California

Centerpointe-Commerce-Center-Moreno-Valley-CA

MORENO VALLEY, CALIF. — Rockefeller Group has acquired an 8.8-acre industrial land site in Moreno Valley for the development of Centerpointe Commerce Center, an industrial distribution facility. The company plans to begin construction of a 203,000-square-foot project this fall, with completion expected in summer 2020. Located on Cactus Avenue, the cross-docked building will feature 32-foot clear ceiling heights, 8,000 square feet of speculative office improvements, 109 auto parking stalls and 27 trailer parking stalls. Rockefeller Group acquired the property fully entitled and zoned from Newcastle Partners for $5.9 million.

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Courtyard-Fairfield-Napa-Valley-CA

FAIRFIELD, CALIF. — Marcus & Millichap has negotiated the sale of the Courtyard by Marriott Fairfield Napa Valley Area, a hotel located at 1350 Holiday Lane in Fairfield. A limited liability company purchased the property for $19.9 million. The transaction included the 137-room hotel and an adjacent 1.9-acre development parcel. Renovated in 2016, the hotel features interior-corridor rooms, heated outdoor pool and spa, fitness center, business center, guest laundry facilities and 5,845 square feet of meeting space, as well as The Bistro restaurant. Additionally, select suites include a separate living/dining area, balcony, whirlpool and/or wet bar. Gordon Allred, Matt Monahan and Shane Lupo of Marcus & Millichap represented the seller, a limited liability company, while Allred and Monahan also represented the buyer in the deal.

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Towngate-Center-Moreno-Valley-CA

MORENO VALLEY, CALIF. — Brixton Capital has completed the sale of Towngate Center, a community shopping center located at 12625 Frederick St. in Moreno Valley. An Asian-Pacific-based 1031 exchange buyer acquired the asset for $50.9 million. At the time of sale, the 290,000-square-foot property was 95 percent occupied by national and regional credit tenants, including TJ Maxx/Home Goods, BevMo, Ross Dress for Less, Dollar Tree, ULTA Beauty, Regency Theaters, Planet Fitness, Chipotle and Wells Fargo Bank. Phillip Voorhees of CBRE’s National Retail Partners-West represented the seller in the transaction.

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3248-Lionshead-Ave-Carlsbad-CA

CARLSBAD, CALIF. — Cushman & Wakefield has brokered the sale of an industrial facility, located at 3248 Lionshead Ave. in Carlsbad. Badiee Development sold the property to a San Diego-based high-net-worth family for $14.4 million. Built in 2017, the property features 55,573 square feet of Class A industrial space with dock- and grade-level loading, designed ingress/egress, outdoor amenities and an efficient layout for warehouse and showroom use. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey, Zach Harmam and Devin Muna of Cushman & Wakefield’s San Diego and Orange County, Calif., offices represented the seller in the transaction. Additionally, Brant Aberg and Dennis Visser of Cushman & Wakefield provided local market advisory for the deal.

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FONTANA, CALIF. — Pacific Industrial has sold Sierra Pacific Center, a two-building, 1.5 million-square-foot industrial property in Fontana, about 50 miles east of downtown Los Angeles in the Inland Empire. The industrial development and investment firm sold the asset for $213.5 million to an unnamed institutional life insurance company. Sierra Pacific Center was completed in 2016 and was fully occupied by LG Electronics and FedEx at the time of the sale. The property is situated at 5565 and 5885 Sierra Ave., adjacent to California Highway 210 and within 20 miles of seven major highways including Interstates 215, 10 and 15. Amenities include electric car charging stations; 3 percent skylight coverage, as where the industry average is 2 percent; and truck courts up to 430 feet deep, as opposed to the Class A average of 185 feet. This transaction represents the largest, non-portfolio sale by dollar value in California over the past 24 months. “This is a milestone transaction that represents the remarkable investment potential of spec industrial developments when they are done well,” says Dan Floriani, partner and co-founder of Pacific Industrial. “By developing this asset with a long-term-hold mindset, we thoughtfully designed each detail, resulting in a property with …

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Raincross-Riverside-CA

WHITTIER, RIVERSIDE AND EMERYVILLE, CALIF. — SunTrust Banks Inc. (NYSE: STI) has provided $69.5 million in financing to support Watermark Retirement Communities and Kayne Anderson’s acquisition of three senior living communities in California. Two of the communities, Whittier Place at 12315 Burgess Ave. in Whittier and Raincross at Riverside at 5232 Central Ave. in Riverside, are Class A properties located near Los Angeles. Both of the communities provide assisted living and memory care services. The third, The Watermark by the Bay at 1140 40th St. in Emeryville, formerly known as Bayside Park, provides assisted living and memory care services for residents in Emeryville, Oakland and Berkeley. Watermark currently manages 63 communities in 21 states including seven under development/redevelopment. Kayne Anderson Capital Advisors, founded in 1984, is an alternative investment management firm focused on niche investing in upstream oil and gas companies; energy and infrastructure; specialized real estate; growth equity; and both private credit and diversified liquid credit. Kayne Anderson manages $30 billion in assets.

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Tuscany-Villas-West-Covina-CA

WEST COVINA, CALIF. — Arbor Realty Trust has provided a Fannie Mae Streamlined Rate Lock (SRL) deal for a multifamily property in West Covina. An undisclosed borrower received the $19 million loan to refinance Tuscany Villas, a garden-style apartment community. Greg Gillam of Arbor’s Manhattan Beach Office originated the 10-year, fixed-rate loan, which features a 30-year amortization schedule. Built in 1966 and recently renovated, Tuscany Villas features 166 apartments in a mix of studio and one-bedroom layouts with upgraded interiors, including hardwood flooring, custom cabinets and granite countertops. Community amenities includes swimming pools, charcoal grilling areas and a fitness center.

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6227-Cajon-Blvd-San-Bernardino-CA

SAN BERNARDINO, CALIF. — Exeter Property Group, a Pennsylvania-based industrial development and investment firm, has purchased a distribution building located at 6227 Cajon Blvd. in the southern California city of San Bernardino. The sales price was $97.7 million. Bob’s Discount Furniture occupies the 806,322-square-foot property, which is situated on 41 acres. The property offer access to the BNSF Intermodal Yard, FedEx Group Rialto, UPS Air Hub and Ontario International Airport. Bo Mills, Mark Detmer and Ryan Sitov of JLL, along with Scott Schwartz of Insignia PMG, represented the undisclosed seller in the transaction. “This listing represented the opportunity for an investor to acquire a building with a long-term lease to a strong tenant in the largest industrial market in the world,” says Detmer. “The buyer was attracted to the stability of the property, the tenant’s commitment to the area and potential for future development growth.” — Amy Works  

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SAN DIEGO — Copart, a Dallas-based online vehicle auction company, has purchased 51 acres of land in San Diego’s Otay Mesa submarket. The Street Family sold the property for $30 million. Located at the north end of La Media Road and the east side of Brownfield Airport, the property was most recently used as a truck yard. Additionally, the asset was recently improved with power, water, landscaping, fencing, screening and secure gates. Rob Hixson of CBRE represented the seller, while Joe Carroll of Resource One represented the buyer in the deal. Copart sells roughly 14,000 used cars per day, using patented virtual auction technology.

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SAN FRANCISCO — The University of California Hastings College of the Law (UC Hastings) has selected Greystar Real Estate Partners LLC as the master developer of its planned on-campus academic village in downtown San Francisco. Charleston, S.C.-based Greystar plans to build the $450 million project in two phases. “We are excited to be moving forward with Greystar to further develop this vibrant academic village in the heart of San Francisco,” says David Faigman, chancellor and dean at UC Hastings. The law school is situated in downtown San Francisco near the Supreme Court of California and San Francisco City Hall. Phase I of the new project will be the ground-up construction of 630 student housing apartments available for students, faculty and staff. The first phase is estimated to cost $250 million to develop, which will be funded using tax-exempt bonds. UC Hastings and Greystar plan to open the first phase in time for the fall 2022 semester. Phase II is the approximately $200 million renovation of McAllister Tower, a historic on-campus dormitory. The overhaul will update 300 units and add new mixed-use amenities, including a fitness center, study lounges, community kitchens, social lounges and a new auditorium. Overall, the expansion will …

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