COMMERCE, CALIF. — CapRock Partners has completed the sale of an industrial warehouse in Commerce. The tenant, a packaging solutions supplier, acquired the building and a 4.3-acre property for an undisclosed price. Located at 5331 and 5333 Slauson Ave., the asset features 97,000 square feet of industrial space. Ryan Campbell of NAI Capital and Tony Naples of Lee & Associates represented the seller, while Naples also represented the buyer in the deal.
SAN DIEGO — The multifamily sector is like the Energizer Bunny, says Jamie Woodwell, vice president of commercial and multifamily research for the Mortgage Bankers Association (MBA). “It just keeps going and going and going.” The product type remains an investment darling. Although 600,000 units are currently under construction nationally — maintaining an elevated level of building activity that is the highest since the mid-1970s — consumer demand remains strong. According to Reis, the national apartment vacancy rate finished 2018 at 4.8 percent, up from 4.6 percent a year earlier. Apartment construction started to accelerate in 2017 and remained elevated throughout 2018, raising concerns that the apartment market was becoming overbuilt. Fortunately for developers, apartment occupancy growth has nearly kept pace with supply growth. “We’ve got this great balance right now really between supply and demand on the multifamily side,” said Woodwell during Sunday’s opening session of the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo at the Manchester Grand Hyatt San Diego. Woodwell teamed up with Michael Fratantoni, chief economist for the MBA, to provide an economic overview and commercial real estate finance forecast. The apartment sector is not only benefitting from strong real estate fundamentals, but also healthy increases …
LOS ANGELES — Related Cos. and partner CORE USA have broken ground on The Grand, a $1 billion mixed-use development in downtown Los Angeles. Located across the street from the Walt Disney Concert Hall on Grand Avenue, world-renowned architect Frank Gehry designed the project. Upon completion, the property will include more than 176,000 square feet of retail space, an Equinox Hotel and more than 400 residences. The retail portion will include chef-driven restaurants and a collection of shops, as well as a movie theater complex. Approximately 20 percent of the residences will be affordable-rate units. The Grand and the Grand Avenue Redevelopment are the result of a collaborative public-private partnership, guided by the Los Angeles Grand Avenue Authority, a joint organization of the County of Los Angeles, the City of Los Angeles, and the former Community Redevelopment Agency of the City of Los Angeles. It is estimated that The Grand will generate 10,000 new jobs and $397 million in revenues to the City of Los Angeles and $68 million in revenues to the County of Los Angeles over the next 25 years, according to the developers. The development will connect multiple areas of downtown and is organized around several key urban …
SAN DIEGO — Omninet has completed the sale of Cornerstone Plaza, an office campus located at 6160 and 6170 Cornerstone Court East in San Diego’s Sorrento Mesa submarket. Bridge Investment Group acquired the property for $18.8 million. Built in 1996 and situated on 5 acres, Cornerstone Plaza consists of two buildings offering a total of 97,316 square feet of office space. At the time of sale, the property was 67 percent occupied by a variety of tenants, including Broadcast Company of America, Robbins Research International and Bentley Systems. The buildings are joined by a furnished outdoor gathering space with water features, landscaping and collaborative spaces. Kevin Shannon, Brunson Howard, Paul Jones, Ken White, Rick Stumm and Andrew Pascale of Newmark Knight Frank’s U.S. Capital Markets represented the seller, while Bridge Investment Group was self-represented in the deal.
TORRANCE, CALIF. — CalBay Development has acquired a freeway-oriented land site located at the northwest corner of 190th and Western avenues in Torrance. Irvine, Calif.-based Sares-Regis sold the 5.3-acre development site for $12 million. CalBay plans to develop the site into hotel, health club, retail and/or restaurant uses. The site was part of a 110-acre Toyota Headquarters, which was recently vacated. The campus comprises 18 buildings with more than 2 million square feet of office and industrial space. The campus served as Toyota’s North American headquarters since 1967 until it was sold to a partnership led by Sares-Regis. Jeff Adkison and Geoff Tranchina of JLL arranged the transaction.
CULVER CITY, CALIF. — Boston-based Intercontinental Real Estate Corp. and San Francisco-based The Swing Co. have completed the disposition of Bristol 61, a creative campus in Culver City, for an undisclosed price. The name of the buyer was not released. Formerly known as Fox Hills Business Park, Bristol 61 is a four-building, 75,941-square-foot creative office campus located at 6100-6160 Bristol Parkway within the Corporate Pointe submarket of Culver City. Situated on four separate legal parcels, totaling 4.88 acres, the asset also features surface parking for 265 cars. Kevin Shannon, Rob Hannon and Laura Stumm of NKF Capital Markets brokered the sale and Andrea Salvi of Bradley & Associates P.C. represented the sellers in the transaction.
SAN DIEGO — C.W. Driver Cos. has completed the development of Mission Hills-Hillcrest Harley & Bessie Knox Public Library, located at 925 W. Washington St. in San Diego. Four times the size of the former library, the one-story, 15,000-square-foot facility will serve the Mission Hills and Hillcrest neighborhoods. Situated at the corner of West Washington and Front streets, the project includes a two-story, 30,000-square-foot underground parking structure with 85 parking spaces and the formation of an adjacent cul-de-sac at the end of Front Street. Manuel Oncina Architects and Ferguson Pape Baldwin Architects collaborated with C.W. Driver Cos. to design the library. The facility features a mission-style entry; a lobby with 25-foot ceilings featuring trusses, trellises and a skylight; and a traditional reading room. Additional offerings include a community room, 1,400-square-foot outdoor patio, 1,600-square-foot children’s area, 384-square-foot teen area, 400-square-foot garden, meeting room, four study rooms, adult computer area and an idea lab that offers 3D printing and other technologies.
ORANGEVALE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Almond Heights Senior Living, an assisted living and memory care facility in Orangevale. A family company sold the asset to an owner-operator for an undisclosed price. Located approximately 17 miles northeast of Sacramento, the 117-unit property features 85 assisted living units and 32 memory care units. Mark Myers and Joshua Jandris of IPA represented the seller and procured the buyer in the deal. Adam Christofferson of Marcus & Millichap’s broker of record in California.
RED BLUFF, CALIF. — SRS Real Estate Partners’ National Let Lease Group has directed the sale of a single-tenant retail property in Red Bluff. A Southern California-based family trust acquired the property from a Northern California-based private investor for $2.5 million. Dollar General occupies the 9,026-square-foot property, which is located at 755 Walnut St. The tenant has approximately 10 years remaining on its initial 15-year lease term. Jim Schuchert and Joe Schuchert of SRS’ National Let Lease Group represented the seller, while Bryan Miller of Lee & Associates represented the buyer.
SAN DIEGO — Despite a strong U.S. job market, GDP growth will slow now that the tailwind from the Tax Cuts and Jobs Act has largely dissipated, predicts Michael Fratantoni, chief economist with the Mortgage Bankers Association (MBA). More specifically, Fratantoni is forecasting the nation’s economy to grow 2 percent in 2019, down from 3.1 percent in 2018. Passage of the sweeping tax bill in late 2017 and signed into law by President Donald Trump “led to some front-loading of some additional spending and benefits, particularly on the corporate tax side that showed up as this faster growth rate in 2018,” explains Fratantoni. “We also know that the budget agreement that was reached [early last year] really concentrated about $300 billion of spending particularly in 2018, maybe a little bit into 2019.” The comments from the veteran economist came during a special session Sunday on the opening day of the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo at the Manchester Grand Hyatt San Diego. Jaime Woodwell, vice president of commercial/multifamily research for MBA, also provided an update on the state of the commercial/multifamily market during the session. The-four day conference has attracted mortgage bankers from across the country. One …