California

Cushman & Wakefield Brokers Sale of 337,125 SF Industrial Project in Los Angeles County for $76.8M

by Amy Works October 23, 2019

LA MIRADA, CALIF. — Cushman & Wakefield has arranged the sale of an industrial infill project located at 14001-14051 Rosecrans Ave. in La Mirada. Clarion Partners, on behalf of a separate account client, acquired the property from Bailard Inc. for $76.8 million, or $228 per square foot. Spanning 14.4 acres, the two-building, 337,125-square-foot project features 30-foot clear heights, an ESFR fire sprinkler system, large truck courts and street frontage along Rosecrans Avenue. Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez and Brad Brandenburg of Cushman & Wakefield’s Irvine, Calif., office represented the seller in the deal.

October 23, 2019

Acquisitions California Healthcare Office Western

Meridian Buys Office Building in Orange County for $20.3M, Plans Medical Office Conversion

by Amy Works October 23, 2019

SANTA ANA, CALIF. — San Ramon, Calif.-based Meridian has acquired a two-story office building, located at 3601 W. Sunflower Ave. in Santa Ana, for $20.3 million. The buyer plans to invest an additional $5 million in building improvements to convert the building into a medical office space. Situated on 4.8 acres, the 53,500-square-foot property was originally constructed in 2000 as a special-use building for a culinary and arts school. The school went bankrupt earlier this year, and the building was vacant at the time of sale. During escrow, Meridian secured its first tenant, a large healthcare provider, for roughly half of the building on a long-term lease. The buyer will market the second-floor space, approximately 26,000 square feet, to medical office tenants. Jon Sweeney of Long Beach, Calif.-based CXI Realty and George Thomson of Newmark Knight Frank’s Irvine, Calif., office represented the seller, a local private investor, in the transaction. John Scruggs and Justin Hodgdon of Newmark Knight Frank’s Irvine office represented the buyer. Scruggs and Thomson will manage the continued leasing of the building.

October 23, 2019

Acquisitions California Industrial Western

CenterPoint Properties Acquires 202,522 SF Industrial Facility in Orange County

by Amy Works October 23, 2019

SANTA ANA, CALIF. — CenterPoint Properties has purchased an industrial asset situated on 10.5 acres at 3201 S. Susan St. in Santa Ana for an undisclosed price. This is the company’s second acquisition over 200,000 square feet in Orange County this year. The acquisition price was not released. The 202,522-square-foot property features 24-foot clear heights, drive-around access, several points of entry and 195-foot deep truck courts. The transaction includes a lease-back with The Dixie Group, a carpet and flooring manufacturer. Adam English, Adam Baxter and Jonathan Wolfe of STREAM Capital Partners represented the undisclosed seller in the sale.

October 23, 2019

California Development Multifamily Student Housing Western

ACC, UC Irvine Open 1,441-Bed Plaza Verde Residential Tower

by Amy Works October 22, 2019

IRVINE, CALIF. — A public-private partnership between American Campus Communities (ACC) and the University of California – Irvine has opened Plaza Verde, a 1,441-bed, on-campus residential tower. The community offers fully furnished units and shared amenities including state-of-the-art fitness centers, multi-purpose rooms, outdoor pavilions, an academic success center and group and private study spaces. The community is seeking LEED Platinum status, and features an all-electric system that eliminates the need for natural gas. “In addition to being a healthy and dynamic student community, Plaza Verde is the greenest large-scale student community that has been developed,” says Bill Bayless, CEO of ACC. “We have gone to extensive lengths to ensure sustainability and student-focused design are at the forefront, from initially designing and testing systems for an efficient and comfortable community, then arranging a sizable offset for energy that will actually be achieved.”

October 22, 2019

California Development Multifamily Seniors Housing Western

R.D. Olson Completes $24M Seniors Housing Development in Los Angeles

by Amy Works October 22, 2019

LOS ANGELES — R.D. Olson Construction has completed The Curve at West Angeles, a 70-unit, 80,000-square-foot affordable mixed-use community in the Park Mesa Heights neighborhood of Los Angeles. The art deco-style project is a joint venture between Related California and West Angeles Community Development Corp., and features 2,000 square feet of retail space in addition to 50,000 square feet of affordable housing reserved for residents over age 62. The five-story community features 24 studios and 45 one-bedrooms ranging from 400 to 630 square feet, as well as one manager’s apartment. The first-floor retail portion of the project can accommodate up to three tenants, and West Angeles Community Development Corp. has a boardroom and leasing office onsite. The development is just blocks away from Destination Crenshaw, a new 1.3-mile art and cultural experience that celebrates the area’s heritage as the largest black community west of the Mississippi River. The Crenshaw/LAX light rail line, which is currently under construction, will have a stop less than a block away. R.D. Olson Construction worked with KFA Architects and Mannigan Design on the project.

October 22, 2019

California Features Multifamily Seniors Housing Western

NIC: Seniors Housing Occupancy Ticks Upward to 88 Percent as Construction Slows

by Alex Patton October 22, 2019

ANNAPOLIS, MD. — Seniors housing occupancy increased to 88 percent in the third quarter of 2019 from its lowest level in eight years (87.7 percent) recorded during the previous quarter, according to data from the National Investment Center for Seniors Housing & Care (NIC). NIC is an Annapolis-based data firm serving the seniors housing industry. Of the 31 metropolitan markets that comprise NIC’s Primary Markets, San Jose (95.5 percent) and Minneapolis (91.3 percent) experienced the highest occupancy rates in the third quarter. Las Vegas (82.3 percent) and Houston (81.5 percent) recorded the lowest occupancy rates. San Antonio experienced the largest occupancy increase from a year ago, rising from 80.2 percent to 84.6 percent. Baltimore saw the largest year-over-year decrease, falling from 92.5 percent to 90.6 percent. “San Jose retains the distinction of having the highest occupancy rate of any major market in the country, as significant barriers to entry constrain development,” says Chuck Harry, NIC’s head of research and analytics. “Houston, on the other hand, places fewer restrictions on development, which is pressuring occupancy.” During the quarter, net new unit demand totaled 4,977 units, the greatest number of new units in any quarter since NIC began reporting the data in …

October 22, 2019

California Development Hospitality Loans Western

CBRE Secures $43M in Construction Financing for AC Hotels by Marriott in San Rafael, California

by Amy Works October 21, 2019

SAN RAFAEL, CALIF. — CBRE has arranged $43 million in non-recourse construction financing for the development of an AC Hotels by Marriott in downtown San Rafael. John Nelson and David Kaim of CBRE’s San Francisco office arranged the financing on behalf of the sponsorship, Monahan Parker. ACORE Capital provided the floating-rate financing. Located at the corner of Fifth Avenue and B Street, the hotel will feature 140 rooms. Construction is slated to begin immediately, with completion scheduled for third-quarter 2021. CSI Construction will serve as general contractor for the project. The property will be the first major hotel to be developed in Marin County in more than two decades, according to CBRE.

October 21, 2019

Acquisitions California Multifamily Western

Joint Venture Sells 88-Unit Cambridge Apartments in Los Angeles for $29.3M

by Amy Works October 21, 2019

LOS ANGELES — A joint venture between NNC Apartment Ventures and Bailard Inc. has completed the sale of Cambridge Apartments, a multifamily complex located in the Sherman Oaks neighborhood of Los Angeles. Interstate Equities Corp. acquired the property for $29.3 million, or $333,523 per unit. Constructed in 1962, the asset consists of two contiguous 44-unit buildings on adjoining parcels near Van Nuys and Ventura boulevards. Joe Grabiec, Kevin Green and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.

October 21, 2019

Acquisitions California Office Western

Harbor Associates, Taconic Capital Advisors Buy Five-Building Office Portfolio in Southern California for $41.7M

by Amy Works October 18, 2019

SAN BERNARDINO, CALIF. — A joint venture between Harbor Associates and Taconic Capital Advisors has acquired a five-building office portfolio located within the 153-acre Tri City Corporate Center office park in San Bernardino. An undisclosed seller sold the assets for $41.7 million in an off-market transaction. Totaling 368,000 square feet, the buildings range from 70,000 square feet to 115,000 square feet. The portfolio, which is collectively 55 percent leased to 28 tenants, represents the only block of contiguous office space of more than 75,000 square feet in the Inland Empire. The joint venture plans to re-position and lease-up the assets through a renovation program across the portfolio that includes upgraded building entries and lobby experiences, elevator improvements, new roofs and replacement of the original HVAC units. Upon completion, the portfolio will feature rent-ready speculative suites, electric vehicle charging stations, LED lighting retrofit, as well as new building and project signage. Anthony Delorenzo, Todd Tydlaska and Sammy Cemo of CBRE represented the seller in the deal. The acquisition was leveraged with short-term financing from a subsidiary of Granite Point Mortgage Trust, which is externally managed by Pine River Capital Management.

October 18, 2019

Acquisitions California Multifamily Seniors Housing Western

Blueprint Brokers Sale of 86-Unit Seniors Housing Community in Southern California

by Amy Works October 18, 2019

RANCHO CUCAMONGA, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sunlit Gardens, an 86-unit assisted living and memory care community in the San Bernardino County city of Rancho Cucamonga. A joint venture between Meridian Senior Living and a Chicago-based private equity firm sold the property to an Orange County-based equity group for an undisclosed price. The Blueprint transaction team consisted of Jacob Gehl, Humair Sabir and Scott Frazier.

October 18, 2019

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