California

SRS Arranges $12.9M Sale of Avery Center Shops in Mission Viejo, California

by Amy Works June 6, 2019

MISSION VIEJO, CALIF. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of the retail component with Avery Center in Mission Viejo. Orange County-based Pacific Castle sold the property to an Orange County-based family for $12.9 million. The 16,568-square-foot retail portion includes two fully occupied retail buildings located at 28601-28621 Marguerite Parkway. Built in 1977 and renovated in 2016, the asset’s triple-net leased tenants include Jimmy John’s Gourmet Sandwiches, Epic Wings, Broken Yolk Café and Big Grill Mongolian BBQ, as well as four local retailers. Patrick Luther and Matthew Mousavi of SRS’ Investment Properties Group represented the seller in the deal. Terrison Quinn, also of SRS, advised the seller on repositioning the renovated center and leasing activities for the property.

June 6, 2019

Acquisitions California Retail Western

Capstone Advisors Buys 28,037 SF El Camino Square in Encinitas for $12.2M

by Amy Works June 6, 2019

ENCINITAS, CALIF. — Capstone Advisors has acquired El Camino Square, a retail property located in Encinitas. US Financial LP sold the asset for $12.2 million. Located at 191 N. El Camino Road, the two-level property features 28,037 square feet of retail space. Current tenants include T-Mobile, Salon Bella Bella, Golden State Bagels and Chiltonic. Vic Gausepohl and Kirk Allison of Colliers International San Diego Region represented the buyer, while the seller was self-represented in the deal. Gausepohl and Allison have also been retained to handle leasing for the property.

June 6, 2019

Acquisitions California Multifamily Western

Raintree Partners Buys Seven-Asset Multifamily Portfolio in California for $79M

by Amy Works June 5, 2019

GLENDALE, CALIF. — Orange County, Calif.-based Raintree Partners has purchased a seven-property multifamily portfolio in Glendale for $79 million. Totaling 231 units, the portfolio includes: Stanley Oaks Apartments, an 80-unit community located at 1435 Stanley Ave. Everett Apartments, an eight-unit community at 138 N. Everett St. Wilson Apartments, a 14-unit property located at 1458-1462 E. Wilson Ave. Justin Oaks Apartments, a 54-unit asset located at 1133 Justin Ave. Chestnut Apartments, a 33-unit property located at 120 W. Chestnut St. Galleria Pointe Apartments, a 22-unit community located at 1140 N. Columbus Ave. Burchett Apartments, a 20-unit asset at 314-320 W. Burchett St. Raintree Partners plans to implement a value-add renovation plan across the portfolio. The improvements will include addressing deferred maintenance; upgrading exteriors, amenity areas and unit interiors; and installing new washers and dryers in select properties. Additionally, the Raintree Partners will rebrand and operate the seven properties as The Indie Collection. Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller in the deal. Wells Fargo provided acquisition financing.

June 5, 2019

Siempre-Viva-Business-Park-Building-18-San-Diego-CA

Acquisitions California Industrial Western

Murphy Development Co. Sells 201,020 SF Industrial Portfolio in San Diego

by Amy Works June 4, 2019

SAN DIEGO — Murphy Development Co. has completed the sale of a two-building industrial portfolio located at 8500 Kerns and 2600 Melksee streets in San Diego’s Otay Mesa submarket. LaSalle Investment Management acquired the property for an undisclosed price. Situated on 14.6 acres within the 2 million-square-foot Siempre Viva Business Park, the 201,020-square-foot portfolio features 28- to 32-foot clear heights, wide truck courts, loading via 50 dock-high and eight grade-level doors, and a low office build-out space. The two buildings were constructed in 2016 and 2019. Nick Psyllos and Kara Mathis of HFF represented the seller in the deal.

June 4, 2019

Acquisitions California Industrial Western

CenterPoint Acquires 75,208 SF Last-Mile Industrial Facility Near Port of Oakland

by Amy Works June 4, 2019

OAKLAND, CALIF. — CenterPoint Properties has purchased an industrial property, located at 4601 Malat St. in Oakland, for an undisclosed price. Situated on 3.9 acres, two tenants currently lease the 75,208-square-foot, cross-dock property. The building features secured excess loading with an ability to pave the northern yard, creating drive-around access and cross-dock activation. Mark Maguire and Justin Smutko of Colliers International represented CenterPoint in the transaction. The name of the seller was not released.

June 4, 2019

California Development Multifamily Seniors Housing Western

Cadence Living Starts Construction of 97-Unit Seniors Housing Community Near Los Angeles

by Amy Works June 4, 2019

RANCHO CUCAMONGA, CALIF. — Cadence Living has broken ground on Cadence at Rancho Cucamonga, a seniors housing community in the Town Center neighborhood of Rancho Cucamonga, approximately 40 miles east of Los Angeles. Cadence is developing the property in partnership with Coyne Development. When complete, the community will offer 97 units of independent living, assisted living and memory care. The community is scheduled to open in the fall of 2020.

June 4, 2019

California Loans Multifamily Western

George Smith Partners Closes $128.1M Loan for 566-Unit Multifamily Property in Los Angeles

by Amy Works June 3, 2019

LOS ANGELES — George Smith Partners has secured $128.1 million in financing for Orsini II, an institutional-quality multifamily property in downtown Los Angeles. Gary Tenzer of George Smith Partners arranged the funding for the undisclosed borrower. The non-recourse, 10-year, fixed-rate, interest-only loan features a 4.24 percent interest rate and a 55 percent loan-to-value ratio. The new loan replaces a $115.2 million floating-rate loan that George Smith Partners secured for the property in 2016. The original loan had a remaining term of more than eight years and pre-payment penalties in place. Located at 550 N. Figueroa St. in downtown Los Angeles, Orsini II features a five-story residential portion offering a total of 566 units above a three-level parking garage.

June 3, 2019

Affordable Housing California Loans Multifamily Western

Greystone Provides $2.4M Refinancing for Affordable Housing Project in Southern California

by Amy Works June 3, 2019

VICTORVILLE, CALIF. — Greystone has funded a $2.4 million Fannie Mae loan for the refinancing of Hillcrest Court Apartments, an affordable housing property in Victorville. Cody Field of Greystone’s San Francisco office, in coordination with the Housing Authority of the County of San Bernardino, originated the transaction. The $2.4 million Fannie Mae loan carries a 30-year term at a fixed rate and is self-amortizing. The undisclosed borrower plans to use proceeds of the loan to recapitalize acquisition financing in conjunction with city financing sources.

June 3, 2019

California Loans Office Western

HFF Arranges $93M in Acquisition Financing for 253,393 SF Office Building in Oakland

by Amy Works May 31, 2019

OAKLAND, CALIF. — HFF has secured $93 million in acquisition financing for 1333 Broadway, a Class A office building in Oakland. Jordan Angel and Mark Root of HFF arranged the floating-rate acquisition loan through an affiliate of Brookfield Asset Management for the borrower, Swift Real Estate Partners. At the time of sale, the 253,393-square-foot office building was 95 percent leased. Major tenants includes Delta Dental and Teecom. Jacobus Machalow of Orrick provided legal representation for Swift Real Estate Partners. Additional terms of the acquisition were not released.

May 31, 2019

California Development Loans Mixed-Use Multifamily Retail Western

Parkview Financial Provides $31.8M Construction Loan for Mixed-Use Project Near San Diego

by Amy Works May 31, 2019

POWAY, CALIF. — Parkview Financial has funded a $31.8 million construction loan to San Diego-based Poway Property LP for the development of Outpost, a mixed-use project located at 13247 Poway Road in Poway. Upon completion, the three-building property will feature 53 apartment units and ground-floor retail space, which is fully pre-leased to Crunch Fitness and Three Local Brothers. Additionally, the asset will include two levels of underground parking offering a total of 337 parking spaces. The residential portion of the property will feature 16 one-bedroom, 22 two-bedroom and 15 three-bedroom units with stainless steel appliances, stone countertops and engineered hardwood/vinyl flooring. On-site community amenities will include patios, a courtyard, rooftop deck and leasing office. Construction began last summer, with completion slated for 2020.

May 31, 2019

Newer Posts

Older Posts