California

Marcus & Millichap Negotiates $17.2M Sale of The Encore Apartment Building in Pasadena

by Amy Works February 24, 2021

PASADENA, CALIF. — Marcus & Millichap has arranged the sale of The Encore, a multifamily building located at 712 E. Walnut St. in Pasadena’s Playhouse District. A foreign investor acquired the property for $17.2 million. Built in 2004, The Encore features 28 apartments and two ground-floor commercial units. All apartments offer in-unit washers/dryers and most feature a balcony. Additionally, the building offers gated parking, an elevator and an interior courtyard. Gayle Factor of Marcus & Millichap’s Encino, Calif., office represented the seller in the transaction.

February 24, 2021

Acquisitions California Industrial Western

RPG, CenterSquare Acquire 203,000 SF Value-Add Industrial Property Near San Diego

by Amy Works February 24, 2021

VISTA, CALIF. — A joint venture between RPG and CenterSquare has purchased an industrial property located at 1 Viper Way in Vista. San Francisco-based Stockbridge sold the asset for an undisclosed price. The buyers plan to implement a comprehensive repositioning plan to modernize the 203,000-square-foot property to appeal to industrial tenants throughout the region. Planned improvements include the addition of nine dock-high doors and five grade-level doors, as well as a reduction of office and mezzanine space, to appeal to last-mile industrial users. The property features 28-foot clear heights, heavy power and dock loading options. At the time of purchase, the property was vacant, having previously served as headquarters for an automotive technology company for 20 years. Aric Starck and Bill Cavanagh of Cushman & Wakefield represented the seller in the transaction.

February 24, 2021

Acquisitions California Mixed-Use Office Retail Western

4S Bay Partners Acquires Redevelopment Site in Baldwin Hills Crenshaw Corridor of Los Angeles for $24M

by Amy Works February 23, 2021

LOS ANGELES — Chicago-based 4S Bay Partners has purchased a 1.8-acre land parcel at 3701 W. Stocker St. in the Baldwin Hills Crenshaw Corridor of Los Angeles. Sticks Holdings LLC and an affiliate of Optimus Properties sold the asset for $24 million. James Daughrity of Daughrity Real Estate represented the buyer and seller in the deal. The property is located in a designed Opportunity Zone with a transit-oriented development designation, which allows for pedestrian-friendly and community-serving uses. The parcel currently contains a 45,000-square-foot, four-story office structure, which was built in 1954. Additionally, the site is in proximity to the planned Metro Crenshaw/LAX light rail transit line. The buyer previously purchased 3731, 3741, 3751 and 3761 W. Stocker St. all within the Baldwin Hills Crenshaw Corridor. Los Angeles-based Pantheon Business Consulting will manage the development of the sites. Potential development plans include a multi-use film studio, entertainment campus and business incubator redevelopment project in line with 4S Bay Partners’ social impact and community development mission to increase economic development within underserved and urban communities. According to 4S Bay, the project’s vision is to partner with creatives, thought-leaders and non-profits surrounding South Los Angeles to create economic opportunities and amplify storytelling about …

February 23, 2021

California Loans Multifamily Western

BridgeCore Capital Closes $5.1M Loan for Apartment Complex in Stockton, California

by Amy Works February 23, 2021

STOCKTON, CALIF. — BridgeCore Capital has closed a $5.1 million loan for a multifamily property in Stockton. The undisclosed borrower required a non-recourse bridge loan to refinance the recently renovated apartment complex. Existing loans with the senior and multiple junior lien holders had matured and required a swift pay-off, as well as a new second trust deed loan to satisfy outstanding debt. The loan features a 12-month term, including one six-month extension option, which will allow the borrower to either execute an exit strategy through a sale or to refinance through a conventional lender for long-term financing.

February 23, 2021

Acquisitions California Multifamily Western

Colliers Negotiates $43M Sale of Historic Keystone Apartments in San Francisco

by Amy Works February 22, 2021

SAN FRANCISCO — Colliers International has arranged the sale of Keystone Apartments, a multifamily property located in San Francisco’s Nob Hill neighborhood. A San Francisco-based family sold the asset to an undisclosed buyer for $43 million. Located at 1369 Hyde St., the seven-story building features 87 apartments in a mix of 13 efficiency units, one studio, 31 one-bedroom units, 35 two-bedroom units and six two-bedroom “plus” units. At the time of sale, the property was 20 percent vacant. The property is historically and culturally significant to San Francisco as it appeared in the 1982 film 48 Hours starring Eddie Murphy and Nick Note, and has served as a general landmark for the city since its opening in 1910. The Keystone Apartments name is derived from its original developer, Keystone Real Estate Co., which developed the property as a hotel. The Devincenti Lagomarsino Team of Colliers, led by Dustin Dolby, represented the seller in the transaction.

February 22, 2021

California Development Industrial Western

McShane Construction Breaks Ground on 481,500 SF Distribution Center for Black Creek Group in Richmond, California

by Amy Works February 19, 2021

RICHMOND, CALIF. — McShane Construction Co. has broken ground for the development of 500 Pittsburg Avenue, an industrial project located in Richmond. Owned by Black Creek Group, the development will feature a 481,500-square-foot distribution center situated on a 34-acre site near the intersection of Pittsburg Avenue and Richmond Parkway. The facility will include concrete tiltwall panel exterior with storefront windows, 36-foot clear heights, 84 truck doors, four drive-in doors, seven-inch concrete slab floors and ESFR sprinklers. For the first phase of the project, McShane completed extensive ground improvements, including wick drains, deep dynamic compaction and grading. The company will also widen Richmond Parkway and Pittsburg Avenue and add turn lanes and traffic signals. HPA is serving as architect of record for the project, which is slated for completion in November 2021.

February 19, 2021

Acquisitions California Retail Western

Nazareth Enterprises Buys Retail Property in Downtown San Mateo for $7.3M

by Amy Works February 19, 2021

SAN MATEO, CALIF. — Nazareth Enterprises has acquired a retail building located at 616 S B St. in San Mateo for $7.3 million. The San Mateo-based company is planning to redevelop the 7,500-square-foot building, which is currently leased by Kelly-Moore Paint, into a mixed-use property. Richard Beale of Beale Properties represented the undisclosed sellers. Mitch Zeemont and Tony Kaufmann of Gantry arranged acquisition financing, which AvidBank provided.

February 19, 2021

Acquisitions California Multifamily Seniors Housing Western

Avanath Capital Purchases The Grove Senior Apartments in Garden Grove, California for $19.8M

by Amy Works February 18, 2021

GARDEN GROVE, CALIF. — Irvine, Calif.-based Avanath Capital Management has purchased The Grove Senior Apartments, an affordable seniors housing property located at 12721 Garden Grove Blvd. in Garden Grove. Meta Housing sold the asset for $19.8 million. The Grove, which is currently 100 percent occupied, features 85 units, a fitness center, club room, courtyard and bus stop directly in front of the property. Rents range from $840 to $1,729 per month for units ranging from 542 to 815 square feet. While Avanath is headquartered in Irvine and has more than 10,000 units within its nationwide portfolio, this transaction is its first acquisition in the company’s hometown market of Orange County.

February 18, 2021

Acquisitions Arizona California Colorado Industrial Loans Western

CBRE Arranges $46.7M Acquisition Loan for Four-Property Industrial Portfolio in Western United States

by Amy Works February 17, 2021

ENGLEWOOD, COLO., COMPTON AND STOCKTON, CALIF., AND PHOENIX — CBRE has secured a $46.7 million loan on behalf of San Diego-based Westcore Properties for the acquisition of a four-property industrial portfolio in Colorado, California and Arizona. Totaling 704,065 square feet, the assets are 14101 E. Otero Avenue in Englewood, 19515 S. Susana Road in Compton, 1551 S. Fresno Avenue in Stockton and 4455 W. Camelback Road in Phoenix. The properties have a combined vacancy rate of more than 50 percent, providing a value-add opportunity to reposition the space for new tenants. Mark McGovern, Brian Cruz and Colby Matzke of CBRE’s Debt and Structured Finance team in San Diego arranged the loan for the buyer.

February 17, 2021

California Loans Multifamily Western

JPI Receives $69.7M Refinancing for Jefferson Pacific Beach Apartments in San Diego

by Amy Works February 17, 2021

SAN DIEGO — JPI, a Texas-based multifamily investment and development firm, has received a $69.7 million loan for the refinancing of Jefferson Pacific Beach, a recently constructed apartment community in San Diego’s Pacific Beach neighborhood. Located at 4275 Mission Bay Drive, Jefferson Pacific Beach features 169,571 square feet of residential space, including 172 apartments, and 14,000 square feet of commercial space. On-site amenities include a business center, resort-style saltwater pool and spa, fitness center and surfboard repair station. Additionally, the bayfront community is adjacent to Interstate 5 and less than three miles from the Pacific Beach Pier. Troy Tegeler, Scott Peterson, Bill Chiles and Trevor Breaux of CBRE’s debt and structured finance team in San Diego arranged the loan for the borrower.

February 17, 2021

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