California

3001-3175-Mission-Oaks-Blvd-Camarillo-CA

STAG Industrial Sells Two Industrial Buildings in Southern California for $88M

by Amy Works February 21, 2020

CAMARILLO, CALIF. — STAG Industrial has completed the disposition of two freestanding industrial buildings in Camarillo for $88 million. An undisclosed Southern California-based real estate investment and development company acquired the assets. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark Knight Frank represented the seller, while DeGrinis, DuRoss, Abraham, Kevin Shannon, Jim Linn, Bret Hardy and Andrew Briner, also of NKF, represented the buyer in the transaction. Located at 3001 Mission Oaks Blvd., the 308,780-square-foot asset features 28- to 30-foot clearances, 23 dock-high positions with the potential for 15 additional doors, a 14,540-square-foot office space, ESFR sprinklers and ample parking. The second property is a 425,039-square-foot building located at 3175 Mission Oaks Blvd. that features 30- to 35-foot clear heights, 31 dock-high loading doors, 19,680 square feet of office space, ESFR sprinklers and parking.

February 21, 2020

Acquisitions California Industrial Western

Ledra Brands Buys Industrial Building in Southern California for $16.6M

by Amy Works February 20, 2020

IRVINE, CALIF. — Ledra Brands, a local lighting manufacturer, has purchased an industrial property located at 88 Maxwell in Irvine. University Medical sold the asset for $16.6 million. Ross Fippinger and Ross Bourne of CBRE represented the buyer, while Gregg Haly and Dave Desper, also of CBRE, represented the seller in the deal. Situated on 3.7 acres within the Irvine Spectrum submarket of Orange County, Calif., the 55,285-square-foot building features 14,684 square feet of office space, four dock-high loading doors, 30-foot clear heights and 125 parking spaces.

February 20, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $12.3M Sale of Multifamily Community in Los Angeles

by Amy Works February 20, 2020

LOS ANGELES — Marcus & Millichap has arranged the sale of an apartment property located at 4325 Berryman Ave. in the Mar Vista neighborhood of Los Angeles. A member of the original builder’s family sold the asset to an undisclosed buyer for $12.3 million. Built in 1972, the community features 41 one-bedroom floor plans in a two-story building situated on 33,890 square feet of land. Paul Darrow and Kevin Green of THG Multifamily of Marcus & Millichap represented the seller in the transaction.

February 20, 2020

Acquisitions California Net Lease Office Western

Drawbridge Realty Buys 253,720 SF Bank of America Office Campus in Westlake Village, California

by Amy Works February 19, 2020

WESTLAKE VILLAGE, CALIF. — San Francisco-based Drawbridge Realty has purchased an office building situated on 19.6 acres at 31303 Agoura Road in Westlake Village. Terms of the transaction were not released. Bank of America occupies the 253,720-square-foot campus on an 11-year, triple-net lease through 2031. The bank employs approximately 1,000 employees at the property. Todd Tydlaska, Sean Sullivan, Mike Longo and Anthony DeLorenzo of CBRE’s El Segundo, Calif., office represented the undisclosed seller in the deal. Drawbridge acquired the asset using a portion of a $240 million equity commitment secured in 2019, providing Drawbridge with discretionary capital to acquire $600 million of additional properties in target markets across the United States. The new equity commitment was led by KKR, which played an important role in procuring the new capital alongside others.

February 19, 2020

California Loans Office Western

Ready Capital Closes $5.4M Refinancing for Office Asset in Tustin, California

by Amy Works February 19, 2020

TUSTIN, CALIF. — Ready Capital has closed a $5.4 million loan for the stabilization of an approximately 43,000-square-foot, Class B office property located in Tustin’s Park Center submarket. The undisclosed sponsor will use loan proceeds to retire existing debt, while continuing its leasing efforts to stabilize the property at market rents. The non-recourse, floating-rate loan features a 36-month term, flexible prepayment and a facility to provide future funding for tenant leasing costs.

February 19, 2020

California Loans Retail Western

Ready Capital Closes $4.6M in Financing for Retail Center in California’s Western San Fernando Valley

by Amy Works February 18, 2020

NORTHRIDGE, CALIF. — Ready Capital has closed a $4.6 million loan for the acquisition, renovation and lease-up of an approximately 12,000-square-foot Class B retail strip center in Northridge in the Western San Fernando Valley submarket. Upon acquisition, the undisclosed sponsor will implement capital expenditures to improve the façade and interiors, while converting a portion of the space into a modern food hall. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. The loan is also inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs and interest shortfalls.

February 18, 2020

Santa-Fe-Springs-Promenade-Santa-Fe-Springs-CA

Acquisitions California Retail Western

SRS Real Estate Partners Negotiates $32M Sale of Santa Fe Springs Promenade in California

by Amy Works February 17, 2020

SANTA FE SPRINGS, CALIF. — SRS Real Estate Partners has arranged the sale of Santa Fe Springs Promenade, a shopping center in Santa Fe Springs. An Orange County, Calif.-based private partnership sold the property to a Los Angeles-based private investor for $32 million. Situated on 8.2 acres at 11452-11568 Telegraph Road, the 111,925-square-foot shopping center was built in phases from 1953 to 1986. At the time of sale, Santa Fe Springs Promenade was 80 percent occupied by a variety of tenants, including 99 Cents Only, AutoZone, Bank of America, Starbucks Coffee and Jersey Mike’s Subs. Chris Tramontano and John Redfield of SRS’ Investment Properties Group, along with WindWater Real Estate, represented the seller. Tanel Harunzade of Kidder Mathews represented the 1031 exchange buyer.

February 17, 2020

Acquisitions California Multifamily Nevada Seniors Housing Washington Western

Welltower Agrees to Sell Western Seniors Housing Portfolio for $740M

by Amy Works February 17, 2020

TOLEDO, OHIO — Welltower (NYSE: WELL) has agreed to sell a portfolio of seniors housing properties in California, Nevada and Washington for more than $740 million. The announcement was made on the company’s fourth-quarter earnings call on Wednesday, Feb. 12. Very few details have been released, however, with Welltower not disclosing the names, locations, buyers or number of properties. The portfolio was 97 percent occupied with a net operating income of $36.7 million in 2019.

February 17, 2020

Acquisitions California Industrial Western

Chavez & Associates Brokers $4.7M Sale of Flex Building in Rancho Cucamonga, California

by Amy Works February 17, 2020

RANCHO CUCAMONGA, CALIF. — Chavez & Associates has arranged the sale of Cartilla Avenue, an industrial/flex building located at 7945 Cartilla Ave. in Rancho Cucamonga. Amir Jacoby acquired the property from West Covina, Calif.-based TDS Kids for a total consideration of $4.7 million, or $197.92 per square foot. Built in 1973 and upgraded in 2016, the property features 24,000 square feet of medical, retail, service, office and R&D space. Zoned industrial park, the building is designed to allow for single or multi-tenant use. The property features 18-foot ceilings, four drive-in doors and abundant parking. At the time of sale, two tenants fully occupied the property. Jumping Jacks occupies 20,000 square feet, and Lexxiom Inc. occupies 4,000 square feet. Eric Chavez of Chavez & Associates REBF represented the seller, while Spectrum Commercial Real Estate represented the buyer in the deal.

February 17, 2020

Acquisitions California Office Top Stories Western

Shorenstein Properties Sells Santa Clara Towers Office Complex in Bay Area for $195M

by Taylor Williams February 17, 2020

SANTA CLARA, CALIF. — Shorenstein Properties LLC, an investment firm with offices in New York and San Francisco, has sold Santa Clara Towers, a 445,000-square-foot office complex. An affiliate of Hines purchased the property for approximately $195 million, according to The Mercury News, which covers the Bay Area. Santa Clara Towers comprises two 11-story buildings that are situated along U.S. Highway 101 in the Golden Triangle submarket of Santa Clara. The properties were built in 1986 and 1998. Shorenstein acquired the assets through a deed in lieu of a foreclosure transaction in 2010. Following the acquisition, Shorenstein introduced a number of capital improvements, including a full lobby renovation in Tower II. Amenities at Santa Clara Towers now include a fitness center, indoor pool and onsite restaurant. The property also offers proximity to a number of hotels, universities and the San Jose International Airport. Both buildings are LEED Gold certified. “I am confident that under new ownership, Santa Clara Towers will continue to attract a diverse mix of tenants who seek a Class A office experience in the heart of Silicon Valley,” said Jed Brush, senior vice president at Shorenstein. Russell Ingrum, Joe Moriarty, Scott Prosser and Jack DePuy of CBRE brokered the sale on behalf …

February 17, 2020

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