California

BowX Acquisition Corp. Agrees to Buy WeWork, Plans to Take Company Public at $9B Valuation

by Taylor Williams March 29, 2021

MENLO PARK, CALIF. AND NEW YORK CITY — Flexible office space provider WeWork has entered into an agreement with special purpose acquisition company (SPAC) BowX Acquisition Corp. (NASDAQ: BOWX) to be taken public at an initial valuation of $9 billion. A SPAC is a business entity with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring other companies. Menlo Park, Calif.-based BowX Acquisition Corp. is an affiliate of Bow Capital, a venture capital firm begun by Vivek Ranadive, the founder of TIBCO software and owner of the NBA’s Sacramento Kings. The transaction, which is expected to close by the third quarter, will provide New York City-based WeWork with approximately $1.3 billion of cash to fund future growth initiatives. The transaction will be funded with BowX’s $483 million of cash in trust, in addition to $800 million in private investment from capital sources such as Insight Partners, funds managed by Starwood Capital Group and others. SPACs have recently grown in popularity among private and institutional investors alike as vehicles for taking companies public. According to Forbes, which recently analyzed the U.S. activity of SPACs, these entities raised as much …

March 29, 2021

Acquisitions California Healthcare Office Western

UBS Realty Investors Divests of Five-Story Medical Office Building in Beverly Hills for $74.4M

by Amy Works March 26, 2021

BEVERLY HILLS, CALIF. — UBS Realty Investors has completed the disposition of a five-story medical office building located at 9033 Wilshire in Beverly Hills. LaSalle Investment Management acquired the asset for $74.4 million. University of Southern California’s Keck Medical Center anchors the 49,721-square-foot property, which was extensively renovated in 2011. SIM & Associates designed the building, which features a surgery center, a full-service pharmacy offering drug compounding, unique art installations, valet parking with call-down service and a rooftop deck. Kevin Shannon, Rob Hannah, Ken White, Laura Stumm and Steven Salas of Newmark represented the seller in the transaction.

March 26, 2021

Acquisitions California Retail Western

Faris Lee Arranges $23.4M Sale of Grocery-Anchored Retail Center in Palm Springs

by Amy Works March 25, 2021

PALM SPRINGS, CALIF. — Faris Lee Investments has brokered the sale of Gene Autry Plaza, a grocery-anchored retail property located in Palm Springs. Santa Barbara, Calif.-based Investec Real Estate Cos. sold the asset for $23.4 million. The name of the buyer was not released. Smart & Final Extra is the anchor tenant of the retail center. The property is historically 98 percent occupied. Don MacLellan and Rick Chichester of Faris Lee represented the seller and buyer in the deal.

March 25, 2021

California Development Industrial Western

City of Visalia Plans 2.5 MSF Expansion at Industrial Park in Central California

by Amy Works March 25, 2021

VISALIA, CALIF. — The Visalia Industrial Park (VIP) continues to grow with numerous projects underway. VIP includes a 425,000-square-foot UPS facility, a 1.3 million-square-foot fulfillment center coming online this summer and two speculative, 300,000-square-foot warehouses, one of which is pre-leased, are nearing completion. Additionally, more than 2.5 million square feet of further industrial space is planned. Millipore Sigma established a $28 million distribution center at the park, while Sorma is planning to expand into a new location and California Dairies’ facilities have undergone expansions. The City of Visalia has invested $152 million to expand the city’s wastewater treatment plant, creating space for another significant water user. The park offers rail access, access to State Route 99, expanded roadways and enhanced utilities.

March 25, 2021

California Development Retail Western

American Eagle Outfitters to Open Nine Locations in Westfield Shopping Centers

by Amy Works March 25, 2021

LOS ANGELES — American Eagle Outfitters Inc. (AEO), a Los Angeles-based clothing retailer, has announced plans to open seven Aerie stores and two OFFLINE by Aerie locations at Unibail-Rodamco-Westfield shopping centers during the second half of 2021. The new Aerie stores will open at Westfield Garden State Plaza in Paramus, N.J.; Westfield Montgomery in Bethesda, Md.; Westfield Old Orchard in Skokie, Ill.; Westfield Plaza Bonita in National City, Calif.; Westfield Southcenter in Seattle; Westfield South Shore in Bay Shore, N.Y.; and Westfield Valley Fair in San Jose, Calif. The locations at Westfield Garden State Plaza and Westfield Montgomery will also feature adjacent OFFLINE by Aerie stores, a new brand by AEO offering a collection of activewear and accessories, which launched in July 2020.

March 25, 2021

Atria Almaden in San Jose, Calif., features 200 residences for seniors.

California Development Multifamily Seniors Housing Western

Atria Opens 200-Unit Seniors Housing Community in San Jose, California

by Amy Works March 24, 2021

SAN JOSE, CALIF. — Atria has completed construction of Atria Almaden, a 200-unit seniors housing community in the Almaden neighborhood of San Jose. The property is located near Almaden Lake Park, Santana Row and the San Pedro Square Market. The four-story community offers assisted living and memory care. Atria opened the community with aggressive infectious disease control measures under a health and safety initiative. The company vaccinated its first residents and staff on Dec. 21 and has now vaccinated more than 30,000 resident and staff across the U.S.

March 24, 2021

Affordable Housing California Development Multifamily Western

Suffolk Completes 174,000 SF Mixed-Use Residence for UCLA Medical Students in West Los Angeles

by Amy Works March 23, 2021

LOS ANGELES — Suffolk has completed the construction of 1500 Granville, a mixed-use building in West Los Angeles. CIM Group us developer and Lorcan O’Herlihy Architects is designer. The property offers affordable and community-focused housing options for University of California Los Angeles Medical house staff and graduate students. The five-story building features 153 units, 15,000 square feet of retail space and 308 subterranean parking spaces. Units are available in a mix of studio, one-bedroom, two-bedroom and live-work unit floor plans with 16 units set aside as affordable. Community amenities include a clubhouse, co-working space, a gym, pool area, barbecue area and multiple outdoor and courtyard areas for recreation. The ground-floor retail and restaurant spaces feature multifamily outdoor dining and recreation areas that connect the public housing to the surround community. The project is the final phase of the multi-block development that was previously occupied by car dealerships. The area includes the Elevate, a 147-unit apartment community, and three four-story buildings of The Westgate Collection. CIM Group sold 1500 Granville to a joint venture between UCLA Housing and UCLA Medical, as a housing option for UCLA Medical’s house staff (medical residents, fellows and interns), medical graduate students and other graduate students.

March 23, 2021

California Development Loans Multifamily Western

CIM Group Arranges $89M Construction Loan for AMCAL’s Bayview Apartment Building in Northern California

by Amy Works March 23, 2021

EMERYVILLE, CALIF. — CIM Group has closed an $89 million construction loan for AMCAL’s development of Bayview, a seven-story multifamily property in Emeryville. Situated on 2.3 acres, Bayview will feature 186 units with studio, one-, two-, three-bedroom and townhome-style floor plans and 257 parking spaces. Community amenities will include a fitness center, co-working spaces, a clubhouse and an indoor/outdoor roof deck. Construction is slated to begin this month. Bryan Gortikov of Gortikov Capital arranged the financing.

March 23, 2021

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $18.5M Purchase of McClellan Court Apartments Near Sacramento

by Amy Works March 23, 2021

NORTH HIGHLANDS, CALIF. — Marcus & Millichap has brokered the acquisition of McClellan Court Apartments, a multifamily community located in North Highlands, a suburb of Sacramento. A private investor purchased the asset for $18.5 million, or $129,370 per unit. Eduardo Vergara and Louis Kwok of Marcus & Millichap represented the buyer in the deal. David Campbell, also of Marcus & Millichap, arranged $13.9 million in acquisition financing for the buyer. The 30-year loan was structured with a West Coast-based financial services company at a competitive interest rate and 75 percent loan-to-value ratio. Built in 1960 on five acres, the 84,681-square-foot property features 131 one-bedroom units, nine two-bedroom units and two three-bedroom units, as well as a 150-space parking lot.

March 23, 2021

California Development Life Sciences Office Western

Healthpeak Properties to Develop 141,000 SF Life Sciences Project in South San Francisco

by Amy Works March 22, 2021

SOUTH SAN FRANCISCO, CALIF. — Healthpeak Properties will commence construction on Nexus on Grand, a life sciences development located at 233 E. Grand Ave. in South San Francisco. The Class A development will consist of a five-story, 141,000-square-foot building and an adjacent parking structure. The purpose-built lab building will feature modern design, prominent location on East Grand Avenue, flexible and efficient floor plates and lab-ready building systems that will accommodate a number of life sciences users. Nexus on Grand will be Healthpeak’s third ground-up development in the San Francisco market since 2015, following the leasing of The Cove at Oyster Point and The Shore at Sierra Point.

March 22, 2021

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