California

Brookwood Financial Acquires Four Points Business Park in San Diego for $28.2M

by Amy Works April 4, 2019

SAN DIEGO — Brookwood Financial Partners has purchased Four Points Business Park in San Diego’s Kearny Mesa district. San Diego-based Fenway Capital Advisors and Water Asset Management sold the property for $28.2 million. Louay Alsadek and Hunter Rowe of CBRE represented the seller, while Fenway Capital Advisors and Waterfall Asset Management were self-represented. Located at 5575, 5625 and 5675 Ruffin Road, the 124,463-square-foot office campus was 92 percent leased at the time of sale. The asset consists of three freestanding buildings and 590 on-site parking spaces. The sellers acquired the property in 2013.

April 4, 2019

California Loans Multifamily Seniors Housing Western

Cushman & Wakefield Arranges $26.4M Refinancing for Assisted Living Community in California

by Amy Works April 4, 2019

FAIRFIELD, CALIF. — Cushman & Wakefield Senior Housing Capital Markets has arranged a $26.4 million first mortgage loan to refinance Rockville Terrace, an assisted living community in the Bay Area city of Fairfield. The borrower was a joint venture between Blue Mountain Enterprises Inc. and Calson Management. PNC is the lender. The two-story Rockville Terrace offers 112 units of assisted living and 36 units of memory care. Blue Mountain, a local developer, and Calson, a regional operator, built the community as the second ground-up development for the partnership. The Cushman & Wakefield team involved in the transaction included Aaron Rosenzweig, Jay Wagner and Sam Dylag.

April 4, 2019

California Leasing Activity Office Top Stories Western

Culver City to Become New Home for HBO’s West Coast Headquarters

by Alex Tostado April 4, 2019

CULVER CITY, CALIF. — HBO has signed a long-term lease to move its West Coast corporate headquarters from Santa Monica, Calif. to Ivy Station in Culver City in 2021. HBO will fully occupy the five-story, 240,000-square-foot office building at Ivy Station. HBO’s current lease at Colorado Center in Santa Monica, where it has been based since 2004, expires at the end of this year. The Los Angeles Times reports that the new lease is for 15 years. A joint venture between Lowe, AECOM-Canyon Partners and Rockwood Capital broke ground on the $350 million, 5.2-acre mixed-use project in September 2017. Completion is scheduled for mid-2020. Ivy Station is situated adjacent to the Culver City station stop along the Los Angeles Metro Expo Line. The transit-oriented development will include 200 apartment units, a 148-room hotel, 50,000 square feet of retail and restaurant space, two acres of outdoor space and 1,500 parking spaces, 300 of which will be designated for metro transit riders. “HBO is an ideal business anchor for Ivy Station, bringing to the property creative professionals that will enjoy access to public transit, host out of town guests at the hotel, and frequent the shops and restaurants that will populate the …

April 4, 2019

Acquisitions California Multifamily Student Housing Western

FourPoint Investment Arranges Sale of 60-Bed Student Housing Portfolio Near USC

by Amy Works April 3, 2019

LOS ANGELES — FourPoint Investment Sales Partners has arranged the sale of Chateau Sera and Tropicana, two student housing communities totaling 60 beds near the University of Southern California in Los Angeles. Both buildings were recently renovated and feature exterior and interior upgrades throughout. Chris Epp, Chris Bancroft, Craig Miller and Meredith Wolff of FourPoint arranged the transaction on behalf of the seller, NB Private Capital. A California-based regional operator acquired the portfolio. Terms of the sale were undisclosed.

April 3, 2019

Acquisitions California Retail Western

Hanley Investment Group Arranges $5.6M Sale of Two Retail Pads in Ontario, California

by Amy Works April 2, 2019

ONTARIO, CALIF. — Hanley Investment Group Real Estate has brokered the sale of two retail pad buildings, totaling 21,591 square feet in Ontario, in two separate transactions totaling $5.6 million. The properties are part of a Walgreens-anchored neighborhood center, which was built in 2007. Kevin Fryman of Hanley Investment Group represented the seller, an Ontario, Calif.-based private developer, in both transactions. In the first deal, a Southern California-based private investor acquired a two-tenant, 13,381-square-foot building, situated on 1.3 acres at 2645 E. Riverside Drive, for $3.2 million. A 7,200-square-foot O’Reilly Auto Parts and a corporate office fully occupy the property. Jeff Lin of Marcus & Millichap’s Ontario, Calif., office represented the buyer. In the second transaction, a Temple City, Calif.-based private investor purchased an 8,210-square-foot retail pad, located on 1.1 acres at 2665 E. Riverside Drive in Ontario, for $2.4 million. The property is fully occupied by seven tenants, including Subway, Wonderful Massage, Empire Barbers, IE Vapes, First Rate Staffing, Les Tax and a management company. Watson Yeh of Temple City-based EZ Max Realty represented the buyer in the deal.

April 2, 2019

California Healthcare Leasing Activity Western

Voit Real Estate Arranges $148M Lease to Bring VA Outpatient Clinic to San Diego

by Amy Works April 1, 2019

SAN DIEGO — Voit Real Estate Services has arranged a 20-year, $148 million lease of an existing, 100,000-square-foot facility located at 8875 Aero Drive in San Diego. The United States Department of Veterans Affairs (VA) leased the property from Protea Properties, which acquired the asset in August 2017. Brandon Keith and Kipp Gstettenbauer of Voit’s San Diego office, along with Voit’s Private Client Group, directed the lease. The facility, which is situated on 7.7 acres, will be transformed into a state-of-the-art VA outpatient clinic — the only one of its kind in Southern California. Once completed, the new clinic will total 140,000 square feet and feature significant interior and exterior upgrades, as well as a new multi-level parking structure.

April 1, 2019

California Development Multifamily Western

Holland Partner Group, MVE+Partners Complete Two Residential Towers in Downtown Los Angeles

by Amy Works April 1, 2019

LOS ANGELES — Holland Partner Group, as developer, and MVE+Partners, as architect, designer and planner, have completed the development of The Griffin and The Grace on Spring. The two 24-story residential towers are located at the intersection of Eight and Spring streets in downtown Los Angeles. The Griffin on Spring features 275 apartments above 9,000 square feet of ground-floor retail space, while The Grace on Spring consists of 300 units above 7,500 square feet of ground-floor retail space. Both towers include a mix of studio, one-, two- and three-bedroom apartments, as well as observatory rooftop lounges, a fitness center with separate yoga studio, business center, conference rooms, swimming pool, and entertainment lounge with kitchen, bar, media and billiards.

April 1, 2019

Acquisitions California Office Western

Colliers Brokers $4.8M Sale of Office Building in San Diego’s Hillcrest Neighborhood

by Amy Works April 1, 2019

SAN DIEGO — Colliers International has arranged the sale of a freestanding office building, located at 3850 Fifth Ave. in San Diego’s Hillcrest neighborhood. LuxView Properties sold the asset to the AIDS Healthcare Foundation for $4.8 million. The buyer plans to transform the two-story, 13,253-square-foot building into a mixed-use property with a retail thrift store on the ground floor and medical clinic space above. Marc Posthumus of Colliers represented the seller in the deal.

April 1, 2019

California Hospitality Loans Western

Berkadia Closes $170M in Financing for Great Wolf Lodge in Garden Grove, California

by Amy Works March 29, 2019

GARDEN GROVE, CALIF. — Berkadia has closed $170 million in financing for the Great Wolf Lodge in Garden Grove. Andrew Coleman and Mauricio Rodriguez of Berkadia’s Hotels & Hospitality Group facilitated the deal on behalf of Colorado-based McWhinney. Provided by Wells Fargo, the 10-year, fixed-rate, full-term loan features interest-only payments. The use of the funds was not disclosed. Situated on 12 acres, the nine-story, 105,000-square-foot water park resort features 603 rooms, a 30,000-square-foot conference venue and 18,000 square feet of retail and dining, including seven restaurants, a bowling alley, miniature golf course, kid’s spa and arcade

March 29, 2019

Acquisitions California Office Western

Cushman & Wakefield, SD Realty Partners Broker $17.6M Sale of Office Building in Carlsbad, California

by Amy Works March 29, 2019

CARLSBAD, CALIF. — Cushman & Wakefield has arranged the sale of an office building, located at 2888 Loker Ave. East in Carlsbad. Zoe Office Center LLC acquired the property from Global Carlsbad I LLC for $17.6 million. Aric Starck of Cushman & Wakefield, along with Ron Jacobson of SD Realty Partners, represented the seller in the transaction. The 80,659-square-foot asset consists of more than 70 professional office suites surrounding an outdoor atrium, as well as a two-story parking structure on site. At the time of sale, the property was 99 percent leased.

March 29, 2019

Newer Posts

Older Posts