily Western

Sudberry Properties Opens 434-Unit Purl at Civita Apartment Complex in San Diego

by Amy Works September 15, 2020

SAN DIEGO — San Diego-based Sudberry Properties has completed the development of Purl at Civita, the third apartment property within the sustainable, transit-oriented Civita community in San Diego’s Mission Valley submarket. Located at 7901 Civita Blvd., the property features two mid-rise, podium-style buildings offering a total of 434 apartments and 18,000 square feet of ground-floor retail space. The 434-unit property features two saltwater pools with hot tubs; a day-spa area with adjoining sauna; a Sky Terrace roof deck with outdoor media center and barbecues; game room with golf simulator; club room with demonstration kitchen; karaoke stage; and a “makers studio” for do-it-yourself projects. Additionally, Purl offers co-working offices, conference rooms, secure parcel lockers, electric car charging stations and a smoke-free environment. Apartments at Purl range from 530-square-foot junior, one-bedroom units to 1,347-square-foot three-bedroom layouts. Interior amenities include in-home washers/dryers, gourmet kitchens with farmhouse-style sinks, quartz countertops, stainless steel appliances, hardwood-style flooring in the main areas, carpeting in all bedrooms and LED lighting. Monthly lease rates range from approximately $2,155 to $3,620 per month. Purl is the third apartment community in Civita developed by Sudberry Propertires. All three — Circa 37, West Park and Purl — are situated in a campus …

September 15, 2020

Acquisitions California Office Western

Buchanan Street Partners Divests of Office Building in San Diego for $20.6M

by Amy Works September 15, 2020

SAN DIEGO — Newport Beach, Calif.-based Buchanan Street Partners has completed the disposition of an office building located at 6059 Cornerstone Court West in San Diego. A private buyer acquired the asset for $20.6 million, or $398 per square foot. Verimatrix, a San Diego-based company that specializes in content security for digital television services, occupies the 51,690-square-foot building, which is located within Cornerstone Heights Corporate Center. Matt Pourcho, Gary Stache, Anthony DeLorenzo and Bryan Johnson of CBRE represented the seller, whiel Joe Winkelmann of Colliers International represented the buyer in the transaction.

September 15, 2020

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

The Inland Empire: A Rare 2020 Apartment Sector Success Story

by Sarah Daniels September 15, 2020

Someone once remarked that eighty percent of success in life is just showing up. Human experience verifies that being in the right place at the right time often is the intangible ingredient that leads to triumph. The strong performance this year of the Inland Empire multifamily market is a variation on this theme. During the pandemic, many renters sought refuge from the high density and high costs associated with big city life, and the work-from-home phenomenon made this objective feasible. For many Angelinos, Empire living was the best solution — close enough to Los Angeles to maintain contact with family and friends or to go into the office when necessary but substantially less densely settled and more affordable than most L.A. neighborhoods. By way of quantification, the average Riverside and San Bernardino County monthly rent in July was about $1,578 — and that is 28 percent less than the L.A. County average. The percentage savings for Class A space were about 1 percent greater, and parking, an omnipresent issue for Southern Californians, is typically free. The cost economies found in the Empire are more than trivial. Moreover, renters are more likely than in the past to find the unit and …

September 15, 2020

Acquisitions California Industrial Western

Colliers Negotiates Sale of 40,136 SF Industrial Property in Newark, California

by Amy Works September 11, 2020

NEWARK, CALIF. — Colliers International has arranged the sale of an industrial building located at 8484 Central Ave. in Newark. QQE Properties sold the asset to Atum Biotechnology for $8.8 million. Atum Biotechnology plans to convert the 40,136-square-foot building into lab and office space. The buyer is a provider of tools and solutions to life sciences researchers including gene design; optimization and synthesis; expression vectors; and platforms for protein and cellular engineering and production. Todd Severson of Colliers International represented the seller, while Brian Mason of Avison Young and Jeff Powers of Cushman & Wakefield represented the buyer in the transaction.

September 11, 2020

California Development Mixed-Use Retail Western

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

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