California

JLL Arranges $23.7M Acquisition Loan for Pellisier Logistics Center in Colton, California

by Amy Works September 4, 2020

COLTON, CALIF. — JLL Capital Markets has secured $23.7 million in acquisition financing for Pellisier Logistics Center, an industrial warehouse and distribution property located at 1901 W. Center St. in Colton. Marc Schillinger, Keith Rosso and Eric Boucher of JLL’s Debt & Structured Finance group in Century City, Calif., placed the two-year, fixed-rate loan with Thorofare Capital for the borrower, a privately owned apparel manufacturer. Loan proceeds were used to purchase the asset immediately upon completion by developer Hillwood Investment Properties, a Perot Co. The property was 100 percent leased simultaneously with closing for an initial lease term of 10 years, excluding two five-year extensions options at a fair-market, triple-net rate. Situated on 12.5 acres, the newly constructed, 232,588-square-foot Pellisier Logistics Center features 36- to 42-foot clear heights, 24 dock-high doors, 168 trailer parking spaces and 219 auto parking spaces.

September 4, 2020

California Development Office Retail Western

RevOZ, Argosy Plan Redevelopment of 127,000 SF Office Building in Sacramento

by Amy Works September 3, 2020

SACRAMENTO — RevOZ Capital has formed a joint venture with Argosy Real Estate Partners to purchase a 127,000-square-foot office property located at 660 J St. in downtown Sacramento. SG Downtown LLC, an affiliate of the Sacramento Kings ownership group, sold the building for an undisclosed price. The joint venture plans to rehabilitate and re-image the four-story building into a mix of office and retail space to complement the recently completed Downtown Commons (DoCo) sports and entertainment district. Renovation plans include redesigning the building to LEED-certification standards, re-skinning the building’s exterior, recreating a lobby, adding on-site amenities, creating new outdoor space, updating restrooms and modernizing building systems. LPA is serving as architect and Cushman & Wakefield will market the property upon completion in late 2021.

September 3, 2020

Acquisitions California Multifamily Western

TMG Negotiates $14.4M Sale of Spring Mountain Apartment Complex in Corning, California

by Amy Works September 3, 2020

CORNING, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Spring Mountain, a multifamily property located at 240 Edith Ave. in Corning. A Southern California-based private investment group sold the asset to an undisclosed buyer for $14.4 million. Alex Mogharebi and Otto Ozen of TMG represented the seller in the deal. Built in 1986, Spring Mountain features 184 apartments spread across 15 buildings, totaling 174,972 square feet of rentable space. The property offers a resort-style swimming pool, clubhouse with a full kitchen, outdoor barbecue and entertainment area, leasing center, business center, fitness center, and mix of covered and surface parking.

September 3, 2020

Acquisitions California Industrial Western

Sustainable Bag Producer Buys 47,744 SF Warehouse Near Los Angeles for $13.7M

by Amy Works September 3, 2020

VERNON, CALIF. — Crown Poly, a Southern California-based producer of sustainable bagging solutions, has purchased a warehouse building in Vernon, a suburb five miles south of Los Angeles. Katie K, a private manufacturer of apparel, sold the facility for $13.7 million. Located at 5601 Bickett St., the 47,744-square-foot, single-tenant property features 26-foot clear heights, five exterior docks, two drive-in doors and 9,000 square feet of office space. The property was constructed in 2002. Kevin Kim of Coldwell Banker Commercial JM Properties represented the seller in the transaction.

September 3, 2020

Acquisitions California Retail Western

Voit Brokers $8M Sale of Two Retail Properties in San Diego

by Kristin Harlow September 2, 2020

SAN DIEGO — Voit Real Estate Services has brokered the $8 million sale of two retail properties in San Diego’s Pacific Beach. The transaction includes a 3,234-square-foot property occupied by McDonald’s and a 2,329-square-foot gas station occupied by Union 76. The two parcels total 50,754 square feet of land and are located at the northeast corner of Mission Bay Drive and Garnet Avenue. Brandon Keith, Kipp Gstettenbauer and Ryan King of Voit represented the buyer, Mission Day LLC, as well as the seller, JR&C Harris.

September 2, 2020

California Company News Retail Western

Year-Over-Year Online Sales for Gap Surge 95 Percent in Second Quarter

by Kristin Harlow August 31, 2020

SAN FRANCISCO — Driven by a 95 percent surge in online sales, San Francisco-based Gap Inc. (NYSE: GPS) reported a 13 percent increase in its comparable sales for the fiscal second quarter, which ended Aug. 1. Gap’s decision to make face masks early on in the COVID-19 pandemic paid off, bringing in $130 million in sales, according to the company. Gap has produced face masks for individuals as well as the city of New York, the state of California and Kaiser Permanente. Net sales were down 18 percent year over year, reflecting a 48 percent decline in store sales, which was driven by partial closures due to the pandemic, according to Gap. Approximately 90 percent of Gap’s stores were open as of Aug. 1. Gap sells clothing and accessories under the brands Old Navy, Gap, Banana Republic, Athleta, Intermix, Janie and Jack, and Hill City. The company’s stock price closed at $17.54 per share Friday, Aug. 28, up from $15.59 per share one year ago.

August 31, 2020

California Loans Multifamily Seniors Housing Western

Paragon Mortgage Provides $16.3M Refinancing for Skilled Nursing Facility in Los Angeles

by Kristin Harlow August 31, 2020

LOS ANGELES — Paragon Mortgage has funded a $16.3 million loan to refinance All Saints Healthcare, a 128-bed skilled nursing facility located in the North Hollywood neighborhood of Los Angeles. The permanent financing utilized the HUD LEAN 232/223(a)(7) refinance program, which resulted in a 35-year, fully amortized mortgage and a reduction in monthly debt service.

August 31, 2020

Acquisitions California Retail Western

Coldwell Banker Commercial Brokers $6.3M Sale of Walgreens-Occupied Property in Sacramento

by Kristin Harlow August 31, 2020

SACRAMENTO, CALIF. — Coldwell Banker Commercial has brokered the sale of a 14,820-square-foot retail property leased to Walgreens in Sacramento for $6.3 million. The freestanding building, constructed in 2007, anchors the Westlake Village shopping center. Dan McGue of Coldwell Banker represented the buyer, a family trust completing a 1031exchange. The seller was undisclosed.

August 31, 2020

Acquisitions California Data Centers Industrial Office Western

CBRE Brokers $41.5M Sale of Two Industrial Ground Leases in San Diego’s Sorrento Mesa

by Amy Works August 28, 2020

SAN DIEGO — CBRE has arranged the sale of two ground leases covering three land parcels totaling 12.5 acres in San Diego’s Sorrento Mesa neighborhood. A private investor acquired the assets from San Francisco-based Stockbridge Capital Group for $41.5 million. Louay Alsadek, Hunter Rowe and Madison Mawby of CBRE represented the seller, while Bob Safai of Madison Properties represented the buyer in the transaction. Totaling 76,000-square-feet, the first parcel is under South Rim Business Park, a three-building flex office campus located at 5744, 5754 and 5764 Pacific Center Blvd. The second parcel is under two data center buildings totaling 115,000 square feet located at 5732 and 5738 Pacific Center Blvd., while the third parcel is a 0.85-acre open space adjacent to the two other properties.

August 28, 2020

California Loans Multifamily Western

NorthMarq Secures $51.5M Loan for Vanoni Ranch Multifamily Property in Ventura, California

by Amy Works August 28, 2020

VENTURA, CALIF. — NorthMarq has arranged $51.5 million in permanent debt to refinance Vanoni Ranch Apartments in Ventura. Dennis Williams, Tom Wright, Jackie Goldsmith and Soraya Rios of NorthMarq secured the financing for the sponsor, San Mateo, Calif.-based JB Matteson. The firm arranged the non-recourse financing through a correspondent life insurance company. The 10-year term is structured with interest-only debt service payments for the full term. Vanoni Ranch Apartments features 316 units with nine-foot ceilings, in-unit washers/dryers, smart thermostats, Roman bathtubs and walk-in closets. Community amenities include a fitness center, yoga room, barbecue and picnic area, pool, spa, business center and lounge.

August 28, 2020

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