TUSTIN, CALIF. — CREST Properties has completed the disposition a medical office property located at 721 W. First St. in Tustin. of A Southern California-based private investor acquired the asset for $8.4 million. DaVita Healthcare occupies the entire 11,499-square-foot building. Ian Schroeder, Melissa Ley and Allison McDuffie of CBRE of represented the seller in the deal.
SAN FRANCISCO — Gantry has secured $33.3 million in permanent financing for adjacent office buildings in the East Bay region of San Francisco. The assets include a 70,000-square-foot, special-purpose office building and a 65,000-square-foot medical office building. The borrower, a local developer, built both assets under long-term ground leases. Andrew Mekjavich and Ben Johnson of Gantry’s San Francisco office worked with the owner to structure two 10-year, fixed-rate loans with two unique lenders, both on a non-recourse basis. The borrower used the financing to retire the existing debt and execute a business plan, details of which were not disclosed.
FONTANA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, multi-tenant retail building, located at 16914 S. Highland Ave. in Fontana. Adler Realty, a Woodland Hills, Calif.-based developer, sold the asset to a Sun Valley, Calif.-based private investor for $4.9 million. The 7,500-square-foot property consists of three tenants: a Pacific Dental Services-branded dental office, Arrowhead Credit Union and MJ Nail & Spa. The building is located adjacent to Highland Village Shopping Center, a 30,000-square-foot retail center that was completed in 2019. Tenants at Highland Village include Sprouts Farmers Market, Jack in the Box, Raising Cane’s Chicken Fingers, Jersey Mike’s Subs, Café Rio, Oggi’s Restaurant and Mountain View Tire & Auto Service. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Matt Burnett, also of Hanley Investment Group, represented the buyer in the deal.
LOS ANGELES — NAIOP, the commercial real estate development association, has selected Los Angeles-based Kilroy Realty Corp. as the 2020 Developer of the Year, which is the association’s highest honor. The award will be presented during NAIOP’s CRE.Converge conference in Las Vegas this October. Kilroy is one of the West Coast’s foremost developers and landlords, with a major presence in San Diego, greater Los Angeles, San Francisco Bay Area and the Pacific Northwest. The company owns and manages more than 14 million square feet office, mixed-use, residential and life science projects. with over 7 million square feet of projects under construction or in the development pipeline. In granting the award to Kilroy, NAIOP cited the company’s innovative approach to sustainable, modern work environments that drive creativity, productivity and employee retention for some of the world’s most influential digital media, entertainment, health, research, science and technology companies. This annual award recognizes a developer demonstrating leadership and innovation in commercial real estate. Nominees must be a principal NAIOP member in good standing and are judged by a panel of industry peers.
LOS ANGELES — Shapell Liberty Investment Properties has completed the lifestyle and entertainment portions of The Vineyards at Porter Ranch, a $150 million mixed-use development in Los Angeles’ Porter Ranch neighborhood. AO Architects designed this portion of The Vineyards, which features 273,000 square feet of open-air, mixed-use space at 20000-20250 W. Rinaldi St. The pedestrian-friendly development includes a main street, central green area for community events and a 4,000-square-foot community meeting room. Current tenants of the property include Whole Foods Market, AMC Theaters, Ulta Beauty, Nordstrom Rack, Gus’s Barbeque, Lure Fish House and Finney’s Crafthouse & Kitchen. The project team included Mike Lebeman of JLL’s Project and Development Services group and Moorefield Construction. The full development includes a recently completed, three-story medical office building occupied by Kaiser Permanente, a 100-room Hampton Inn & Suites slated for completion in 2021 and a 266-unit apartment community scheduled to open this fall.
LOS ANGELES COUNTY, CALIF. — Bellwether Enterprise Real Estate Capital has closed a $97.7 million loan for five warehouse and distribution facilities in Southern California. Four of the buildings are located in the South Bay submarket of Los Angeles County and the remaining property is located in the Inland Empire West submarket. Shelley Magoffin and Max Sauerman of Bellwether Enterprise’s Los Angeles office arranged the 25-year, fully amortizing loan with Thrivent Financial for the undisclosed borrower. The planned use of the funds was not released. Ranging in size from 60,000 square feet to more than 500,000 square feet, the five properties offer minimal office build out and minimum clear heights of 18 feet to 36 feet. One building offers refrigerator space. In total, the properties offer nearly 950,000 square feet of warehouse and distribution space. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.
LOS ANGELES — 3650 REIT has originated a $36 million bridge loan for the acquisition and redevelopment of Hollywood Backlot Homes, a 10-acre manufactured housing community in Los Angeles’ North Hollywood submarket. The borrower is Multi Opp, a joint venture between real estate development firms Dugally Oberfeld Capital Partners and Fabulous Five LLC. Situated within an Opportunity Zone at 8250 Lankershim Blvd., the buyers will operate Hollywood Backlot Homes as a detached multifamily rental community aimed at fulfilling demand for attainable housing options in the Los Angeles market. Multi Opp plans to design and install nearly 140 manufactured homes on the site to create a master-planned community. On-site amenities will include an outdoor swimming pool, clubhouse, gym, billiards and gaming center, dog runs, barbeques, outdoor lounging area and gated entry.
VICTORVILLE, CALIF. — A private Orange County, Calif.-based developer has completed the disposition of a retail property located at 14528 Palmdale Road in Victorville. A private 1031-exchange investor acquired the building for $9.9 million. Cardenas, a Hispanic grocery store, occupies the asset. Bill Bauman, Kyle Miller, Michael Fogel and Matt Schwartz of Newmark Knight Frank represented the seller, while Ed Barkett of Atlas Properties represented the buyer in the deal.
ALISO VIEJO, CALIF. — IRA Capital has acquired Element, a corporate office campus located at 26600, 26650 and 26700 Aliso Viejo Parkway in Aliso Viejo. A joint venture between CrossHarbor Capital Partners and Waterford Property Co. sold the asset for $73.5 million. The buyer purchased the property through its joint venture with a Middle East-based capital partner. Consisting of three two-story buildings, the asset offers 160,000 square feet of office space. In 2019, Glaukos Corp., a publicly traded ophthalmic medical technology and pharmaceutical company, signed a 13-year, triple-net lease to occupy the property for its corporate and R&D headquarters. Additionally, the company purchased excess land surrounding the building for future development and expansion. Bryon Foss, Nick Cary and Curtis Ellmore of JLL, along with Kevin Shannon, Paul Jones, Ken White and Brandon White of Newmark Knight Frank’s Capital Markets team, represented the seller in the transaction.
HAWTHORNE, CALIF. — Newmark Knight Frank (NKF) and Highland Partners have arranged the sale of a retail building located at 14351 Hindry Ave. in Hawthorne. A private family office acquired the property from Hawthorne Gateway, a private Los Angeles-based partnership, for $14 million. Bed, Bath & Beyond occupies the property. Bill Bauman, Kyle Miller, Michael Fogel and Matt Schwartz of NKF and Michael Grannis of Highland Partners represented the seller in the transaction.
