California

AMCAL Starts Construction of 61-Unit Affordable Housing Community for Veterans in Pomona, California

by Amy Works January 10, 2020

POMONA, CALIF. — AMCAL Multi-Housing has started construction of Veterans Park Apartments, an affordable apartment community for veterans. Located at 444 W. Commercial St. in Pomona, Veterans Park Apartments will feature 61 units ranging in size from 600 square feet to 1,000 square feet. The project will offer 25 one-bedroom/one-bath apartments, 15 two-bedroom/two-bath units and 20 three-bedroom/two-bath apartments. Additionally, one apartment will be reserved as an unrestricted manager’s unit. Designed by WHA, the architectural design will draw from the surrounding mission architecture and nearby historic Pomona train depot. On-site amenities will include a 1,725-square-foot children’s center offering tutoring, mentoring, homework help, art, educational games, after-school programs and recreational activities for residents. The project will also offer on-site social services for residents, including programs on transitioning to civilian life and how to navigate the Veterans Affairs system, delivered in the community’s 1,052-square-foot Veterans Center. Rancho Cucamonga, Calif.-based Hope Through Housing Foundation will serve as the on-site coordinator. The development was awarded $1.8 million in annual federal tax credits by the California Tax Credit Allocation Committee. Rents will range from $545 a month for a one-bedroom unit to $1,519 for a three-bedroom apartment, offering affordable housing options to households earning between 30 …

January 10, 2020

Acquisitions California Retail Western

SBH Real Estate Group Acquires 5,324 SF Vacant Retail Building in Burbank, California

by Amy Works January 10, 2020

BURBANK, CALIF. — SBH Real Estate Group has purchased a single-tenant building located 1750 W. Olive Ave. in Burbank for an undisclosed price. Built in 1974, the asset features a 5,324-square-foot building situated on a 22,406-square-foot land parcel with 24 parking stalls. Formerly occupied by US Bank, the drive-thru building was delivered vacant. Lee Shapiro of Kennedy Wilson handled the transaction. The name of the seller was not released.

January 10, 2020

California Civic Development Mixed-Use Multifamily Office Restaurant Retail Western

Triad Lagoon Valley Acquires 840 Acres for Mixed-Use Development in Vacaville, California

by Amy Works January 9, 2020

VACAVILLE, CALIF. — Triad Lagoon Valley, a Washington limited liability company affiliated with Seattle-based Triad Development, has purchased 840 acres from Lennar Corp. for an undisclosed price. The buyer plans to develop Lagoon Valley, a mixed-use community on the site. Lagoon Valley is approved as a conservation community, balancing jobs and housing, with more than 80 percent of its specific plan area entitled for open space/recreational use. Site grading is slated to commence in May, with building construction scheduled to begin in early 2021. Lagoon Valley will include Class A office space, 12 residential neighborhoods and a variety of recreational components. The office portion — Ascend @ Lagoon Valley — will feature seven four-story buildings ranging in size from 700,000 square feet to potentially 1 million square feet. Additionally, Ascend will offer a 30,000-square-foot amenity building with a fitness center, food and recreation space. Outdoor amenities at the property will include an amphitheater, sports courts and field space. Lagoon Valley is also surrounded by 2,000 acres of protected open space, including a 470-acre Lagoon Valley Park, 100-acre lake, a centrally located eight-acre public park and numerous neighborhood parks. The community will also include a fire station, a 50,000-square-foot town center …

January 9, 2020

Acquisitions California Retail Western

PECO Buys 59,796 SF Del Paso Marketplace in Sacramento

by Amy Works January 9, 2020

SACRAMENTO — Phillips Edison & Co. (PECO) has purchased Del Paso Marketplace, a shopping center in Sacramento, for an undisclosed price. The name of the seller was not released. The acquisition bolsters PECO’s presence in Northern California, representing the company’s fifth metro Sacramento shopping center. Situated at the intersection of Del Paso Road and East Commerce Way, Del Paso Marketplace features 59,796 square feet of retail space. A 29,296-square-foot Sprouts Farmers Market anchors the shopping center. Additional tenants include T-Mobile, Chipotle, Club Pilates, Cookie Cutters, Ono Hawaiian BBQ, State Farm and Jersey Mike’s Subs.

January 9, 2020

Acquisitions California Retail Western

Cushman & Wakefield Arranges $15.3M Sale of Multi-Tenant Retail Building in San Diego

by Amy Works January 9, 2020

SAN DIEGO — Cushman & Wakefield has negotiated the sale of a freestanding retail building located in La Jolla Village in San Diego. Girard Avenue LP acquired the property from a private family trust for $15.3 million. Located at 1133-1147 Prospect St., the multi-tenant property features 8,116 square feet of retail space. Mike Slattery, Jason Kimmel, Tim Winslow and Kevin Nolen of Cushman & Wakefield’s San Diego office represented the seller in the deal.

January 9, 2020

Acquisitions California Industrial Top Stories Western

Molson Coors to Halt Production at Metro Los Angeles Brewery, Sell Property for $150M

by Alex Tostado January 9, 2020

IRWINDALE, CALIF. — Molson Coors Beverage Co. (NYSE: TAP; TSX: TPX) will cease production at its Irwindale brewery by September. The Denver- and Montreal-based beer company has simultaneously entered into a purchase option agreement with Pabst Brewing Co. for the 40-year-old facility. Pabst has 120 days to exercise its purchase option, according to a filing with the Securities and Exchange Commission. The sales price was undisclosed, but multiple media outlets report the property will trade for $150 million. The brewery, which features iconic beer tanks highly visible from Interstate 210, opened in 1980 and houses 470 employees. The property is located at 15801 W. First St., 23 miles east of downtown Los Angeles. Until September, products produced in Irwindale will be transitioned to other breweries, primarily in Golden, Colo.; and Fort Worth, Texas. The company did not address the status of the 470 employees who currently work at the brewery. “This move will allow us to optimize our brewery footprint while streamlining our operations for greater efficiency across the network,” says Brian Erhardt, chief integrated supply chain officer for Molson Coors. “While it was a very difficult decision, we have extra capacity in our system, and Irwindale’s production can be …

January 9, 2020

California Development Restaurant Retail Western

Unibail-Rodamco-Westfield to Redevelop 160,000 SF Former Los Angeles Sears Store into Dining, Entertainment District

by Amy Works January 8, 2020

LOS ANGELES — Unibail-Rodamco-Westfield plans to redevelop the long-vacated former Sears department store in the Canoga Park neighborhood of Los Angeles into a new dining and entertainment district. The empty store is located in the Westfield Topanga & The Village shopping center. Slated to open in late 2021, the new district will feature a chef-driven food hall, sit-down restaurants, lounges, cocktail bars, interior and exterior boutiques, and entertainment and recreational activities, as well as landscaped indoor and outdoor public spaces and plazas. The renovation will also create a grand entrance for Westfield Topanga and improved connectivity with The Village. Neiman Marcus, Nordstrom, Macy’s, Target, Tesla, Apple, Microsoft, Anthropologie, Tiffany & Co., Gucci, Salvatore Ferragamo, Louis Vuitton, Cartier, Montblanc, Rolex and Saint Laurent are current tenants at Westfield Topanga & The Village, which is located at 6600 Topanga Canyon Blvd.

January 8, 2020

Acquisitions California Multifamily Seniors Housing Western

Blueprint Arranges Sale of 185-Unit Assisted Living Community in Escondido, California

by Jeff Shaw January 8, 2020

ESCONDIDO, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Las Villas Del Norte, a 185-unit assisted living and memory care community in Escondido. A publicly traded REIT sold the property for an undisclosed price. The buyer was a locally based and privately held real estate investment firm with experience repurposing senior care properties. Constructed in 1986 with an expansion completed in 2006, Las Villas Del Norte is situated in an affluent submarket north of San Diego. The community had initially offered a wider spectrum of senior care including independent living and a dedicated wing for skilled nursing and long-term care. Following the campus addition of the independent living building, it was eventually converted to house high-acuity assisted living residents. As community management underwent several corporate-level changes, operational performance suffered, leading to the closure of the skilled nursing wing as new management focused on a lower acuity product. During the marketing process, Blueprint highlighted the value-add proposition of repurposing specific areas of the community to reset Las Villas Del Norte’s care levels to a mix of independent living, assisted living and memory care. By strategically reconverting the former high acuity assisted living building back to independent living …

January 8, 2020

California Development Loans Multifamily Student Housing Western

Shamrock Acquisitions Receives $68.8M Construction Financing for Student Housing Community in California

by Amy Works January 7, 2020

MERCED, CALIF. — Shamrock Acquisitions has received $68.8 million in construction financing for the development of Merced Station, an 885-bed student housing community located near the University of California, Merced. Scott Meredith of George Smith Partners secured the financing from an affiliate of Mosaic Real Estate Credit on behalf of the borrower. The community will offer two-, three- and four-bedroom units. Shared amenities will include retail space, a state-of-the-art clubhouse, swimming pool, spa, basketball court, fitness room and study lounge. Construction is scheduled for completion in summer 2021.

January 7, 2020

Acquisitions California Multifamily Western

Gelt Sells 232-Unit Monterra Ridge Apartments in Santa Clarita for $62.5M

by Amy Works January 6, 2020

SANTA CLARITA, CALIF. — Los Angeles-based Gelt, a real estate investment and asset management firm, has completed the disposition of Monterra Ridge Apartments, a 232-unit multifamily community located in Santa Clarita. Culver City, Calif.-based BAG Investments acquired the property for $62.5 million. Built in 1985, Monterra Ridge is located at 28085 Whites Canyon Road. The pet-friendly property features 16 buildings totaling 88 one-bedroom/one-bathroom units and 144 two-bedroom/two-bathroom units. Community amenities include covered parking, a fitness center, sand volleyball court, clubhouse with a community room, swimming pool and spa. Gelt acquired the property in June 2015 for $45.5 million and implemented a capital improvement program that included renovating approximately 65 percent of the unit interiors with new cabinetry faces and fixtures, stainless steel appliances, vinyl-plank flooring in the living room and new ceiling fans, among other upgrades. Gregory Harris, Kevin Green and Joseph Grabiec from Institutional Property Advisors, a division of Marcus & Millichap, represented both sides of the transaction.

January 6, 2020

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