California

Cushman & Wakefield Arranges $20.6M Sale of Creekside Apartments in San Leandro, California

by Amy Works August 17, 2020

SAN LEANDRO, CALIF. — Cushman & Wakefield has brokered the sale of Creekside Apartments, a multifamily property located at 424 Callan Ave. in San Leandro. Trion Properties acquired the asset from a private partnership for $20.6 million. Developed in 1969, Creekside Apartments features 80 one- and two-bedroom apartments averaging more than 880 square feet. At the time of sale, six of the units were fully renovated. Community amenities include a swimming pool and laundry facilities. Jason Parr, Scott MacDonald and Seth Siegel of Cushman & Wakefield represented the seller in the deal.

August 17, 2020

Acquisitions California Multifamily Western

LDK Ventures, USA Properties Fund Break Ground on 345-Unit Multifamily Project at Sacramento’s Railyards

by Amy Works August 17, 2020

SACRAMENTO, CALIF. — LDK Ventures and USA Properties Fund have closed on the financing and acquisition of a development site for The A.J., a multifamily property located in the Railyards mixed-use development in Sacramento. Situated on 2.9 acres at the southwest corner of Sixth Street and Railyards Boulevard, The A.J. will feature 345 apartments in a mix of studio, one- and two-bedroom layouts, with 69 of the units designated as affordable. The community will also include 5,000 square feet of ground-floor retail space, a fitness center, pool and spa, dog wash, and rooftop sky lounge with outdoor grills and fire tables. The A.J. is the first project at the Railyards, a 244-acre urban infill development in downtown Sacramento. Completion of the multifamily property is slated for winter 2022. The A.J. is named in honor of A.J. Stevens, who was deemed father of innovation at the Sacramento Railyards in the late 1800s. LDK Ventures is the managing member of Downtown Railyard Venture. The City of Sacramento, the California Department of Housing and Community Development, and Sacramento Housing and Redevelopment Agency provided assistance to structure the financing for the $130 million residential project. Citi Bank Community Capital provided financing for the development.

August 17, 2020

Acquisitions California Mixed-Use Multifamily Office Retail Western

Machine Investment Acquires Stevens Creek Executive Park in San Jose for $54.5M

by Amy Works August 14, 2020

SAN JOSE, CALIF. — Machine Investment Group, a newly created New York-based real estate investment platform, has launched its business with the purchase of Stevens Creek Executive Park in San Jose. An undisclosed seller sold the asset for $54.5 million. Machine Investment acquired the property in partnership with Miramar Capital Advisors. Situated on 9.2 acres, Stevens Creek Executive Park consists of 164,986 square feet of existing office space, plus entitlements for the development of 582 multifamily units, 10,000 square feet of retail space and additional office space. The executive park is located within Stevens Creek Urban Village Plan and the Cupertino Union School District, less than two miles from Apple’s global headquarters and the Santana Row shopping district. Under the leadership of real estate veterans Andy Kwon and Eric Rosenthal, Machine Investment Group focuses on opportunistic, distressed and special-situation commercial real estate across the United States.

August 14, 2020

Acquisitions California Company News Restaurant Retail Western

FAT Brands to Acquire Johnny Rockets Restaurant Chain for $25M

by Amy Works August 13, 2020

LOS ANGELES — Fresh. Authentic. Tasty. (FAT) Brands has agreed to purchase the Johnny Rockets restaurant chain from an affiliate of Sun Capital Partners for $25 million. The deal will be funded through cash on hand and proceeds generated from FAT’s securitization facility. The transaction is slated to close in September. With the acquisition of Johnny Rockets, FAT Brands will have more than 700 franchised and company-owned restaurants around the globe with annual system-wide sales exceeding $700 million. Johnny Rockets was founded in 1986 with its first location on Melrose Avenue in Los Angeles. The 1950s-themed restaurant serves freshly made, classic burgers and hand-spun real ice cream shakes. Johnny Rockets currently has more than 325 locations across the United States and internationally, including nine company-owned locations. Duff & Phelps served as financial advisor to Sun Capital Partners and Morgan Lewis & Bockius acted as legal counsel to Sun Capital Partner. Loeb & Loeb acted as legal counsel to FAT Brands and Andersen Tax served as tax advisor to FAT Brands.

August 13, 2020

Acquisitions California Retail Western

Hanley Investment Negotiates $3.8M Sale of Four-Tenant Retail Building in Inland Empire

by Amy Works August 13, 2020

LAKE ELSINORE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a multi-tenant retail building within Lake Elsinore Marketplace, a shopping center in Lake Elsinore. Irvine-based Pacific Castle sold the asset to a Torrance-based private investor for $3.8 million. Built in 2006 at 29261 Central Ave., the 7,203-square-foot pad building is fully occupied. Tenants include Navy Federal Credit Union, iBrows Threading Salon, Submarina and Juice It Up!. Anchors at the larger, 144,034-square-foot Lake Elsinore Marketplace include Costco, Lowe’s Home Improvement Warehouse, Grocery Outlet, PetSmart and Dollar Tree. Kevin Fryman and Bill Asher of Hanley represented the seller in the deal.

August 13, 2020

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

San Francisco Multifamily Trends: The Downside of Demand Inelasticity

by Sarah Daniels August 13, 2020

In economics, the sensitivity of aggregate demand for a product or service to changes in price is defined as its “elasticity.” The elasticity of demand for nonessential goods or goods with a number of ready substitutes is high. Even a small increase in price will produce a large decrease in demand. Conversely, a relatively large price change in the cost of an essential or prized luxury good for which few substitutes exist may have little effect on demand for it. San Francisco real estate is a highly inelastic good. The Bay Area’s potent combination of natural beauty, sublime climate and unique culture make it one of the most coveted destinations in the world. By the same token, its compact size, high population density, seismic risks and antipathy to development constrain supply. For all practical purposes, housing prices are limited by the income that residents can expect to earn rather than the normal interplay of producers and consumers. The innovation and wealth creation generated by the high tech industry added a complex new variable to the equation. More wealth was created during the last 10 years in the 40 miles that lie between the Golden Gate and San Jose than in …

August 13, 2020

Acquisitions California Office Western

CBRE Brokers $6.6M Sale of Single-Tenant Office Building in Oceanside, California

by Amy Works August 11, 2020

OCEANSIDE, CALIF. — CBRE has arranged the sale of an office building located at 2160 S. El Camino Real in Oceanside. An Orange County, Calif.-based 1031 private buyer acquired the asset for $6.6 million, or $493 per square foot. The U.S. Federal Government occupies the 13,500-square-foot, single-tenant property on a 15-year lease that commenced in 2018. The building was a build-to-suit in 2004 for the Social Security Administration and was fully remodeled and upgraded in 2018 to current U.S. General Services Administration standards. The upgrades included a new roof and HVAC system. Matt Pourcho, Gary Stache, Anthony DeLorenzo, Bryan Johnson and Matt Harris of CBRE represented the seller, a private investor, in the transaction.

August 11, 2020

Acquisitions California Industrial Leasing Activity Western

Bolour Associates Buys Los Angeles Industrial Property in $5.6M Sale-Leaseback Deal

by Amy Works August 11, 2020

LOS ANGELES — Bolour Associates has acquired an industrial building located at 3333 W. Temple St. in Los Angeles. The $5.6 million sale-leaseback transaction includes a 10-year lease with Rentokil North America and future development opportunities. Situated at Highway 101 and Silver Lake Boulevard, the property includes 44,931 square feet of land and a 11,681-square-foot building, which is fully occupied by Rentokil North America under a 10-year lease. The tenant is a wholly owned subsidiary of United Kingdom-based FTSE 100 company Rentokil Initial. Jake Wagner of JLL represented the seller in the deal, while Adam Eisenberg provided in-house representation for the buyer.

August 11, 2020

California Development Mixed-Use Office Restaurant Retail Western

Gaw Capital USA, DJM Unveil Plans for Ovation Hollywood Mixed-Use Project in Los Angeles

by Amy Works August 10, 2020

LOS ANGELES — Gaw Capital USA, a Hong Kong- and Los Angeles-based real estate private equity firm, and DJM, a San Jose- and Los Angeles-based private equity real estate developer, have released plans for transforming the shopping center at Hollywood & Highland into Ovation Hollywood. Upon completion in late 2021, Ovation Hollywood will be a mixed-use project offering 135,000 square feet of retail space, two floors of nearly 100,000 square feet of creative office space, 85,000 square feet of restaurant space, 65,000 square feet of entertainment space and 40,000 square feet of event space. Gensler is providing design and architectural services to update the property’s physical appearance, including a simplified façade and color scheme, new concept for the tower, an easier to navigate layout, updated landscape design, new art pieces and enhanced outdoor space. In addition to physical upgrades, the project team is focusing on refreshing the property’s tenant mix. Renovations are slated to begin later this year, with completion scheduled for late 2021.

August 10, 2020

Acquisitions California Industrial Western

Audio, Video Equipment Supplier Buys Warehouse in North Hollywood for $6.5M

by Amy Works August 10, 2020

LOS ANGELES — Ametron, an audio and video equipment supplier, has purchased an industrial building located at 10919-10939 Vanowen St. in Los Angeles’ North Hollywood neighborhood. An undisclosed local investor sold the asset for $6.5 million. Fred Afamian and Ryan Lin of CBRE represented the buyer in the deal, and an outside broker represented the seller. The 28,400-square-foot property features concrete block construction with two ground-level loading doors and 15- to 16-foot clear heights. The property also includes a cell tower, which will generate additional revenue for the new owner.

August 10, 2020

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