California

Hanley Investment Arranges $2.6M Sale of Single-Tenant Restaurant Building in Barstow, California

by Amy Works March 13, 2019

BARSTOW, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly delivered retail asset, located at 2804 Lenwood Road in Barstow. An Orange County, Calif.-based partnership sold the property to a Los Angeles-based private investor for $2.6 million, or $1,000 per square foot. The newly constructed 2,600-square-foot building features a drive-thru. A combination Dunkin’ and Baskin-Robbins occupies the single-tenant property. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Paul Bahk and James Chin of Los Angeles-based Realtex Properties represented the buyer in the transaction.

March 13, 2019

California Loans Office Western

CBRE Arranges $106M Acquisition Financing for 118,000 SF Office Building in San Francisco

by Amy Works March 12, 2019

SAN FRANCISCO — CBRE Capital Markets has secured $106 million in acquisition financing for 600 Battery Street, a Class A office building located in San Francisco’s Jackson Square submarket. The owners are a joint venture between Invesco and TMG Partners. IPG, a media and advertising company, fully occupies the 118,000-square-foot building. Mike Walker and Brad Zampa of CBRE Capital Markets team arranged the five-year, non-recourse financing with full-term interest-only payments for the owners. Square Mile Capital provided the financing, which Eric Cohen originated. Mike Taquino and Kyle Kovac of CBRE’s Institutional Capital Markets team led the 600 Battery sale, which closed earlier this year.

March 12, 2019

Acquisitions California Industrial Western

NAI Capital Negotiates $3.3M Sale of Industrial Park in Rialto, California

by Amy Works March 12, 2019

RIALTO, CALIF. — NAI Capital has negotiated the sale of a multi-tenant industrial park, located at 170-190 N. Arrowhead Ave. in Rialto. A private investor acquired the property from 170 Arrowhead Partners LLC for $3.3 million, or $106 per square foot. The two-building park offers a total of 16 units ranging in size from 984 square feet to 2,816 square feet. The 30,938-square-foot property features grade-level loading, 16-foot minimum clear heights, separately metered units and 39,000 square feet of excess land. At the time of sale, the property was fully occupied. Nicholas Chang and Richard Lee of NAI Capital’s Investment Services Group and Justin Kuehn, also of NAI Capital, represented the seller in the transaction.

March 12, 2019

California Conference Coverage Features Seniors Housing Western Western Feature Archive

ProMatura’s Wylde: Seniors Housing Must Get Back to Basics

by John Nelson March 12, 2019

LOS ANGELES — Bells and whistles may be a distracting way to get a prospective seniors housing resident’s attention, but Margaret Wylde, CEO of ProMatura Group, believes they can take away from the core purpose of providing a safe, welcoming environment for seniors. “We spend so much money in this industry on amenities that people will never use,” she said. “People want a place they can call home. A place they can live in. A place where they don’t have to hide their things. We can cut out some amenities and invest more in rentable space and give them a better home to live in.” Wylde made the comments during her keynote address at InterFace Seniors Housing West, held March 7 at the Omni Los Angeles. The audience for her address was nearly 300 seniors housing industry professionals. The latest data from Mississippi-based research firm ProMatura notes that amenities aren’t identified as a priority to seniors, though they can make their families feel optimistic about a facility. The actual residents are focused on the type of unit, floor plan and price. “Gardening areas, libraries — they don’t help,” said Wylde. “It’s not about how much we can cram in to entertain. …

March 12, 2019

Acquisitions California Office Western

Newmark Knight Frank Arranges $11.3M Sale of Office Property in Torrance, California

by Amy Works March 11, 2019

TORRANCE, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of an office building, located at 3520 Challenger St. in Torrance. Excelsior Partners acquired the asset from Fairway LLC for $11.3 million. Sean Fulp, Ken White, Ryan Plummer and Mark Schuessler of NKF’s Team Shannon Private Capital Group, led by Fulp and Kevin Shannon, represented the seller, while the buyer was self-represented in the transaction. Built in 1990 and renovated in 2016, the two-story property is situated on 2.5 acres and offers a flex industrial component with approximately 5,200 square feet of storage warehouse space accessible by two dock-high loading doors and one ramped loading area. Bobit Business Media, a media publisher and events producer, fully occupies the 49,336-square-foot property.

March 11, 2019

California Loans Multifamily Western

Arbor Realty Trust Funds $2.8M Loan for Multifamily Building in Southern California

by Amy Works March 11, 2019

CARSON, CALIF. — Arbor Realty Trust has funded a $2.8 million Freddie Mac Small Balance Loan (SBL) for Sky South Bay, a multifamily property located in Carson. Built in 2018, Sky South Bay features 13 apartments in a mix of studio-plus, one- and two-bedroom layouts with private patios or rooftop decks. Interior amenities include designer kitchens with quartz countertops and stainless steel appliances, central heating and air conditioning, in-unit washers/dryers and secure on-site parking. Eugene Yanovskiy of Arbor’s New York City office originated the loan.

March 11, 2019

Acquisitions California Industrial Office Western

Embarcadero Capital Partners Acquires 108,500 SF Flex Asset in North San Jose

by Amy Works March 8, 2019

SAN JOSE, CALIF. — San Francisco-based Embarcadero Capital Partners has purchased 2125 O’Nel, an office/R&D building located in North San Jose. PSAI Realty Partners sold the 108,500-square-foot, value-add property for an undisclosed price. Built in 1984 and renovated in 2012, the two-story building is will configured for technology users needing to house multiple functions under one roof. The building is situated on 5.2 acres. Eric Fox, Steve Hermann, Adam Lasoff, Seth Siegel and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets group represented the seller, while Erik Hallgrimson of the firm’s San Jose office, along with Craig Fordyce of Colliers International provided local market advisory.

March 8, 2019

California Loans Multifamily Western

NKF Arranges $40.7M in Construction Financing for Multifamily Project in Sunnyvale, California

by Amy Works March 8, 2019

SUNNYVALE, CALIF. — Newmark Knight Frank (NKF) has secured $40.7 million in non-recourse construction financing and preferred equity for the development of 311 Mathilda Street, a multifamily property in downtown Sunnyvale. The borrowers and developers are Lane Partners and Bay West Development. The five-story development will feature 75 apartments, a landscaped courtyard, roof deck, state-of-the-art fitness center and clubhouse. Lane Partners and Bay West have secured entitlements for the project and will begin construction in the second quarter of 2019. California Bank & Trust provided the first mortgage construction loan, while PCCP provided the preferred equity investment. Chris Moritz and Ramsey Daya of NKF represented the borrowers in the financing.

March 8, 2019

Acquisitions California Industrial Office Western

SVP Management Buys Vacant Flex/R&D Building in Bay Area for $19M

by Amy Works March 8, 2019

SAN JOSE, CALIF. — SVP Management has purchased a vacant flex/R&D office building, located at 3775 N. First St. in San Jose. Chandler HFP, an affiliate of Los Angeles-based Held Properties Inc. sold the property for $19 million. Built in 1985, Honeywell occupied the single-story, 67,733-square-foot building from its acquisition in 2013 through December 2017. Originally, the property served as the world headquarters for RAE Systems Inc. Held Properties owned the property since 2014. Bob Bower and Chip Sutherland of CBRE Capital Markets-Investment Properties represented both parties in the transaction.

March 8, 2019

California Hospitality Top Stories Western

Airbnb Agrees to Acquire HotelTonight in Effort to Expand Booking Options

by Kristin Harlow March 8, 2019

SAN FRANCISCO — Airbnb has signed an agreement to acquire HotelTonight, a hotel-booking service focused on making last-minute trips for boutique and independent hotels. The deal will expand Airbnb’s ability to offer hotel listings. Terms of the deal were not disclosed, but The Wall Street Journal reports that HotelTonight was last valued at $463 million in March 2017. Airbnb expects the transaction to close in approximately 30 days. San Francisco-based Airbnb, an online lodging company, says the acquisition is part of its mission to create “an end-to-end travel platform that combines where you stay, what you do and how you get there, all in one place.” More than 400,000 companies are using Airbnb to help manage their travel, and same-day bookings are now growing twofold year over year, according to Airbnb. “Welcoming more boutique hotels to our platform will help us deliver on our commitment to make Airbnb for everyone, providing guests the authentic, local experience they have come to expect on every trip,” wrote Airbnb in a press release. In 2018, Airbnb more than doubled the number of rooms available on its platform in properties that hosts categorized as boutique hotels, bed and breakfasts and other hospitality venues like …

March 8, 2019

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