California

GRI Fairmont Receives $19.6M Loan for Acquisition of Fairmont Shopping Center in Bay Area

by Amy Works January 2, 2020

PACIFICA, CALIF. — GRI Fairmont LLC, an affiliate of First Washington Realty Inc., has received $19.6 million in financing for the acquisition of Fairmont Shopping Center, a retail asset located in Pacifica. The property is situated on 7.5 acres at 705-799 Hickey Blvd. Greg Brown, John Marshall and Bercut Smith of JLL Capital Markets secured the 10-year, fixed-rate loan with PGIM Real Estate Finance for the borrower. Anchored by Safeway, the 102,982-square-foot property was 96 percent leased at the time of sale. Current tenants include Rite Aid, Dollar Tree, Supercuts, Banfield Pet Hospital, American Sushi House, Starbucks, Southland Nails, Ernie’s Wine & Liquor and Rockway Beach Optometry. Completed in 1966, Fairmont Shopping Center was remodeled in 2015 and 2018.

January 2, 2020

Acquisitions California Office Western

NAI Capital Negotiates $6.1M Sale of Ionian Plaza Office Building in Lancaster, California

by Amy Works January 2, 2020

LANCASTER, CALIF. — NAI Capital has arranged the sale of Ionian Plaza, a multi-tenant office building located at 42225 10th St. W. in Lancaster. A.J. Eliopulos Commercial/Industrial Development sold the property to 10835 Camarillo Apartments LLC for $6.1 million, or $270 per square foot. Built in 2004 on a 1.95-acre lot, the single-story building features 22,790 square feet of office space. At the time of sale, the property was fully leased to four tenants ranging in size from 1,720 square feet to 15,930 square feet. The Social Security Administration occupies 73 percent of the building. Tristan Greenleaf of NAI Capital’s Investment Services Group represented the seller in the transaction.

January 2, 2020

Rocky-Point-Distribution-Center-Oceanside-CA

Acquisitions California Industrial Western

Black Creek Group Sells 226,691 SF Rocky Point Distribution Center in Metro San Diego

by Amy Works December 24, 2019

OCEANSIDE, CALIF. — Denver-based Black Creek Group has completed the disposition of Rocky Point Distribution Center, a new, Class A, multi-tenant industrial facility located in Oceanside, a suburb of San Diego. Jackson, Miss.-based EastGroup Properties acquired the property for an undisclosed price. Bryce Aberg, Jeffrey Cole, Jeff Chiate, Mike Adey and Zach Harman of Cushman & Wakefield’s San Diego and Orange County, Calif., offices represented the buyer in the off-market transaction. Situated on 14.3 acres at 1291 and 13122 Rocky Point Drive, the two-building asset includes a 109,163-square-foot building and a fully leased 117,528-square-foot building. The complex was approximately 52 percent leased overall at the time of sale to an industrial mix that includes Wayfair Logistics. The two-building project is a part of a larger group of five buildings originally known as the Pacific Coast Collection.

December 24, 2019

Acquisitions California Multifamily Western

Kennedy Wilson Acquires Five-Property Western Multifamily Portfolio for $342M

by Amy Works December 23, 2019

BEVERLY HILLS, CALIF. — Kennedy Wilson, through various investment vehicles managed by the Beverly Hills-based company, has purchased five multifamily properties for $342 million in an off-market transaction. Terms of the transaction were not released. Kennedy Wilson has an average ownership of 38 percent in the assets. The communities are located in Washington, Oregon, Colorado, Nevada and New Mexico. The portfolio contributes 1,008 units to Kennedy Wilson’s multifamily presence in the Mountain States and adds 449 units to the company’s Pacific Northwest portfolio. This acquisition builds on Kennedy Wilson’s total multifamily portfolio of 29,500 units, including properties under construction. Kennedy Wilson and its partners invested $122 million of equity in the portfolio, including closing costs. The company’s asset management plan includes adding and enhancing amenities and updating unit interiors across the portfolio.

December 23, 2019

Acquisitions California Hospitality Western

Park Hotels & Resorts Divests of 182-Room Ace Hotel Downtown Los Angeles for $117M

by Amy Works December 23, 2019

LOS ANGELES — Park Hotels & Resorts has completed the disposition of Ace Hotel Downtown Los Angeles, located at 929 S. Broadway. An undisclosed buyer acquired the property for $117 million, or $643,000 per key before customary closing costs. Located in downtown Los Angeles, the hotel features 182 guest rooms in a mix of seven layouts; a rooftop wading pool; on-site food and beverage options, including Best Girl, Upstairs and Coffee Counter; event space; and The Theatre, a restored 1920s theater with 1,600 seats, a three-story, 2,300-square-foot grand lobby, open balcony, mezzanine and vaulted ceiling.

December 23, 2019

Acquisitions California Multifamily Western

CPP Purchases Cameron Park Apartments in Southern California for $52M

by Amy Works December 20, 2019

WEST COVINA, CALIF. — Community Preservation Partners (CPP) has purchased Cameron Park Apartments, a multifamily property located at 929 W. Cameron Ave. in West Covina, for $52 million. The acquisition includes nearly $10 million in renovations, plus measures to keep all 158 units at below market rents for the next 55 years. Built in 1970 and lightly renovated in 2002, the 14-building property features a 158 units in a mix of one-, two-, three- and four-bedroom apartments. CPP plans to implement an extensive renovation to the property, including upgrades to the interiors and exteriors, improvements to the common area facilities, and a reconfiguration of the community building and office space. Renovations began in October, with completion slated for summer 2020. The rehabilitation will include a total roof and window replacement; new HVAC, electrical load and plumbing upgrades; new energy-efficient lighting; stucco repair; new paint; full unit turns; ADA upgrades; path-of-travel improvements; common-facility improvements; security upgrades; and new landscaping. Foundation for Affordable Housing, the nonprofit managing general partner for the deal, supported CPP in the acquisition. Additional equity and development partners included Citi Community Capital and WNC & Associates, CPP’s parent company.

December 20, 2019

Acquisitions California Office Western

IDS Real Estate Group Buys 148,488 SF Office Asset in Central San Diego for $23.7M

by Amy Works December 20, 2019

SAN DIEGO — IDS Real Estate Group has purchased an office building, located at 4181 Ruffin Road in San Diego’s Kearny Mesa district. Massachusetts-based Office Properties Income Trust sold the property for $23.7 million. Originally built in 1981 and renovated in 2013, the property features 148,488 square feet of office space. At the time of sale, the property was 83 percent leased to four tenants, including the U.S. General Services Administration, a travel insurer and a technology company. Louay Alsadek, Hunter Rowe and Brad Black of CBRE represented the seller in the transaction.

December 20, 2019

Acquisitions California Retail Western

Gershman Properties Buys San Elijo Hills Town Center in San Marcos for $16M

by Amy Works December 19, 2019

SAN MARCOS, CALIF. — Gershman Properties has purchased San Elijo Hills Town Center, a lifestyle center located at 1620, 1628, 1640 and 1646 San Elijo Road in San Marcos. Ambient Communities dba SEH Lifestyle Center LLC sold the asset for $16 million. Built in 2019, the property features 23,076 square feet of retail space. Current tenants include Starbucks Coffee, Cyclebar, Everbowl, Sourdough Bread Co., Tapa Tapa Spanish Restaurant, SETS Kitchen & Bar, Lourdes Mexican Food, Grand Vision Optometry, San Elijo Pediatric Dentistry and Downtown Academics Tutoring. Rob Ippolito, John Jennings and Glenn Rudy of Newmark Knight Frank represented the seller in the transaction.

December 19, 2019

Acquisitions California Mixed-Use Multifamily Retail Western

Cityview Sells Equity Share of The Pearl on Wilshire in Los Angeles

by Amy Works December 18, 2019

LOS ANGELES — Cityview has completed the sale of its equity share of The Pearl of Wilshire, a mixed-use development in the Koreatown neighborhood of Los Angeles. Cityview developed the community on land originally entitled by Hankey Investment Co., and sold its interest to Hankey for a total asset value of $170.9 million. Located at 687 S. Hobart Blvd., the 346-unit property features 17 floor plans in a mix of studio, one- and two-bedroom units above 8,300 square feet of retail space. All units feature keyless door locks, a full-sized washer and dryer, stainless steel appliances, a five-burner gas range, smart thermostat, quartz countertops and a terrace, while select units feature high ceilings and oversized balconies. Community amenities include a large pool deck with cabanas and lounge seating; rooftop terrace with a fireplace; Korean barbecue grills; game and club room; fitness center with yoga room and Fitness On-Demand; dog agility center and grooming spa; and three open-air lounges with fire pits and a bocce ball court. Additionally, the property features a Think Space conference room and 24-hour business center with computers and printers. The Pearl’s lobby also features an Uber/Lyft waiting area, complimentary Wi-Fi, charging station, 24-hour concierge, secure entry …

December 18, 2019

Acquisitions California Office Western

Buchannan Street Partners Sells Two-Building Inland Empire Office Campus for $38.6M

by Amy Works December 17, 2019

ONTARIO, CALIF. — Buchannan Street Partners has completed the disposition of a two-building office campus located on East Guasti Road in Ontario. MGR Real Estate Inc. acquired the asset for $38.6 million. Built in 2005 and 2007, the complex features 159,092 square feet of Class A office space. The five-story, 91,357-square-foot property situated on 6.54 acres at 3110 E. Guasti Road is known as University Plaza, while the three-story, 67,735-square-foot building located at 3200 E. Guasti Road is known as Waterside Center I. Kevin Shannon, Brunson Howard, Ken White, Paul Jones and Rick Stumm of Newmark Knight Frank’s U.S. Capital Markets team represented the seller, while the buyer was self-represented in the transaction.

December 17, 2019

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