California

Dwight Mortgage Provides $48M Construction Loan for Multifamily Project in San Diego

by Amy Works April 28, 2025

SAN DIEGO — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided a $48 million construction loan for GH 25, a planned multifamily development in San Diego. CAST Development is the borrower and project developer. The loan will be used alongside sponsor equity to fund construction, establish an interest reserve and cover transaction costs for the borrower. The eight-story project will offer 114 studio, one- and two-bedroom apartments with ceiling heights up to 10 feet, floor-to-ceiling glass windows and private balconies. Onsite amenities will include a seventh-floor amenity terrace with a plunge pool, fire pits, barbecues and lounge areas. GH 25 will also feature 3,250 square feet of ground-floor retail space and commercial space anchored by a restaurant and wine bar concept. TFWA Architects is serving as architect for the project.

April 28, 2025

California Industrial Leasing Activity Western

Lionext Leases 106,110 SF Distribution Facility in Santa Fe Springs, California

by Amy Works April 28, 2025

SANTA FE SPRINGS, CALIF. — Lionext Inc. has signed a deal to occupy a 106,110-square-foot distribution facility in Santa Fe Springs. The 10-year lease is valued at $22 million. Ryan Campbell of NAI Capital Commercial represented the tenant, while Joel Hutak and Phillip De Rousse of Lee & Associates represented the landlord, Kekropia Inc., in the deal. Located at 11650 Burke St., the Class A facility offers a clear height of 32 feet at the first column, 16 dock-high positions, two grade-level doors, approximately 7,000 square feet of office space and a large fenced yard with drive-around truck access. Built in 2011, the building also features ESFR sprinklers, 2.5 percent skylights, 50-foot by 52-foot column spacing and a 200-foot shared concrete truck court. Additionally, the asset is located near 605 Freeway.

April 28, 2025

California Development Restaurant Retail Western

ALMQUIST to Open 20,000 SF Culinary Food Hall in Whittier, California

by Amy Works April 28, 2025

WHITTIER, CALIF. — San Juan Capistrano, Calif.-based ALMQUIST will open Rodeo 72, a 20,000-square-foot food hall in Whittier. The food hall is being created in a building that once housed a juvenile correctional facility. Rodeo 72 will contain 15 food-and-beverage concepts, a bar and a community-driven space for live music, local art and pop-up events. Additionally, tattoo studio Grailed Galley will also open inside Rodeo 72. The food hall is scheduled to open Saturday, May 3. ALMQUIST has also developed Rodeo 39 Public Market in Stanton, Calif., and Rodeo at River Street in San Juan Capistrano.

April 28, 2025

Acquisitions California Retail Western

Avison Young Negotiates $2.2M Sale of Retail Property in Hemet, California

by Amy Works April 28, 2025

HEMET, CALIF. — Avison Young has negotiated the sale of a single-tenant retail property located at 1735 W. Florida Ave. in Hemet. A California-based limited partnership sold the asset to a California-based private investor for $2.2 million. Harbor Freight Tools occupies the 20,571-square-foot building, which was renovated in 2023. The tenant has approximately 11 years remaining on its absolute triple-net lease. Chris Maling and David Maling of Avison Young represented the seller in the transaction.

April 28, 2025

Affordable Housing California Development Multifamily Seniors Housing Western

C&C Development, Riverside Charitable Corp. Open Affordable Seniors Housing Community in Lake Forest, California

by Amy Works April 25, 2025

LAKE FOREST, CALIF. — C&C Development and Riverside Charitable Corp. have opened The Meadows Senior Apartments in Lake Forest, an affordable housing community for residents 62 years and older. Located within Toll Brothers’ Meadows master-planned community, The Meadows Senior Apartments offers 65 units designed for seniors earning 30 percent to 60 percent of the area median income (AMI). The two-story building offers units ranging in size from 600 square feet to 800 square feet, all of which are ADA-accessible and adaptable. The property offers community space with grassy areas, verandas and pickleball courts and a common amenity space with a kitchen, laundry room, leasing office, supportive services manager office and outdoor verandas with a barbecue pavilion. The property is also located adjacent to a community park and dog park. Residents will receive onsite supportive services from LifeSTEPS. Services will consist of educational classes and health-and-wellness programs. Financing for The Meadows consists of LIHTC (low-income housing tax credit) funding through the California Tax Credit Allocation Committee, California Debt Limit Committee and California Statewide Communities Development Authority. Bank of America also provided a construction and permanent loan. Additional financing was provided by the City of Lake Forest, The County of Orange, Calif., OC …

April 25, 2025

Acquisitions Affordable Housing California Multifamily Western

CPP Acquires Witmer Manor Affordable Housing Complex in Los Angeles for $48.4M

by Amy Works April 25, 2025

LOS ANGELES — Community Preservation Partners (CPP) has purchased Witmer Manor, an affordable housing property in Los Angeles. Located at 1501 Miramar St. in Los Angeles’ Westlake neighborhood, Witmer Manor comprises eight three- and four-story, elevator-served buildings containing 142 studio and 96 one-bedroom units. Common area amenities include a laundry room and an onsite property management office. CPP is partnering with LifeSTEPS to provide onsite adult education, health-and-wellness and skill-building classes and services to residents. Originally built in 1930, the property was most recently renovated in 2005. CPP’s total development investment is approximately $64 million, which includes the purchase price of $48.4 million and estimated renovation costs of approximately $65,000 per unit. Planned renovations include extensive ADA upgrades; exterior upgrades with new roofing, energy-efficient windows, upgraded heat pumps and LED lighting; and interior upgrades with kitchen updates, new vanities, new flooring, LED interior lighting, fresh paint and essential drywall repairs. Additionally, bathrooms will be upgraded with modern fixtures and replacements and new blinds. Renovations are slated for completion in early 2026. Dedicated to serving residents through the Section 8 program, all units will be income-restricted to family households earning between 30 percent to 60 percent of the area median income (AMI). …

April 25, 2025

North-Canyons-Business-Center-Livermore-CA

California Industrial Loans Office Western

Gantry Secures $15M Acquisition Loan for North Canyons Business Center in Livermore, California

by Amy Works April 25, 2025

LIVERMORE, CALIF. — Gantry has secured a $15 million permanent loan for the purchase of North Canyons Business Center, located at 3025-3095 Independence Drive in Livermore. The six-building business offers 105,000 square feet of industrial and office space. Tony Kaufmann and Joe Foley of Gantry arranged the 10-year, fixed-rate loan for the borrower, a private real estate investor. The loan was structured with one of Gantry’s correspondent insurance company lenders with an interest-only period transitioning to 30-year amortization. Gantry will service the loan. The borrower plans to reposition the asset, including increasing industrial use ratios at the property and activating a leasing program.

April 25, 2025

Affordable Housing California Development Multifamily Western

EAH Housing Starts Construction of 48-Unit Affordable Housing Development in West Hollywood

by Amy Works April 25, 2025

WEST HOLLYWOOD, CALIF. — EAH Housing has commenced construction for Lexington Gardens, an affordable housing property in West Hollywood. Located at the corner of Detroit Street and Lexington Avenue, Lexington Gardens offers 47 studio apartments ranging in size from 383 square feet to 447 square feet and one two-bedroom, 869-square-foot manager’s unit, all with energy-efficient appliances, window coverings and walk-in closets. The five-story community will serve families and individuals earning 30 percent and 60 percent of local area median income (AMI). Designed by DE Architects and built by Walton Construction, Lexington Gardens will offer a range of indoor and outdoor amenities, including onsite vehicle and bicycle parking, a community room, shared open spaces, laundry and a dedicated management office. EAH Housing will also provide resident services through an onsite resident services coordinator and collaborate with local organizations to offer specialized programs aimed at enhancing residents’ well-being.

April 25, 2025

California Development Hospitality Western

R.D. Olson Construction Completes 194-Room AC Hotel Pasadena in California

by Amy Works April 24, 2025

PASADENA, CALIF. — On behalf of Welcome Group Inc., R.D. Olson Construction has completed the development of AC Hotel Pasadena located at 19 S. Madison Ave. in Pasadena. Completed in 21 months, the 100,000-square-foot AC Hotel Pasadena features 194 guest rooms and a bar and cafe serviced by an onsite kitchen. The project also includes 5,000 square feet of leasable space on the first floor along with an event space for planned gatherings. The project team for the $60 million hotel included AXIS, Saiful Bouquet and Wild Muse (formerly known as Design Force).

April 24, 2025

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Brokers $20.8M Sale of Arrow Grand Business Park in Covina, California

by Amy Works April 24, 2025

COVINA, CALIF. — Lee & Associates has negotiated the sale of Arrow Grand Business Park, an industrial property at 753-759 Arrow Grand Circle in Covina. CTT Tools Inc. sold the asset to 2Trees LLC for $20.8 million, or $290.52 per square foot. The 71,762-square-foot property offers 10,000 square feet of office space. Nathan Lara and Jack Nersesian of Daum listed the property, while Justin Chiang and Kevin Ching of Lee & Associates served as procuring agents for the transaction.

April 24, 2025

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