California

TMG Negotiates $45.5M Sale of Heights at Grand Terrace Apartments in California

by Amy Works April 13, 2020

GRAND TERRACE, CALIF. — The Mogharebi Group (TMG), a multifamily brokerage firm serving the markets of California, has arranged the sale of The Heights at Grand Terrace, a 228-unit multifamily property located at 22491 De Berry St. in Grand Terrace. The community is located in San Bernardino County, approximately 60 miles east of Los Angeles. A San Diego-based private group sold the asset to an East Coast-based buyer for $45.5 million, which translates to $199,561 per unit or $237 per square foot. Both parties involved in the transaction requested anonymity. Built in the 1970s, The Heights at Grand Terrace features apartments that are spread across 19 residential buildings on nine acres. The property features one- and two-bedroom floor plans with an average unit size of 842 square feet, as well as private patios and garages. Community amenities include a resort-style pool and spa, fitness center, private clubhouse, multimedia room, semi-private patios and private garages. Alex Mogharebi and Otto Ozen of TMG represented both the seller and buyer in the deal. “At a price of $199,561 per unit, this transaction represents a record for apartment communities in Grand Terrace,” says Ozen, who serves as executive vice president of TMG. “The record-setting …

April 13, 2020

Yorba-Linda-Business-Center-Yorba-Linda-CA

Acquisitions California Industrial Western

Avison Young Negotiates Acquisition of 115,760 SF Yorba Linda Business Center

by Amy Works April 10, 2020

YORBA LINDA, CALIF. — Avison Young has arranged the purchase of Yorba Linda Business Center, a four-building industrial asset located in Yorba Linda. An Orange County-based private investor acquired the property from a Bay Area-based investment company for an undisclosed price. Built in 1998 on 9.1 acres, the 115,760-square-foot Yorba Linda Business Center features 14-foot clear heights, 66 ground-level doors and 400 car parking spaces. At the time of sale, the asset was 93 percent occupied by a diverse mix of industrial, office and flex users. Alan Pekarcik and Chris Smith of Avison Young represented the buyer, while CBRE represented the seller in transaction.

April 10, 2020

Acquisitions Affordable Housing California Development Mixed-Use Multifamily Retail Western

City of San Francisco Invests $12M to Buy Site for Future Affordable Housing Development

by Amy Works April 9, 2020

SAN FRANCISCO — The City of San Francisco has purchased a 0.27-acre mixed-use development site on two parcels located at 1939 Market St. at Duboce Avenue in San Francisco. Sheet Metal Workers Local 104 Union Hall sold the site for $12 million. As part of the transaction, Sheet Metal Workers agreed to lease back the property for 24 months. The City plans to develop a mixed-use development on the site. Upon completion, the project will offer 100 percent permanent affordable housing, which would likely serve low-income seniors, and ground-floor activation opportunities. The site currently consists of a surface parking lot and a two-story office building that will be demolished to develop the housing project. Additionally, the parcels are located at the nexus of Hayes Valley, Duboce Triangle and Mission Dolores with a zoning allowance that places no limits on unit density and allows for the construction of structures up to 85 feet in height. The City of San Francisco acquired the property with funds from the Educational Revenue Augmentation Fund and would draw from the $600 million Affordable Housing Bond passed in November to finance the construction of the housing project. Jason Parr, Mark McGranahan and Scott MacDonald of Cushman …

April 9, 2020

Acquisitions California Restaurant Retail Western

Tutto USA Acquires Six-Tenant Restaurant Building in Victorville, California for $9.5M

by Amy Works April 9, 2020

VICTORVILLE, CALIF. — Tutto USA has purchased a six-tenant restaurant asset located at 11604 Amargosa Road in Victorville. A California-based developer sold the asset for $9.5 million, or $841 per square foot. Constructed in 2017, the 11,300-square-foot property was fully occupied at the time of sale. Tenants include Starbucks Coffee, Nekter Juice Bar, Which Wich, Pieology, Ono Hawaiian BBQ and Café Rio. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller and procured the buyer, which was represented by an undisclosed Los Angeles-based broker, in the deal.

April 9, 2020

California Loans Mixed-Use Office Retail Western

Faris Lee Arranges $39.6M Refinancing for Packing House Square Mixed-Use Center in Yorba Linda, California

by Amy Works April 8, 2020

YORBA LINDA, CALIF. — Faris Lee Investments has arranged $39.6 million in financing for Packing House Square, a mixed-use center located at 18180-18389 Yorba Linda Blvd. in Yorba Linda. The borrower is an undisclosed private investment company. Loan proceeds will be used to reposition the asset as a medical arts plaza with a medical anchor tenant; renovate the existing retail plaza by adding an additional 11,450-square-foot corner retail wing; and re-tenant the vacant units. Jay Quinn and Kirt Boultinghouse of Faris Lee sourced the three-year bridge loan with Los Angeles-based Ares Management. Nick Coo, Matt Brooks and Joe Chichester of Faris Lee represented the borrower in the financing and marketing of the property.

April 8, 2020

Acquisitions California Multifamily Western

Sea Breeze Buys Del Sol Apartments in Northern California for $25.2M

by Amy Works April 8, 2020

SEASIDE, CALIF. — Sea Breeze LLC has purchased Del Sol Apartments, a three-parcel multifamily community located in Seaside in Monterey County. San Jose-based 1050 1. 12th St. LLC sold the asset for $25.5 million. Built between 1964 and 1974 on 3.1 acres, the 12-building, 98,105-square-foot community features 121 apartments. The property has undergone a variety of capital improvements, including all new decks and balconies, new double-pane windows, retrofitted garages, office upgrades and a new heating system. Eduardo Cerna of Marcus & Millichap represented the seller and procured the buyer in the transaction.

April 8, 2020

Acquisitions California Office Western

Newmark Pearson Commercial Brokers Sale of Two Office Buildings in San Joaquin Valley

by Amy Works April 8, 2020

TULARE AND FRESNO, CALIF. — Newmark Pearson Commercial has facilitated the sales of two office buildings in Tulare and Fresno. In the first transaction, an undisclosed investor acquired a 5,000-square-foot office building located at 793-799 N. Cherry St. in Tulare. Tulare Local Healthcare District sold the asset for an undisclosed price. Luke Tessman of Newmark Pearson Commercial was the agent. In the second deal, Surdeep Singh Family Limited Partnership sold a 5,135-square-foot office building located at 6065 N. First St. in Fresno. Lagattuta Land LLC acquired the property for an undisclosed price. Scott Christensen of Newmark Pearson Commercial, in cooperation with David Rodkin of ADR Preferred, handled the transaction.

April 8, 2020

California Development Multifamily Western

Meta Housing Breaks Ground on 65-Unit Affordable Multifamily Project in Orange County

by Amy Works April 8, 2020

WESTMINSTER, CALIF. — Los Angeles-based Meta Housing Corp., in a joint venture partnership with Western Community Housing, has broken ground on Westminster Crossing, an affordable and permanent supportive housing multifamily community located ta 7122 Westminster Blvd. in Westminster. The $42 million development will provide 65 units with fully equipped kitchens with dishwashers, private bathrooms and a mix of hardwood and carpet flooring. Additionally, the project will include 89 parking spaces, 10 bicycle parking spaces, a community garden, outdoor lounge with barbecue area, synthetic turf play area and a children’s play area. The community spaces will include a homework room, conference rooms, art studio/maker space, gym/fitness/dance room and a community room, as well as management and service-provider offices. Upon completion in fall 2021, John Stewart Co. will manage the three-story property. The development team includes Meta Housing and Western Community Housing as co-developers and general partners, KPRS Construction Services as general contractor, IMG as construction manager, Y&M Architects as architect and MJS as landscape architect. Meta Housing partnered with the City of Westminster, Orange County, California Housing Finance Agency, U.S. Department of Housing and Urban Development, Capital One Bank, California Community Reinvestment Corp. and Red Stone Equity Partners to finance the …

April 8, 2020

Acquisitions California Multifamily Seniors Housing Western

Blueprint Brokers Sale of 207-Unit Seniors Housing Asset in Riverside, California

by Amy Works April 7, 2020

RIVERSIDE, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 207-unit independent living, assisted living and memory care community in Riverside, approximately 50 miles east of Los Angeles. The seller, a joint venture between Capitol Seniors Housing and Welbrook Senior Living, completed an $8 million renovation at the property in 2014. The buyer and price were not disclosed.

April 7, 2020

Acquisitions California Multifamily Western

Gemdale USA Sells Apartment Property Near Los Angeles for $31.9M

by Amy Works April 6, 2020

WEST COVINA, CALIF. — Gemdale USA has completed the disposition of South Hills Apartments, a multifamily property located in West Covina. An Orange County, Calif.-based private family acquired the property for $31.9 million, or $375,885 per unit. Built in 1966 on 5.2 acres, South Hill Apartments features 85 units. Additionally, the property is just off the San Bernardino Freeway/Interstate 10 near the Eastland Center and Cortez Park. Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller. Green, Harris and Grabiec, along with Tyler Leeson of Marcus & Millichap, procured the buyer in the deal.

April 6, 2020

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