California

Partnership Sells The Shops at Todos Santos Plaza in Metro San Francisco

by Amy Works January 27, 2020

CONCORD, CALIF. — A partnership between Paragon Commercial Group and Long Market Property Partners has completed the disposition of The Shops at Todos Santos Plaza, an entire city block of urban retail located in downtown Concord. Terms of the transaction, including the name of the buyer and acquisition price, were not released. Comprising 15 retail and restaurant tenants, the asset was fully leased to a strong roster of daily needs and restaurant tenants. Nicholas Bicardo, Brandon Rogoff, Forest Gherlone and Mike Zystra of Newmark Knight Frank (NKF) represented the seller in the deal.

January 27, 2020

Acquisitions California Industrial Western

Cabot Properties Acquires Industrial Building Near San Diego for $15.9M

by Amy Works January 27, 2020

EL CAJON, CALIF. — Boston-based Cabot Properties has purchased an industrial building, located at 2025 Gillespie Way in the San Diego suburb of El Cajon. A private local investor sold the property for $15.9 million. Built in 1999, the 150,159-square-foot warehouse and distribution facility features 27-foor clear heights, abundant car and trailer parking, three grade-level doors and 15 dock-high doors, which can be expanded to 26 doors. At the time of sale, the property was on a ground lease with the County of San Diego and 73 percent leased to two tenants. The asset is part of the 65-acre, master-planned Gillespie Field Business Park, also known as Cuyamaca West. The park consists of 27 buildings totaling more than 735,000 square feet. Louay Alsadek, Hunter Rowe, Darla Longo, Barbara Perrier and Rebecca Perlmutter of CBRE represented the seller in the deal. Sean Williams and Erik Parker, also of CBRE, handle leasing for the property.

January 27, 2020

California Industrial Market Reports Western Western Market Reports

Orange County’s Industrial Market Stays Healthy Going Into 2020

by Taylor Williams January 25, 2020

Demand for Orange County industrial space remained healthy in 2019 as vacancy rates ended another year in record-low territory at 2.9 percent, fueled by a strong second-half net absorption. The movement in the second half of 2019 was largely a result of the Fed’s decision to keep interest rates low, which provided assurance for buyers that had been on the fence. The attractive interest rates have led to steady price increases, however, adaptation has been slow. The average time on the market has increased by roughly 30 to 60 days from 2018. Many buyers also struggled with post-close deferred maintenance. With the typical industrial building in Orange County being construction in 1985, buyers are often challenged with renovation costs adding to their bottom lines. Meanwhile, landlords in 2019 became more conservative in rent demands as average gains in asking full-service rents fell to 4.2 percent countywide, compared to 4.9 percent in 2018. Leasing activity remained steady with an average asking rate across Orange County of about $1 per square foot, triple net. A handful of notable new construction projects advanced in 2019. In the fourth quarter, 10 buildings totaling nearly 1.2 million square feet were completed in North Orange County, …

January 25, 2020

California Development Loans Mixed-Use Multifamily Retail Western

Buchanan Mortgage Funds $55M Construction Loan for The Orchard Mixed-Use Project in Azusa, California

by Amy Works January 24, 2020

AZUSA, CALIF. — Buchanan Mortgage Holdings has closed a $55 million loan for construction of The Orchard, a mixed-used residential and retail development in Azusa, approximately 20 miles east of Los Angeles. The borrower, Serrano Development Group, will use the loan to construct 163 market-rate apartments and 31,700 square feet of retail space. The transit-oriented development will be located in downtown Azusa at the corner of North Azusa Avenue and U.S. Route 66. The project will consist of two Class A multifamily buildings connected via a second-story footbridge, subterranean parking and ground-floor retail space. The project marks the second collaboration between Serrano Development Group and Buchanan Mortgage Holdings.

January 24, 2020

California Market Reports Retail Western Western Market Reports

Orange County’s Retail Transaction Volume, Consistency Will Continue in 2020

by Taylor Williams January 24, 2020

Retail transaction volume was strong in January as the shorter 2019 holiday season created a tight window for year-end closings, residual transactions pushed into the New Year and gave 2020 an early jump on what should be another great year. Total transactions in 2020 should continue to build from the big start. The massive transaction volume from the second half of 2019 — more specifically, a glut of fourth-quarter sellers — has produced a wave of investors needing to complete 1031 exchange purchases in the second and third quarters of 2020. By comparison, 2019 featured a slower than typical start due to a combination of elevated interest rates and residual investor hangover from the equity markets debacle of the fourth quarter of 2018. Our sense is that 2020 will benefit from enormous velocity, driven by private investor demand and seller willingness to meet market expectations in favor of quicker transactions as fears of the late cycle, election turmoil and international unrest grow. Further evidence of seller’s alignment with market expectations, trailing available data has shown the asking price to sale ratio narrowed from nearly 12 percent in first-quarter 2019 to 3 percent in fourth-quarter 2019. This brought the bid/ask more …

January 24, 2020

The-Crossing-Tahoe-Valley-South-Lake-Tahoe-CA

Acquisitions California Retail Western

Sutter Capital Sells 46,041 SF Redeveloped Lifestyle Center in South Lake Tahoe

by Amy Works January 23, 2020

SOUTH LAKE TAHOE, CALIF. — Sacramento-based Sutter Capital Group has completed the disposition of The Crossing at Tahoe Valley, a newly redeveloped shopping center in South Lake Tahoe. A private investor acquired the asset for an undisclosed price in a 1031 exchange. Originally constructed in 1973, the shopping center underwent a renovation in 2017. The new design features an institutional-quality mountain contemporary buildout. A large outdoor communal plaza offers casual seating, fire pits and an elevated stage that hosts daily live music performances. At the time of sale, the property was 87 percent leased to a mix of local restaurants, health and wellness services and boutique shops, as well as one of the top-performing Big 5 Sporting Goods stores in the retailer’s portfolio, according to Sutter. Situated on 4.9 acres at 2014-2062 Lake Tahoe Blvd., The Crossing at Tahoe Lake is less than two miles from Lake Tahoe’s southern shore. Eric Kathrein, Bryan Ley and Jake Dempsey of JLL Retail Capital Markets represented the seller in the transaction.

January 23, 2020

California Healthcare Loans Office Western

PSRS Secures $11M Loan for Medical Office Space in Chula Vista, California

by Amy Works January 23, 2020

CHULA VISTA, CALIF. — San Diego-based Pacific Southwest Realty Services (PSRS) has arranged $11 million in financing for a medical office facility located in Chula Vista. The borrower is San Ysidro Health (formerly San Ysidro Health Center). Located at 880 Third Ave., the 23,780-square-foot property was formerly a CVS/pharmacy that was converted to a modern medical office facility. San Ysidro Health is a nonprofit organization that provides healthcare services. Services at the new center will include senior services, adult and family medicine, pediatrics, women’s health and support services. Pasha Johnson of PSRS structured the loan for the borrower.

January 23, 2020

Acquisitions California Multifamily Seniors Housing Western

Blueprint Brokers $4M Sale of Skilled Nursing Facility Near Los Angeles

by Amy Works January 23, 2020

LOS ANGELES — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 50-bed skilled nursing facility in the Los Angeles metropolitan area. A private real estate investor sold the community to an investor with a large California portfolio for $4 million, or $80,000 per bed. The specific name and location of the property were not released. The seller made $1.7 million in capital improvements to the property over the last three years, including adding 27 beds. Christopher Hyldahl, Gideon Orion and Kendra Gonzalez of Blueprint handled the transaction.

January 23, 2020

Acquisitions California Net Lease Office Western

Hines, Oaktree Capital Sell PacSun-Occupied Office Building in Anaheim for $44M

by Amy Works January 22, 2020

ANAHEIM, CALIF. — Hines and funds managed by Oaktree Capital Management have completed the sale of a single-tenant office building located at 3450 E. Miraloma Ave. in Anaheim. A family trust bought the property for $44 million. Built in 2002 as a build-to-suit for Pacific Sunwear of California (PacSun), the property features 180,000 square feet of Class A office space, large floor plates, a cafeteria, outdoor sports courts and ample surface parking. PacSun occupies the property on a long-term, triple-net lease. Founded in 1980, Newport Beach, Calif.-based PacSun is a retail clothing brand rooted in the youth-oriented culture and lifestyle of California. Paul Jones, Kevin Shannon, Brandon White, Sean Fulp, Ryan Plummer, Mark Schuessler and Matt Berres of Newmark Knight Frank represented the sellers, while Michael Hartel of Colliers International represented the buyer in the deal.

January 22, 2020

Acquisitions California Multifamily Western

JV Acquires Sterling Pointe Apartment Community in Sacramento for $33M

by Amy Works January 22, 2020

SACRAMENTO — A joint venture between Ridge Capital Investors and Contrarian Capital Management has purchased Sterling Pointe, a Class B multifamily property located at 2237 and 2257 Hurley Way in the Arden-Arcade submarket of Sacramento. An undisclosed seller sold the property for $33 million. Built in 1972, Sterling Pointe features 250 apartments. The partnership plans to implement a renovation program that will include improvements to unit interiors and exteriors, as well as upgrades to property amenities, branding and signage. Upon completion, Sterling Pointe plans to compete with comparable Class B+ and A- properties. FPI Management will provide third-party management services for the property. John Shaffer, Brian Nelson and Nicole Parrish of Colliers International Sacramento represented buyers in the transaction.

January 22, 2020

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