California

SRS Brokers $6.8M Ground Lease Sale of Restaurant Property in Riverside, California

by Amy Works February 14, 2025

RIVERSIDE, CALIF. — SRS Real Estate Partners has brokered the ground lease (land ownership) sale of a restaurant property located at 4100 Central Ave. in Riverside. A Southern California-based developer sold the asset to a Washington-based private investor for $6.8 million. Raising Cane’s occupies the 3,267-square-foot property, which was built in 2024 on 1.3 acres, on a corporate-guaranteed, absolute triple-net, 15-year ground lease. Patrick Luther and Matthew Mousavi of SRS Capital Markets represented the seller in the transaction.

February 14, 2025

CalPoly-FullStack-Apts-San-Luis-Obispo-CA

California Development Multifamily Student Housing Western

California Polytechnic State University to Begin 4,200-Bed Residence Hall Project

by Amy Works February 13, 2025

SAN LUIS OBISPO, CALIF. — California Polytechnic State University (Cal Poly) is set to begin construction on a 4,200-bed residence hall project on the university’s campus in San Luis Obispo. The development will include nine buildings offering suite-style units for second-year students. The project is being developed by FullStack Modular utilizing modular construction methods off-site. The development will be the first large-scale use of modular construction within the California State University system, according to FullStack. Manufacturing on the project is set to begin early this year with the first phase of buildings expected for completion in fall 2026. “Affordable housing is such a big problem — especially on the West Coast — and we need to think differently about how we approach housing and continue to improve the process,” says Mike McCormick, vice president of facilities management and development at Cal Poly. “We’ve assembled a team of professionals committed to rethinking how we deliver housing and FullStack Modular’s innovative approach is a huge part of that.”

February 13, 2025

BevMo! and Staples are tenants at the 600,000-square-foot The Plaza at Golden Valley in Santa Clarita, Calif.

California Loans Retail Western

Gantry Arranges $46.5M in Refinancing for Shopping Center in Santa Clarita, California

by Amy Works February 13, 2025

SANTA CLARITA, CALIF. — Gantry has arranged $46.5 million in permanent loans for the refinancing of The Plaza at Golden Valley, a regional power center in Santa Clarita, a northern suburb of Los Angeles. Located at 19001-19415 Golden Valley Road, the property offers more than 600,000 square feet of total leasable space. Current tenants include Trader Joe’s, Staples, BevMo!, TJ Maxx, Panera Bread, Chili’s, PetSmart, Popeyes, McDonald’s, Chipotle, Bath & Body Works, Daiso, The Habit Burger and The Kebab Shop. The asset is shadow anchored by Target, Lowe’s Home Improvement and Kohl’s. Tony Kaufmann, Alex Poulos and Joe Foley of Gantry represented the borrower, a single private real estate investor, in the financing. The 10-year, fixed-rate loans were placed with two of Gantry’s insurance company correspondents and feature interest-only introductory periods, nonrecourse terms and 30-year amortizations. Gantry will service the loans.

February 13, 2025

Acquisitions California Development Industrial Lee & Associates Western

Silagi Development Buys 3-Acre Industrial Development Site in Riverside, California

by Amy Works February 13, 2025

RIVERSIDE, CALIF. — Silgai Development & Management has acquired a 3-acre development parcel located at the southwest corner of Meridian Parkway and Authority Road in Riverside for an undisclosed price. Mario Calvillo of Lee & Associates Riverside represented the buyer, while Finn Comer of Lee & Associates represented the undisclosed seller in the deal. At the time of sale, the site was entitled with construction drawings for two industrial buildings totaling 45,751 square feet. The buyer plans to develop the 21,139-square-foot and the 24,612-square-foot facilities. Groundbreaking is slated to begin in the second quarter of 2025. The buildings will be available for sale or lease.

February 13, 2025

Acquisitions California Retail Western

Hanley Investment Group Negotiates Sales of Two Car Wash Properties in California Totaling $5.4M

by Amy Works February 12, 2025

GRAND TERRACE AND LODI, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of two newly constructed, single-tenant properties for a total of $5.4 million in California. Quick Quack Car Wash occupies each property on a 20-year, triple-net lease basis. The Quick Quack Car Wash located in Grand Terrace sold for $2.7 million. Bill Asher and Jeff Lefko of Hanley represented the seller and developer, 5th Street Development, in the transaction. Patrick Toomey of IPA represented the buyer, a Pasadena-based private investor. The car wash is an outparcel to a Stater Bros. Market-anchored shopping center. Other tenants at the center include AutoZone, Miguel’s Jr., and McDonald’s. The Quick Quack Car Wash located in Lodi also sold for roughly $2.7 million. A private partnership between MEE Capital Investments and Adval Properties Inc. was the developer. Asher and Lefko represented the undisclosed seller in the transaction. John Kourafas of Visintainer Group represented the buyer, a central California-based private investor. The property is an outparcel to a Raley’s grocery-anchored shopping center. Additional tenants at the center include Vista Oaks Charter School, Great Clips, Batteries Plus, Huntington Learning Center and Speedway. Hanley has completed the sale of $406 million in car …

February 12, 2025

Acquisitions California Industrial Western

NAI Capital Arranges Sale of 22,448 SF Industrial Property in Palmdale, California

by Amy Works February 12, 2025

PALMDALE, CALIF. — NAI Capital Commercial has negotiated the sale of an industrial property located at 38960 Trade Center Drive in Palmdale. A private trust acquired the asset from 38960 Trade Center Drive LLC for $4.4 million. Bimbo Bakeries USA fully occupies the 22,448-square-foot facility, which was built in 2004. The tenant produces some of America’s most widely recognized baked goods, including Sara Lee, Thomas’ English Muffins, Oroweat, Entenmann’s, Boboli, Ball Park and Nature’s Harvest. Chris Jackson and Todd Lorder of NAI Capital Commercial represented the seller, while Lucy Hartford of NAI Capital Commercial represented the buyer in the transaction.

February 12, 2025

California Loans Office Top Stories Western

CBRE Arranges $500M in Refinancing for Uber Headquarters in San Francisco

by Amy Works February 12, 2025

SAN FRANCISCO — CBRE has arranged $500 million for the refinancing of 1655 and 1725 Third Street in San Francisco’s Mission Bay area. Uber Technologies Inc. (NYSE: UBER) occupies the office property, which serves as the ridesharing company’s global headquarters. The asset comprises two 11-story, Class A office buildings totaling 586,208 square feet. The borrower is a joint venture between affiliates of Alexandria Real Estate Equities Inc., Uber and the Golden State Warriors, an NBA team that plays at the adjacent Chase Center. The joint venture refinanced the office development with a five-year, fixed-rate CMBS single-asset, single-borrower (SASB) loan. Brad Zampa and Mike Walker of CBRE secured the nonrecourse loan through Goldman Sachs and Barclays, both headquartered in New York. Both buildings are LEED Gold-certified and include a full-service, two-story café, barista-managed coffee bar, smoothie bar, event lounge and landscaped rooftop decks. Additionally, the properties are adjacent a to large fitness center, ground-floor restaurants and ample parking, and are part of Thrive City, a community gathering space. In the fourth quarter of 2024, the overall vacancy rate for San Francisco’s office market decreased by 40 basis points to 36.5 percent, according to CBRE. Net absorption turned positive for the first …

February 12, 2025

Acquisitions California Multifamily Seniors Housing Western

ONELIFE Purchases 137-Unit Assisted Living, Memory Care Community in Sacramento

by Amy Works February 11, 2025

SACRAMENTO, CALIF. — Developer and operator ONELIFE Senior Living has acquired The Woodlake Senior Living, a 137-unit community located in Sacramento. Amenities at the property, which offers assisted living and memory care residences, include a movie theater, game room, fitness center, salon, library and arts and crafts room. The acquisition marks the fourth senior living community in California for ONELIFE, which merged with Ally Senior Living earlier this year. “The Woodlake Senior Living represents a strategic expansion of our California presence,” says Dan Williams, CEO of ONELIFE. According to the company, the state’s population of individuals age 65 and older is expected to reach 9 million by 2040. Denver-based ONELIFE was founded in 2009.

February 11, 2025

Acquisitions California Industrial Western

North City Enterprise Acquires Industrial Building in San Marcos, California for $2.1M

by Amy Works February 11, 2025

SAN MARCOS, CALIF. — North City Enterprise LLC has purchased a freestanding industrial building in San Marcos for $2.1 million. The buyer plans to relocate its business to the 5,474-square-foot facility, which is located at 110 Venture St. Chris Baumgart of JLL represented the buyer, while Chris Nelson of Mathews REIS represented the undisclosed seller in the deal.

February 11, 2025

Acquisitions California Industrial Mixed-Use Multifamily Western

IPA Arranges $26.5M Sale of 4.9-Acre Redevelopment Site in Irvine, California

by Amy Works February 10, 2025

IRVINE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of 2400 Barranca, a 4.9-acre redevelopment site within Irvine Business Complex (IBC) in Irvine. Gemdale USA sold the asset to Irvine Community Land Trust, in partnership with USA Properties, for $26.5 million. The site offers a variety of development opportunities from for-sale townhomes to industrial redevelopment. According to IPA, the City of Irvine’s 2045 General Plan includes a new residential housing overlay that will target 15,000 new housing units in the IBC and eliminate the need for a site-specific environment impact report, zone change or amendment to the master plan and city council vote to stimulate new high-density housing developments in locations where multifamily housing is needed. Kevin Green, Joseph Grabiec, Gregory Harris and Mark DeGiorgio of IPA represented the seller and buyer in the transaction.

February 10, 2025

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