California

R.D. Olson Completes $24M Seniors Housing Development in Los Angeles

by Amy Works October 22, 2019

LOS ANGELES — R.D. Olson Construction has completed The Curve at West Angeles, a 70-unit, 80,000-square-foot affordable mixed-use community in the Park Mesa Heights neighborhood of Los Angeles. The art deco-style project is a joint venture between Related California and West Angeles Community Development Corp., and features 2,000 square feet of retail space in addition to 50,000 square feet of affordable housing reserved for residents over age 62. The five-story community features 24 studios and 45 one-bedrooms ranging from 400 to 630 square feet, as well as one manager’s apartment. The first-floor retail portion of the project can accommodate up to three tenants, and West Angeles Community Development Corp. has a boardroom and leasing office onsite. The development is just blocks away from Destination Crenshaw, a new 1.3-mile art and cultural experience that celebrates the area’s heritage as the largest black community west of the Mississippi River. The Crenshaw/LAX light rail line, which is currently under construction, will have a stop less than a block away. R.D. Olson Construction worked with KFA Architects and Mannigan Design on the project.

October 22, 2019

California Features Multifamily Seniors Housing Western

NIC: Seniors Housing Occupancy Ticks Upward to 88 Percent as Construction Slows

by Alex Patton October 22, 2019

ANNAPOLIS, MD. — Seniors housing occupancy increased to 88 percent in the third quarter of 2019 from its lowest level in eight years (87.7 percent) recorded during the previous quarter, according to data from the National Investment Center for Seniors Housing & Care (NIC). NIC is an Annapolis-based data firm serving the seniors housing industry. Of the 31 metropolitan markets that comprise NIC’s Primary Markets, San Jose (95.5 percent) and Minneapolis (91.3 percent) experienced the highest occupancy rates in the third quarter. Las Vegas (82.3 percent) and Houston (81.5 percent) recorded the lowest occupancy rates. San Antonio experienced the largest occupancy increase from a year ago, rising from 80.2 percent to 84.6 percent. Baltimore saw the largest year-over-year decrease, falling from 92.5 percent to 90.6 percent. “San Jose retains the distinction of having the highest occupancy rate of any major market in the country, as significant barriers to entry constrain development,” says Chuck Harry, NIC’s head of research and analytics. “Houston, on the other hand, places fewer restrictions on development, which is pressuring occupancy.” During the quarter, net new unit demand totaled 4,977 units, the greatest number of new units in any quarter since NIC began reporting the data in …

October 22, 2019

California Development Hospitality Loans Western

CBRE Secures $43M in Construction Financing for AC Hotels by Marriott in San Rafael, California

by Amy Works October 21, 2019

SAN RAFAEL, CALIF. — CBRE has arranged $43 million in non-recourse construction financing for the development of an AC Hotels by Marriott in downtown San Rafael. John Nelson and David Kaim of CBRE’s San Francisco office arranged the financing on behalf of the sponsorship, Monahan Parker. ACORE Capital provided the floating-rate financing. Located at the corner of Fifth Avenue and B Street, the hotel will feature 140 rooms. Construction is slated to begin immediately, with completion scheduled for third-quarter 2021. CSI Construction will serve as general contractor for the project. The property will be the first major hotel to be developed in Marin County in more than two decades, according to CBRE.

October 21, 2019

Acquisitions California Multifamily Western

Joint Venture Sells 88-Unit Cambridge Apartments in Los Angeles for $29.3M

by Amy Works October 21, 2019

LOS ANGELES — A joint venture between NNC Apartment Ventures and Bailard Inc. has completed the sale of Cambridge Apartments, a multifamily complex located in the Sherman Oaks neighborhood of Los Angeles. Interstate Equities Corp. acquired the property for $29.3 million, or $333,523 per unit. Constructed in 1962, the asset consists of two contiguous 44-unit buildings on adjoining parcels near Van Nuys and Ventura boulevards. Joe Grabiec, Kevin Green and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.

October 21, 2019

Acquisitions California Office Western

Harbor Associates, Taconic Capital Advisors Buy Five-Building Office Portfolio in Southern California for $41.7M

by Amy Works October 18, 2019

SAN BERNARDINO, CALIF. — A joint venture between Harbor Associates and Taconic Capital Advisors has acquired a five-building office portfolio located within the 153-acre Tri City Corporate Center office park in San Bernardino. An undisclosed seller sold the assets for $41.7 million in an off-market transaction. Totaling 368,000 square feet, the buildings range from 70,000 square feet to 115,000 square feet. The portfolio, which is collectively 55 percent leased to 28 tenants, represents the only block of contiguous office space of more than 75,000 square feet in the Inland Empire. The joint venture plans to re-position and lease-up the assets through a renovation program across the portfolio that includes upgraded building entries and lobby experiences, elevator improvements, new roofs and replacement of the original HVAC units. Upon completion, the portfolio will feature rent-ready speculative suites, electric vehicle charging stations, LED lighting retrofit, as well as new building and project signage. Anthony Delorenzo, Todd Tydlaska and Sammy Cemo of CBRE represented the seller in the deal. The acquisition was leveraged with short-term financing from a subsidiary of Granite Point Mortgage Trust, which is externally managed by Pine River Capital Management.

October 18, 2019

Acquisitions California Multifamily Seniors Housing Western

Blueprint Brokers Sale of 86-Unit Seniors Housing Community in Southern California

by Amy Works October 18, 2019

RANCHO CUCAMONGA, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sunlit Gardens, an 86-unit assisted living and memory care community in the San Bernardino County city of Rancho Cucamonga. A joint venture between Meridian Senior Living and a Chicago-based private equity firm sold the property to an Orange County-based equity group for an undisclosed price. The Blueprint transaction team consisted of Jacob Gehl, Humair Sabir and Scott Frazier.

October 18, 2019

Acquisitions California Industrial Western

CenterPoint Properties Buys 130,513 SF Industrial Facility in Oakland

by Amy Works October 17, 2019

OAKLAND, CALIF. — CenterPoint Properties has acquired an industrial facility situated on 6.8 acres at 5901 San Leandro St. in Oakland. Terms of the deal, including the price and seller’s name, were not released. Located in the heavy-haul corridor, the 130,513-square-foot asset offers secured, excess loading with heavy-haul capability and a controlled, fully-lit intersection. Additionally, the property features a secured 200-foot truck court, an above-market loading ratio, 22-foot to 24-foot clear heights, and the opportunity to add Union Pacific rail service. Mark Maguire, Justin Smutko and Nick Mascheroni of Colliers International represented CenterPoint in the transaction.

October 17, 2019

Acquisitions California Multifamily Student Housing Western

The Dinerstein Cos., Harrison Street Acquire Six Student Housing Communities Near UC Berkeley

by Amy Works October 15, 2019

BERKELEY, CALIF. — A joint venture between The Dinerstein Cos. and Harrison Street has acquired six student housing communities located near the University of California, Berkeley. Equity Residential sold the properties for an undisclosed price. Acquisitions include The Berkeleyan, Renaissance Villas, ARTech, Touriel, Fine Arts and Gaia. The properties have been rebranded The Sterling Berkeley Collection, and renamed Sterling Addison, Sterling Allston, Sterling Haste, Sterling Jefferson, Sterling Oxford and Sterling University Ave.

October 15, 2019

Acquisitions California Office Western

AEW Sells 111,391 SF Office Building in Southern California for $59M

by Amy Works October 15, 2019

ALISO VIEJO, CALIF. — AEW has completed the sale of One Enterprise, a Class A office building located in Aliso Viejo. BDC, a private 1031 exchange buyer, acquired the asset for $59 million. Situated on 7.3 acres, the four-story property features 111,391 square feet of office space. Built in 1999, the asset recently underwent a renovation. Microsemi Corp. and Ambry Genetics occupied the property at the time of sale. The property features a first-floor lobby, large corporate boardroom, executive kitchen, cafeteria and gym with locker rooms and showers, as well as landscaping and panoramic views of the Saddleback Valley. Paul Jones, Kevin Shannon, Brunson Howard, Blake Bokosky and Brandon White of Newmark Knight Frank (NKF) represented the seller, while Nick Kucha, also of NKF, represented the buyer in the deal

October 15, 2019

Acquisitions California Retail Western

SENTRE Acquires San Marcos Village Retail Center in North San Diego County for $19.2M

by Amy Works October 14, 2019

SAN MARCOS, CALIF. — San Diego-based SENTRE Inc. has purchased San Marcos Village, a neighborhood retail center located in San Marcos. A San Diego-based joint venture partnership sold the property for $19.2 million. At the time of sale, the grocery-anchored center was 92 percent leased to a variety of tenants, including Grocery Outlet, 99 Cents Only Store and AutoZone. Philip Voorhees, Reg Kobzi, Preston Fetrow and Eric Shain of CBRE National Retail Partners-West represented both parties in the transaction. Scott Peterson, Bill Chiles, Brian Cruz and Morgon Fraser of CBRE’s San Diego Debt & Structured Finance team arranged an $11.6 million, seven-year, fixed-rate loan through a regional bank for the buyer.

October 14, 2019

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