California

IDEAL Capital Sells Oak View Apartments in Visalia, California for $42.5M

by Amy Works November 4, 2020

VISALIA, CALIF. — IDEAL Capital Group has completed the disposition of Oak View Apartments, a multifamily community located at 4700 W. Caldwell Ave. in Visalia. A Southern California-based private investor acquired the asset for $42.5 million. Alex Mogharebi, Otto Ozen, Robin Kane, Brendan Kane and Mark Bonas of The Mogharebi Group (TMG) represented the seller in the deal. Built in 1990 on 16.4 acres, Oak View Apartments features 237 units spread across 48 buildings totaling 209,610 rentable square feet. Units are available in one-, two- and three-bedroom floor plans with an average size of 884 square feet. Community amenities include two outdoor pools and spas, two playgrounds, three laundry centers, a business center, fitness center, basketball/volleyball courts, reserved covered parking and garages.

November 4, 2020

Acquisitions California Office Western

Lane Partners Acquires Fujitsu Office Campus in Sunnyvale from WJFS for $104M

by Amy Works November 3, 2020

SUNNYVALE, CALIF. — Lane Partners has purchased The Fujitsu Campus, an office and R&D complex in Sunnyvale. WJFS sold the six-building asset for $104 million. Situated on 26.3 acres, the six one- and two-story buildings are located at 1230, 1240, 1250, 1260, 1270 and 1280 E. Arques Ave. Fujitsu has occupied the 313,740-square-foot campus as its headquarters since the asset was completed in 1974. The campus offers a rare repositioning opportunity for the buyer as Fujitsu phases out of the campus and relocates to its owned facility at 350 Cobalt Way in Sunnyvale. Will Connors, Daniel Renz, Michael Manas, Bart Lammersen, Kyle Caldwell and Toss Vallentine of JLL represented the seller. Jordan Angel of JLL’s debt team secured acquisition financing for the buyer.

November 3, 2020

Acquisitions California Healthcare Office Restaurant Retail Western

ValueRock Realty Buys Mel’s Drive-In Restaurant Building in Santa Monica for $6.2M

by Amy Works November 3, 2020

SANTA MONICA, CALIF. — ValueRock Realty has purchased Mel’s Drive-In, an iconic restaurant building in Santa Monica, for $6.2 million. The name of the seller was not released. Situated on a 22,344-square-foot land parcel on Lincoln Boulevard, the 4,717-square-foot building offers on-site parking and is considered a historic landmark within the Santa Monica community. Restaurant and dental office tenants have occupied the property since 1959.

November 3, 2020

Acquisitions California Office Western

CBRE Negotiates $10.2M Sale of Stewart Plaza Office Property in Inland Empire

by Amy Works November 3, 2020

UPLAND, CALIF. — CBRE has arranged the sale of Stewart Plaza, an office complex located at 400 and 440 Mountain Ave. in Upland. A private investor sold the asset to Long Beach-based Harbor Associates, in joint venture with The Bascom Group, for $10.2 million in an off-market transaction. Comprising two three-story buildings, Stewart Plaza features 84,498 square feet of multi-tenant office and medical office space, communal plazas and landscaped walkways. The property offers suites ranging from 493 square feet to 9,138 square feet. At the time of sale, Stewart Plaza was 56 percent leased. The buyer plans to renovate and reposition the property with a million-dollar capital improvements program. Renovations will include an upgraded entry and lobby, elevator improvements, a new roof and replacement HVAC units on both buildings. Gary Stache, Sammy Cemo, Anthony DeLorenzo, Doug Mack and Bryan Johnson of CBRE represented the seller in the deal. Shaun Moothart, Jennifer Ansari, Dana Summers and Bruce Francis of CBRE arranged the financing for the project with Ready Capital Structured Finance.

November 3, 2020

Acquisitions California Office Western

Oak Properties Sells 60,119 SF Cooley Business Park in California’s Inland Empire

by Amy Works November 2, 2020

COLTON, CALIF. — San Diego-based Oak Properties has completed the disposition of Cooley Business Park, a multi-tenant flex office property located at 930 Mount Vernon Ave. and 937 Via Lata in Colton. A private investor acquired the asset for $5.9 million. Situated on 4.3 acres, the 60,119-square-foot property consists of two buildings offering a total of 19 units, ranging from 1,200 square feet to 6,700 square feet. At the time of sale, the property was fully leased to 15 tenants. Lee Spence and Mark Schafer of DAUM Commercial Real Estate Services represented the seller in the transaction.

November 2, 2020

California Development Multifamily Seniors Housing Western

Oakmont Senior Living Opens 142-Unit Seniors Housing Community in East Sacramento

by Amy Works October 30, 2020

SACRAMENTO, CALIF. — Oakmont Senior Living has opened an independent living, assisted living and memory care community in the East Sacramento neighborhood of the state capital. Located in the Fabulous Forties area, Oakmont of East Sacramento totals 140,000 square feet, plus a 36,000-square-foot parking garage, on a 3.5-acre plot. The community features 100 independent living/assisted living units and 42 memory care units. Terry Ervin is the executive director and Deanna Barker is director of memory care.

October 30, 2020

Acquisitions California Industrial Western

Dermody Properties Buys 70,209 SF Logistics Facility in East Bay Area

by Amy Works October 29, 2020

FREMONT, CALIF. — Dermody Properties has acquired a logistics property located at 45535 Northport Loop East in Fremont. Terms of the transaction were not released. Originally constructed in 1998 on 4.7 acres, the 70,209-square-foot property features 20-foot clear heights, four dock-high doors and four drive-in doors. At the time of purchase, 49,615 square feet was available in the facility. Dermody plans to invest in significant exterior and interior capital improvements, including a new roof, to the building. Michael Karp and Victor DeBeor of Cushman & Wakefield represented Dermody Properties in the transaction and will be leasing agents for the property.

October 29, 2020

Acquisitions California Office Western

BLT Enterprises Acquires Multi-Tenant Creative Office Property in West Los Angeles for $9.3M

by Amy Works October 29, 2020

LOS ANGELES — Santa Monica, Calif.-based BLT Enterprises has purchased a multi-tenant creative office building in West Los Angeles. An undisclosed seller sold the asset for $9.3 million. Located at 2256 Barry Ave., the property consists of two units, the first built in 2004 and the second in 2016. Offering more than 16,050 square feet, the asset was fully leased at the time of acquisition. Michael Preiss of rsfLA represented the seller in the transaction. BLT’s current West Los Angeles and Hollywood holdings now total nearly 300,000 square feet, with development opportunities for 450,000 square feet.

October 29, 2020

California Industrial Webinar Western

Webinar: Los Angeles Industrial Outlook — How has the Pandemic Changed the Industrial Sector in Southern California?

by Jaime Lackey October 29, 2020

On October 27, Western Real Estate Business magazine hosted a panel of industrial experts to discuss how the pandemic has impacted investment sales, leasing and development within the Los Angeles industrial real estate sector. Click to listen to the recording and hear the 2021 outlook. The webinar included two separate discussions. The developer/owner panel included Joseph Vargas of Wonderful Real Estate Development, Brett Tremaine of Majestic Realty, Damon Austin of Prologis, and Brett Dedeaux of Dedeaux Properties and Morgan Medlin of Allen Matkins. The second panel covered the capital markets/finance and brokerage perspectives and included Jeffrey Cole of Cushman & Wakefield, Bobby Khorshidi of Archway Capital, Steven Lurie of Greenberg Glusker, Peter Bacci of Lee & Associates, Chris Jackson of NAI Capital and Christopher Sheehan of Colliers International. Allen Matkins, Dedeaux Properties, Wonderful Real Estate Development, Greeberg Glusker, Archway Capital and Lee & Associates sponsored the discussion.

October 29, 2020

Acquisitions California Office Top Stories Western

SHVO, Deutsche Bank Acquire Transamerica Pyramid Center in San Francisco for $650M

by Alex Tostado October 29, 2020

SAN FRANCISCO — A joint venture led by SHVO and Deutsche Finance America has acquired Transamerica Pyramid Center, a two-building, 750,000-square-foot office complex in San Francisco’s Financial District, for $650 million. The seller was Dutch insurance company Aegon Asset Management, which assumed ownership of the asset in 1999 when it acquired Transamerica Corp. Transamerica Corp. has occupied space in the iconic 48-story, pyramid-shaped anchor building since it was built in 1972. Originally designed by William L. Pereira & Associates, the 853-foot-high tower is currently the third tallest pyramid in the world. Floor plates at the tower range from 22,226 square feet on the sixth floor to 2,531 square feet on the 48th floor. Tenants at the complex include private equity, wealth management, consulting and law firms. The complex spans a city block and includes the main office tower, situated at 600 Montgomery St.; a 20-story, 191,142-square-foot office building at 505 Sansome St.; and a development site at 545 Sansome St. where a nine-story, 106,807-square-foot office building is planned. In the middle of the complex is Transamerica Redwood Park, a grove of mature redwood trees shading public open space. “We’re proud to take on ownership and management of the Transamerica Pyramid, …

October 29, 2020

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