California

Colliers Arranges Sale of 46,830 SF Industrial Building in San Diego for $6M

by Amy Works September 17, 2019

SAN DIEGO — Colliers International San Diego Region has brokered the sale of an industrial building, located at 7550 Panasonic Way in San Diego’s Otay Mesa neighborhood. Guy C Clum Trust sold the property to RMJF LLC for $6 million. Concurrent with the acquisition, the new owner was able to secure a long-term lease for the property. Mark Lewkowitz and Chris Holder of Colliers International represented the seller, while Craig Fitterer of Lee & Associates represented the buyer in the deal. Constructed in 2005, the 46,830-square-foot building features drive-around truck access, dock- and grade-level loading and a large, secured yard.

September 17, 2019

Acquisitions California Multifamily Western

Bascom, Artemis Buy 248-Unit Phoenix Townhomes Apartment Community in Fresno for $35M

by Amy Works September 16, 2019

FRESNO, CALIF. — The Bascom Group, in partnership with Artemis Real Estate Partners, has acquired Phoenix Townhomes, a condominium-style apartment complex located at 5355 N. Valentine Ave. in Fresno. An undisclosed seller sold the asset for $35 million, or $141,129 per unit. Constructed in 2004, Phoenix Townhomes features 248 apartments in a mix of two- and three-bedroom layouts. The property is located six miles northeast of downtown Fresno and within minutes of Fresno State University, as well as State Highways 99, 41 and 180. Mark Mimm of SVN/MJM & Associates brokered the transaction.

September 16, 2019

California Loans Multifamily Western

KeyBank Arranges $39M in Financing for Monte Vista Apartment Homes in Southern California

by Amy Works September 16, 2019

LA VERNE, CALIF. — KeyBank Real Estate Capital has secured $39 million in Fannie Mae Green financing for San Diego-based MG Properties Group. The borrower will use the loan to refinance Monte Vista Apartment Homes in La Verne. Built in 1972 and renovated in 2018, the 207-unit community comprises 18 two-story apartment buildings on 14 acres. Since 2016, MG Properties has spent more than $6 million on exterior renovations and interiors renovations for 151 units. MG plans to finish renovations, which will cost approximately $1 million, to the remaining 56 units. Peter Kurzeka of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged the financing.

September 16, 2019

Acquisitions California Office Western

Voit Brokers $8.7M Sale of Southport Office Park in San Diego

by Amy Works September 16, 2019

SAN DIEGO — Voit Real Estate Services has arranged the sale of Southport Office Park, an eight-building office complex located in San Diego’s National City submarket. Dan Floit, a San Diego-based private investor, acquired the asset from San Diego-based H.G. Fenton Co. for $8.7 million. Totaling 33,894 square feet, the office park is located at 102, 132 and 202 Miles of Cars Way; 2403, 2435, 2425 and 2427 Hoover Ave.; and 2405 Transportation Ave. Michael Mossmer and Curt Perry of Voit Real Estate Services represented the seller, while Mark Caston and Spencer Kerrigan, also of Voit, represented the buyer in the deal.

September 16, 2019

California Market Reports Multifamily Western Western Market Reports

San Diego’s Multifamily Market Outpaces Its 2018 Performance

by Taylor Williams September 14, 2019

San Diego continues to exhibit very strong fundamentals with a healthy and diversified economy, as well as a continued shortage of housing supply. The unemployment rate of 3.3 percent is below both the California and national unemployment rate. Tourism, biotech, healthcare, education, military/defense, drone manufacturing, business services, software and other high-tech industries have made San Diego a magnet for venture capital and other business investment, creating the jobs of the future. Amazon, Apple and several other high-profile technology companies have also announced expansions in San Diego. The region attracted $744 million in venture capital this past year alone. Local housing policies, which have been unfriendly to new development, have made it very expensive to build, thereby perpetuating the shortage of housing. This dynamic has continued to bode well for multifamily investment in the region. CBRE’s Apartment Market Report for the end of the second quarter illustrates the following year-on-year changes from 2018: • The vacancy rate moved 9 basis points to 3.6 percent • Rental rates increased by 2.9 percent • New construction deliveries dropped by 14 percent • Sales volume included 95 transactions with a total dollar volume of $476 million (compared to 32 sales transactions last year that …

September 14, 2019

Acquisitions California Office Western

Brick and Timber Collective Buys Office Building in San Francisco for $27M

by Amy Works September 13, 2019

SAN FRANCISCO — Newcastle Partners and Drake Real Estate Partners have completed the sale of 900 Kearny Street, an office building located in San Francisco’s Jackson Square submarket. Brick and Timber Collective LLC acquired the property for $27 million. Built in 1989, the six-story building features 30,000 square feet of creative office space. At the time of sale, the property was fully occupied by EastWest Bank, Bitmami and Novani, among others. The sellers originally purchased the asset in 2017 for $17 million and renovated the property by adding open office spaces and single-floor suites. Ben Bullock, David Dokko and Thomas Foley of HFF represented the sellers in the transaction.

September 13, 2019

California Market Reports Office Western Western Market Reports

San Francisco’s Office Market is More Boom than Bust

by Taylor Williams September 13, 2019

San Francisco has been a boom-and-bust market since the Gold Rush. The current intense scrutiny of the yield curve, combined with the stock market’s recent erratic behavior, has sent warnings of the next looming recession. Just how will this affect the office market? Fortunately for the Bay Area, not much. Today, several key factors insulate San Francisco from a severe downturn, unlike past cycles. Among them are Proposition M and a concentration of venture capital, highly skilled talent and some of the world’s largest companies. Since 1986, Proposition M has limited the amount of office development the city will authorize in any given year. The program aims to guard against typical boom-and-bust cycles. The San Francisco office market only includes 85 million square feet, as opposed to Manhattan or Houston, for example, which comprise 400 million and 240 million square feet, respectively. Manhattan currently has 12.4 million square feet of office space under construction, while San Francisco has 3 million square feet in the pipeline. The entitlement limit under Prop M has been reached, meaning no additional new projects can be approved until October when another 950,000 square feet will be allocated for the next year. At first glance, these …

September 13, 2019

Acquisitions California Office Western

Stanton Road Capital Acquires 211,916 SF Office Building in Orange County, Plans Upgrades

by Amy Works September 12, 2019

ORANGE, CALIF. — Los Angeles-based Stanton Road Capital (SRC) has acquired TriCentre, a Class A office tower located in Orange, for an undisclosed price. The name of the seller was not released. Completed in 1986, the 10-story TriCentre features 211,916 square feet of office space. The property is situated within the “Platinum Triangle” at the convergence of Interstate 5, California State Route 57 and California State Route 55. At the time of sale, the building was 78 percent leased to a variety of high-profile tenants, including Farmers Insurance, Children’s Home Society of California, MegaMex Foods and Lockheed Martin. The buyer has plans to invest significant post-acquisition capital to improve the tenant experience, including a fully overhauled lobby and courtyard, as well as building upgrades. SRC has retained Cushman & Wakefield to handle leasing and property management of TriCentre.

September 12, 2019

Acquisitions California Multifamily Seniors Housing Western

Healthcare Trust Buys 117-Bed Seniors Housing Community Near San Diego

by Amy Works September 12, 2019

ESCONDIDO, CALIF. — Healthcare Trust Inc., a New York-based public, non-traded REIT, has acquired Felicita Vida, a seniors housing community located in Escondido, for an undisclosed price. The seller was Torrey Pines Development Group. Built in 2015 on 4.3 acres, Felicita Vida features 91 units, totaling 117 beds, in a mix of 53 assisted living units and 38 memory care units. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker, Tim Hosmer and Bailey Nygard of Cushman & Wakefield represented the seller in the transaction.

September 12, 2019

Acquisitions California Restaurant Retail Western

Valore Ventures Sells Oggi’s Pizza & Brewery Site in Garden Grove, California

by Amy Works September 12, 2019

GARDEN GROVE, CALIF. — Valore Ventures has completed the disposition of an Oggi’s Pizza & Brewery location at 12362 Chapman Ave. in Garden City. The restaurant’s franchisee, a local private investor, acquired the property for an undisclosed sum. The 6,500-square-foot restaurant is part of a four-property, fee-simple restaurant portfolio that Valore Ventures acquired in January. Built between 2001 and 2008, the restaurants are part of a larger development that includes three high-rise hotels and a 2.8-acre parking lot owned by the hotels, but reserved exclusively for restaurant use. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller in the deal.

September 12, 2019

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