California

Progressive Real Estate Partners Brokers $1.6M Sale of Restaurant Property in Moreno Valley, California

by Amy Works January 11, 2021

MORENO VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a freestanding restaurant building located at 23040 Alessandra Blvd. in Moreno Valley. Carnitas al Estilo Michoacan acquired the property for $1.6 million. The recently remodeled restaurant is fully equipped and features an extra-large kitchen with two walk-in coolers, a spacious interior dining area, outdoor patio seating and a full bar. The buyer plans to open its second Inland Empire restaurant, which is known for its Michoacan-style carnitas and Mexican dishes, at the location this spring. Albert Lopez of Progressive Real Estate Partners handled the transaction.

January 11, 2021

Acquisitions California Industrial Western

SBC Investors Sells 8.2-Acre Industrial Site in South San Francisco to Prologis

by Amy Works January 11, 2021

SAN FRANCISCO — SBC Investors LLC has completed the sale of an 8.2-acre land site located at 200-212 Shaw Road, 214-218 Shaw Road and 1264-1272 San Mateo Ave. in San Francisco. Prologis acquired the property for an undisclosed price. The 8.2-acre site is adjacent to San Francisco International Airport and U.S. Route 101, connecting South San Francisco to the rest of the Bay Area. Additionally, the property is roughly four blocks from the BART San Bruno station and five blocks from the CalTrain San Bruno station. Darla Longo, Rebecca Perlmutter, Marshall Hydorn, David Black and Karl Hansen of CBRE represented the seller, while the buyer was self-represented in the deal.

January 11, 2021

Acquisitions California Retail Western

KA Enterprises Pays $12.1M for Dana Plaza Shopping Center in Lake Forest, California

by Amy Works January 7, 2021

LAKE FOREST, CALIF. — KA Enterprises has purchased Dana Plaza, a retail center located at 21701 and 21721 Lake Forest Drive in Lake Forest. Dana Lake Forest LP sold the asset for $12.1 million. Situated on 3.5 acres, Dana Plaza features 31,503 square feet of retail space. Current tenants include Exxon Mobile, 7-Eleven, Lake Forest Montessori School and Subway. Fouy Ly of Kidder Mathews represented the buyer, while John Moss of Parker Commercial represented the seller in the deal.

January 7, 2021

Acquisitions California Multifamily Net Lease Seniors Housing Western

Ensign Group Acquires 297-Bed Skilled Nursing Portfolio in Southern California

by Amy Works January 7, 2021

SAN DIEGO, FULLERTON AND HAWTHORNE, CALIF. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of three skilled nursing facilities in Southern California on a triple-net lease basis. The properties include Golden Hill Post Acute, a 99-bed facility in San Diego; St. Catherine Healthcare, a 99-bed facility in Fullerton; and Camino Healthcare, a 99-bed facility in Hawthorne. This acquisition brings Ensign’s growing portfolio to 231 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns 95 real estate assets.

January 7, 2021

Acquisitions California Office Western

KBS Sells 96,502 SF Office Building in San Jose to Thor Equities for $50.5M

by Amy Works January 6, 2021

SAN JOSE, CALIF. — KBS Real Estate Investment Trust II has completed the sale of an office property located within District 237, an eight-building, 415,492-square-foot office/R&D complex in San Jose. Thor Equities acquired the asset for $50.5 million. Located at 350 Holger Way, the three-story, 96,502-square-foot building was fully renovated in 2019 and is currently 100 percent leased through 2027. The building offers extensive glass lines and efficient floor plates, as well as an outdoor amenity area and upgraded exteriors, landscaping and parking lot. Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Brad Zampa and Mike Walker of CBRE Northern California Capital Markets team brokered the transaction. Bruce Fischer, Howard Chu and Amanda Kennedy of Greenberg Traurig LPP’s Orange County office represented KBS as legal counsel in the disposition.

January 6, 2021

Acquisitions California Multifamily Western

ACI Apartments Negotiates $13.8M Acquisition of Apartment Complex in San Diego

by Amy Works January 6, 2021

SAN DIEGO — ACI Apartments has arranged the sale of a 38,576-square-foot multifamily complex located in San Diego’s North Park neighborhood. KA Enterprises acquired the community from Arcadia Six LLC for $13.8 million. Situated on a 24,393-square-foot lot at 4602 Kansas St., the property features 47 apartments in a mix of 18 one-bedroom/one-bath, three two-bedroom/one-bath and 26 two-bedroom/two-bath units. Additionally, the community features gated access, a swimming pool, off-street parking and carports. Anton Burman of ACI Apartments represented the buyer, while David Andrews of ACRE represented the seller in the deal. Eugene Marini provided acquisition and asset management. Annemarie Lococo of Chicago Title served as the escrow officer for the transaction.

January 6, 2021

California Development Mixed-Use Multifamily Office Retail Western

Lendlease, Aware Super Buy Culver City Site in Los Angeles for Planned $600M Mixed-Use Development

by Amy Works January 5, 2021

LOS ANGELES — In a 50-50 joint venture, Lendlease and Aware Super, an Australian superannuation fund, have acquired a 3.5-acre, transit-oriented, mixed-use development site at 3401 S. La Cienega Blvd. in Los Angeles. La Cienega Properties sold the 156,380-square-foot site for $92 million. The team plans to develop a 500,000-square-foot mid-rise project offering 260 multifamily residential units, 250,000 square feet of creative office space and ground-floor retail space. The site offers transit access to the beach and downtown Los Angeles, as well as the Exposition Corridor Bike Path. Lendlease aims to submit an application to the City of Los Angeles this year and plans to commence development in 2023, with completion slated for 2025. The site currently houses 1,144 self-storage units, totaling 86,897 rentable square feet, which will provide a steady in-place income stream for the partnership during the development planning. Upon completion, the project, which is the partnership’s first Los Angeles development, will have an estimated value of $600 million. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the deal.

January 5, 2021

Acquisitions California Industrial Self-Storage Western

Rexford Acquires Four-Building Industrial Portfolio, Outdoor Storage Property in Southern California for $103.1M

by Amy Works January 5, 2021

LOS ANGELES — Los Angeles-based Rexford Industrial has purchased a four-building industrial portfolio and an outdoor storage property in Southern California for $103.1 million. The names of the sellers were not released. Through an off-market transaction, the company acquired four single-tenant industrial buildings located Southern California’s San Fernando Valley, Mid-Counties and Inland Empire West markets for $86.3 million, or $208 per square foot. The properties offer a total of 414,744 square feet of improvements on 25.2 acres. At the time of sale, the portfolio was 100 percent leased. The properties are a 100,157-square-foot asset at 29010 Avenue Paine in Valencia, a 117,151-square-foot building at 29010 Commerce Center Drive in Valencia, a 105,041-square-foot facility at 13369 Valley Blvd. in Fontana and a 92,395-square-foot asset at 6635 Caballero Blvd. in Buena Park. Rexford also acquired an industrial outdoor storage property located at 1235 S. Lewis St. in Anaheim for $16.8 million, or $80 per square foot. The 4.8-acre site features a 62,480-square-foot building.

January 5, 2021

Acquisitions California Office Retail Western

Blox Ventures, Angelo Gordon Divest of First Republic Center in Palo Alto for $103.9M

by Amy Works January 4, 2021

PALO ALTO, CALIF. — Silicon Valley, Calif.-based Blox Ventures and New York-based Angelo Gordon & Co. have completed the disposition of First Republic Center, a retail and office property located at 2100 El Camino Real in Palo Alto’s College Terrace neighborhood. According to Santa Clara County records, an affiliate of KKR and Drawbridge Real Estate acquired the building for $103.9 million. First Republic’s regional office occupies 76 percent of the 58,000-square-foot building. Other tenants include a 11,000-square-foot Real Produce International Market, a music group and other local businesses.

January 4, 2021

Acquisitions California Multifamily Western

Advanced Real Estate Acquires Two-Property Multifamily Portfolio in Southern California for $72M

by Amy Works January 4, 2021

WESTMINSTER AND ANAHEIM, CALIF. — Advanced Real Estate has purchased a two-property apartment portfolio located in Westminster and Anaheim. The 245-unit transaction was valued at $72 million. The properties are The Edward, a 128-unit community in Westminster formerly known as Hollybrook, and The Lincoln on Grand, a 117-unit property in Anaheim formerly known as Rancho Vista. Built in the early 1970s, both properties offer garden-style apartments, swimming pools and fitness centers. The buyer plans to renovate both assets, including new roofs, windows, siding, landscape, hardscape, new cabinets, counter, fixtures and paint. Sean Deasy and Ryan Fitzpatrick of JLL’s Irvine office represented the undisclosed seller in the deal. Commercial Bank of California provided an acquisition loan for the buyer.

January 4, 2021

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