California

Jefferson-Platinum-Triangle-Apts-Anaheim-CA

Waterford Property Buys Jefferson Platinum Triangle Apartments in Anaheim for $160M, Plans Workforce Housing Conversion

by Amy Works March 1, 2021

ANAHEIM, CALIF. — Waterford Property Co., in partnership with California Statewide Communities Development Authority (CSCDA), has purchased Jefferson Platinum Triangle. The transit-oriented multifamily community is located at 1781 S. Campton Ave. in Anaheim’s Platinum Triangle District. JPI sold the asset for $160 million. The buyers plan to convert the 400-unit property into workforce housing. The acquisition is part of a workforce housing finance program created in 2020 by CSCDA. Using tax exempt bond financing, CSCDA can purchase multifamily projects without the use of public subsidies to provide much-needed housing for the middle-income workforce demographic. With this acquisition the partnership will be able to lower rents for qualified existing and new residents making between 80 percent and 120 percent of the area median income in order to create more workforce housing in Anaheim. Built in 2018, Jefferson Platinum Triangle features 400 units, clubrooms, two resort-style pools with hot tubs, outdoor cooking areas, fitness centers and a yoga studio. Shane Shafer and Kyle Pinkalla of NorthMarq brokered the transaction.

March 1, 2021

Acquisitions California Industrial Western

RanchHarbor, Manhattan West Acquire Value-Add Industrial Property Near Los Angeles

by Amy Works March 1, 2021

SIGNAL HILL, CALIF. — A joint venture between Newport Beach, Calif.-based RanchHarbor and Los Angeles-based Manhattan West Real Estate has purchased a 0.79-acre, value-add industrial asset located in Signal Hill. Terms of the off-market transaction were not released. The property consists of two single-tenant industrial buildings totaling 18,682 square feet with a shared secured yard. Each building offers a dock-high door and a grade-level door. At the time of acquisition, one building was occupied with a substantial term remaining on the lease and the other building was vacant. The buyers plan to perform deferred maintenance and capital improvements to the property, including “white boxing” of the vacant building to improve its marketability and make it move-in ready. The joint venture has retained Marc Bonadando and Brad Connors of Kidder Mathews to handle leasing of the available space. RanchHarbor arranged a full capital-stack solution for the transaction, with the company’s advisory platform sourcing a 36-month, fixed-rate, non-recourse bridge loan from a bank lender.

March 1, 2021

California Market Reports Office Western Western Market Reports

Inland Empire Office Demand Stagnates, Medical Office Leasing Remains Strong

by Jeff Shaw March 1, 2021

By Drew Sanden, Senior Managing Director, Newmark The Inland Empire office market boasted very strong fundamentals heading into 2020. The vacancy rate across the 28.3 million-square-foot base was 9.5 percent, lease rates were reaching peak levels and developers were again exploring larger spec developments. Like many markets across the U.S., COVID-19 has greatly impacted the Inland Empire’s office market. Office usage, demand, absorption and leasing transactions are down year-over-year. Large back-office transaction volume has been the most impacted as companies struggle to manage the social distancing guidelines. With that said, the suburban nature of the Inland Empire has helped insulate the office market. The combination of affordable housing (relative to Southern California’s coastal communities) and remote work opportunities have strengthened the overall workforce. This pandemic has acted as an accelerator for the hub-and-spoke trend where companies have larger regional offices in CBDs like Los Angeles and Irvine, while maintaining smaller satellite offices in suburban markets. We’ve seen an influx of small satellite offices in Corona, Ontario, Rancho Cucamonga and Riverside. Demand for medical office building (MOB) leasing and sales has remained strong. This trend was highlighted with the pre-sale of two medical office buildings at the Rincon in Chino Hills, …

March 1, 2021

Acquisitions California Industrial Western

Sentre Acquires Rancho Bernardo Vista Industrial Facility in San Diego for $50M

by Amy Works February 26, 2021

SAN DIEGO — Sentre has purchased Rancho Bernardo Vista, a newly constructed Class A industrial facility situated on 10 acres at 16915 Via Del Campo in San Diego’s Rancho Bernardo area. An undisclosed seller sold the asset for $50 million. Delivered last year, the core industrial distribution property features 141,518 square feet of industrial space, including 32-foot clear heights, an ESFR fire protection system, deep truck court, 36 dock doors, four grade-level doors, mezzanine space and ample vehicle parking. The property was fully leased to the largest e-commerce company in the world prior to completion and will serve as a mission-critical, last-mile facility for the credit tenant. Bob Prendergast, Lynn LaChapelle and Sach Kirpalani of JLL Capital Markets represented the seller in the deal. Aldon Cole and Bradley Vansant of JLL Capital Markets Debt Placement team arranged $26 million in fixed-rate, financing with a seven-year term through a publicly traded life insurance company for the buyer. Jay Alexander and Andy Irwin of JLL represented the developer in its lease negotiations.

February 26, 2021

California Development Multifamily Western

Anton DevCo Breaks Ground on 205-Unit Anton Pacific Apartments in Downtown Santa Cruz

by Amy Works February 26, 2021

SANTA CRUZ, CALIF. — Anton DevCo has started construction of Anton Pacific, a 205-unit multifamily property located at the corner of Pacific Avenue and Laurel Street in downtown Santa Cruz. The development will feature 48 studio, 98 one-bedroom and 59 two-bedroom layouts, a rooftop deck, spa, fitness center and fire pits. The rooftop deck will offer fireside seating, dining areas and barbecue grills, as well as a 1,300-square-foot indoor lounge with kitchen and bar. The property will also feature 11,000 square feet of ground-floor retail space with two-story-high ceilings and outdoor patio areas to accommodate sidewalk dining. Anton Building Co. is serving as general contractor for the project, which is slated for completion in 2023.

February 26, 2021

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment Group Arranges $2.6M Sale of New Starbucks-Occupied Property in Rancho Cordova

by Amy Works February 26, 2021

RANCHO CORDOVA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, single-tenant retail property located within Zinfandel Village, a shopping center in Rancho Cordova. An Orange County-based private investor acquired the property from Irvine-based Pacific Castle Management for $2.6 million. Starbucks Coffee occupies the 2,200-square-foot freestanding building with a drive-thru, which is located at 2875 Zinfandel Drive. Other tenants at Zinfandel Village include Grocery Outlet, Pizza Hut, Burger King, Popeyes, Lumber Liquidators, Little Caesars, Skechers and Sourdough & Co. Bill Asher and Kevin Fryman of Hanley Investment represented the seller, while Eric Reuveni of Encino-based Los Angeles Commercial Real Estate Group represented the buyer in the deal.

February 26, 2021

California Retail Western

Fry’s Electronics Permanently Closes Business Operations, Shuttering 31 Stores, Online Presence

by Amy Works February 24, 2021

SAN JOSE, CALIF. — San Jose-based Fry’s Electronics has decided to shut down its operations and close business permanently as a result of changes in the retail industry and challenges created by the COVID-19 pandemic. After nearly 36 years as a one-stop shop and online resource for high-tech consumers, Fry’s says it will implement a shutdown of its 31 stores across nine states through a wind-down process that will be in the best interests of the company, its creditors and other stakeholders. Fry’s ceased regular operations and began the closing process today. The intentions of the wind-down process are to reduce costs, avoid additional liabilities, minimize the impact to customers, vendors, landlords and associates, as well as maximize the value of the company’s assets for its creditors and stakeholders. Currently, Fry’s is in the process of reaching out to its customers with repairs and consignment vendors to help them understand the closing process and the proposed next steps.

February 24, 2021

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $17.2M Sale of The Encore Apartment Building in Pasadena

by Amy Works February 24, 2021

PASADENA, CALIF. — Marcus & Millichap has arranged the sale of The Encore, a multifamily building located at 712 E. Walnut St. in Pasadena’s Playhouse District. A foreign investor acquired the property for $17.2 million. Built in 2004, The Encore features 28 apartments and two ground-floor commercial units. All apartments offer in-unit washers/dryers and most feature a balcony. Additionally, the building offers gated parking, an elevator and an interior courtyard. Gayle Factor of Marcus & Millichap’s Encino, Calif., office represented the seller in the transaction.

February 24, 2021

Acquisitions California Industrial Western

RPG, CenterSquare Acquire 203,000 SF Value-Add Industrial Property Near San Diego

by Amy Works February 24, 2021

VISTA, CALIF. — A joint venture between RPG and CenterSquare has purchased an industrial property located at 1 Viper Way in Vista. San Francisco-based Stockbridge sold the asset for an undisclosed price. The buyers plan to implement a comprehensive repositioning plan to modernize the 203,000-square-foot property to appeal to industrial tenants throughout the region. Planned improvements include the addition of nine dock-high doors and five grade-level doors, as well as a reduction of office and mezzanine space, to appeal to last-mile industrial users. The property features 28-foot clear heights, heavy power and dock loading options. At the time of purchase, the property was vacant, having previously served as headquarters for an automotive technology company for 20 years. Aric Starck and Bill Cavanagh of Cushman & Wakefield represented the seller in the transaction.

February 24, 2021

Acquisitions California Mixed-Use Office Retail Western

4S Bay Partners Acquires Redevelopment Site in Baldwin Hills Crenshaw Corridor of Los Angeles for $24M

by Amy Works February 23, 2021

LOS ANGELES — Chicago-based 4S Bay Partners has purchased a 1.8-acre land parcel at 3701 W. Stocker St. in the Baldwin Hills Crenshaw Corridor of Los Angeles. Sticks Holdings LLC and an affiliate of Optimus Properties sold the asset for $24 million. James Daughrity of Daughrity Real Estate represented the buyer and seller in the deal. The property is located in a designed Opportunity Zone with a transit-oriented development designation, which allows for pedestrian-friendly and community-serving uses. The parcel currently contains a 45,000-square-foot, four-story office structure, which was built in 1954. Additionally, the site is in proximity to the planned Metro Crenshaw/LAX light rail transit line. The buyer previously purchased 3731, 3741, 3751 and 3761 W. Stocker St. all within the Baldwin Hills Crenshaw Corridor. Los Angeles-based Pantheon Business Consulting will manage the development of the sites. Potential development plans include a multi-use film studio, entertainment campus and business incubator redevelopment project in line with 4S Bay Partners’ social impact and community development mission to increase economic development within underserved and urban communities. According to 4S Bay, the project’s vision is to partner with creatives, thought-leaders and non-profits surrounding South Los Angeles to create economic opportunities and amplify storytelling about …

February 23, 2021

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