California

The-Centinela-Santa-Monica-CA

SANTA MONICA, CALIF. — NAI Capital has facilitated the sale of The Centinela, a multifamily property located at 2643 Centinela Ave. in Santa Monica. A Charitable Trust sold the asset to a private investor for $12.1 million, or $426 per square foot. Built in 1963, the two-story building features 48 one-bedroom/one-bath apartments, including eight poolside and six patio units. Community amenities include well-manicured grounds, a pool, laundry facilities, parking and storage. Sheri Messerlian and Tim Steuernol of NAI Capital’s Multifamily Services Group represented both parties in the transaction.

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99-Jersey-St-San-Francisco-CA

SAN FRANCISCO — Colliers International Northern California has arranged the sale of 99 Jersey Street, a marina-style apartment building in San Francisco’s Noe Valley district. The property traded for $6.9 million. The names of the seller and buyer were not released. Brad Lagomarsino and James Devincenti of Colliers International Northern California represented the seller and buyer in the deal. Located at 99 Jersey St., the building features 15 studio apartments.

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LOS ANGELES — The Neema Group at Marcus & Millichap has brokered the sale of a 26-property, 642-unit multifamily portfolio sale in Los Angeles for a total value of $102 million. The private seller, a plastics broker that also invested in the multifamily sector, hired the Neema Group in early 2019 to market five of his properties for sale. Golden Bee Properties purchased the assets, which are located throughout the South Los Angeles and Panorama City neighborhoods, for $18.7 million. During the escrow process, the owner passed away and left control of the remaining portfolio to his trustees, who continued to work with the Neema Group. The remaining 21 properties were strategically divided into packages based on location, age and type. Cipolla Revocable Living Trust purchased three buildings totaling 62 units for $8.7 million. The properties, built between 1929 and 1960, are located within a mile of each other in Wilmington. An undisclosed buyer acquired eight buildings totaling 175 units, all located in Mid-City, for $33.5 million. Lastly, an undisclosed buyer purchased the Armor Collection for $42 million. It features 10 buildings constructed between 1912 and 1954. The 300 units are situated within two miles of each other in the …

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Summerview-Apts-Modesto-CA

MODESTO, CALIF. — The Mogharebi Group (TMG) has facilitated the sale of The Commons Apartments and Summerview Apartment Homes in Modesto. A Southern California-based investor sold the assets to a Bay Area-based private investor for $39.6 million. Built on a 4.33-acre site in 1989, the 100-unit The Commons is located at 1600 Standiford Ave., while the 136-unit Summerview is situated on 5.03 acres at 3601 Prescott Road. The properties feature a variety of amenities, including swimming pools, hot tub, 24-hour fitness centers and reserved covered parking. Alex Mogharebi and Otto Ozen of TMG represented the seller in the deal.

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Boulder-Springs-Fresno-CA

FRESNO, CALIF. — Marcus & Millichap has brokered the sales of two apartment communities located in Fresno. The properties — Boulder Springs and Meadowbrook Apartments – sold for a combined cost of $38.5 million. Built in 1985 on 11.6 acres, Boulder Springs features 176 units, a fitness center, swimming pool, spa and basketball and tennis courts. The property, which is located at 3515 W. San Jose Ave., traded at $25 million, or $142,045 per unit. Located at 4912 N. Seventh St., Meadowbrook Apartments was built in 1971 on a 309,960-square-foot lot. The 39-building asset features 39 two-bedroom/one-bath units and 65 two-bedroom/two-bath units. The price was $13.5 million. Jon Mimms of Marcus & Millichap represented the undisclosed sellers and procured the undisclosed buyers in both transactions.

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505-S-Pacific-St-San-Marcos-CA

SAN MARCOS, CALIF. — Stos Partners has acquired an industrial and cold storage facility located at 505 S. Pacific St. in San Marcos. Markstein Beverage Co., a beer distributor, sold the asset for $18.9 million in an off-market transaction. Stos Partners plans to implement a series of renovations and capital improvements to the 113,500-square-foot property, which is currently vacant, and repurpose it as a last-mile distribution center. Situated on 10 acres, the facility features 20-foot to 27-foot clear heights, 7.19 acres of truck storage, UPS docks, a cold storage component and an on-site management building. Bob Willingham and Ronald King of Kidder Mathews represented the buyer and seller in the deal.

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ATLANTA AND CALABASAS HILLS, CALIF. — Roark Capital Group, a private equity firm based in Atlanta, has invested $200 million in The Cheesecake Factory Inc. (Nasdaq: CAKE), owner and operator of the chain of restaurants of the same name. The Calabasas Hills-based company also owns and operates the North Italia chain, as well as a collection of restaurants within the Fox Restaurant Concepts subsidiary. The funds will be used to immediately help The Cheesecake Factory navigate the COVID-19 pandemic, in which its dine-in service has been closed. The company, which has been handling takeout orders and deliveries through the DoorDash app, preliminarily reported its off-premise sales in first-quarter 2020 increased by 85 percent from the previous quarter. Specific details of Roark Capital’s capital infusion were not disclosed, but David Overton, chairman and CEO of The Cheesecake Factory, says the investment will improve the company’s liquidity. “This transaction not only gets our affected staff members back to work as soon as practicable, but also importantly solidifies our ability to manage the business for the long-term for all of our stakeholders once we emerge on the other side of this crisis,” says Overton. “Moreover, Roark’s investment underscores the strength of our brands, …

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Sage-Apartments-Escondido-CA

ESCONDIDO, CALIF. — Colliers International has arranged the sale of Sage Apartments, a multifamily community located at 1920 and 1960 E. Grand Ave. in Escondido. Clear Sky Escondido LP sold the asset to Subsidiaria de Santa Jacinto LLC for $34.7 million, or $253,285 per unit. Peter Scepanovia and Corey McHenry of Colliers International San Diego Region’s Multifamily Advisory Group represented the seller in the transaction. Totaling 86,748 square feet, Sage Apartments features 137 units in a mix of one- and two-bedroom layouts. Over the past three years, the seller made various interior and exterior upgrades to the 1970-era property. The new owner plans to continue the upgrades and renovations.

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6151-Santa-Monica-Blvd-Hollywood-CA

HOLLYWOOD, CALIF. — Santa Monica, Calif.-based BLT Enterprises has purchased two office properties in Hollywood for a total consideration of $20 million. The properties are a creative office asset at 5735 Melrose Ave. and an 18,000-square-foot production and entertainment office compound at 6151 Santa Monica Blvd. BLT plans to transform the Santa Monica Boulevard property into a modern creative industrial compound catering to production catering to production companies, digital advertising agencies and other companies at the convergence of tech and media. The Melrose property already underwent a renovation to fit the needs of the marketplace. Brad McCoy and David Wilson of Lee & Associates represented BLT in both transactions. Adam Hall of TOLD Partners represented the undisclosed seller of the Santa Monica property, while Paul Brehme and Brad McCoy of Lee & Associates represented the seller of the Melrose property.

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SAN BERNARDINO, CALIF. — KeyBank Community Development Lending and Investment (CDLI) has arranged a $15.2 million interim bridge loan on behalf of Alliant Strategic Investments (ASI) to acquire Village Green Apartments, an affordable housing property in San Bernardino. Woodland Hills, Calif.-based ASI is an investment firm focused on the acquisition and preservation of affordable and workforce housing in urban markets throughout the United States. Situated on 22 acres, Village Green Apartments features 184 units in a mix of one- and two-bedroom layouts. Community amenities for the pet-friendly property include private backyards and two swimming pools. Additionally, KeyBank Real Estate Capital’s (KBREC) Commercial Mortgage Group is arranging permanent financing — a Federal Housing Administration 223(f) mortgage through the U.S. Department of Housing and Urban Development — for ASI. The term of the Housing Assistance Payments Contract on the property will be extended. Hector Zuniga of KeyBank’s CDLI and Paul Angle of KBREC’s Commercial Mortgage Group structured the financing.

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