California

Acacia Capital Buys Park Hacienda Apartment Community in Bay Area for $248M

by Kristin Harlow March 11, 2020

PLEASANTON, CALIF. — JLL Capital Markets has arranged the $248 million sale of Park Hacienda, a 540-unit apartment community within the Hacienda Business Park in Pleasanton, about 30 miles north of San Jose. Equity Residential (NYSE: EQR) sold the property to Acacia Capital Corp. The garden-style community is situated on 24 acres at 5650 Owens Drive. Originally completed in 2000, the property has been partially renovated and features one-, two- and three-bedroom floor plans averaging 998 square feet. Renovated units feature stainless-steel appliances, full-size washers and dryers, and personal patios with storage. Community amenities include two swimming pools, a fitness center, covered parking and direct public park access. Scott Bales, Peter Yorck, Nolan Moore and Max Machiorlette of JLL represented the seller. The sales price of $459,000 per unit makes it one of the largest single-asset, value-add, multifamily sales in Bay Area history, according to JLL. Chicago-based Equity Residential is a publicly traded real estate investment trust focused on the acquisition, development and management of rental apartment properties. The company owns or has investments in 309 properties consisting of 79,962 units, primarily located in Boston, New York, Washington D.C., Seattle, San Francisco, Southern California and Denver. Equity’s stock price closed …

March 11, 2020

California Development Loans Mixed-Use Office Restaurant Retail Western

Stockdale Capital Partners Secures $330M Construction Loan for The Campus at Horton in San Diego

by Amy Works March 10, 2020

SAN DIEGO — Stockdale Capital Partners has closed on a $330 million loan with a group of funds managed by Alliance Bernstein to continue the redevelopment efforts at Horton Plaza in San Diego. Exterior construction is scheduled to begin soon with 600 to 800 construction workers expected on-site to build the mixed-use creative office and retail redevelopment. Stockdale Capital originally announced its redevelopment plans for Horton Plaza Mall in January. The Campus at Horton will include 700,000 square feet of creative office space and 300,000 square feet of retail space. The development is targeting LEED Platinum, WELL Platinum and WiredSource certifications, with sustainability efforts at the forefront of design and construction. Completion is slated for the end of 2021. Developers estimate the project will bring 3,000 to 4,000 jobs to the community.

March 10, 2020

Cornerstone-Corporate-Center-Carlsbad-CA

Acquisitions California Office Western

Cushman & Wakefield Brokers $34.2M Sale of Cornerstone Corporate Center in Carlsbad

by Amy Works March 10, 2020

CARLSBAD, CALIF. — Cushman & Wakefield has arranged the sale of Cornerstone Corporate Center, a Class A office park in Carlsbad. Long Beach-based Harbor Associates acquired the property from Salt Lake City-based Wasatch Group for $34.2 million. Totaling 177,917 square feet, the four-building asset is located at 1900, 1902 and 1903 Wright Place and 1917 Palomar Oaks Way. Situated on 14 acres and developed between 1998 and 2001, the campus comprises a two-story building and three three-story buildings. The property also features landscaping and ample parking. Rick Reeder and Brad Tecca of Cushman & Wakefield’s San Diego Capital Markets team represented the seller. Matty Sundberg and Justin Halenza, also of Cushman & Wakefield, provided leasing advisory services for the property.

March 10, 2020

Acquisitions California Multifamily Seniors Housing Western

Bridge Housing Buys 130-Unit Affordable Seniors Housing Community in California

by Amy Works March 10, 2020

WATSONVILLE, CALIF. — Bridge Housing has purchased Paloma Del Mar Apartments located in Freedom, a community that is partially within the incorporated city of Watsonville. Terms of the transaction, including acquisition price and the name of the seller, were not released. Originally built in 1993, Paloma Del Mar features 104 one-bedroom units and 26 two-bedroom apartments for seniors, as well as a property management office, community office, laundry rooms and landscaped outdoors spaces. Rents at the property are affordable to seniors whose income is below 60 percent of area median income. The original income restrictions were slated to expire in 2024, at which point the property could have been converted to market-rate housing. Through this acquisition, Bridge is preserving the affordable rents, and all current residents have been able to keep their homes.

March 10, 2020

Acquisitions California Multifamily Western

MG Properties Acquires 270-Unit Landing at College Square Multifamily Property in Sacramento

by Amy Works March 10, 2020

SACRAMENTO — San Diego-based MG Properties Group has purchased Landing at College Square, an apartment community in Sacramento. The acquisition price was not released. Built in 2016, Landing at College Square features 270 apartments. Marc Ross of CBRE represented the undisclosed seller in the deal. MG Properties Group assumed the existing Freddie Mac loan, which Brian Eisendrath and Cameron Chalfant of CBRE coordinated.

March 10, 2020

Acquisitions California Office Western

Harbor Group Acquires Office Asset in Metro Sacramento for $39.4M

by Amy Works March 9, 2020

ROSEVILLE, CALIF. — Harbor Group International (HGI) and its affiliates have purchased 630 Roseville Parkway, a single-tenant office building in Roseville, a suburb of Sacramento. An undisclosed seller sold the property for $39.4 million. Penumbra, a global healthcare company, fully occupies the 157,518-square-foot facility. The office property also includes a campus-like outdoor recreation space with an amphitheater, barbecue area and bocce ball courts. This acquisition is HGI’s fourth office investment in the California market as the firm continues to expand its footprint on the West Coast.

March 9, 2020

Acquisitions California Retail Western

Avison Young Negotiates $20M Sale of The Village at Moorpark Shopping Center in California

by Amy Works March 9, 2020

MOORPARK, CALIF. — Avison Young has arranged the sale of The Village at Moorpark, a community shopping center located at 706 W. Los Angeles Ave. in Moorpark. London Reo Retail-CA, a Delaware limited liability company, sold the asset to California-based Chesser Group for $20 million. Built in 2007 on 11.5 acres, the 129,374-square-foot property was 76.3 percent occupied at the time of sale. Current tenants include Petco, Dick’s Sporting Goods, Verizon, Bank of America and Leslie’s Pool Supply. Chris Maling and David Maling of Avison Young represented the seller and buyer in the deal.

March 9, 2020

Acquisitions California Multifamily Seniors Housing Western

JCH Arranges $8.3M Sale of Two Seniors Housing Communities in California

by Jeff Shaw March 9, 2020

CALIFORNIA — JCH Senior Housing Investment Brokerage has arranged the sale of two assisted living communities in California. The first community totals 49 beds in Riverside County. A local owner seeking to grow its portfolio paid $5 million for the property. The second property was a 15-unit boutique community in Orange County. A local buyer interested in entering the seniors housing market paid $3.3 million for the asset. Both sellers were family owner-operators looking to retire. Jim Hazzard, and Cindy Hazzard handled the transaction process in both sales. The specific names and locations of the communities were not disclosed.

March 9, 2020

California Development Retail Top Stories Western

URW Opens Expansion of $1.1B Silicon Valley Retail Destination

by Alex Patton March 6, 2020

SAN JOSE, CALIF. — Unibail-Rodamco-Westfield (URW) has opened a 500,000-square-foot expansion of Westfield Valley Fair, the French developer’s $1.1 billion retail destination in San Jose. The retail center is part of a redevelopment project that replaced two 1950s-era shopping centers. The project now encompasses 2.2 million square feet in total, with more restaurant and store openings planned for 2021. A three-level flagship Bloomingdale’s luxury apparel department store anchors the new expansion, alongside other apparel retailers including Anthropologie, Club Monaco, Fabletics, Indochino, Jimmy Choo, John Varvatos, Longchamp, Rodd and Gunn, Urban Outfitters, UNTUCKit and Zadig & Voltaire. “We envisioned Westfield Valley Fair as a place where prestigious luxury brands, digitally native start-up retailers, and best-in-class dining and entertainment all come together to create a true lifestyle destination and the perfect place to shop, dine and play,” says Larry Green, executive vice president of development at URW. The developer recently partnered with the San José Museum of Art to curate and commission artwork for the property, starting with an outdoor sculpture at the new grand entrance on Stevens Creek Boulevard, which will be unveiled this fall. Entertainment offerings include the recently opened ShowPlace ICON Theatre and the soon-to-open PLAYlive Nation social gaming lounge. Future additions to the retail center this year and into …

March 6, 2020

Acquisitions California Multifamily Western

Universe Holdings Acquires Serena Vista Multifamily Asset in Metro San Diego

by Amy Works March 6, 2020

LA MESA, CALIF. — Universe Holdings has purchased Serena Vista, an apartment property located in La Mesa, a city nine miles east of downtown San Diego. 5810 Amaya LLC, an affiliate of Cirrus Asset Management, sold the community for $34.4 million, or $313,181 per unit. Built in 1971 on 5.1 acres, Serena Vista features 110 apartments in a mix of three floor plans, a pool and sundeck, two laundry facilities and private fenced backyards. Christopher Zorbas and Alexander Garcia Jr. of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

March 6, 2020

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