California

MBK Rental Living, R.D. Olson Construction Break Ground on 344-Unit Apartment Project in Los Angeles County

by Amy Works June 24, 2021

DUARTE, CALIF. — MBK Rental Living and R.D. Olson Construction have broken ground on Esperanza at Duarte Station, a multifamily property located on 4.3 acres in Duarte. The five-story property will feature 344 one-, two- and three-bedroom apartments in a mix of 12 floor plans ranging from 514 square feet to 1,090 square feet. Community amenities will include a parking structure, rooftop indoor/outdoor fitness center, clubroom, resort-style pool and spa, outdoor entertainment and cooking spaces, a coworking venue, dog park, pet washing station and a linear park that runs the length of the community. Esperanza at Duarte Station is a joint venture project between MBK Rental Living and Haseko Corp., with construction financing provided by Principal Real Estate Investors. Additional project partners include Architects Orange, PBA Structural Engineers and MJS Landscape.

June 24, 2021

Acquisitions California Office Western

Avison Young, Method Commercial Broker $11.2M Sale of Creative Office Building in El Segundo, California

by Amy Works June 24, 2021

EL SEGUNDO, CALIF. — Avison Young and Method Commercial have brokered the sale of a creative office property located at 2210-2218 E. Maple Ave. in El Segundo. Five Amigos, a partnership comprising the former owner-users and Australia-based investors, sold the asset to a Los Angeles-based private investor for $11.2 million. Tecolote Research and Goodlife Physical Medicine fully occupy the 15,743-square-foot building. Built in 2015, the property features two roll-up doors with private patios, two balconies with accordion sliding glass doors, abundant windows and skylights and ample parking. The building is part of the Evelon Campus, a 46.5-acre, 15-building development offering office, retail and hospitality space, as well as athletic fields. Neil Resnick of Avison Young and Martin McDermott of Method Commercial represented the seller, while the buyer was self-represented in the deal.

June 24, 2021

Acquisitions California Retail Western

Progressive Real Estate Partners Directs $3.3M Sale of US Bank-Leased Property in Southern California

by Amy Works June 24, 2021

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has arranged the sale of a single-tenant retail property located at 6644 Carnelian St. in Rancho Cucamonga. A Santa Barbara County, Calif.-based private investor sold the asset to a San Bernardino County, Calif.-based private investor for $3.3 million, or $763 per square foot. Greg Bedell of Progressive Real Estate Partners represented both parties in the transaction. Originally built as Pomona First Federal Bank in 1979, the 4,278-square-foot location was acquired by US Bank in 2008 and has operated continuously as a bank for the past 42 years.

June 24, 2021

Acquisitions California Industrial Western

Alere Property Group Acquires 33,400 SF Warehouse Near Los Angeles

by Amy Works June 23, 2021

VERNON, CALIF. — Alere Property Group has purchased an industrial warehouse building located at 4433 Pacific Blvd. in Vernon. Alere Property Group acquired the asset from a private investor for an undisclosed price in an off-market transaction. Built in 2005, the 33,400-square-foot property features contemporary design and includes 8,800 square feet of mezzanine office space, clear heights ranging from 28 feet to 30 feet, five dock-high doors and a secured fenced yard. DAUM Commercial Real Estate Services represented the buyer and seller in the deal.

June 23, 2021

Acquisitions California Office Top Stories Western

Regent Properties Acquires Four-Asset Office Portfolio in Downtown San Diego for $420M

by Kristin Harlow June 23, 2021

SAN DIEGO — Regent Properties has acquired a portfolio of four office buildings in downtown San Diego for $420 million. The acquisition marks Regent’s first investment via its Regent Opportunity Fund V. The high-rise properties include 1 Columbia Place, 701 B Street, 2 Columbia Place and 707 Broadway. Totaling 1.5 million square feet, the buildings represent approximately 16 percent of all Class A and B office inventory in downtown San Diego, according to Regent. The transaction, which equates to $281 per square foot, also includes a parking garage. Privately owned real estate investment adviser Emmes was the seller, according to The San Diego Union-Tribune. “With this investment, Regent is continuing its push to acquire high-quality office projects across the Sunbelt,” says Eric Fleiss, CEO of Regent. “We are seeking to purchase over $2 billion of assets over the next 24 months.” Prior to the sale, the seller extensively renovated the portfolio’s common areas, including upgrading the lobbies and outdoor amenities. Regent plans to augment these renovations with additional “hospitality-oriented improvements,” such as new fitness centers, conference centers, eateries and community gathering places like outdoor terraces and wine lounges. “To successfully attract and retain tenants today, we need to give them …

June 23, 2021

California Market Reports Office Western Western Market Reports

An Inflection Point for the Greater Los Angeles Office Market

by Jeff Shaw June 23, 2021

By Nico Vilgiate, Executive Vice President, Colliers Greater Los Angeles has one of the largest office development pipelines in the nation, which includes new construction and some sizeable adaptive reuse projects. There is currently more than 6 million square feet in this pipeline with nearly 2.7 million square feet scheduled to deliver this year. This will increase overall vacancy throughout 2021. The most significant developments are occurring in Downtown and West Los Angeles, which contain more than 55 percent of all new office construction. One of the most prominent projects is One Westside, a shopping mall conversion that will contain 584,000 square feet of creative office space in West Los Angeles. Google will be moving into the building upon completion. The greater Los Angeles overall vacancy rate of 18.3 percent is 50 basis points higher than the previous peak in 2013 when it reached 17.8 percent. Sublease availability has increased over the past four quarters due to the work-from-home mandate. However, there has been an increase in the overall average asking rate in the past few quarters. The rate has increased by 4.4 percent year-over-year to about $3.54 per square foot, per month. Asking rate rental growth during this period was strongest …

June 23, 2021

California Development Mixed-Use Multifamily Office Western

Rescore Property, Nadel Architecture Complete 561,600 SF The Rise Residential/Office Project in Hollywood

by Amy Works June 22, 2021

LOS ANGELES — Rescore Property, as developer, and Nadel Architecture + Planning, as architect, have completed construction of The Rise, a seven-story, mixed-use project located at 1331 N. Cahuegna Blvd. in Hollywood. The 561,600-square-foot property features 369 apartments, 13 live/work units and 2,570 square feet of creative office space. Consisting of five buildings linked by pedestrian bridges, The Rise offers 341,600 square feet of residential space on six levels and more than 220,000 square feet of parking space on two levels, with space for 567 cars and 410 bicycles. The project offers a mix of ADA-adaptable micro-units, studios and one- and two-bedroom layouts. Community amenities include a rooftop deck, inner open courtyard, outdoor gym, pool, barbecue grills, fire pits, dog runs with a dog wash unit and outdoor seating with TVs. Additional amenities include a clubhouse with fireplace and pool table, fitness center, lounges, conference rooms, electric-vehicle charging stations and a video screen in the main lobby that displays transit options and status. The Rise also offers a 2,000-square-foot penthouse unit on the seventh floor that can be leased for special events. The penthouse is adjacent to a party room and rooftop deck.

June 22, 2021

Acquisitions California Multifamily Western

Waterford Property Buys Two Multifamily Communities in Pasadena for $335.1M

by Amy Works June 21, 2021

PASADENA, CALIF. — Waterford Property Co., in partnership with the California Statewide Communities Development Authority (CSCDA), has purchased Residences at Westgate and The Hudson in Pasadena for $335.1 million. The partnership acquired the 513 units to provide housing affordability as part of an innovative workforce housing finance program created in 2020 by CSCDA. Residence at Westgate, located at 31 S. DeLacey Ave., was purchased for $237 million, and The Hudson, located at 678 E. Walnut St., was acquired for $98.1 million. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented both parties in the Residences at Westgate transaction. Blake Rogers, Hunter Combs, Alexandra Caniglia and Javier Rivera of Walker & Dunlop represented both parties for The Hudson’s sale. The Residences at Westgate, which was developed in 2015, features 340 apartments and 20,521 square feet of retail space. The Hudson, which was built in 2018, offers 173 apartments and 11,409 square feet of retail space. At the time of acquisition, both communities were approximately 96 percent occupied. Since January, Waterford and CSCDA have acquired six multifamily communities in Southern California, totaling 2,022 units of housing and more than $1 billion of acquisition value as part of the essential housing …

June 21, 2021

Acquisitions California Net Lease Retail Western

Hanley Investment Group Brokers $3.2M Sale of Single-Tenant Retail Building in Fontana, California

by Amy Works June 21, 2021

FONTANA, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant retail building located at Highland Village Shopping Center in Fontana. Adler Realty Investments sold the asset to an Inland Empire-based 1031 exchange investor for $3.2 million. Sit ‘n Sleep occupies the 8,400-square-foot property on a triple-net-lease basis. Built in 2019, the building is located at 16948 S. Highland Ave. The seller developed the Highland Village Shopping Center, which is anchored by a 30,000-square-foot Sprouts Farmers Market, in 2018 and 2019. Other tenants at the shopping center include Jack in the Box, Raising Cane’s Chicken Fingers, Jersey Mike’s Subs, Café Rio, Oggi’s Restaurant, Pacific Dental, Quick Quack Car Wash and Mountain View Tire & Auto Service. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller in the transaction.

June 21, 2021

Acquisitions California Hospitality Top Stories

Geolo Capital Sells 160-Acre Ventana Big Sur Resort in California for $148M

by Julia Sanders June 18, 2021

BIG SUR, CALIF. — Geolo Capital and its joint venture partner Wanxiang America Real Estate have sold Ventana Big Sur Resort, an Alila Resort in Big Sur. The buyer, an affiliate of the Hyatt Hotels Corp., bought the 160-acre property for $148 million. Geolo, which is the private equity investment arm of the John Pritzker family office, claims the $2.5 million-per-room price is a record for a North American resort. Built in 1975, Ventana Big Sur Resort is a 59-room property. Geolo Capital acquired Ventana in 2015 and then renovated and reopened the property in 2017. San Francisco-based interior design firm BraytonHughes Design Studio and Carmel, Calif.-based architectural firm Ray Parks & Associates led the renovation project. The renovations included a new Glass House Gallery, which showcases artwork, jewelry, pottery and photography from California-based artists, as well as upgrades to all the guestrooms, suites and villas. Additionally, outdoor fireside seating was added, and a new 7,000-square-foot Ocean Meadow Lawn was added for events and weddings with space for up to 200 guests. Ventana Big Sur has a total of 12,000 square feet of events and meeting space. A new restaurant, the Sur House restaurant, was also built during renovations, as …

June 18, 2021

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