California

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BKM Capital Buys 11-Property Industrial Portfolio in Four Western Markets for $425.4M

by Amy Works February 7, 2020

NEWPORT BEACH, CALIF. — Newport Beach-based BKM Capital Partners has purchased an 11-property industrial portfolio in four Western markets for a total consideration of $425.4 million. The properties are located in Phoenix, Northern and Southern California and Tigard, Ore. BKM acquired eight of the properties through BKM Industrial Value Fund II and three of the properties in partnership with Canyon Catalyst Fund, a program Canyon Partners manages on behalf of the California Public Employees’ Retirement System. The portfolio contains 2.7 million square feet of space and 493 units. At the time of sale, the portfolio was nearly 90 percent occupied. The newly acquired properties include: A four-property, $157.7 million Phoenix-area portfolio, including: Magnolia, a 35,385-square-foot building at 2655 Magnolia St. in Phoenix Hohokam 10E, an 82-unit, multi-tenant property in Tempe, Ariz. Broadwood, a four-building, 34-unit, multi-tenant facility at 2450-2452 W. Broadway Road in Mesa Broadway 101 Commerce Park, a 55-unit, multi-tenant asset in Mesa A four-property, $124.2 million Northern California portfolio, including: Bradshaw, a 33-unit, multi-tenant asset at 9828, 9912, 9940 and 9960 Business Park Drive in Sacramento Horn Road, a 48-unit, multi-tenant property at 9901-9981 Horn Road in Sacramento Concord Business Park, a 27-unit, multi-tenant facility on Imhoff Drive …

February 7, 2020

Acquisitions California Retail Western

Poincare Group Acquires Bel Villaggio Retail Centers in Temecula for $26.1M

by Amy Works February 7, 2020

TEMECULA, CALIF. — Poincare Group has purchased Bel Villaggio I-II and Bel Villaggio III, two adjacent retail assets in Temecula. San Diego-based Pathfinder Partners sold the properties $26.1 million. Situated on more than 16.3 acres, the properties are located at 41501 and 41221-41493 Margarita Road, adjacent to Costco and Promenade Temecula. Kirk Brummer, Sean Heitzler and Philip D. Voorhees of CBRE’s National Retail Partners-West represented the seller in the deal.

February 7, 2020

Acquisitions California Office Western

Adler Realty Investments Divests of Cal Twin Towers Office Complex in Bakersfield

by Amy Works February 7, 2020

BAKERSFIELD, CALIF. — Adler Realty Investments has completed the sale of Cal Twin Towers, an office asset located at 4900 California Ave. in Bakersfield. Steve Blumer, a local investor, acquired the office complex for an undisclosed price. Adler originally purchased the 151,829-square-foot asset in 2005, completing a building renovation and maintaining high occupancy during its 15 years of ownership. Current tenants include Omni Healthcare, Regus, Progressive Insurance and Principal Life. The seller recently updated the building’s energy systems, which included a solar installation with covered carports. Alex Belfour, Jeff Andrew, Scott Salters and Susan Moreno of Cushman & Wakefield represented the seller in the deal.

February 7, 2020

California Development Hospitality Mixed-Use Multifamily Office Retail Western

Sea Breeze Properties Breaks Ground on 40-Acre Mixed-Use Development in San Diego

by Amy Works February 6, 2020

SAN DIEGO — Sea Breeze Properties has broken ground for MERGE 56, a 40-acre mixed-use development located in the Torrey Highlands submarket of San Diego. Adjacent to State Route 56 at Camino Del Sur, MERGE 56 will feature a 450,000-square-foot, Class A office and retail space; a boutique hotel; and 242 residential units, including single-family homes, townhomes and affordable apartments. The land was originally approved in 2004 as a big-box retail center before Sea Breeze Properties acquired the land in 2013 and redesigned it into a pedestrian-centric, mixed-use environment. CBRE’s Chris Pascale, Mike Hoeck and Ellycia Halden will handle leasing for the office space, while Steve Avoyer of Flocke & Avoyer will handle leasing for the retail component.

February 6, 2020

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Acquisitions California Lee & Associates Office Western

NKF Brokers $169M Sale of Jefferson Creative Office Campus Near Los Angeles

by Amy Works February 6, 2020

CULVER CITY, CALIF. — Newmark Knight Frank (NKF) has brokered the sale of Jefferson Creative Campus, a three-building office property located in the Culver City submarket of Los Angeles. Clarion Partners and Lincoln Property Co. acquired the asset from Rader Properties Group VII and Rodeo Properties for $169 million. Situated on seven acres at 5870, 5880 and 5890 W. Jefferson Blvd., the asset offers a total of 152,146 square feet of office space. Excess development potential could allow for more than 600,000 square feet of additional office buildings. At the time of sale, the property was fully leased. Major tenants include Spin Master, MedMen and Prana Studios. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of NKF, along with Ron Rader of Lee & Associates, represented the sellers. The buyers were self-represented in the transaction.

February 6, 2020

Acquisitions California Healthcare Office Western

Healthcare Realty Acquires Taj Mahal Medical Office Building in Laguna Hills for $42M

by Amy Works February 5, 2020

LAGUNA HILLS, CALIF. — Healthcare Realty has purchased a medical office building, located at 23521 Paseo De Valencia in Laguna Hills, from The Muller Co. for $42 million in an off-market transaction. Known as Taj Mahal, the property was originally developed in 1964 as an office building and later converted into medical office space due to its proximity to Saddleback Memorial Hospital. The 88,538-square-foot asset underwent a modernization in 2011 to update the property’s design and functionality. John Wadsworth of Colliers International’s Healthcare Services served as lead broker in the transaction. Wadsworth represented the buyer in the deal.

February 5, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $28.3M Sale of Multifamily Portfolio in Los Angeles County

by Amy Works February 5, 2020

LOS ANGELES, SANTA CLARITA, SYLMAR AND LANCASTER, CALIF. — Marcus & Millichap has negotiated the sale of a four-property multifamily portfolio located in Los Angeles County. The portfolio sold to four separate buyers for a total of $28.3 million. Steve Bogoyevac, Alexander Garcia Jr., Greg Harris, Kevin Green and Paul Darrow of Marcus & Millichap represented the undisclosed seller and undisclosed buyers in the transactions. The properties are a 54-unit building at 2736 Pomeroy Ave. in Los Angeles; a 65-unit community for residents age 55 or older located at 22816 Market St. in Santa Clarita; a 20-unit building at 13002 Dronfield Ave.; and an 80-unit seniors housing community located at 44942 Cedar Ave. in Lancaster.

February 5, 2020

Acquisitions California Colorado Retail Western

Faris Lee Brokers Sales of Two Retail Assets in Southern California, Colorado Springs

by Amy Works February 4, 2020

ORANGE COUNTY, CALIF., AND COLORADO SPRINGS, COLO. — Faris Lee Investments has arranged the sales of two retail properties located in Southern California and Colorado Springs. In the first deal, an undisclosed seller divested of Brea Center, a grocery-anchored shopping center in Orange County. An undisclosed buyer acquired the asset for $17.6 million. Current tenants include Vons, Bank of America, Pet Wants, Aulestics and Painted Nest. Don MacLellan, Rick Chichester and Jeremy Warren of Faris Lee Investments represented the seller in the transaction. In the second deal, Sabal Capital Group completed the sale of Carefree Shopping Center, a grocery-anchored neighborhood center in Colorado Springs. An undisclosed buyer acquired the property for $8.5 million. At the time of sale, the property was 62 percent occupied by a variety of tenants, including Save-a-Lot, Family Dollar, Carefree Chiropractic, Appliance Outlet, Pizza Hut and a laundry lounge. MacLellan, Chichester, Warren and Phil Ramming of Faris Lee represented the seller in the transaction.

February 4, 2020

Acquisitions California Restaurant Retail Western

Location Matters Negotiates Sale of Retail Property in San Diego for $13.3M

by Amy Works February 4, 2020

SAN DIEGO — Location Matters has arranged the sale of a retail asset located at 3930-3940 and 3946-3964 Fifth Ave. in San Diego’s Hillcrest neighborhood. Paragon Real Estate Investments acquired the property for $13.3 million. Situated on four parcels, the 28,528-square-foot building is located on a 32,839-square-foot lot. At the time of sale, three restaurant tenants fully occupied the retail portion of the property: Snooze American Eatery, Lemonade and India Palace. The building also offers seven residential units on the second level, all of which were occupied at the time of sale. Mike Spilky of Location Matters represented the undisclosed seller and buyer in the deal.

February 4, 2020

California Development Multifamily Seniors Housing Western

San Francisco Campus for Jewish Living Prepares to Open $140M Seniors Housing Expansion

by Amy Works February 3, 2020

SAN FRANCISCO — San Francisco Campus for Jewish Living (SFCJL) is preparing to open the Lynne and Roy M. Frank Residences, a $140 million expansion to the property. The 270,000-square-foot project adds 113 assisted living apartments and 77 memory care suites. Byer Square, a new multi-generational community center, will feature a fitness center, pool, cinema, performance center, art studio and café. Construction began in mid 2017. Residents are expected to begin moving in during spring 2020. In conjunction with the expansion, SFCJL has created partnerships with Alzheimer’s Association, Creative Aging SF, Medical Clown Project, UCSF, Family Caregiver Alliance, California Institute of Integral Studies and MA Psychology student interns in expressive arts and drama therapy.

February 3, 2020

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