California

Gantry Arranges $364M in Refinancing for Ezralow’s 15-Property Self-Storage, Industrial Portfolio in California

by Amy Works March 5, 2021

CALABASAS, CALIF. — Gantry has arranged a total of $364 million in long-term refinancing for Calabasas-based The Ezralow Co. for 15 separate self-storage and industrial assets in California. Paige Serden, Peter Welsh, Braden Turnbull and Josh Natker of Gantry’s Los Angeles production office structured the loans, which were sourced from four separate life insurance companies, three of which are Gantry’s correspondent lenders. Totaling 1.75 million square feet, the 12 Price Self Storage-operated properties are located in Los Angeles, Orange, San Diego, Ventura, Riverside, San Bernardino and Contra Counties. The three industrial properties offer a total of 428,000 square feet of multi-tenant space in Southern California.

March 5, 2021

Acquisitions California Multifamily Seniors Housing Western

CareTrust REIT Acquires Four Seniors Housing Properties in California for $126.1M

by Amy Works March 5, 2021

CAMARILLO, CARLSBAD, RANCHO MIRAGE AND SAN JUAN CAPISTRANO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has purchased four continuing care retirement communities (CCRCs) in the upscale Southern California submarkets of Camarillo, Carlsbad, Rancho Mirage and San Juan Capistrano. The campuses, which hotelier Marriott International Inc. originally developed between 1999 and 2000, total 637 assisted living, skilled nursing and memory care beds. CareTrust’s initial investment in the four rental CCRCs, inclusive of capital expenditure commitments and transaction costs, was approximately $126.1 million. Bayshire Senior Communities, an existing CareTrust tenant based in San Diego, will lease and operate the Rancho Mirage and Carlsbad campuses under an amendment to Bayshire’s existing master lease. Aspen Skilled Healthcare, based in Laguna Niguel, will lease and operate the San Juan Capistrano and Camarillo campuses under a new 15-year master lease with CareTrust. Aggregate annual cash rent for the first year is approximately $8.6 million, increasing to $9.4 million in the second year with CPI-based annual escalators thereafter. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Evans Senior Investment represented the seller, an institutional owner, in the transaction.

March 5, 2021

Acquisitions California Office Western

Crusader Insurance Sells 46,889 SF Office Building in Calabasas, California

by Amy Works March 4, 2021

CALABASAS, CALIF. — Crusader Insurance Co. has completed the sale of a two-story office building located at 26050 Mureau Road in Calabasas. An undisclosed buyer acquired the asset for $12.7 million, or $271 per square foot. Built in 1997, the 46,899-square-foot building features a training center, boardrooms, fitness center, server rooms, employee lounge, outdoor patio, elevator and 157 parking spaces. Jay Rubin and Eugene Kim of Lee & Associates represented the seller, while Craig Miller and Todd Cobin of Stone Miller represented the seller in the deal.

March 4, 2021

LogistiCenter-Park-Meridian-Riverside-CA

California Industrial Leasing Activity Western

Global One Logistics to Occupy 262,260 SF LogistiCenter at Park Meridian in Riverside, California

by Amy Works March 4, 2021

RIVERSIDE, CALIF. — Global One Logistics has inked a deal to lease LogistiCenter at Park Meridian in Riverside. The third-party warehousing and distribution specialist serving the home fashion and apparel industry will occupy the Class A building located at 21822 Opportunity Way in the Inland Empire East submarket. The property totals 262,260 square feet. Phil Lombardo, Chuck Belden, Andrew Starnes and Cruise Adams of Cushman & Wakefield represented the landlord, Dermody Partners, in the lease.

March 4, 2021

California Company News Industrial Western

CapRock Partners Transacts 10 MSF of Industrial Real Estate, Opens Two Offices During 2020

by Amy Works March 4, 2021

NEWPORT BEACH, CALIF. — CapRock Partners has acquired, leased or sold nearly 10 million square feet of industrial space across the Western United States and opened two offices in Phoenix and Northern California, welcoming 26 new employees, according to the Newport Beach-based firm. CapRock Partners signed 10 leases totaling more than 5.3 million square feet; acquired eight properties and land sites totaling 4.2 million square feet; and sold 196,534 square feet across two properties. Additionally, an institutional investor retained the company to manage a six-asset, 1.9 million-square-foot industrial real estate portfolio that spans four markets. These transactions bring CapRock’s total investment, development and asset management pipeline to more than 25 million total square feet since inception in 2009. On the development side, the company completed more than 4.1 million square feet of Class A industrial product across the Las Vegas basin and Inland Empire, including the 3 million-square-foot Commerce Center in Ontario, California, which CapRock developed on behalf of Ivanhoé Cambridge. Since March 2020, the company started construction of an additional 2.8 million square feet and successfully received entitlements for over 3 million square feet in multiple projects across the Inland Empire. This brings CapRock’s total either recently constructed or …

March 4, 2021

California Development Industrial Western

CT Realty, Clarion Partners Break Ground on 145,840 SF South Bay Logistics Center in Carson, California

by Amy Works March 3, 2021

CARSON, CALIF. — CT Realty and Clarion Partners have commenced construction of South Bay Logistics Center, a Class A industrial facility in Carson. Located at 333 W. Gardena Blvd., the single-tenant, 145,840-square-foot building will feature 25 dock-high positions, 36-foot clear heights, a 144-foot secure truck yard, an ESFR K-25 sprinkler system, 5,500 square feet of modern two-story office space and ample parking. Completion is slated for this fall. Danny Williams, Barry Hill and John McMillan of Newmark are listing agents for the project.

March 3, 2021

California Loans Multifamily Western

Panoramic Interest Receives $104M in Refinancing for City Gardens Apartments in San Francisco

by Amy Works March 3, 2021

SAN FRANCISCO — Panoramic Interests has received a $104 million loan for the refinancing of City Gardens, an apartment property located at 333 12th St. in the Western Mission/SOMA neighborhood of San Francisco. Ready Capital provided the three-year, floating-rate loan that Charles Halladay, Alex Witt, Jordan Angel, Jonah Aelyon and Lauren Mezzanotte of JLL Capital Markets arranged. City Gardens offers 200 two-, four- and five-bedroom micro-units with fully furnished bedrooms and living areas, expansive windows and nine-foot ceilings. The 152,445-square-foot property features high-efficiency lighting and plumbing; laminated, heat-resistant glass; and energy recovery ventilation.

March 3, 2021

Acquisitions California Office Western

BioScience Properties, Harrison Street Acquire Office Property Near Palo Alto for $40.7M, Plan Life Science Conversion

by Amy Works March 2, 2021

MOUNTAIN VIEW, CAILF. — A joint venture between BioScience Properties and Harrison Street has acquired an office building, located at 303 Ravendale Drive in Mountain View, from 303 MVRP LLC for $40.7 million. The buyers plan to convert the 67,000-square-foot building into a speculative life science asset by upgrading the property with lab improvements suitable for biology and chemistry uses. The converted building will feature sinks, compressed air, vacuum, backup power, fume hoods and single-pass air in the laboratory areas. Built in 1978, the building offers a flexible plan suitable for a single tenant as well as divisibility options for partial building users. Erik Doyle and Alec Hanley of CBRE Capital Markets in Palo Alto represented the seller in the deal.

March 2, 2021

Acquisitions California Industrial Western

Lee & Associates Brokers $2.5M Sale of Industrial Building in Vista, California

by Amy Works March 2, 2021

VISTA, CALIF. — Lee & Associates has arranged the sale of an industrial property located at 2540 Pioneer Ave. in Vista. The Greenwood Family Trust acquired the asset from D&D Vista LLC for $2.5 million. The 10,940-square-foot building features 35 percent office space with a fenced loading and yard area. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates/The Williams Roth Group represented the seller and buyer in the deal.

March 2, 2021

California Development Loans Mixed-Use Multifamily Retail Top Stories Western

Signature Development Receives $130M in Construction Financing for Mixed-Use Project in Oakland’s Brooklyn Basin

by Amy Works March 2, 2021

OAKLAND, CALIF. — Signature Development Group has received $130 million in construction financing for the development of Brooklyn Basin – Parcel G, an unnamed apartment and retail property located on 2.7 acres within the master-planned Brooklyn Basin community in Oakland. The project is entitled for 371 apartments and 31,000 square feet of retail space. Designed by California-based TCA Architects, the residential property will offer a fitness center, clubhouse, outdoor courtyard and roof deck with views of San Francisco Bay. Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance arranged the financing behalf of Signature Development. Bank OZK provided the construction loan. “Even with the pandemic-driven challenges posed to the multifamily market, Parcel G’s exceptional location and unique offering for tenants presented a compelling opportunity for lenders,” says Moritz. “This, combined with the strength and experience of the sponsor, resulted in significant interest from the debt markets.” Brooklyn Basin is a 63-acre master-planned development located along Oakland’s waterfront. The project will include market-rate housing, affordable housing and townhome residences, including Parcel G. Orion Apartments is currently leasing units, while MidPen Housing’s Paseo Estero and Vista Estero affordable housing communities are set to open this spring. Last November, Township Commons …

March 2, 2021

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