California

The-Commons-Aliso-Viejo-CA

ALISO VIEJO, CALIF. — ValueRock Realty has completed The Commons, a repurposed 21-acre mixed-use project in Aliso Viejo, with the grand opening scheduled for Dec. 14. The Commons was redeveloped by transforming a nearly 200,000-square-foot vacant Lowe’s into a multi-tenant community center. The project features a 200,000-square-foot retail component with restaurants and retailers, including Tesla, 99 Ranch Matket, Daiso and Philz Coffee, all of which are slated to open by the end of the year. Additional tenants, including Bowlero (a Lucky Strike concept), will open in 2025. The Commons will also include a proposed 343-unit residential project. ValueRock purchased the first parcel in 2015 for $62 million and began conceptualizing the reimagined project in 2017 as big box stores began to close across the country. In 2019, ValueRock negotiated a lease termination with Lowe’s that allowed for the site’s redevelopment. Construction of the project began in 2023 and finalized in late 2024. ValueRock entirely self-funded the approximate $53 million redevelopment, which has a current estimated value of more than $115 million.

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1927-E-20th-St-Chico-CA

CHICO, CALIF. — Marcus & Millichap has arranged the sale of a retail property located at 1927 E. 20th St. in Chino. A private investor sold the asset to a private investor for $2.3 million. Big Lots occupies the 24,370-square-foot building on a net-lease basis. Teodor Vacev of Marcus & Millichap represented the seller and procured the buyer in the deal.

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Preserve-Melrose-San-Diego-CA

SAN DIEGO — Chicago-based financial services firm Mesirow has purchased Preserve at Melrose, a 410-unit multifamily property located in the Vista neighborhood of San Diego, for $185 million. Built in 2015, Preserve at Melrose offers one-, two- and three-bedroom floor plans. According to Apartments.com, the garden-style community features amenities such as a business center, clubhouse, lounge, fitness center, pool, playground and courtyard. Hunter Combs of Walker & Dunlop represented the seller, a locally based group, and the buyer in the deal.

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Peregrine-Realty-Portfolio-Carlsbad-CA

CARLSBAD, CALIF. — West Coast-based Peregrine Realty Partners has completed the disposition of Carlsbad Oaks Commerce Center and El Fuerte Business Park, a pair of multi-tenant industrial business parks in Carlsbad. Irvine, Calif.-based CIP Real Estate acquired the portfolio for $34.2 million. Situated on a combined 9.3 acres, the seven-building, 126,964-square-foot portfolio is currently 98 percent leased to approximately 60 tenants. Built in 1990 at 5931-5933 Sea Lion Place, Carlsbad Commerce Center consists of two buildings totaling 48,638 square feet on 3.7 acres and is currently fully leased to 21 tenants. Built in 1989-1990, El Fuerte Business Park consists of five buildings totaling 78,326 square feet on 5.6 acres. Located at 2788, 2790, 2792, 2794 and 2796 Loker Ave. W, El Fuerte Business Park is fully leased to 39 tenants. Bryce Aberg, Louay Alsadek, Maddie Mawby, Charlie Jacobs and Ryan Demarest of Cushman & Wakefield represented the seller in the transaction. Conor Boyle, Joe Crotty, Tyler Stemley and Brant Aberg of Cushman & Wakefield provided local market advisory.

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Habitat-Los-Angeles-CA

LOS ANGELES — A joint venture between Lendlease and Aware Super has topped out the six-story office building and 12-story multifamily building at Habitat, the joint venture’s mixed-use development in Los Angeles. Located at 3401 S. La Cienega Blvd., Habitat will feature a 253,000-square-foot office building, a 260-unit multifamily building and 2,900 square feet of retail and restaurant space, along with an integrated acre of open space. The project is slated for completion in early 2026. Designed by SHoP Architects, with commercial interiors by A+I and Steinberg Hart as executive architect, Habitat’s 50,000-square-foot floor plates feature 14-foot floor-to-floor heights and terraces. Office amenities include a lobby with niches for gathering, fitness center, hospitality-inspired locker rooms with showers and end-of-trip facilities for cyclist commuters. The residential building will offer 260 studio, one- and two-bedroom layouts with access to outdoor space along with hospitality- and wellness-inspired amenities. Expected to be net zero carbon in construction and operations, Habitat will include an integrated 125kW solar array, 64 dedicated electric vehicle parking spots, 222 secured bike parking spots, natural ventilation and lower-carbon concrete. Los Angeles-based RELM designed Habitat’s network of parks and walking paths, which offer a mix of secluded seating clusters and communal gathering …

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LOS ANGELES — Berkadia has arranged the sale of Marquee, a garden-style multifamily community in the North Hollywood neighborhood of Los Angeles. Post Investment Group and Walker & Dunlop Investment Partners acquired the asset for $44 million in an off-market transaction from an undisclosed seller. Located at 12300 Sherman Way, Marquee offers 236 apartments, a swimming pool with sundeck, large on-site leasing center with leasing offices, a 24-hour fitness center and landscaped fountains and walkways. Built in 1965 and subject to Los Angeles City Rent Control, the community offers 194 studios, 36 one-bedroom units and six two-bedroom units. Adrienne Barr and Nancy Badzey of Berkadia Los Angeles led the transaction. Tim Leonhard and Jeremy Kanter of Berkadia secured $32.9 million in acquisition financing on behalf of the buyer.

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CHINO AND POMONA, CALIF. — JLL Capital Markets has arranged $32.2 million in financing for Proficiency Capital’s acquisition of McGee Business Center I & II, an industrial portfolio in Chino and Pomona. Peter Thompson, Kyle White and Nick Englhard of JLL secured the three-year, floating-rate loan through a bank for the borrower. McGee Business Center consists of two fully leased industrial parks totaling 231,696 square feet. Business Park 1, located at 2300 S. Reservoir St. in Pomona, features four buildings totaling 128,800 square feet. Business Park II, located at 12301-12395 Mills Ave. in Chino, consists of five buildings totaling 101,896 square feet. Constructed in 1981 and 1987, the property features 71 industrial suites averaging 3,263 square feet.

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530-B-St-San-Diego-CA

SAN DIEGO — Encinitas, Calif.-based Ambient Communities has acquired 530 B Street, a 24-story office tower in downtown San Diego. An undisclosed seller sold the building for $27.5 million. At the time of sale, the 250,181-square-foot tower was 76.8 percent occupied, with US Bank as a major tenant occupying 77,414 square feet. Ambient Communities plans to eventually convert the office building to primarily residential units. Mickey Morera of Kidder Mathews represented the buyer in the deal. Mary Blagg of Kidder Mathews is overseeing management of the building.

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SAN FRANCISCO — Gantry has expanded its Southern California presence by merging the operations of Westcap Corp. into its platform. The merger boosts Gantry’s correspondent-driven loan production, adding more than 250 existing loans with $3.2 million in servicing responsibilities. With this consolidation, Gantry’s servicing portfolio reaches more than $23 billion. Westcap’s CRE loan producers, Managing Director Steve Beck, Executive Vice President Steve Bridges and Director Topher Van Mourick, will continue their roles. Since 1981, Westcap has been a mortgage banking presence in Southern California serving clients throughout the Western states from offices in Irvine, Calif., and Los Angeles. Moving forward, Westcap’s producers will operate under the Gantry name. The acquisition of Westcap marks a key milestone for Gantry, which has been expanding its reach in commercial mortgage banking. The Gantry acquisition team was led by Michael Heagerty, George Mitsanas, Robert Slatt, Jeff Wilcox and Andy Bratt. Gantry’s other recent growth initiatives include the acquisition of Q10|Triad Capital Advisors in October 2024, Norris, Beggs & Simpson’s mortgage banking arm in 2020 and The Rose Hill Group in 2019.

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LogistiCenter-Irvine-CA

IRVINE, CALIF. — Premier Design + Build Group has started construction on LogistiCenter at Irvine I & II, its first project in the Western region for developer Dermody Properties. The development will consist of two LEED-certified industrial facilities totaling 224,920 square feet. LogistiCenter at Irvine I will be a 133,320-square-foot freestanding building situated on six acres. The asset will feature 10,000 square feet of office/mezzanine space, a clear height of 36 feet, 15 dock doors with dock bumpers, one drive-in door and 108 parking stalls. Situated on an adjacent 4.4 acres, the 91,600-square-foot LogistiCenter at Irvine II will offer 8,200 square feet of office/mezzanine space, a clear height of 36 feet, 11 dock doors, one drive-in door and 74 parking stalls. Completion is slated for first-quarter 2025. The project team includes HPA Architecture, Darin Fong and Associates, Tait Engineering, Kier + Wright, Gregg Electric and Wallace P. Johnson Plumbing. CBRE is serving as the real estate broker for the development.

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