California

Artis Buys 176,269 SF Development Site within California Mixed-Use Project

by Amy Works March 6, 2020

MORGAN HILL, CALIF. — Artis Senior Living has acquired 176,269 square feet within the Evergreen Village mixed-use development in Morgan Hill, a city at the southern tip of Silicon Valley. Artis plans to build a memory care community on the four-acre site, though details and a timeline have not yet been released. Frans Construction Inc. is the general contractor on the site and MH Engineering Co. is the civil engineer. Evergreen Devco Inc., a retail and multifamily development company in the West, is building Evergreen Village on 20.4 acres. The project will include a hotel, restaurant, the memory care development, and a public art component. Site improvements for the development are scheduled for completion in April 2020. “Having Artis Senior Living pick up the four-acre housing parcel so quickly, it’s incredibly encouraging and affirms that Evergreen Village is well underway with the site improvement work,” says Rogg Collins, principal of Evergreen Devco. Gary Hansen of Cushman & Wakefield represented Evergreen in the site sale, and Robert Clifford of Lee & Associates represented Artis. McLean, Va.-based Artis’ nationwide portfolio includes 25 assisted living communities in operation or under construction, and more than 20 communities in various stages of planning and development.

March 6, 2020

French-Valley-Marketplace-French-Valley-CA

California Development Lee & Associates Retail Western

United Development Starts Construction of French Valley Marketplace in California

by Amy Works March 5, 2020

FRENCH VALLEY, CALIF. — Southlake, Texas-based United Development Co., in partnership with Pasadena, Calif.-based Halferty Development Co., has started construction of French Valley Marketplace, a shopping center in French Valley, approximately seven miles northeast of Temecula. Situated on 22 acres, French Valley Marketplace will offer 132,500 square feet of leaseable space in 16 buildings, with 44,300 square feet of retail space still available, four drive-thru pads for ground lease or build-to-suit and 5,000 square feet of grocery store and planned pharmacy space. Pre-leased tenants include Grocery Outlet, LA Fitness, McDonald’s, 7-Eleven and AutoZone, all of which are slated to open later this year. Romspen provided the construction financing, which Dallas-based Metropolitan Capital Advisors sourced. Nick Wirick and Miranda Fifield of Lee & Associates are handling leasing for the property.

March 5, 2020

Acquisitions California Retail Western

Faris Lee Arranges $9.2M Sale of Two Freestanding Outparcel Assets in Fontana, California

by Amy Works March 5, 2020

FONTANA, CALIF. — Faris Lee Investments has arranged the $9.1 million sale of two freestanding outparcel properties located at 17151-17171 W. Foothill Blvd. in Fontana. Shaun Riley and Nick Miller of Faris Lee represented the undisclosed seller and procured the Los Angeles-based buyer. Totaling 34,377 square feet, the properties are situated within a Walmart-anchored shopping center.

March 5, 2020

Acquisitions California Mixed-Use Multifamily Office Retail Western

Optimus Properties Sells Two-Property Mixed-Use Portfolio in California for $11M

by Amy Works March 4, 2020

CARMEL, CALIF. — Optimus Properties has completed the disposition of a two-property portfolio in downtown Carmel. Wheat LLC acquired the mixed-use portfolio for $11 million. The sale consists of the 4,345-square-foot Block 71: Lot 5 building, with ground-floor retail and office space and second-floor residential space, and Block 76: Lot 11, a 2,763-square-foot retail property. Michael Schoeder of Cushman & Wakefield’s Central Coast Operations, in collaboration with Dan Wald and Don LeBuhn of the firm’s Retail Investment Advisors Group in San Francisco, represented the seller in the deal.

March 4, 2020

Acquisitions California Industrial Office Western

Avison Young Negotiates $10.9M Sale of Temecula Corporate Park in California

by Amy Works March 4, 2020

TEMECULA, CALIF. — Avison Young has arranged the sale of Temecula Corporate Park, an office and industrial campus in Temecula. A Los Angeles-based private investor acquired the asset from an Orange County, Calif.-based private investor for $10.9 million, or $125.46 per square foot. Built in 2002 on 6.1 acres, the 86,882-square-foot Temecula Corporate Park consists of a two-story office building and three single-story industrial buildings. The 97 percent-occupied asset is located at 43379, 43385, 43391 and 43397 Business Park Drive. Alan Pekarcik and Chris Smith of Avison Young represented the seller and buyer in the deal.

March 4, 2020

California Civic Development Western

McCarthy Tops Out 161,200 SF Academic Building at San Jose State University

by Amy Works March 3, 2020

SAN JOSE, CALIF. — McCarthy Building Cos., in collaboration with FLAD Architects, has topped out the Interdisciplinary Science Building (ISB) at San Jose State University in San Jose. The project is the first new academic building to be built on campus in more than 30 years and the first new science facility in almost 50 years. The eight-story building will serve the 3,000 undergraduate and graduate students within the College of Science and STEM and is the first phase of the San Jose State University’s new Science Park, a science and innovation center. In addition to research and teaching labs, the 161,200-square-foot facility will feature specified rooms provided for student research teams to gather and work away from chemicals and instrument setups to discuss the results of projects. Each floor of the ISB will also include collaborative hubs for students and faculty to work together. Targeting LEED Gold certification, ISB will feature modern, state-of-the-art science laboratories and research capabilities in order to meet the needs of students within the disciplines of biology, chemistry, biochemistry, biotechnology and high-performance computing.

March 3, 2020

California Loans Office Western

Ready Capital Closes $18.5M Acquisition Loan for Office Property in Santa Monica, California

by Amy Works March 3, 2020

SANTA MONICA, CALIF. — Ready Capital has closed an $18.5 million loan for the acquisition, renovation and stabilization of an approximately 20,000-square-foot, Class C office building in Santa Monica’s Westside submarket. Upon acquisition, the undisclosed sponsor will convert the traditional office building into a Class B, mixed-use property with second-floor office space and ground-floor retail space, and once complete, lease-up the space. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible pre-payment. The financing includes a facility to provide future funding for the capital expenditures, tenant leasing costs and interest and operating shortfalls.

March 3, 2020

Acquisitions California Industrial Western

Stos Partners, Long Wharf Capital Acquire 55,000 SF Industrial Asset in San Diego

by Amy Works March 2, 2020

SAN DIEGO — Stos Partners, in a joint venture with Boston-based Long Wharf Capital, has purchased an industrial property located in San Diego’s Miramar submarket. A private seller sold the asset for $11 million. Located at 9431 Dowdy Drive, the property features 55,000 square feet of industrial space. The property was 100 occupied the time of sale. Current tenants include a print and sign company and Maketory, a manufacturing co-working facility that offers membership-based, multi-discipline manufacturing workspace. Marc Lipschitz of Compass represented Stos Partners in the deal.

March 2, 2020

California Development Hospitality Mixed-Use Multifamily Restaurant Retail Western

R.D. Olson Construction Breaks Ground on Bolsa Row Mixed-Use Project in Westminster, California

by Amy Works February 28, 2020

WESTMINSTER, CALIF. — R.D. Olson Construction has broken ground for the ground-up construction of Bolsa Row, a mixed-use development in Westminster’s Little Saigon District. Situated on a six-acre lot, Bolsa Row will include a 225,000-square-foot apartment complex, retail space, a five-story full-service hotel and a variety of community spaces to create a social hub and cultural landmark. Located at the intersection of Bolsa Avenue and Brookhurst Street, Bolsa Row will serve as the gateway to Little Saigon District — the Vietnamese heart of Orange County — and home to the nation’s largest Vietnamese-American population. The property will feature a 1940s renaissance and French colonial architectural theme, with a replica of the Bến Thành Market clock tower, an iconic landmark of old Vietnam. Bolsa Row will feature a 148-room Wyndham Hotels & Resorts property with 48,000 square feet of banquet space and a 700-stall subterranean parking structure. The five-story multifamily property will comprise 200 units in a mix of studio, one- and two-bedroom layouts and a variety of community amenities, including a courtyard, pool, spa, fitness studio, recreation space, clubhouse and 37,500 square feet of attached retail space. Development partners include the Pham family, IP Westminster LLC, KTGY Architecture + Planning, …

February 28, 2020

California Loans Multifamily Western

Ready Capital Closes $8.9M Loan for Multifamily Property in Los Angeles

by Amy Works February 28, 2020

LOS ANGELES — Ready Capital has closed a $8.9 million loan for the renovation and lease-up of a 10-unit multifamily property in the Westwood submarket of Los Angeles. The undisclosed sponsor will implement capital expenditures to convert the traditional multifamily units into 34 co-living suites and lease up the property. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Additionally, the financing includes a facility to provide future funding for capital expenditures and interest and operating shortfalls.

February 28, 2020

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