California

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

California Civic Development Western

C.W. Driver Completes $24M Vanguard University Student Center in Orange County

by Amy Works April 6, 2020

COSTA MESA, CALIF. — C.W. Driver Cos. has completed the development of Waugh Student Center at Vanguard University in Costa Mesa. HPI Architecture designed the $24 million, two-story facility, which features 35,000 square feet of interior space and a 7,500-square-foot exterior deck. Within Waugh Student Center, students, faculty and staff will have access to a 3,300-square-foot food service area with all-day and late-night options, as well as an 8,000-square-foot common dining room. Additionally, the student center offers a 3,000-square-foot fitness center and an 8,000-square-foot recreational center that can be converted into meeting and event space to accommodate 880 people for lectures or 480 for catered functions. The center also features areas equipped with power outlets and charging stations for studying, a trellised roof deck with fireplace, and two-story outdoor dining and gathering area. Waugh Student Center is the first project in a 30-year campus enhancement plan to reshape Vanguard’s 38-acre campus at 55 Fair Drive in Costa Mesa.

April 6, 2020

California Development Industrial Western

Murphy Development Delivers 137,000 SF Spec Industrial Building in San Diego

by Amy Works April 6, 2020

SAN DIEGO — Murphy Development Co. has completed the construction of the final building at The Campus at San Diego Business Park, a more than 670,000-square-foot industrial park in San Diego’s Otay Mesa submarket. Building 3 offers 137,000 square feet of speculative industrial space. Located at 2065 Sanyo Ave., the concrete tilt-up building features a 32-foot minimum clear height, 4,000 amps of 277/480 volt power, manufacturing sewer and water capacity, ESFR sprinklers, concrete truck courts and wide column spacing. Additionally, the facility has 33 dock-high doors and 10 short-yard expansion docks. The business park is a fully fenced, secure site with on-site security and C-TPAT qualification. An on-site café is currently under construction and will be open for breakfast and lunch for all employees in June. The development team includes Pacific Cornerstone Architects, Teshima Landscape Design, K&S Engineering and Lusardi Construction. Murphy Development purchased the site from Panasonic Corp. of North America in early 2017 and renamed it The Campus at San Diego Business Park. The 542,197-square-foot, two-building campus was originally built in 1986 for The Sanyo Corp. of America. The campus was subsequently sold to The Panasonic Corp. Following reacquisition, Murphy Development completed $15 million in upgrades that included …

April 6, 2020

California Loans Multifamily Western

Real Asymmetry Receives $58.5M Refinancing for San Diego-Area Multifamily Portfolio

by Amy Works April 3, 2020

SAN DIEGO AND LA MESA, CALIF. — Real Asymmetry has received $58.5 million in refinancing for a recently renovated, five-property multifamily portfolio in San Diego and La Mesa. Zane Sweet of JLL Capital Markets arranged the 10-year, fixed-rate loan through Union Bank for the borrower. Loan proceeds were used to refinance existing bank debt. Totaling 328 workforce-oriented apartments, the portfolio includes Asana at North Park at 3710-3810 Wabash Ave., Pacific Cove at 4019 Oakcrest Drive and 14th Street at 1028 14th St. in San Diego, as well as Tierra Del Rey at 3675 King St. and Tiburon at 7740 Parkway Drive in La Mesa.

April 3, 2020

Acquisitions California Office Western

NKF Negotiates $21.6M Sale of Bank of America Office Campus in Southern California

by Amy Works April 3, 2020

THOUSAND OAKS, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of an office campus located at 225 W. Hillcrest Drive in Thousand Oaks. TriStar Realty Group acquired the property from a joint venture between Colony Capital and SteelWave for $21.6 million. Bank of America occupies 74 percent of the property until December, at which time the 158,885-square-foot asset will be vacant. The buyer plans to reposition the building, which is situated on 14.7 acres, as a medical office campus. Built in 1983 and renovated in 2007, the five-story, Class A property was originally built for Exxon’s regional corporate headquarters. The asset features flexible floorplates ranging in size from 20,000 square feet to 48,000 square feet, a courtyard and ample parking. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of NKF’s U.S. Capital Markets group, along with Sean Fulp, Ryan Plummer and Mark Schuessler of NKF’s Private Capital group, represented the seller. John LaSpada of CBRE represented the buyer in the deal.

April 3, 2020

Acquisitions California Net Lease Restaurant Retail Western

SRS Real Estate Partners Brokers $4M Sale of McDonald’s Ground Lease in Orange County

by Amy Works April 3, 2020

FOUNTAIN VALLEY, CALIF. — SRS Real Estate Partners has brokered the ground lease sale of a freestanding restaurant building located at 11321 Talbert Ave. in Fountain Valley. A private investor acquired the property from a Southern California-based investor for $4 million. McDonald’s occupies the 3,500-square-foot, drive-thru building on a corporate-guaranteed, triple-net lease with 12 years remaining. Michael Walseth of SRS’ National Net Lease group represented the seller, while Chris Nikchevich of TNG Real Estate Services represented the all-cash, 1031-exchange buyer in the deal.

April 3, 2020

California Development Loans Multifamily Western

Counterpointe Closes $14.5M in C-PACE Financing for Multifamily Project in Los Angeles

by Amy Works April 2, 2020

LOS ANGELES — Counterpointe Sustainable Real Estate (CounterpointeSRE) has closed a Commercial Property Assessed Clean Energy (C-PACE) transaction totaling $14.5 million in financing through the California Statewide Communities Development Authority’s Open PACE program. The financing will support energy efficiency, seismic strengthening and water conservation measures at a new multifamily property, which LiveWorkCreate is developing. Located at 2870 W. Olympic Blvd. in the Koreatown neighborhood of Los Angeles, the seven-story multifamily development will feature 126 units, ground-floor retail space and a parking garage. Upgraded sustainability features are projected to reduce electricity and water consumption, as well as greenhouse gas emissions. The upgraded multifamily property is slated for completion in 2022. The $14.5 million in C-PACE funding for the project is being used to directly support energy-efficient infrastructure investments throughout the building, including building envelope, interior lighting, HVAC, low-flow fixtures and high-efficiency domestic hot water.

April 2, 2020

Acquisitions California Net Lease Retail Western

SunCoast Properties Sells Ground Lease of Chase Bank-Occupied Asset in Anaheim for $5.1M

by Amy Works April 2, 2020

ANAHEIM, CALIF. — SunCoast Properties has completed the disposition of the ground lease of a newly constructed, freestanding retail building located at 545 N. Euclid St. in Anaheim. A Los Angeles-based private investor acquired the asset for $5.1 million. Chase Bank occupies the 3,988-square-foot, single-tenant property with a corporate-guaranteed, triple-net, 20-year lease. SunCoast developed the property, which opened earlier this year. Pat Kent, Patrick Luther, Matthew Mousavi and Parker Walter of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Bill Asher and Jeff Lefko of Hanley Investment Group represented the buyer in the deal.

April 2, 2020

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