California

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

Acquisitions California Retail Western

SRS Brokers $9.2M Sale of VCA Animal Hospital-Occupied Property in Fountain Valley, California

by Amy Works July 15, 2020

FOUNTAIN VALLEY, CALIF. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of a single-tenant retail property located at 183 Euclid St. in Fountain Valley. An Orange County, Calif.-based family trust acquired sold the asset to a Southern California-based private investor for $9.2 million. VCA Animal Hospital occupies the 23,800-square-foot building and recently extended its lease for an additional 10 years at the property. Built in 1969, the building underwent a $6 million renovation in 2017 sponsored by the tenant. Matthew Mousavi, Patrick Luther and Rich Walter of SRS represented the seller and buyer in the deal.

July 15, 2020

Acquisitions California Office Western

CBRE Global Investors Buys 137,625 SF Historic Office Building in San Francisco

by Amy Works July 14, 2020

SAN FRANCISCO — A fund sponsored by CBRE Global Investors has acquired 123 Townsend Street, an office building located in San Francisco’s SoMa neighborhood. Terms, including acquisition price and seller, were not released. The acquisition is part of the fund’s broader strategy to invest in target office markets across the United States. Built in 1903, the six-story, brick-and-timber building underwent a full renovation in 2000, including significant seismic structural upgrades, a new roof, new systems and the addition of elevators and skylights. Totaling 137,625 square feet, the low-rise property features multiple stairwells and large, flexible floorplans. On-site amenities include a fitness center, bike storage and rooftop deck.

July 14, 2020

California Civic Western

California Governor Issues Business Closures as Statewide Cases of COVID-19 Surge

by Amy Works July 14, 2020

SACRAMENTO, CALIF. — California Gov. Gavin Newsom has issued a series of business closures as statewide cases of COVID-19 continue to increase. In total, the state has 329,162 confirmed cases as of Sunday, July 12, and cases are sharply rising. Based on the increase of cases, Newsom has instructed the closures of numerous indoor businesses statewide, including dine-in restaurants, bars, breweries, wineries, tasting rooms, movie theaters, family entertainment centers, zoos, museums and card rooms. Additionally, counties that have been on the “county monitoring list” for three consecutive days are required to close fitness centers, places of worship, indoor protests, offices for non-critical infrastructure sectors, personal care services, hair salons, barbershops and malls. As of July 13, there were nearly 30 counties on the monitoring list, including Fresno, Los Angeles, Napa, Orange, Colusa, Kings, Glenn, Sacramento, San Diego, Sonoma, Ventura and Riverside. According California’s COVID-19 data collections, the state experienced 109,910 new cases and 1,104 new deaths in the last 14 days. Additionally, in the last 14 days, approximately 1.5 million tests were reported with 7.4 percent resulting in a positive test.

July 14, 2020

Acquisitions California Industrial Western

Terreno Realty Purchases Industrial Property in South San Francisco for $6.3M

by Amy Works July 14, 2020

SOUTH SAN FRANCISCO, CALIF. — Terreno Realty has acquired an industrial building located in South San Francisco for $6.3 million. The name of the seller was not released. Located at 179 Starlite St., the 22,000-square-foot property features two dock-high and one grade-level loading positions and parking for 15 cars. At the time of sale, the building was fully leased to one tenant.

July 14, 2020

California Development Hospitality Western

R.D. Olson Construction Completes AC Hotel by Marriott in Beverly Hills

by Amy Works July 13, 2020

BEVERLY HILLS, CALIF. — R.D. Olson Construction has completed AC Hotel by Marriott in Beverly Hills, an 11-story, European-inspired luxury hotel. The two-phase project included the adaptive reuse of a 1950s office building into a 97,000-square-foot hotel featuring 176 rooms, rooftop lounge, fitness center, meeting spaces, administrative space and community areas. The hotel features one- and two-bedroom double, king and queen guest rooms with wide-screen televisions, large windows with city views, adjustable reading lamps and USB charging ports. Hotel amenities include the AC Lounge, a rooftop deck with hydrotherapy spa, bar and lounge. Additionally, the hotel provides guests with access to ACE, a robot butler that can deliver market items and room essentials to their door. AXIS/GFA served as architecture and design firm for the project.

July 13, 2020

Acquisitions California Multifamily Seniors Housing Washington Western

MedCore Partners Purchases 582-Unit Seniors Housing Portfolio in Washington, California

by Amy Works July 13, 2020

WASHINGTON AND CALIFORNIA — MedCore Partners and The National Realty Group, together with BMO Harris Bank and Locust Point Capital, have acquired a 582-unit independent living, assisted living and memory care portfolio in seven markets in Washington and California. The communities in the initial acquisition include five assets in Washington: Birchview Memory Care in Sedro-Wooley with 60 units Discovery Memory Care in Sequim with 55 units The Sequoia in Olympia with 92 units the 72-unit Cooks Hill Manor in Centralia the 136-unit The Village in Tacoma. the 91-unit Del Obispo Terrace in San Juan Capistrano the 76-unit Westminster Terrace in Westminster. MedCore plans to deploy more than $13 million of capital expenditures to improve the facilities. The company has retained Tacoma-based Senior Services of America (SSA) as the manager of the properties. SSA has managed the communities since 2001. BMO Harris Bank provided the senior loan for the acquisition.

July 13, 2020

California Development Office Western

4S Bay Partners Buys Redevelopment Site in Los Angeles for $35M

by Amy Works July 13, 2020

LOS ANGELES — Chicago-based 4S Bay Partners has acquired a 3.3-acre redevelopment site, located at 3731-3761 E. Stocker St. in Los Angeles, for $35 million. The sellers are David Shophet of Sharp Capital and David Shaaya of One Cole Group. The site contains four two-story office structures, totaling 80,000 square feet, built in 1952. At the time of sale, the buildings were more than 90 percent occupied by a variety of Los Angeles County and City community services-oriented tenants. The site is located in an opportunity zone with a transit-oriented development tier III designation. 4S Bay plans to occupy a portion of the property. The company focuses on humanitarian causes, including educational opportunities, economic improvement, human rights, wellness and environmental sustainability. Laurie Lustig-Bower and Kamran Paydar of CBRE represented the seller, while James Daughrity of Daughrity Real Estate represented the buyer in the deal.

July 13, 2020

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