California

Decron Properties Acquires Rancho Luna Sol Multifamily Complex in Bay Area for $71.5M

by Amy Works May 22, 2020

FREMONT, CALIF. — Los Angeles-based Decron Properties has entered the Fremont market with the $71.2 million purchase of the Rancho Luna Sol apartment community. With this acquisition, the company increased its regional portfolio to 1,054 units across six properties. Located at 3939 Monroe Ave., Rancho Luna Sol features 188 apartments in a mix of one- and two-bedroom floor plans. Over the past six years, the property, which was built in 1980, received nearly $8 million in interior and exterior improvements. Unit amenities include wood-style flooring, granite countertops, custom Shaker cabinets, energy-efficient appliances and in-unit washers/dryers. The property also features a variety of outdoor spaces and offerings, including a swimming pool, for residents. Mark Leary, John McCulloch and Robert Le Doux of Newmark Knight Frank represented the buyer and undisclosed seller in the deal.

May 22, 2020

Acquisitions California Industrial Western

Westcore Acquires Industrial Warehouse in Oakland for $40.5M

by Amy Works May 21, 2020

OAKLAND, CALIF. — San Diego-based Westcore has purchased a 155,000-square-foot industrial warehouse located at 8380 Pardee Drive in Oakland for $40.5 million. Constructed in 2012, the fully leased distribution facility features 8,000 square feet of cold storage, 30-foot clear heights and ESFR fire suppression. The site is adjacent to the Oakland airport. Tom Damaschino of Cushman & Wakefield represented the buyer, while Richard Sutherland of The Sutherland Company represented the undisclosed seller in the deal.

May 21, 2020

California Development Multifamily Western

CIT Provides $37.3M Investment for Jordan Downs Apartment Project in Los Angeles

by Amy Works May 21, 2020

LOS ANGELES — CIT and its Pasadena, Calif.-based bank subsidiary CIT Bank has provided a $37.3 million investment in the Jordan Downs Apartments project, a previously announced 92-unit affordable multifamily complex in the Watts neighborhood of Los Angeles. The Michaels Organization is developing the property. Slated for completion in early 2022, the apartment community will feature 23 one-bedroom, 41 two-bedroom, 24 three-bedroom and four four-bedroom units, with 17 apartments designated for residents with physical disabilities and hearing or visual impairments. Residences will be available for households earning between 30 percent and 80 percent of the area median income. The apartment project is the third phase of the larger mixed-use redevelopment project designed to revitalize Watts community. CIT plans to make further investments in the Watts community later this year, including the possibility of opening a new branch in the area.

May 21, 2020

Acquisitions California Retail Western

Hanley Investment Group Brokers $4M Sale of Two-Tenant Retail Asset in Ontario, California

by Amy Works May 21, 2020

ONTARIO, CALIF. — Hanley Investment Group Real Estate Advisors has directed the sale of a two-tenant retail pad building located at 961 N. Milliken Ave. in Ontario, approximately 35 miles east of downtown Los Angeles. The price was $4 million. Built in 2002, the building features 6,300 square feet of retail space. Assure Dental occupies 3,500 square feet of the property, while Verizon Wireless occupies the remaining 2,800 square feet. Sam’s Club at The Marketplace at Ontario Center shadow anchors the property. Matt Burnett of Hanley Investment Group represented the buyer and seller, both Los Angeles-based private investors, in the transaction.

May 21, 2020

California Loans Multifamily ORIX Western

Hunt Real Estate Capital Provides $20.8M HUD Refinancing for Rio Vista Apartments in San Diego

by Amy Works May 20, 2020

SAN DIEGO — Hunt Real Estate Capital has funded a $20.8 million refinancing through the FHA 223(a)(7) loan program for Rio Vista Apartments, an affordable multifamily property in the San Ysidro district of San Diego. Standard Cos. is the borrower. The loan features a 35-year term and refinances an existing FHA 223(f) loan, providing significant annual debt service savings with a lower interest rate and reduced mortgage insurance program. Built in 1985, Rio Vista Apartments features 161 apartments in a mix of two- and three-bedroom floor plans spread across 12 two-story buildings. At the time of financing, the property was 99 percent occupied. Community amenities include an on-site leasing office, laundry facility, playground, basketball court, swimming pool and community whirlpool. Additionally, the property offers 262 on-site parking spaces. Standard Cos. acquired the property in 2014. The FHA 223(a)(7) loan is exclusively for the refinancing of existing HUD debt on multifamily and healthcare properties.

May 20, 2020

Eagle-Rock-Assisted-Living-Los-Angeles-CA

California Development Multifamily Seniors Housing Western

Panorama Plans 109-Unit Seniors Housing Community in Los Angeles’ Eagle Rock

by Amy Works May 20, 2020

LOS ANGELES — Panorama Senior Housing has unveiled plans for Eagle Rock Assisted Living and Memory Care Center in the Eagle Rock neighborhood of Los Angeles. KTGY Architecture + Planning is the architect of the new community. Groundbreaking is scheduled for early 2021, with completion in late 2022. The property will feature 87 assisted living units and 22 memory care units in a five-story building and a four-story building with a rooftop deck. A ground-level courtyard and subterranean parking structure will connect the two buildings. “This site was quite challenging because we had to fit a commercial kitchen, large dining room and a ton of other amenities in two separate buildings,” says Daniel Kianmahd, founder of Panorama. “In fact, about 45 percent of the gross area of the building is dedicated to common area compared to 15 percent for typical apartment buildings.” The planned community fits in with Eagle Rock’s “Rock the Boulevard” campaign, a $16.2 million makeover of the neighborhood’s main thoroughfare.

May 20, 2020

Acquisitions California Healthcare Office Western

IRA Capital Buys Medical Office Building in Orange County for $38.4M

by Amy Works May 19, 2020

SANTA ANA, CALIF. — Irvine, Calif.-based IRA Capital has acquired a medical office property located at 2212 E. Fourth St. in Santa Ana. St. Joseph Hospital of Orange and affiliated entities sold the asset for $38.4 million. St. Joseph Hospital of Orange is the anchor tenant of the 56,809-square-foot property. The three-story building recently underwent an $8.5 million specialized medical improvement program and features excess land that can accommodate an additional medical office building. Gary Stache, Anthony DeLorenzo, Doug Mack, Bryan Johnson and Chris Martin of CBRE represented the seller, while the buyer was self-represented in the transaction.

May 19, 2020

California Loans Multifamily Seniors Housing Western

CBRE Provides Freddie Mac Financing Package for Carlton Senior Living Totaling $58M

by Amy Works May 19, 2020

PLEASANT HILL AND DAVIS, CALIF. — CBRE has provided refinancing loans for three Carlton Senior Living properties totaling $58 million. The portfolio includes Carlton Senior Living Poet’s Corner and Carlton Senior Living Pleasant Hill – Martinez, both located northeast of the Bay Area in Pleasant Hill, as well as Carlton Senior Living Davis in the Sacramento suburb of Davis. The properties feature a combined 251 assisted living units and 64 memory care units and average 93 percent occupancy. Andrew Behrens, Aron Will, Austin Sacco, and Adam Mincberg arranged the Freddie Mac loans, which feature 10-year terms and fixed rates. Two of the loans feature interest-only payments for the full term, while the third is interest-only for half of the term. Carlton is an owner-operator with 11 seniors housing communities across Northern California.

May 19, 2020

Acquisitions California Net Lease Retail Western

Stan Johnson Co. Brokers $2.2M Sale of Dollar General-Occupied Property in Central California

by Amy Works May 19, 2020

HURON, CALIF. — Stan Johnson Co. has arranged the sale of a freestanding retail building located at 36281 Lassen Ave. in Huron. A California-based, high-net-worth individual acquired the asset from a Georgetown, Texas-based developer for $2.2 million. Asher Wenig of Stan Johnson Co. represented the buyer in the transaction. Dollar General occupies the 9,100-square-foot building, which was built in 2019. At the time of the sale, there were more than 14 years left on the tenant’s triple-net lease.

May 19, 2020

California Company News Development Industrial Western

Amazon to Open 111,500 SF Distribution Center in Metro Sacramento

by Amy Works May 18, 2020

ELK GROVE, CALIF. — Seattle-based Amazon will open a 111,500-square-foot distribution center at 9501 Union Parkway in Elk Grove, approximately 15 miles southeast of Sacramento. Currently under construction, the $21.3 million project is slated to open later this year. Irvine, Calif.-based Panattoni is developing the facility with Sacramento-based Alston Construction serving as general contractor. Sacramento-based Fite Development Co. sold the 17-acre industrial site to Panattoni in December and construction for the 111,500-square-foot distribution center commenced in January.

May 18, 2020

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