California

Pacific Retail Capital, J.P. Morgan Plan $20M Renovation to Paseo Nuevo in Santa Barbara

by Amy Works February 20, 2019

SANTA BARBARA, CALIF. — Pacific Retail Capital Partners and J.P. Morgan Asset Management have announced a $20 million renovation program for Paseo Nuevo, a 458,000-square-foot outdoor shopping destination in Santa Barbara. Slated to begin in early 2019, the first phase of redevelopment will include revamping existing portions of the center, creating districts within the property’s footprint and working closing with the Santa Barbara County Office of Arts & Culture to implement an art program. Upon completion, the community will include upgraded shopping and entertainment areas, as well as interactive community spaces featuring group games, charging stations and gathering spots. The second phase involves the repurposing of the newly appointed Ortega Building — previously home to Macy’s. The adaptive reuse project will convert the former department store into a vibrant complex supporting community and commerce.

February 20, 2019

Acquisitions California Multifamily Western

Mogharebi Group Negotiates $19M Sale of Canyon Springs Apartments in Fresno

by Amy Works February 19, 2019

FRESNO, CALIF. — The Mogharebi Group (TMG) arranged the sale of Canyon Springs Apartments, a multifamily property located on North Figarden Drive in Fresno. A San Diego-based private investment group acquired the asset for $19 million, or $137,681 per unit. Built in 2004, Canyon Springs Apartments comprises 14 residential buildings offering a total of 138 apartments in a mix of one-, two- and three-bedroom floor plans, averaging 1,058 square feet. Units feature wood laminate or vinyl flooring in the kitchen and bath areas, plush carpeting in the bedrooms and living areas, in-unit washers/dryers, and balconies or covered patios. Situated on 14.7 acres, the property features a swimming pool and spa, clubhouse, tot lot, business center, fitness center, basketball court, volleyball court and covered parking. Alex Mogharebi, Otto Ozen, Robin Kane and Brendan Kane of TMG represented the seller, a Clovis, Calif.-based private investment group, in the deal.

February 19, 2019

Acquisitions California Restaurant Retail Western

Faris Lee Investments Arranges Sale of Two Quick-Serve Restaurants in California for $5.3M

by Amy Works February 19, 2019

LAKE ELSINORE AND VISTA, CALIF. — Faris Lee Investments has brokered the $5.3 million sale of two quick-serve restaurants in California via two separate transactions. In the first transaction, Loan Oak Ranch acquired a newly constructed restaurant property, located in front of the recently completed Central Plaza in Lake Elsinore. The seller was HFC/PRP Elsinore LLC. The property was pre-sold, as it was still under construction at the time of sale, for $3.8 million. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller, while Schuil & Associates represented the buyer. In the second deal, Northern California-based Maddvio California purchased a newly constructed quick-serve restaurant property in downtown Vista from 227 Broadway LLC for $1.5 million. DogHaus Restaurant & Brewery, a “craft-casual” gourmet hot dog chain, occupies the 3,593-square-foot property. Conover, Scott DeYoung and Hunter Steffien of Faris Lee Investments represented the seller, while Faris Lee represented the buyer in the transaction.

February 19, 2019

Acquisitions California Lee & Associates Retail Western

Lee & Associates Brokers $2.2M Sale of 7-Eleven Property in Salinas, California

by Amy Works February 19, 2019

SALINAS, CALIF. — Lee & Associates – North San Diego County has arranged the sale of a retail property, located on 0.3 acres in Salinas. BEWS Main Street LLC sold the property to Bei-Scott Co. for $2.2 million. 7-Eleven occupies the 2,251-square-foot retail building, which was built in 1987. Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the seller, while Shoemaker Commercial Real Estate represented the buyer in the deal.

February 19, 2019

California Development Multifamily Western

Trion Properties, Ketter Construction to Develop Apartment Complex in Los Angeles

by Amy Works February 18, 2019

LOS ANGELES — Trion Properties, in a joint venture partnership with Ketter Construction, is developing a multifamily property located at 1556-1564 Hi Point St. in Los Angeles’ Mid-Wilshire neighborhood. The company recently acquired the fully permitted and entitled 26,865-square-foot development site for $8.6 million. Slated to break ground this month, the property will feature 45 apartments units. Continental Partners arranged a $15 million construction loan for the project. Richard De La Rosa of KW Commercial Studio City and Christopher Choe of Premier Agent Newmar represented Trion Properties and Ketter Construction.

February 18, 2019

Acquisitions California Office Western

Harbor Group, Paramount Group Acquire 293,000 SF Office Building in San Francisco for $227M

by Jeff Shaw February 15, 2019

SAN FRANCISCO — A joint venture between Harbor Group International and Paramount Group has purchased 111 Sutter Street, an office building in San Francisco’s North Financial District. An undisclosed seller sold the asset for $227 million, or $775 per square foot. At the time of sale, the 293,000-square-foot building was 70 percent leased to a variety of technology, media, business services and nonprofit tenants. Paramount will act as property manager for the building and oversee day-to-day operations.

February 15, 2019

California Hospitality Loans Western

Calmwater Capital Provides $63M Loan for Thompson Hotel in Hollywood

by Amy Works February 14, 2019

LOS ANGELES — Calmwater Capital has provided a $63 million loan to Relevant Group for the completion of Thompson Hotel in Los Angeles’ Hollywood neighborhood. The hotel is currently under construction, and Relevant Group expects to deliver the luxury boutique hotel in early 2020. Located at 1541 Wilcox Ave., the proposed 188,393-square-foot hotel will feature 190 rooms, a rooftop swimming pool, a rooftop restaurant and bar, and a fitness center, as well as a ground-floor restaurant concept in partnership with Rodrigo Oliveira, one of Brazil’s most celebrated chefs. Two Roads Hospitality will manage the hotel.

February 14, 2019

Acquisitions California Office Western

Optimus Properties Buys 60,804 SF Office Building in Torrance, California

by Amy Works February 14, 2019

TORRANCE, CALIF. — Los Angeles-based Optimus Properties, through an affiliate, has acquired an office building located at 2325 Crenshaw Blvd. in Torrance. The original developer sold the property for an undisclosed price. Built in 1989 and renovated in 2010, the asset features 60,804 square feet and 350 parking spaces on 5.5 acres of land. The Los Angeles Department of Children and Family Services occupies the property.

February 14, 2019

Acquisitions California Multifamily Seniors Housing Western

Blueprint Negotiates $6.1M Sale of Assisted Living Facility in Riverside, California

by Amy Works February 14, 2019

RIVERSIDE, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Meridian of Riverside, a 109-bed assisted living facility located in the Inland Empire metro of Riverside. A private equity firm based in Florida sold the community to Ventura Park Management for $6.1 million, or $56,000 per bed. The Blueprint transaction team consisted of Jacob Gehl, Humair Sabir and Scott Frazier.

February 14, 2019

Acquisitions California Mixed-Use Multifamily Restaurant Retail Western

Gadsden Growth Properties Buys $240M Mixed-Use Asset in San Francisco Bay Area

by Amy Works February 13, 2019

FREMONT, CALIF. — Gadsden Growth Properties has acquired Mission Hills Square, a mixed-used development in Fremont, for $240 million. Slated for completion in October 2019, Mission Hills Square will feature 158 residential apartments above 53,900 square feet of commercial space, including restaurants, retail and casual eateries. In November 2018, Gadsden Growth Properties signed an agreement to merge with FC Global Realty Inc.

February 13, 2019

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