California

TMG Brokers $15.5M Sale of Affordable Housing Property in California’s Inland Empire

by Amy Works May 1, 2020

ONTARIO, CALIF. — The Mogharebi Group (TMG) has directed the sale of Cinnamon Ridge, a 101-unit affordable housing community located at 1051 E. Fourth St. in Ontario. A Southern California-based private investor acquired the property for $15.5 million. Alex Mogharebi and Otto Ozen of TMG represented the seller, also a Southern California-based investor, in the transaction. Built in 1989, Cinnamon Ridge features 101 one- and two-bedroom units restricted to residents age 55 or older. The property consists of a two-story and a three-story residential building, totaling 48,520 rentable square feet. Situated on 2.3 acres, the community features a clubhouse with full kitchen, leasing office, controlled access, solar panels, laundry facilities and covered parking.

May 1, 2020

Acquisitions California Multifamily Western

Levin Johnston Negotiates Sale of 30-Unit Multifamily Complex in Fremont, California

by Amy Works May 1, 2020

FREMONT, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sale of 4001 Nicolet, a fully upgraded multifamily community in Fremont. The property traded for $12.2 million. Adam Levin, Robert Johnston and Eymon Binesh of Levin Johnston represented the undisclosed seller and procured the undisclosed buyer in the deal. Originally constructed in 1972, the property features 30 units in a mix of one- and two-bedroom floor plans. The units were recently upgraded with fully remodeled bathrooms and kitchens, stainless steel appliances, granite countertops, new carpets and hardwood flooring. Community amenities include private balconies, private storage and an on-site laundry facility.

May 1, 2020

Acquisitions California Restaurant Retail Western

Hanley Investment Group Brokers $2.9M Sale of Starbucks-Occupied Retail Asset in El Centro

by Amy Works May 1, 2020

EL CENTRO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly built, single-tenant retail property located at 2033 N. Imperial Ave. in El Centro. Encinitas, Calif.-based Becker Development sold the building to a Los Angeles-based private investor for $2.8 million, or $1,089 per square foot. Starbucks Coffee occupies the 2,625-square-foot, drive-thru property, which was built in 2019. The asset is located at the signalized entrance to a Target- and Lowe’s Home Improvement Warehouse-anchored shopping center. Bill Asher, Jeff Lefko and Ed Hanley of Hanley Investment Group represented the seller, while John Kerrigan, a Sherman Oaks, Calif.-based real estate broker, represented the buyer.

May 1, 2020

Acquisitions California Industrial Western

Westport Capital, Cannae Partners Sell Modernized R&D Facility in Silicon Valley for $41.1M

by Amy Works April 30, 2020

MILPITAS, CALIF. — A joint venture between affiliates of Westport Capital Partners and Cannae Partners has completed the disposition of a research and development (R&D) property located at 1565 Barber Lane in Milpitas. New York City-based Empire Square Group acquired the asset for $41.1 million. Situated on 5.5 acres within Oak Creek Business Park, the property features 102,668 square feet of modernized R&D space. Originally developed in 1980, the facility underwent significant improvements in 1996, 2009 and 2019. At the time of sale, the two-story property was fully leased. Eric Fox, Steve Hermann, Adam Lasoff, Seth Siegel and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets group represented both parties in the transaction.

April 30, 2020

Acquisitions California Multifamily Western

Universe Holdings Buys Three-Building Multifamily Portfolio in Granada Hills for $25M

by Amy Works April 30, 2020

GRANADA HILLS, CALIF. — Los Angeles-based Universe Holdings has acquired a three-building multifamily portfolio in Granada Hills. An undisclosed seller sold the asset for $25 million. Janet Neman of Kidder Mathews represented the buyer in the off-market transaction. The portfolio includes Boardwalk & Park Place Apartments, a 56-unit building at 16860-16900 Chatsworth St.; Devonshire Apartments, a 38-unit complex at 16700 Devonshire St.; and Granada Pine Apartments, a 28-unit property located at 16930 Blackhawk St. Universe Holdings plans to implement a renovation strategy and will invest nearly $2.7 million in property upgrades. The three buildings were constructed in the 1960s.

April 30, 2020

Acquisitions California Office Western

MIG Real Estate Divests of Viewridge Business Park in San Diego for $15.3M

by Amy Works April 30, 2020

SAN DIEGO — California-based MIG Real Estate has completed the sale of Viewridge Business Park, an office complex located in San Diego’s Kearny Mesa submarket. Dollinger Properties acquired the office park for $15.3 million. Situated on 3.7 acres, the three-building, 72,803-square-foot asset is located at 4711, 4715 and 4719 Viewridge Ave. Bob Prendergast, Lynn LaChapelle and Sach Kirpalani of JLL Capital Markets represented the seller in the deal.

April 30, 2020

Acquisitions California Retail Top Stories Western

CIM Group Agrees to Acquire Baldwin Hills Crenshaw Plaza Mall in Los Angeles for Over $100M, Plans Office Expansion

by Alex Tostado April 30, 2020

LOS ANGELES — CIM Group has agreed to purchase Baldwin Hills Crenshaw Plaza, an 869,000-square-foot mall in the Crenshaw/Baldwin Hills submarket of Los Angeles. The Los Angeles Times reports the sales price at over $100 million. The seller is Chicago-based Capri Urban Investors, which took control of the property in 2019 from Capri Capital Advisors, the Times also reports. The mall is situated on 40 acres at 3650 W. Martin Luther King Blvd., eight miles west of downtown Los Angeles. The Walmart and Sears stores shuttered prior to the COVID-19 outbreak, leaving over one-third of the property vacant. Cinemark Theater is also a tenant. The Macy’s and IHOP locations at the mall were not part of the sale. A timeline for the sale closing was not disclosed. The asset is adjacent to the Crenshaw-LAX metro light-rail station, an eight-mile line that will connect the neighborhood to Los Angeles International Airport. The station is slated to open by the end of the year. CIM Group reportedly plans to add office space to the property, closing the door on rumors that residential units might go up at the mall. “We have the opportunity to bring a fresh perspective to the future of …

April 30, 2020

California Loans Multifamily Western

NorthMarq Secures $75M in Financing for Mediterranean Village Apartments in Costa Mesa, California

by Amy Works April 29, 2020

COSTA MESA, CALIF. — NorthMarq has arranged $75 million in permanent refinancing for Mediterranean Village, a 508-unit, garden-style multifamily property located at 2400 Harbor Blvd. in Costa Mesa. The borrower was an affiliate of E&S Ring Management Corp. Nathan Prouty and Andy Slaton of NorthMarq’s San Francisco office arranged the 10-year loan, which features interest-only payments and a fixed rate. The borrower used loan proceeds to fund a variety of capital improvements at the property.

April 29, 2020

Acquisitions California Office Western

JLL Negotiates Sale of 315,000 SF Office Asset in Pasadena

by Amy Works April 29, 2020

PASADENA, CALIF. — JLL Capital Markets has directed the sale of 101 S. Marengo, a Class A office property in Pasadena. Terms of the transaction were not released. Originally built in 1974, the 315,000-square-foot property was occupied by a single tenant that vacated last year. The asset is now available for a full renovation building to create a multi-tenant environment. Situated on 2.9 acres, the transit-oriented site is one block from the Los Angeles Metro Gold line and close proximity to Pasadena 101, Venture 134 and Foothill 210 freeways. Michael Leggett, Andrew Harper, Will Poulsen and Patrick Church of JLL represented the undisclosed seller in the deal.

April 29, 2020

Acquisitions California Office Western

Voit Real Estate Brokers $14.5M Sale-Leaseback of Office Property in San Diego

by Amy Works April 28, 2020

SAN DIEGO — Voit Real Estate Services Private Client Group has arranged the sale of a two-building office asset located in San Diego’s City Center neighborhood. San Diego State University Research Foundation sold the property to Casey Brown Cos. for $14.5 million. The off-market transaction was structured as a sale-leaseback, through which the seller signed a five-year lease with one five-year extension option. Kipp Gstettenbauer and Ryan King of Voit represented the sellers. Voit Real Estate Services also represented the buyer in the deal. The property includes two of the largest office buildings on El Cajon Boulevard and a four-story, 149-stall parking structure.

April 28, 2020

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