California

Stos Partners, Long Wharf Capital Buy Two Industrial Assets in Southern California for $13.9M

by Amy Works August 13, 2019

CARLSBAD AND MIRAMAR, CALIF. — A joint venture between Stos Partners and Boston-based Long Wharf Capital has purchased two industrial assets in Southern California for a total consideration of $13.9 million. In the first transaction, the joint venture acquired a 70,224-square-foot property, located at 6212 Corte Del Abeto in Carlsbad, from a private seller for $9.7 million in an off-market transaction. The building is fully occupied by a go-kart racing tenant. The asset features a mix of office and warehouse space, as well as grade- and dock-high loading positions. Rusty Williams and Chris Roth of Lee & Associates, along with Tres Reid of CBRE, represented the buyers in the transaction. In the second deal, the partnership purchased a vacant 27,510-square-foot industrial building, located at 8330 Arjons Drive in Miramar, from a private investor for $4.2 million. The new owners plan to upgrade the property with a new roof, new façade, parking lot improvements, updated landscape plan and interior renovations. Jason Smithson of NAI represented the seller in the transaction.

August 13, 2019

Acquisitions California Office Western

Drawbridge Realty Buys 390,600 SF Pacific Center Office Campus in Orange County for $97.5M

by Amy Works August 12, 2019

SANTA ANA, CALIF. — San Francisco-based Drawbridge Realty has purchased Pacific Center, a two-building corporate office campus in Santa Ana, for $97.5 million. The seller was a joint venture between Los Angeles-based PCCP and Costa Mesa, Calif.-based Brookhollow. Located at 1600-1610 E. Saint Andrew Place, Pacific Center features 390,600 square feet of office space and was renovated in 2017. With Drawbridge’s previous acquisition of 1700 E. Saint Andrew Place, the company now owns more than 37 acres of contiguous land and improvements along East Saint Andrew Place. Kevin Shannon, Paul Jones, Brunson Howard, Blake Bokosky and Brandon White of Newmark Knight Frank represented the seller in the transaction.

August 12, 2019

Acquisitions California Multifamily Seniors Housing Western

1031 Crowdfunding Acquires 100-Bed Assisted Living, Memory Care Facility in Southern California for $20.1M

by Amy Works August 12, 2019

RANCHO CUCAMONGA, Calif. — 1031 CF Properties, an affiliate of 1031 Crowdfunding, has purchased an assisted living and memory care facility located in Rancho Cucamonga for $20.1 million. Meridian Senior Living operates the 100-bed property. Additional terms of the transaction were not released.

August 12, 2019

Acquisitions California Mixed-Use Office Retail Western

Newmark Knight Frank Arranges $18M Sale of Mixed-Use Building in Hermosa Beach, California

by Amy Works August 12, 2019

HERMOSA BEACH, CALIF. — Newmark Knight Frank (NKF) has negotiated the sale of The Bijou Building, a three-story mixed-use building located in downtown Hermosa Beach. Federal Realty Investment Trust sold the property to 1221 Hermosa Ave LLC for $18 million. Located at 1221 Hermosa Ave., The Bijou Building was originally developed in 1923 as the Metropolitan Theater and later converted to office and retail space. At the time of sale, the 23,172-square-foot building was 94 percent occupied by a variety of tenants, including Chase Bank, Beach City Capital, Steel Partners and Bar Method. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, Sean Fulp, Ryan Plummer and Brad Feld of NKF’s Capital Markets and Private Capital Investment Sales teams represented the seller, while David Ghermezian, Amir Araghi and Jonathan Dadourian, also of NKF, represented the buyer in the deal. Additionally, David Milestone and Brett Green of NKF’s Debt and Structured Finance group secured acquisition financing for the buyer.

August 12, 2019

Acquisitions California Retail Western

DJM, Gaw Capital USA Acquire Hollywood & Highland in Los Angeles

by Amy Works August 9, 2019

LOS ANGELES — San Jose, Calif.-based DJM and Hong Kong- and Los Angeles-based Gaw Capital USA have purchased Hollywood & Highland, a shopping destination located in Los Angeles, for an undisclosed amount. Jerry Tang and Greg Murphy of Natixis secured a financing package, which included an acquisition loan along with a future funding component. Over the next 24 to 30 months, the buyers plans to reimagine the 463,000-square-foot retail development, which is situated on 7.6 acres. Built in 2001, the property is located at the crossroads of Hollywood Boulevard and Highland Avenue, adjacent to the acclaimed TCL Chinese Theater. The buyers plan to upgrade the retail hub through rebranding, upgrading common areas for enhanced gathering and programming spaces, increasing entertainment events, optimizing the merchandise mix and incorporating new concepts and uses. Renovations are slated to begin in 2020, with completion expected in 2021. Eastdil Secured advised the transaction, which is the largest single-asset retail transaction to take place outside of Manhattan in nearly three years.

August 9, 2019

California Loans Retail Western

Marcus & Millichap Arranges $12.7M Bridge Loan for Purchase of 100,224 SF Retail Center in Southern California

by Amy Works August 9, 2019

RANCHO CUCAMONGA, CALIF. — Marcus & Millichap Capital Corp. has secured a $12.7 million bridge loan for the acquisition of Sunrize Center, a shopping center in Rancho Cucamonga. Located at 8639 Baseline Road, the property features 100,224 square feet of retail space. Rick Judge and Preston Davey of Marcus & Millichap Capital Corp. arranged the financing for the undisclosed borrower. The debt placement is a floating-rate program starting at 6 percent with a five-year term and 12 months of interest-only payments and a loan-to-value ratio of 71 percent.

August 9, 2019

California Development Leasing Activity Retail Western

Carmel Partners Inks Lease with Whole Foods Market at Cumulus District in Los Angeles

by Amy Works August 9, 2019

LOS ANGELES — San Francisco-based Carmel Partners has executed a lease with Whole Foods Market for an approximately 50,000-square-foot flagship grocery store at Cumulus District, an urban, mixed-use development located at 3321 La Cienega Blvd. in Los Angeles’ Westside neighborhood. Located at the corner of Jefferson and La Cienega boulevards, the transit-oriented development is slated to open in late 2020. When completed, Cumulus will feature 1,210 apartments, a one-acre public park and plaza and 100,000 square feet of grocery-anchored retail and restaurant space. Timothy Bower and Zachary Card of CBRE are handling the leasing efforts for Cumulus. Terms of the Whole Foods Market lease were not released.

August 9, 2019

Acquisitions California Company News Multifamily Western

Steadfast to Merge Three REITs, Creating $3.3B REIT Focused on Moderate Income Apartments

by Amy Works August 8, 2019

IRVINE, CALIF. — Steadfast Apartment REIT (STAR), Steadfast Income REIT (SIR) and Steadfast Apartment REIT III (STAR III) have entered into definitive merger agreements in which STAR will acquire SIR and STAR III in separate stock-for-stock, tax-free transactions. The merger will create a combined company with approximately $3.3 billion in gross real estate assets. The transactions are expected to close in the first quarter of 2020, subject to certain closing conditions, including the approval of the respective mergers by SIR and STAR III stockholders. The merger transactions are expected to close concurrently, but are not conditioned on the consummation of each other. The merger agreements were negotiated on behalf of STAR, SIR and STAR III by their respective special committees, each of which is composed exclusively of independent directors, along with each special committee’s independent financial and legal advisors. “We believe the strategic merger of these three highly complementary portfolios with similar investment strategies will create an enhanced and diversified portfolio, concentrated in high-growth markets,” said Rodney Emery, chairman of STAR, SIR and STAR III. “The enhanced size, scale and prominence of the combined portfolio will greatly improve the company’s access to attractive capital sources, which can be used to …

August 8, 2019

Acquisitions California Industrial Western

Mid Cal Industrial Properties Directs Purchase of 21.3 Acres of Industrial Land in Tracy, California

by Amy Works August 7, 2019

TRACY, CALIF. — Mid Cal Industrial Properties has arranged the acquisition of 21.8 acres of industrial land in Tracy. Bigge Crane & Rigging Co. purchased the land parcel from Shimmick Construction/AECOM as a potential future site for its central valley heavy equipment yard. No date has been set for starting development on the site, which is currently being held for future expansion. Tim Pryor of Mid Cal Industrial Properties represented the seller, while Redwood Property Investors represented the buyer in the deal.

August 7, 2019

California Loans Multifamily Seniors Housing Western

Greystone Provides $8M Refinancing for Age-Restricted Community in Hemet, California

by Amy Works August 7, 2019

HEMET, CALIF. — Greystone has provided an $8 million Fannie Mae loan for the refinancing of Casa Del Rey Mobile Homes Estates, a manufactured property that is age-restricted in Hemet. Situated on 30.6 acres in San Jacinto Valley, Casa Del Rey Mobile Homes Estates features 267 single- and double-wide pads. The community also features two clubhouses, two pools and spas, recreational and exercise facilities, as well as on-site parking, laundry facilities and a carwash area. Matt Stevens in Greystone’s San Diego office, on behalf of James Vance DiMaria and Casa Del Rey Estates LLC, originated the 10-year loan, which features a 30-year amortization period at a low fixed rate with interest-only payments for the first three years. The proceeds enable the borrower to continue making ongoing capital improvements and monetize its existing equity in the property.

August 7, 2019

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