BEAUMONT, CALIF. — NAI Capital has facilitated the purchase of Highland Springs Medical Arts Building, a medical office building located at 701 Highland Springs Ave. in Beaumont. A private investor acquired the asset for $3 million, or $203 per square foot, in a 1031 exchange. The name of the seller was not released. Marc Piron of NAI Capital’s Investment Services Group represented the buyer in the deal. Totaling 14,752 square feet, the asset offers 12 units with a camera security system, new landscaping and trash enclosure, and a recently redone parking lot complete with ADA compliant ramps and LED lights. At the time of sale, the property was fully leased.
SANTA CLARA, CALIF. — TMG Partners, a San Francisco-based developer, has acquired The Quad, a 410,106-square-foot office campus in Santa Clara, a suburb of San Jose. J.P. Morgan Chase sold the property for an undisclosed price. Located at 3001 Tasman Drive, The Quad consists of seven two-story buildings that were constructed in 1982. Multiple owners and operators have acquired and renovated the property since its construction. The property is adjacent to the VTA Light Rail station three blocks from Levi’s Stadium, home of the NFL’s San Francisco 49ers. The Quad is also located four blocks from the upcoming Related Santa Clara, a 9.2 million-square-foot mixed-use project by Related Cos., which is also developing the high-profile Hudson Yards in Manhattan. Amenities include an outdoor courtyard, coffee shop, bocce ball court, food truck court and fitness center. The site is also entitled for an additional 150,000 square feet of construction. “TMG Partners was attracted to this property because of its stable, long-term cash flow; the Santa Clara location; our understanding of the need to provide office space for the many different size requirements of today’s tenants; and the existing suite of amenities,” says Ben Kochalski, regional partner with TMG Partners. “We will …
LOS ANGELES — Berkshire Residential Investments has completed the sale of One Santa Fe, a mixed-use, core-plus apartment community situated in Los Angeles’ Arts District. A Canada-based institutional investor acquired the property for an undisclosed price. Completed in 2015, One Santa Fe features 438 units in a mix of studio, one- and two-bedroom layouts and The Yards at One Santa Fe, an 81,000-square-foot retail component. Community amenities include a zero-edge swimming pool, custom cabanas, an outdoor dining area with grills, entertainment kitchen, resident lounge, billiards, CYBEX fitness center, private yoga and Pilates studio, outdoor theater, fireside retreat, electric car charging stations and concierge service. The asset is the final tranche of a 13-property multifamily portfolio that JLL marketed on Berkshire’s behalf. The sale of the other 12 properties, which totaled 3,904 units across six U.S. markets, was announced in July 2019. Blake Rogers, Matthew Lawton and Sean Deasy of JLL Capital Markets represented the seller in the deal.
HAYWARD, CALIF. — Faris Lee Investments has brokered the sale of a retail property located at 2401 Whipple Road in Hayward. A private investor acquired the asset from an undisclosed seller for $16 million. LA Fitness (City Sports Club) occupies the 41,000-square-foot facility on a corporate-guaranteed, absolute triple-net lease. Matt Brooks, Joe Chichester and Nicholas Coo of Faris Lee represented the seller and procured the buyer in the transaction.
RANCHO CUCAMONGA, CALIF. — Fit Development has completed the sale of Shops at Victoria Gardens, a retail strip center adjacent to the Victoria Gardens lifestyle center in Rancho Cucamonga. An undisclosed buyer acquired the property for $13.7 million. Constructed in 2007, the 31,405-square-foot property is leased to a diverse mix of service-oriented, daily needs and soft-goods tenants, including DXL Men’s Apparel, Pacific Dental and Shakey’s Pizza. The asset is situated on 2.6 acres at 12455 Victoria Gardens Lane. Daniel Tyner and Gleb Lvovich of JLL Retail Capital Markets represented the seller in the deal.
FRESNO, CALIF. — Marcus & Millichap has arranged the sale of A-American Self Storage in Fresno. A limited liability company acquired the asset for an undisclosed price. Situated on 4.8 acres at 2455 N. Marks Ave., the facility features 717 non-climate-controlled units, totaling 77,053 net rentable square feet. Brett Hatcher, Gabriel Coe and Jacob Becher of Marcus & Milichap represented the seller and buyer in the deal. Jim Markel, also of Marcus & Millichap, assisted in the transaction and was broker of record for the deal.
BEVERLY HILLS, CALIF. — Thorofare Capital has provided a $23.8 million loan for the acquisition of a mixed-use portfolio in Beverly Hills. Marc Schillinger and Eric Boucher of JLL advised the undisclosed borrower in the financing transaction. The acquisition includes two properties. The first is 415 North Camden Drive, a 17,936-square-foot building offering retail, medical and office space in the Beverly Hills Golden Triangle district. The second is a 10,884-square-foot medical office building located at 152-160 S. Lasky Drive.
INGLEWOOD, CALIF. — CAPSS LLC, a new company formed by Los Angeles Clippers’ chairman Steve Ballmer and vice chairman Dennis Wong, has agreed to acquire The Forum in Inglewood for $400 million in cash. By reaching an agreement with The Madison Square Garden Co. (NYSE: MSG), the litigation battle between the team and seller over the proximity of the basketball team’s new arena to the older events venue will end. MSG, which also owns the New York Knicks, argued that the Clippers’ proposed NBA arena was too close to The Forum and would compete as an events venue. CAPSS says the 17,500-seat Forum will continue to operate as a music venue and the new ownership will extend employment offers to current employees. The parties expect to close the sale in the second quarter of this year. The new Clippers arena will be situated on West Century Boulevard between South Prairie Avenue and South Yukon Avenue, one mile south of The Forum. The proposed stadium will offer 18,000 seats and will include the team’s headquarters and a community center. The stadium will be privately funded and is currently undergoing an environmental review by the City of Inglewood, which the Los Angeles …
SANTA ANA, CALIF. — Orange County, Calif.-based Adroit Worldwide Media (AWM) opened QuickEats at Nineteen01, an autonomous micromarket in Santa Ana, on Tuesday. The store is located on the ground floor of Nineteen01, an apartment community at 1901 E. First St. Greenwood & McKenzie owns the property. QuickEats utilizes Frictionless, AWM’s proprietary shopping solution of a low-contact, cashierless marketplace. The store will offer a variety of products, including sodas, water, specialty items, fresh grab-and-go foods and household items ranging from cleaning products and toilet paper to dog food. “When we planned the launch of QuickEats many months ago, we never could have imagined the circumstance our community now faces, as Orange County practices social distancing due to the coronavirus,” said Kevin Howard, CEO of AWM. “We made the decision to open our doors because QuickEats can provide vital, food, drink and personal care items to Nineteen01’s residents in a completely frictionless environment that adheres to the current protocols being requested by Orange County’s health officer.” Customers enter the market through an entry gate using a personalized QR code downloaded from the QuickEats app. Cameras placed throughout the store track traffic, and customers are assigned a random, anonymous ID when they …
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JLL Arranges $991.8M in Financing for 17-Property National Portfolio
SAN FRANCISCO — JLL Capital Markets has secured $991.8 million in financing for a 17-property portfolio totaling more than 7 million square feet across seven states, including California, Arizona, Texas, Tennessee, Georgia, Virginia and Massachusetts. The portfolio’s five office assets comprise the majority of the asset’s value, with the remaining properties consisting of nine industrial facilities and three multifamily communities. The commercial property portfolio is leased to a diverse mix of tenants from a variety of industries, including financial services, media, software, government, food, law, internet, e-commerce and healthcare. Further details on the assets were not disclosed. The JLL team worked on behalf of CalSTRS and its advisor, PCCP, to arrange the 10-year, fixed-rate loan with New York Life Insurance Co. Kevin MacKenzie, Bruce Ganong, Brian Torp, Spencer Bergthold, Sam Godfrey, Bercut Smith and Andie Fezell of JLL represented the borrower in the financing.