California

Highridge Costa, SVA Architects Plan Twin Oaks Seniors Housing Community in Oakley, California

by Amy Works May 18, 2020

OAKLEY, CALIF. — Highridge Costa Development Co. and SVA Architects Inc. have released plans for Twin Oaks Senior Residence, a mixed-use project in Oakley, located between Sacramento and the Bay Area. The three-story community will feature 98 one-bedroom and 32 two-bedroom units for people age 62 and older. Units are reserved for those earning between 50 percent and 80 percent of the area median income. The project will also include 5,667 square feet of street-fronting commercial space, 188 parking spaces and over 63,000 square feet of open space on the 5.85-acre site. The Oakley City Council approved the project in October 2019, and the development team expects to break ground the second half of 2020. A timeline for completion was not released. SVA and Highridge Costa are partnering on several high-profile affordable housing projects, including the $130 million Kulana Hale project in Hawaii.

May 18, 2020

California Industrial Loans Net Lease Western

PGIM Real Estate Secures $66M Acquisition Financing for Inland Empire Industrial Asset

by Amy Works May 15, 2020

RIVERSIDE, CALIF. — PGIM Real Estate has secured $66 million in acquisition financing for an industrial facility located at 6275 Lance Drive in Riverside. The fixed-rate loan features and eight-year term and was arranged on behalf of the undisclosed borrower, for which TA Realty provides investment advisory services. Situated on 47 acres in California’s Inland Empire, the 1 million-square-foot Class A property is fully leased to an investment-grade tenant in the healthcare industry as of January 2020 through a 10.5-year, triple-net lease. The facility features a 36-foot clear height, truck courts ranging from 140 feet to 185 feet in depth, 147 cross-dock high doors, 11,400 square feet of office space and 355 surface parking spaces. Brett Ulrich of PGIM Real Estate led the transaction for PGIM, while Val Achtemeier of CBRE’s Debt & Structured Finance Group brokered the financing for the borrower.

May 15, 2020

Acquisitions California Net Lease Retail Western

Marcus & Millichap Negotiates $22.1M Sale of Alberstons-Occupied Retail Asset in San Diego

by Amy Works May 15, 2020

SAN DIEGO — The Mansour Group of Marcus & Millichap has arranged the sale of a single-tenant retail condominium located at 655 14th St. in downtown San Diego. A Los Angeles-based private investor acquired the asset from a San Diego-based ownership group for $22.1 million. Albertsons grocery store occupies the 43,000-square-foot property on a long-term, triple-net lease basis. Alvin Mansour and Kevin Mansour of Marcus & Millichap’s The Mansour Group, along with Pasquale Ioele and Michael Burton of Flocke & Avoyer represented the seller in the deal.

May 15, 2020

California Civic Western

Northern California County Expands Stage 2 Reopening for Lower-Risk Workplaces

by Amy Works May 15, 2020

NEVADA COUNTY, CALIF. — Nevada County has received approval from the State of California to move further into Stage 2 reopening related to the COVID-19 pandemic. Located east of Sacramento and just across the state border from Reno, Nevada, the county is among the first in California to receive approval of its readiness plan. County businesses are encouraged to prepare to safely reopen, if they fit into the Stage 2 sectors in the California Recovery Plan outlined in the Resilience Roadmap. Lower-risk workplaces that are outlined in the first step of Stage 2 include retail, childcare, manufacturing, logistics and essential businesses. An expansion of Stage 2 reopenings includes relaxed retail restrictions and the adaptation and reopening of schools, offices and limited hospitality and personal services. While schools are included in the next phase of Stage 2 reopenings, Nevada County does not anticipate schools reopening until August. Prior to reopening, each business must complete its industry-specific checklist for modifications and safety. Businesses must perform a detailed risk assessment and implement a site-specific protection plan; train employees on how to limit the spread of COVID-19, including how to screen themselves for symptoms and stay home if they have any symptoms; and implement …

May 15, 2020

California Civic Development Western

C.W. Driver Breaks Ground on $38M Reconstruction of Menifee Valley Middle School in California

by Amy Works May 14, 2020

MENIFEE, CALIF. — C.W. Driver Cos. has broken ground on the reconstruction of Menifee Valley Middle School, located at 26255 Garbani Road in Menifee. The $38 million, 71,277-square-foot project will help transition the campus to a magnet school focused on visual and performing arts. The redevelopment includes the addition of two new classroom buildings, restorations to the Visual and Performing Arts Center, construction of an open-concept library and renovations to existing locker rooms. Slated for completion in spring 2021, the renovated campus will also feature the reconstruction of temporary portable classrooms into permanent classrooms and lab spaces that create a centralized academic courtyard and cohesive community. Additional modifications include a new music and choir space, a renovated stage in the Visual and Performing Arts Center, introduction of outdoor learning spaces, large classroom windows and active learning spaces optimized for use in the arts, music and sciences known as flex labs. Menifee Valley Middle School’s new library will include a flexible plan configuration, collaboration spaces to facilitate group work and soft seating areas for students. On the athletic front, the redevelopment will renovate existing locker rooms with ADA upgrades, AV improvements and the addition of washers and dryers. BakerNowicki Design Studio …

May 14, 2020

Acquisitions California Retail Western

Matthews Brokers Sale of Recently Vacated 104,980 SF Retail Lot in Costa Mesa

by Amy Works May 14, 2020

COSTA MESA, CALIF. — Matthews Real Estate Investment Services has brokered the sale of a recently vacated retail property located at 2666 Harbor Blvd. in Costa Mesa. Red Mountain Retail Group, a real estate developer, acquired the asset from a private family for an undisclosed price. Ace Hardware formerly occupied the 104,980-square-foot lot, located at the southwest corner of Harbor Boulevard and Mesa Verde Drive. Ace vacated the property when its lease expired on April 30. Additionally, there was a sublease in place with an auto dealer that expired with the Ace Hardware lease. Bill Pedersen, Michael Pakravan and Matthew Sundberg of Matthews Real Estate handled the transaction.

May 14, 2020

Acquisitions California Industrial Western

Dermody Properties Acquires 172,445 SF Goodrick Logistics Center in Richmond, California

by Amy Works May 14, 2020

RICHMOND, CALIF. — Dermody Properties has purchased Goodrick Logistics Center, a two-building, 172,445-square-foot e-commerce and distribution facility located at 2589 and 2593 Goodrick Ave. in Richmond. Terms of the transaction, including the name of seller and acquisition price, were not released. The property at 2589 Goodrick Ave. is currently available for lease and can accommodate one to three tenants ranging in size from 15,000 square feet to 57,872 square feet. An international mattress distributor occupies the entire facility at 2593 Goodrick Ave. Built in 2018, 2589 Goodrick Avenue features 24-foot clear height, 10 drive-in doors, 75-foot by 65-foot column spacing, LED warehousing lighting and an ESFR fire protection system. Mark Detmer, Bo Mills and Ryan Sitov of JLL represented Dermody Properties in the sale. Jason Ovadia, Patrick Metzger, Eddie Shuai and Mike Murray, also of JLL, will handle leasing for the property.

May 14, 2020

Acquisitions California Retail Western

Marcus & Millichap Arranges Sale of North Hills Retail Portfolio in Los Angeles

by Amy Works May 14, 2020

LOS ANGELES — Marcus & Millichap has brokered the sale of a two-property retail asset located in Los Angeles’ North Hills neighborhood. A limited liability company sold the portfolio to a partnership for $6.2 million. The asset consists of two adjacent parcels featuring 7,835 square feet of building space and 52,260 square feet of commercial-zoned land. According to Marcus & Millichap, the sales price represents a market-leading price per square foot of $798 for the existing structures and $120 per square feet for the land. Brandon Michaels, Steven Schechter and Sean Brandt of Marcus & Millichap’s Encino, Calif., office represented the seller and buyer in the deal.

May 14, 2020

Acquisitions California Company News District of Columbia Southeast Top Stories Western

CoStar Group Agrees to Purchase Ten-X for $190M

by Alex Tostado May 14, 2020

WASHINGTON, D.C. — CoStar Group Inc. (NASDAQ: CSGP) has agreed to purchase Ten-X for $190 million. The all-cash deal is expected to close in the third quarter of this year. Irvine, Calif.-based Ten-X was launched in 2009 with the goal of providing a digital platform to complete commercial real estate transactions during the Great Recession. Since its founding, nearly $24 billion worth of commercial real estate transactions have been completed on the site. Companies such as Fannie Mae, Bank of America, JP Morgan Chase, Blackstone, Starwood, BlackRock, Capital One, MetLife, LNR, UBS and PNC have used the website to complete transactions. CoStar hopes the acquisition will position the combined company as a major player in the distressed commercial property market that COVID-19 is expected to leave in its wake. “We believe that the volume of distressed properties coming to market will surge and that this combined platform will support the market’s recovery,” says CoStar CEO Andrew Florance regarding the acquisition. Echoing Florance’s sentiment, Ten-X CEO Steve Jacobs says, “Just like CoStar Group, we are focused on driving volume and efficiency and have devoted ourselves to addressing the massive, untapped demand for digital commercial real estate solutions. We see significant demand …

May 14, 2020

California Development Multifamily Western

Joint Venture Acquires Land Site for 480-Unit Millenia Apartment Complex in Chula Vista, California

by Amy Works May 13, 2020

CHULA VISTA, CALIF. — A joint venture between MetLife Investment Management, Allstate and Ryan Cos. has acquired a land site for the development of an eight-building multifamily property within Millenia, a 210-acre mixed-use community in Chula Vista’s Otay Ranch submarket. Meridian Development is developing Millenia on behalf of landowner Stratford Land. The 512,000-square-foot apartment project will feature 480 market-rate units in a mix of one-, two- and three-bedroom flats, two-story mezzanine lofts, live-work units and three-story townhomes. The apartments will range between 616 square feet and 2,336 square feet. Additionally, the community will feature 16,000 square feet of commercial space. Community amenities will include a pool, spa, clubhouse kitchen with lounge, community co-working spaces, fitness center, leasing center, two large dog run areas, rooftop deck, bocce court, bike maintenance and storage facilities, a speakeasy, live music studio and community green areas, including gardens. The project team will include ARK Architects, Design Line Interiors, Hunsaker & Associates and GMP. Ryan Cos. will serve as general contractor for the project, which is slated to break ground this summer. Completion of the first building is scheduled for late 2021. Pre-leasing will begin in August 2021. Additionally, the completed project will be part of …

May 13, 2020

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