California

Mogharebi Group Arranges $16.5M Sale of Chardonnay Ridge Apartments in Modesto, California

by Amy Works September 6, 2019

MODESTO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Chardonnay Ridge Apartments, a multifamily asset located on Celeste Drive in Modesto. A San Francisco-based private investment group acquired the property from a San Gabriel Valley-based private investor for $16.5 million, or $143,478 per unit. Built in 1979, Chardonnay Ridge features 115 units in a mix of one-, two- and three-bedroom layouts, with an average size of 741 square feet. Additionally, the community features a resort-style outdoor pool, 24-hour fitness center, reserved covered parking and on-site laundry facilities. Alex Mogharebi and Otto Ozen of TMG represented the seller and buyer in the transaction.

September 6, 2019

California Market Reports Retail Western Western Market Reports

Trends in Northern California Retail Echo Changes Occurring Nationally

by Taylor Williams September 6, 2019

Northern California’s retail real estate market is undergoing somewhat of a seismic shift. Traditional shopping centers, such as Serramonte Mall in Daly City and Hillsdale Mall in San Mateo, are seeing name-brand retailers like Payless Shoesource, Gymboree and Charlotte Russe closing stores. This has dictated a recalibration in leasing strategy. , These “prime” retail spaces are often successfully backfilled by business and lifestyle tenants like professional service firms, fitness centers, coffee shops, restaurants and entertainment centers — the sort of businesses that can regain foot traffic. This trend toward more lifestyle and entertainment tenants — often called experiential retail — can also be seen in the region’s vibrant market for new mixed-use developments. Multifamily communities in San Francisco, Cupertino, Santa Clara and Oakland will be delivered in the coming months. Many of these projects are urban infill, transit-oriented developments, which naturally offer strong street-level retail locations. In this setting, experiential retail works well for apartment residents and local foot traffic. Nearly 6 million square feet of new office has been proposed in downtown San Jose, which is driving strong retail interest from new restaurants and service retail. Vacancy rates for retail properties throughout the Bay Area have ticked up slightly, …

September 6, 2019

Acquisitions California Multifamily Western

Marcus & Millichap Brokers Sales of Two Multifamily Assets in Southern California Totaling $41.6M

by Amy Works September 5, 2019

HUNTINGTON BEACH AND CULVER CITY, CALIF. — Marcus & Millichap has arranged the sales of two multifamily properties located in Southern California. The assets sold for a total of $41.6 million in two separate transactions. Undisclosed buyers acquired The Lamplighter, a 63-unit property located at 16102 Springdale St. in Huntington Beach, for $20 million, and The Sheffield Apartments, a 57-unit asset located at 5800 Green Valley Circle in Culver City, for $21.6 million. Tyler Leeson, Matt Zeigler and Matthew Kipp of Marcus & Millichap represented the seller and procured the buyers in both transactions.

September 5, 2019

Acquisitions California Retail Western

Avison Young Arranges $8.1M Sale of Two-Building Retail Property in Hollywood, California

by Amy Works September 5, 2019

HOLLYWOOD, CALIF. — Avison Young has brokered the sale of a two-building retail property located in Hollywood. A New York-based family office sold the asset to a Los Angeles-based family-owned company for $8.1 million. Located at 7611-7623 Sunset Blvd., the property features a 3,725-square-foot building that was built in 1934 and an 8,843-square-foot building, which includes an outdoor patio space. At the time of sale, the asset was 63 percent occupied by five retail tenants. Chris Maling and David Maling of Avison Young represented the seller, while South Park Group represented the buyer in the all-cash transaction.

September 5, 2019

Acquisitions California Retail Western

Monro Mission Square Acquires 161,373 SF Shopping Center in Oceanside, California

by Amy Works September 4, 2019

OCEANSIDE, CALIF. — Monro Mission Square LLC has purchased Mission Square, a shopping center located in downtown Oceanside, for an undisclosed price. Located at 1002-1064 Mission Ave. and 306-326 N. Horne St., the 161,373-square-foot asset was 98 percent occupied at the time of sale. Current tenants include Walmart Neighborhood Market, 99 Cents Only, Auto Zone, Chase Bank and Harbor Freight Tools. Bill Barnett and Doug Hogan of Colliers International, along with Pacific Development Capital, represented the seller, Los Angeles-based Ona Mission Partners, and the buyer in the transaction. The new owner plans to continue regular operations of the retail center and retain Colliers International to handle leasing efforts.

September 4, 2019

Acquisitions California Healthcare Office Western

REDA Sells Two-Building Medical Office Complex in Southern California

by Amy Works September 4, 2019

NEWPORT BEACH, CALIF. — Newport Beach-based Real Estate Development Associates (REDA) has completed the disposition of Newport Heights Medical Center (NHMC), a 59,978-square-foot Class A medical office campus located in Newport Beach. LaSalle Investment Management acquired the fully leased asset for an undisclosed price. Built in 2017, NHMC consists of Building One, a 18,303-square-foot building located at 20350 Birch St., and Building Two, a 41,675-square-foot asset located at 20360 Birch St. Current tenants includes Starpoint Health Outpatient Surgery Center, UCI Health Newport, Eden Fertility Management, Newport Foot and Ankle, Grover Aesthetics and Lea Plastic Surgery. Chris Bodnar, Anthony DeLorenzo and Ryan Lindsley of CBRE represented the seller in the deal. REDA acquired the four-acre site in 2015 for $8.8 million and proceeded to re-entitle the land for construction of two two-story medical office buildings. The development team included Bank of the West, Bascom Group, Westminster Funds, Millie Severson and California Commercial.

September 4, 2019

Acquisitions California Industrial Western

Rexford Industrial Buys 27,267 SF Industrial Building in San Diego for $8.2M

by Amy Works September 4, 2019

SAN DIEGO — Southern California-based Rexford Industrial Realty has acquired an industrial building located 5725 Eastgate Drive in San Diego’s Miramar neighborhood. Valley Investment Services sold the asset for $8.2 million. Bill Dolan of CBRE represented the seller in the deal. The 27,267-square-foot property features 22-foot clear heights, eight grade-level loading doors, excess land and a secured yard. At the time of closing, the property was vacant. However, Rexford secured a long-term tenant prior to closing.

September 4, 2019

Acquisitions California Office Retail Western

Marcus & Millichap Arranges $3.2M Sale of Commercial Asset in Los Angeles’ Melrose District

by Amy Works September 4, 2019

LOS ANGELES — Marcus & Millichap has arranged the sale of a retail and creative office building located at 6721 Melrose Ave. in Los Angeles’ Melrose district. A limited liability company sold the property to another limited liability company for $3.2 million, or $1,067 per square foot. Situated on 7,091 square feet of land, the 3,046-square-foot building was delivered vacant. The property offers the redevelopment potential and utilize the current C4 zoning. The asset features 14 parking spaces. Brandon Michaels of Marcus & Millichap’s Encino, Calif., office represented the seller and the buyer in the deal.

September 4, 2019

Acquisitions California Lee & Associates Office Western

Lee & Associates Brokers $24M Sale of Office Building in Calabasas, California

by Amy Works September 3, 2019

CALABASAS, CALIF. — Lee & Associates – LA North/Ventura has arranged the sale of an office building, located at 24151 Ventura Blvd. in Calabasas. An entity of Valley Crest sold the asset to an entity of Los Angeles-based 4M Investment Corp. for $24 million, or $314 per square foot. Constructed in 2004 as a build-to-suit for ValleyCrest Landscape Cos., the 76,496-square-foot building was designed by Nadel Architects and features 360-degree views of the Santa Monica mountains, an atrium and a 17-acre campus with outdoor seating areas. The buyer plans to convert the asset into a multi-tenant office building. BrightView currently occupies the property and will continue to do so until its lease expires at year’s end. Mike Tingus, Grant Fulkerson and Jonathan Bruce of Lee & Associates – LA North/Ventura represented the seller in the deal.

September 3, 2019

Acquisitions California Industrial Office Western

Local Investor Purchases 106,309 SF Office/R&D Asset in Goleta, California

by Amy Works September 3, 2019

GOLETA, CALIF. — A local investor has acquired an office/R&D building located at 6300 Hollister Ave. in Goleta. The asset sold for $33.2 million. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the undisclosed seller in the transaction. At the time of sale, the 106,309-square-foot property was fully leased to three technology companies: Wyatt Technology, Asylum Research (Oxford Instruments) and Seek Thermal. Wyatt Technologies and Asylum Research have been tenants at the property for approximately 15 years, while Seek Thermal moved into the building in 2018.

September 3, 2019

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