California

MAG Capital Partners Buys 28,500 SF Baby Food Manufacturing Facility in Sanger, California

by Amy Works July 21, 2020

SANGER, CALIF. — Fort Worth, Texas-based MAG Capital Partners has completed the acquisition and 20-year leaseback of a baby food manufacturing facility in California’s Central Valley. Led by Principals Dax Mitchell and Andrew Gi, MAG Capital purchased the fully leased property from Initiative Foods, a private label baby food manufacturer, for an undisclosed price. Located at 1945 Industrial Way in Sanger, the 28,500-square-foot property was built to suit for the tenant-seller, which produces more than 50 varieties of organic products made from locally sourced fruits and vegetables. The facility was completed in November 2019. Mary Garnett and Jim Tuesley of Barnes & Thornburg represented the buyer, while Chelsea Mandel of Stream Capital Partners represented the seller in the transaction.

July 21, 2020

California Company News Leasing Activity Retail Top Stories Western

Parent Company of Men’s Wearhouse, Jos. A. Bank to Shutter Up to 500 Stores, Cut Staff by 20 Percent

by John Nelson July 21, 2020

FREMONT, CALIF. — Tailored Brands, the parent company of professional menswear retailers Men’s Wearhouse and Jos. A. Bank, has announced a corporate restructuring that entails closing up to 500 stores. The Fremont-based firm says the “unprecedented and industry-wide” disruption caused by the COVID-19 outbreak was the catalyst behind the move. Tailored Brands has identified the 500 stores but did not disclose the retailers, locations or timing of those closures. Other brands in Tailored’s umbrella include K&G and Moores Clothing for Men. The company had 1,445 U.S. stores as of May 2, 2020 totaling 9.1 million square feet. Additionally, Tailored Brands (NYSE: TLRD) plans to cut expenses by reducing its staff by 20 percent by early August. The company expects severance payments and other termination costs to total $6 million. The economic harm stemming from the COVID-19 pandemic is having an outsized impact on the company’s revenue stream. In its first-quarter fiscal business update, Tailored Brands reported that for the period between Feb. 1 and May 2, net sales were down 60.4 percent year-over-year. Its e-commerce revenue, which includes rental services, was down 31.9 percent during the same period. Going forward the company will focus on its e-commerce platform and revised …

July 21, 2020

California Loans Multifamily Western

PSRS Secures $19M Refinancing for Manufactured Housing Community in Riverside, California

by Amy Works July 20, 2020

RIVERSIDE, CALIF. — PSRS has secured $19 million in refinancing for Riverside Meadows, a 358-unit manufactured home community in Riverside. Michael Tanner and Jonny Soleimani of PSRS’ Los Angeles office arranged the non-recourse loan that features a 10-year term and 30-year amortization schedule. Situated among the 15, 60 and 215 freeways, Riverside Meadows features mostly double-wide lots and an array of amenities.

July 20, 2020

Acquisitions California Industrial Western

Valore Ventures Sells 28,542 SF Flex Facility in Santa Fe Springs, California

by Amy Works July 20, 2020

SANTA FE SPRINGS, CALIF. — Valore Ventures has completed the disposition of a flex industrial property located at 15511 Carmenita Road in Santa Fe Springs. An Orange County, Calif.-based private investor acquired the asset for an undisclosed price. Built in 1998, the 28,542-square-foot property features 11,437 square feet of office space spanning two floors and 17,105 square feet of one-story industrial warehouse space with 22-foor clear heights at the rear of the building. Additionally, the asset offers a gated parking lot, two drive-in doors and two grade-level doors. At the time of sale, the property was fully leased. Peter Bauman of Marcus & Millichap Phoenix represented the seller, Kenny De Angelis of Valore Ventures, in the deal.

July 20, 2020

Acquisitions California Net Lease Retail Western

Coldwell Banker Brokers $2.9M Acquisition of Dollar General-Occupied Property in Penn Valley, California

by Amy Works July 20, 2020

PENN VALLEY, CALIF. — Coldwell Banker Commercial has arranged the acquisition of a retail property located at 17652 Penn Valley Drive in Penn Valley. An undisclosed buyer purchased the building for $2.9 million. Dollar General occupies the 9,026-square-foot building, which was built in 2019 on 1.2 acres, on a long-term, absolute net-leased basis. Dan McGue of Coldwell Banker Commercial NRT represented the buyer in the deal. The name of seller was not released.

July 20, 2020

California Company News Texas Top Stories Western

Chevron Agrees to Acquire Noble Energy for $5B in Oil Industry Merger

by Taylor Williams July 20, 2020

SAN RAMON, CALIF. — Chevron Corp. (NYSE: CVX) has agreed to acquire Houston-based exploration firm Noble Energy (NASDAQ: NBL) in an all-stock transaction valued at $5 billion, or $10.38 per share. Under the terms of the agreement, Noble Energy shareholders will receive 0.1191 shares of Chevron common stock for each share of Noble Energy stock they own. Inclusive of debt, the deal carries a total enterprise value of $13 billion. The price represents a premium of roughly 12 percent on the weighted average of Noble Energy’s closing stock prices for the 10-day period ending July 17. Following the closing of the deal, which is expected to occur in the fourth quarter, Noble’s shareholders will own about 3 percent of the new entity. Executives at San Ramon, Calif.-based Chevron cited access to Noble’s assets in key domestic production sites like Colorado’s D-J Basin and Texas’ Permian Basin, as well as its international facilities in Israel and West Africa, as major incentives behind the acquisition. For example, Noble’s portfolio includes nearly 92,000 contiguous acres for drilling and exploration in the Permian Basin . In addition, in June, the company was awarded exploration rights to 800,000 acres of drillable land in the Western …

July 20, 2020

California Loans Multifamily Western

Madison Realty Capital Provides $150M Loan for Los Angeles-Area Multifamily Portfolio

by Amy Works July 16, 2020

SANTA MONICA, GRANADA HILLS AND CANOGA PARK, CALIF. — Madison Realty Capital has originated $150 million in financing for a Los Angeles-area multifamily portfolio consisting of six communities in Santa Monica, Granada Hills and Canoga Park, as well as a large-scale multifamily development site in Santa Monica. WS Communities, a developer and repeat MCR borrower, is the sponsor. WS Communities plans to use the funding to replace the existing debt and finalize the business plan for the properties, including: Renovation of four multifamily properties at 1007 Lincoln Blvd., 1038 10th St., 1516 Stanford St. and 1433 Euclid St. in Santa Monica Development of a large-scale multifamily project on two sites at 3030 Nebraska Ave. and 3025 Olympic Blvd. in Santa Monica Renovation of two multifamily properties at 11611 Blucher Ave. in Granada Hills and 7810 Topanga Canyon Blvd. in Canoga Park. Avison Young’s Justin Piasecki, Jay Maddox and Ethan Blum brokered the loan deal, with RST Capital Partners’ Rahim Thobani advising on the transaction.

July 16, 2020

Acquisitions California Industrial Life Sciences Western

BLT Enterprises Acquires Industrial Life Sciences Facility in Southern California for $40.4M

by Amy Works July 16, 2020

CARLSBAD, CALIF. — BLT Enterprises has purchased an industrial life sciences property located at 2827 Whiptail Loop West in Carlsbad. RPG sold the asset for $40.4 million. Completed in 2019, the 146,100-square-foot property features 30-foot clear heights, eight dock-high doors, four grade-level doors, 4,000 amps of power, Grade B, C, D classification clean rooms, a dedicated lab exhaust system, a vacuum pump system and a PH neutralization system. SAFC Carlsbad Inc. fully occupies the property. The tenant is a subsidiary of Merck KGaA, a multinational pharmaceutical, life sciences, research and development company headquartered in Darmstadt, Germany.

July 16, 2020

California Development Office Western

Lowe, Related Fund Management Start Construction of 113,000 SF Office Building in Los Angeles

by Amy Works July 15, 2020

LOS ANGELES — A joint venture between Lowe and Related Fund Management (RFM) has commenced construction of a nine-story office building located at 2130 Violet St. in Los Angeles’ Arts District. Lowe and RFM recently formed a partnership for the Violet Street development, which Lowe has been planning since 2017. The 113,000-square-foot building will feature 27,000-square-foot open floorplates, high ceilings, operable windows and energy-efficient building systems and HVAC. The building’s top four floor will be dedicated to contemporary and flexible office space, with substantial terraces allowing for increased circulation of fresh air and connected indoor/outdoor work and meeting spaces. The property will also feature a 3,000-square-foot rooftop deck with lounge seating, tables and chairs for tenants use. As part of the development, the joint venture is installing public infrastructure, including sidewalks, crosswalks, a traffic signal, tree grates, street lighting and landscaping along Violet Street. Ware Malcomb is serving as architect and Swinerton is serving as general contractor for the project, which is slated for completion in early 2022. Mike Condon Jr., Pete Collins, Scott Menkus and Brittany Winn of Cushman & Wakefield are handling leasing for the development. Todd Tydlaska and Mike Caprio of CBRE, along with Mike Condon of …

July 15, 2020

Acquisitions California Multifamily Western

Advanced Real Estate Services Acquires 120-Unit Multifamily Property in Riverside, California

by Amy Works July 15, 2020

RIVERSIDE, CALIF. — Advanced Real Estate Services (ARES) has purchased an apartment property located near the corner of La Sierra and Magnolia Avenue in Riverside for an undisclosed price. Previously named Sierra Pines, ARES has rebranded the property as The 3900 Apartments. ARES plans to invest more than $6 million to renovate the 120-unit property, which was built in 1985 on 2.5 acres. Planned renovations include upgrading units and enhancing amenities, including a pool, spa, tennis courts, clubhouse and grassy open space. Margie Molloy and Bruce Funiss of Berkadia Real Estate Advisors brokered the transaction. Commercial Bank of California provided financing for ARES. ARES also recently completed a refinance pool of five properties for approximately $204 million with Freddie Mac. Mike Elmore of NorthMarq Financial arranged the financing. ARES plans to use the proceeds from the refinances to create a fund to buy more properties.

July 15, 2020

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