California

Dougherty Mortgage Arranges $16.2M in Financing for Healthcare Clinic in Templeton, California

by Amy Works December 9, 2019

TEMPLETON, CALIF. — Dougherty Mortgage has partnered with Community Health Care Centers of the Central Coast (CHCCC) to obtain $16.2 million in public and private financing for a new healthcare clinic and expanded community services in Templeton. CHCCC provides healthcare services to the Central Coast’s vulnerable and at-risk residents. Located at 1330 Las Tablas Road in Templeton, the clinic, which is open and welcoming new patients, will meet more of the needs in the community for primary care, dental and behavioral health services. The project was financed through two United States Department of Agriculture Rural Development programs. Half of the total investment was provided to CHCCC through the department’s Community Facilities Loan program, with the remaining $8.1 million invested as a loan guarantee to Dougherty Mortgage.

December 9, 2019

Acquisitions California Industrial Lee & Associates Office Western

Lee & Associates Negotiates Sale of 60,416 SF R&D Building in Southern California

by Amy Works December 9, 2019

SIMI VALLEY, CALIF. — Lee & Associates-LA North/Ventura has arranged the sale of a research and development building located at 685 E. Cochran St. in Simi Valley. Albert Halami, a private investor, acquired the asset from 685 Cochran Holdings LLC for $11 million, or $183 per square foot. The seller will continue to occupy a portion of the 60,416-square-foot property for its businesses, which include SensoScientific, under a sale-leaseback arrangement. Other tenants at the fully leased building include Hangman Products and Brown & Brown Insurance. Built in 1986, the two-story property features 22-foot and 24-foot clear heights, two dock-high doors and three grade-level loading doors. The second floor, with about 20,000 square feet of general and engineering offices, was fully renovated in 2015. The buyer plans to continue the renovation efforts, including re-landscaping and improving the parking lot. Mike Tingus and Grant Fulkerson of Lee & Associates-LA North/Ventura.

December 9, 2019

OCC-Language-Arts-Social-Science-Costa-Mesa-CA

California Civic Development Western

C.W. Driver Breaks Ground on $50M Language Arts, Social Science Building at Orange County College in California

by Amy Works December 6, 2019

COSTA MESA, CALIF. — C.W. Driver Cos. has broken ground on Orange Coast College’s new $50 million Language Arts and Social Science Building in Costa Mesa. Slated for completion in summer 2021, the three-story, 107,760-square-foot building is part of a larger initiative to modernize the campus and accommodate its expanding enrollment. The building’s first floor will house classrooms, labs, an English as a Second Language computer lab, facilities for the Speech, Debate and Theater Team and a journalism newsroom. The second floor will feature classrooms and connect to the existing Mathematics Business and Computer Center Building, while the third floor will encompass division and faculty offices. Additionally, the building will include two elevators, a lactation room and gender-neutral restrooms on every floor. tBP Architecture is serving as architect on the project. The building is being financed through a combination of funding from California Proposition 51 and Measure M, a $698 million general obligation bond provided to construct education facilities for Coast Community College District.

December 6, 2019

California Market Reports Retail Western Western Market Reports

Inland Empire Retail Market Remains Steady Despite Big Box Closures

by Taylor Williams December 6, 2019

Southern California’s Inland Empire region has enjoyed a sustained period of growth in the retail real estate sector. Good spaces in quality centers are leasing quickly. Although new developments have slowed, there is still about 1.2 million square feet of new space under construction. These are all top-tier projects that will very much enhance the communities where they are being built. Projects include a Sprouts-anchored center in Eastvale, a Grocery Outlet/Planet Fitness center in Beaumont, an Aldi-anchored center in Hesperia, a Stater Bros. center in Calimesa, AMC Theaters at Montclair Place in Montclair and a Cardenas grocery market center in Montclair. Conversely, apart from the Inland Empire, there are likely few other areas that were as impacted by the recent store closure announcements from Sears and Forever 21. Closings will occur in Montclair, San Bernardino, Victorville, Moreno Valley, Palm Desert, Riverside, Temecula and Rancho Mirage. All told, more than 900,000 square feet of big box space just hit the market. The Inland Center Mall in San Bernardino, which has been a very healthy property over the past few years, is dealing with both a Sears and Forever 21 closure. Macy’s and JC Penney (opened in 2016) still remain at the …

December 6, 2019

Acquisitions California Mixed-Use Multifamily Retail Western

IPA Negotiates Sale of Multifamily, Retail Mixed-Use Asset in Mountain View, California

by Amy Works December 5, 2019

MOUNTAIN VIEW, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Village Residences, a mixed-used complex located at San Antonio Road and El Camino Real in Mountain View. A venture between Carmel Partners and Merlone Geier Partners sold the asset for an undisclosed price. The name of the buyer was not released. Philip Saglimbeni, Stanford Jones, Bill Rose and Salvatore Saglimbeni of IPA represented the seller in the deal. Developed in 2013 and situated on 5.5 acres, The Village features 271,779 square feet of net rentable multifamily space spread across 330 apartment units and 43,206 square feet of retail space divided into 16 units. Apartments offer floor-to-ceiling windows, moveable kitchen islands and full-sized washers and dryers. On-site community amenities include an Atrium pool retreat with a fireside spa, canopied entertainment bar, grilling stations and lounge seating.

December 5, 2019

Acquisitions California Industrial Office Western

Hamra Properties Acquires 154,627 SF Anaheim Hills Business Center in California for $21.3M

by Amy Works December 5, 2019

ANAHEIM, CALIF. — Hamra Properties has purchased Anaheim Hills Business Center, an industrial and office business park located at 5100-5150 E. La Palma Ave. in Anaheim. Seligman Group sold the asset for $21.3 million. Jeffrey Cole, Jeff Chiate, Ed Hernandez, Mike Adey and Nico Napolitano of Cushman & Wakefield’s Irvine, Calif., office represented the seller, while Rick Ellison and Randy Ellison of Cushman & Wakefield served as market advisors. Built in 1988, the five-building campus features 154,627 square feet of industrial and office space. The property includes grade-level doors, landscaping with palm trees and abundant parking at a ratio of three stalls per 1,000 square feet. The buildings range in size from 19,000 square feet to 49,000 square feet, accommodating tenants as small as 700 square feet.

December 5, 2019

Acquisitions California Retail Western

Colliers Brokers $3.7M Sale of Multi-Tenant Retail Building in Oceanside

by Amy Works December 5, 2019

OCEANSIDE, CALIF. — Colliers International San Diego Region has arranged the sale of a retail asset located at 417-431 S. Coast Highway in Oceanside. Fullerton Square sold the property to an undisclosed buyer for $3.7 million. Bill Shrader and Luke Holler of Colliers represented the seller and buyer in the deal. At the time of sale, the 12,000-square-foot building was fully occupied by nine tenants with existing lease terms.

December 5, 2019

Acquisitions California Multifamily Western

IPA Brokers $58.5M Sale of Pico Lanai Apartment Community in Santa Monica, California

by Amy Works December 3, 2019

SANTA MONICA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Pico Lanai, a multifamily complex located in Santa Monica. Raintree Properties sold the asset to Pacific Reach Properties for $58.5 million, or $336,494 per unit and $868 per square foot. Situated on 2.8 acres at 2501 Pico Blvd., Pico Lanai Apartments features 174 for-rent units. The property was developed in 1960. The buyer plans to reposition the asset to cater to high-income, tech-savvy millennials, according to IPA. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the seller in the deal.

December 3, 2019

Acquisitions California Retail Western

Sares Regis Divests of The Ashton Retail Center in San Francisco Bay Area

by Amy Works December 3, 2019

BELMONT, CALIF. — Sares Regis Group of Northern California (SRGNC) has closed escrow on the retail portion of The Ashton in Belmont. Terms of the transaction, including acquisition price and buyer, were not disclosed. The one-story, 4,900-square-foot retail center is fully occupied by three tenants: Bank of America, Row House and Apizza. Developed by SRGNC affiliate Regis Homes Bay Area, The Ashton features 74 for-sale residences spread across two four-story residential buildings. The transit-friendly property is located in Belmont’s City Center neighborhood at the corner of Davey Glen Road and El Camino Real, near Highway 101 and within walking distance of the Belmont Caltrain station. The development team included Tricon Capital, Dahlin Group, BKF Engineers, Nishkian Menniger and Regis Contractors Bay Area.

December 3, 2019

California Development Loans Mixed-Use Office Restaurant Retail Western

Meridian Capital Arranges $52M in Construction Financing for Mixed-Use Project in Los Angeles

by Amy Works December 2, 2019

LOS ANGELES — Meridian Capital Group has arranged $52 million in non-recourse construction financing for Produce LA, a speculative mixed-use development located in Los Angeles. The three-year loan, which a balance sheet lender provided, features a floating rate, two one-year extension options and full-term interest-only payments. Seth Grossman and Sarah Kuebler of Meridian negotiated the financing for the undisclosed borrower. Located at 640 S. Santa Fe Ave., the 71,400-square-foot development site is located within an Opportunity Zone in the Arts District of downtown Los Angeles. When complete, the four-story, 113,600-square-foot property will feature Class A creative office space with ground-floor restaurant and retail space and a 4,300-square-foot rooftop terrace. Additionally, the project will sit above two levels of subterranean parking and include an adjacent 64-stall surface lot, totaling 216 parking spaces for the property. Produce LA is also located adjacent to the Sixth Street Viaduct project, a new bridge and 12-acre park slated to open in 2020, as well as the proposed Sixth Street metro station.

December 2, 2019

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