SAN PEDRO, CALIF. — Hunt Real Estate Capital has funded a $64.1 million Fannie Mae affordable multifamily loan for the acquisition and renovation of Park Western Apartments, an affordable multifamily property in San Pedro. The borrower is Park Western Housing, an entity specifically formed to buy and manage the property. Built in 1969, the community comprises 14 residential buildings spread across a 7.7-acre site at 1327 W. Park Western Drive. The 216-unit community features 32 one-bedroom units, 128 two-bedroom apartments, 32 three-bedroom units, 24 four-bedroom apartments and a 1,300-square-foot maintenance shop. Community amenities include a courtyard, on-site management, central laundry facilities, a playground, garage parking and picnic/barbecue areas, as well as surface and covered parking. The borrower plans to renovate the property with plans to upgrade the building exteriors, unit interiors and community amenities and common spaces. Upon completion, the property will also offer a fitness center and community room. Renovations are slated to be completed in 14 months. The Fannie Mae M.TEB loan has a 17-year term, 40-year amortization and provides significantly greater loan proceeds to support a rehab budget. The deal is backed by Richard Siebert and June Park of SDG Housing Partners along with a nonprofit partner, …
RIVERSIDE, CALIF. — Cushman & Wakefield has arranged the sale of Altavita Village, California’s third-largest seniors housing community. Senior Living Riverside LP, an affiliate of La Jolla, Calif.-based Westmont Living, acquired the asset for $58 million, or $98,500 per unit. The seller was Air Force Village West Inc. Totaling more than 1.2 million square feet, Altavita Village is a continuing care retirement community (CCRC) comprising 267 independent living cottages, 103 independent living apartments, 70 independent living duplexes, 59 skilled nursing beds, 55 assisted living units and 35 memory care units. Additionally, the community features main and private dining rooms, a village café, clinic, library, meeting rooms, a chapel and beauty shop. At the time of sale, the asset was 40 percent occupied. Altavita Village is located on a 153-acre site at 17050 Arnold Drive in Riverside, and the property was originally developed in 1989 as a retirement community for military officers before opening to the general public in 2015. The development is located adjacent to March Air Reserve Base. Since 2013, prior ownership invested more than $8 million in upgrades at the property. The buyer plans to invest $20 million in the property over the next several years and convert …
BEIJING — China-based Anbang Insurance Group Co. has agreed to sell a luxury U.S. hotel portfolio for more than $5.8 billion, according to several media outlets. Mirae Asset Global Investments, part of a South Korean financial services company, has agreed to acquire the 15 properties. The portfolio includes high-end hotels such as Essex House in Manhattan, Westin St. Francis in San Francisco and InterContinental hotels in Chicago and Miami. Anbang acquired the hotels in 2016 by purchasing then-owner Strategic Hotels & Resorts Inc. from Blackstone Group for approximately $6.5 billion. Anbang was making major waves that year, during which it also severely complicated Marriott International’s attempt to acquire Starwood Hotels & Resorts Worldwide. Anbang started a bidding war that increased the final offer by nearly $2 billion before Anbang backed out. At the time, Chinese insurers and other investors were scooping up U.S. real estate, taking advantage of new rules enabling them to invest more easily abroad, according to the Wall Street Journal. That era ended when Chinese authorities seized control of Anbang and later sentenced Chairman Wu Xiaohui to 18 years in prison. He was convicted by a Chinese court for orchestrating a $12 billion fraud. In readying the …
SANTA FE SPRINGS, CALIF. — Westcore Properties has completed the sale of Los Angeles Industrial Park, a multi-tenant industrial park in Santa Fe Springs. PS Business Parks acquired the fully leased, 10-building asset for $104 million. Darla Longo, Barbara Perrier and Eric Cox of CBRE represented the seller in the deal. Totaling more than 27 acres, the 543,161-square-foot office park includes properties at 11811-11831, 11947, 11975 E. Florence Ave. and 10510, 10513, 10545, 10551, 10604, 10631, 10637 and 10702 Hathaway Drive in Santa Fe Springs.
SAN DIEGO — BioMed Realty, a Blackstone portfolio company, and the University of California San Diego (UC San Diego) have opened the Center for Novel Therapeutics (CNT) on the UC San Diego Science Research Park campus. The 137,000-square-foot research hub leverages the strength of UC San Diego Moores Cancer Center with private sector companies looking to translate research into helping cancer patients worldwide. The development represents a $92 million investment by BioMed Realty. CNT is San Diego’s newest dedicated oncology research center with best-in-class facilities to advance life-changing treatments for cancer patients. Additionally, the facility includes the first academic-industry drug discovery incubator site in San Diego. CNT will continue UC San Diego’s “bench to bedside” approach, the transition of research from the laboratory space into the clinic and to patients through the promotion of new therapies. BioMed Realty designed the project with UC San Diego to include high-efficiency water-cooled central cooling, LED energy efficient light fixtures and photo-voltaic solar panels in the roof of the atrium and other parts of the building. Due to the project’s design, the facility was awarded LEED Gold certification.
STOCKTON, CALIF. — GIGU Inc., a private buyer, has purchased Stockton Plaza, a shopping center located at 2323 W. Hammer Lane in Stockton. PPC-Stockton Plaza L.P. sold the asset for $17 million. At the time of sale, the 105,297-square-foot property was 97 percent occupied. Tenants include Food Source (Raley’s), AutoZone, BBVA Compass Bank, Great Clips, McDonald’s and Little Caesars. Chris Tramontano, John Redfield and Steve Kalyk of SRS Real Estate Partners’ Investment Properties Group represented the seller in the deal.
TUSTIN, CALIF. — Camelot West Commercial has arranged the sale of Santa Ana – Tustin Medical Pavilion, a medical office building in Tustin. TKL Westminster acquired the property from Santa Ana Tustin Medical Pavilion LLC for $4.8 million with no concessions or repairs. Developed in 1968, the 17,594-square-foot building is located at 17400 Irvine Blvd. in Tustin. The building features 13 separate suites, each with examination rooms, lobbies, offices and private bathrooms. The building also features a full-service pharmacy. Jennifer Esser of Camelot West Commercial represented the seller, while Mia Pham of Lee & Associates represented the buyer in the transaction.
LIVERMORE, CALIF. — Marcus & Millichap has brokered the sale of a retail building, located at 2287 Second St. in downtown Livermore. A limited liability company acquired the building from tenants in common for $2.9 million. Bank of the West occupies the 7,108-square-foot building with one year remaining on the triple-net lease with no options to extend. Constructed in 1960 on a 0.41-acre lot, the building features multiple drive-in lanes and ample parking. Ethan Pintard and Jarrod Senechal of Marcus & Millichap’s East Bay, Calif., office represented the seller and the buyer in the deal.
Northern California’s multifamily market has a strong development pipeline right now, but after 2020, it drops off dramatically. There is an increasingly toxic political climate in California, with measures like AB 1482 and the revival of Prop 10, which will likely throw a wrench in any planned development beyond 2020. Some of the most notable projects currently underway include Brooklyn Basin’s Orion in Oakland. The first 241 units out of a planned 3,700 have been completed. Brooklyn Basin is a $1.5 billion project that is reshaping the Oakland waterfront and transforming the area into a new, vibrant neighborhood. In San Jose, the area around the proposed Google downtown campus is also on everyone’s radar. The majority of current Bay Area development is concentrated in Oakland and Santa Clara County, with the latter currently experiencing a 4.57 percent vacancy rate. Market fundamentals, including proximity to jobs and a more welcoming environment toward multifamily development have attracted developers and renters alike to these two places. Developers Carmel Partner, Hanover and Holland have been particularly active in Oakland, as of late. Current conditions in Northern California have produced a tenant’s market, with an abundance of new units coming online at once. We are …
SAN DIEGO — Liberty National Corp., a San Diego-based multifamily developer, has assembled a 1.38-acre, full-block site in San Diego and announced plans for a mixed-use project on the property. Liberty’s proposal includes a 40-story residential tower and two mid-rise buildings of six and seven stories. The property will offer a total of 640 apartments in a mix of 553 one-bedroom units, 86 two-bedroom units and one three-bedroom unit. Additionally, the development will feature 16,485 square feet of multi-tenant commercial/retail space spread across the ground floors of the three buildings. The project is located at the intersection of Park Boulevard and Broadway in downtown San Diego’s East Village. The San Diego Union-Tribune reports that the Liberty purchased the last piece of the site from the Salvation Army for approximately $7.7 million. “The site is a strategic acquisition given our interests in the area and its location at the juncture of two major entries into the downtown core on the high-activity Broadway and Park Boulevard corridors,” says Randy Williams, vice president with Liberty National. “There remains a housing shortage in San Diego. As this sought-after region continues to grow and attract talent, this new project will appeal to a wide range of residents …