California

15240-15250-Nelson-Ave-City-of-Industry-CA

DAUM Commercial Negotiates Sale of 64,000 SF Industrial Property in Los Angeles County for $11.5M

by Amy Works April 15, 2019

CITY OF INDUSTRY, CALIF. — DAUM Commercial Real Estate Services has brokered the sale of an industrial warehouse facility located at 15240-15250 Nelson Ave. in City of Industry. South El Monte, Calif.-based Art Weiss Industrial Properties sold the property to Max Sales Group for $11.5 million. The buyer is a wholesale manufacturer of products, including consumer electronics and home, auto, kitchen and pet accessories. The seller built the 64,000-square-foot asset in 1979. The warehouse features 24-foot interior clearance, nine loading docks, two ground-level doors, 4,000 square feet of office space and the option for a two-tenant layout. Charles Johnson II of DAUM handled the transaction.

April 15, 2019

Acquisitions California Industrial Western

Partners Capital Acquires Value-Add Industrial Asset in Southern California

by Amy Works April 15, 2019

BELL GARDENS, CALIF. — Partners Capital has purchased an industrial asset, located at 6855 Suva St. in Bell Gardens, for an undisclosed price. Situated on 2 acres, the property features two buildings totaling approximately 36,000 square feet. Remy Moses of Lee & Associates represented the buyer in the deal. Additional terms of the deal were not disclosed.

April 15, 2019

Acquisitions California Office Western

Washington Capital Management Buys Spectrum Corporate Plaza Office Campus in San Diego for $39.8M

by Amy Works April 12, 2019

SAN DIEGO — Seattle-based Washington Capital Management, on behalf of its client, has acquired Spectrum Corporate Plaza, an office asset located in the Kearny Mesa submarket of San Diego. An undisclosed seller sold the property for $39.8 million. Located at 9242 and 9246 Lightwave Ave., the 129,146-square-foot office campus consists of two freestanding buildings. At the time of sale, the property was 95 percent leased. Major tenants include Epsilon Systems, Henkels and McCoy, the State of California and San Diego Workforce Partnership. Situated on 6.4 acres, the asset also features 514 parking spaces. Louay Alsadek and Hunter Rower of CBRE represented the seller, while Washington Capital Management represented the buyer, its client, in the deal.

April 12, 2019

Acquisitions California Healthcare Loans Western

CIT Group Arranges $36.8M in Acquisition Financing for Bakersfield Heart Hospital in California

by Amy Works April 12, 2019

BAKERSFIELD, CALIF. — CIT Group’s Healthcare Finance business served as the sole lead arranger for $36.8 million in acquisition financing. The borrower, The Sanders Trust, will use the funds to purchase Bakersfield Heart Hospital. The lender was not disclosed. Located in Bakersfield, the hospital specializes in diagnosis and treatment of heart and vascular disease, as well as a wide range of other medical and surgical procedures. The hospital will continue to be owned and managed by its current team of more than 400 employees, cardiologists, physicians and surgeons in Bakersfield and Kern County, Calif.

April 12, 2019

California Industrial Loans Multifamily Western

Continental Partners Secures $15.8M in Financing for Four Southern California Assets

by Amy Works April 12, 2019

LOS ANGELES AND MOORPARK, CALIF. — Continental Partners has arranged a total of $15.8 million in financing across two transactions in Southern California. Zalmi Klyne of Continental Partners handled the transactions. Continental Partners secured $9 million in refinancing for a 41-unit, three-property multifamily portfolio in South Los Angeles. The financing allowed the undisclosed sponsor to cash out 90 percent equity. Previously, the firm arranged a bridge loan for the purchase of the assets in December 2017. The new 30-year loan is priced at rate of 4.61 percent with three years of interest-only payments and a loan-to-value ratio of 70 percent. The company also arranged $6.8 million in cash-out refinancing for a 105,000-square-foot industrial building in Moorpark. The firm previously secured a bridge loan for the acquisition of the property in October 2017. The loan was 98.5 percent of the original purchase price. The new financing features a seven-year term with a five-year fixed interest rate. The loan-to-value ratio is 70 percent.

April 12, 2019

California Development Loans Multifamily Western

PCCP Provides $145M Loan for Development of 442-Unit Multifamily Asset in San Diego

by Amy Works April 11, 2019

SAN DIEGO — PCCP has funded a $145 million senior loan to Sunroad Enterprises for the development of Sunroad Centrum Phase 6, a seven-story, Class A multifamily community in the Kearny Mesa neighborhood of San Diego. The 442-unit project is the final phase of the 24-acre Centrum master plan, which includes more than 800 multifamily units and an 11-story office tower. The new multifamily property will feature a 4,200-square-foot, two-level fitness center, pool, spa, rooftop bar with grill area and outdoor televisions, business center lounge, conference rooms, wine room with outdoor patio, game room and pet-grooming center. Aldon Cole, Tim Wright and Bharat Madan of HFF’s San Diego office arranged the financing.

April 11, 2019

California Development Loans Multifamily Western

Oakdale Communities Receives $83M Construction Loan for 300-Unit Multifamily Property in Sacramento

by Amy Works April 11, 2019

SACRAMENTO — Houston-based Oakdale Communities has received an $83 million loan for the development of The Core Natomas, an apartment complex in Sacramento. Located at 2705 Orchard Lane, the 300-unit, village-style community will feature 13 two- and three-story buildings offering one-, two- and three-bedroom layouts. On-site amenities will include a clubhouse, resort-style swimming pool, fitness center and outdoor kitchens. Construction is slated to begin in May. Kevin Randles, Angelica Heath, Jim Richards and Susan Speer of CBRE arranged the financing, which represents 90 percent of total needed project capital. William Ayres, also of CBRE, brokered the acquisition of the land site.

April 11, 2019

Acquisitions California Retail Western

Optimus Properties Sells Multi-Tenant Retail Asset in Los Angeles

by Amy Works April 11, 2019

LOS ANGELES — An affiliate of Optimus Properties has completed the disposition of a retail building located at 8036-8038 W. Third St. in Los Angeles. Terms of the transaction were not released. Built in 1946, the property features 2,200 square feet of retail space and 12 parking spaces. At the time of sale, the building was fully occupied by The Osso Good Co., a maker of bone broth and paleo soups; I Love Nails, a nail salon; and Shampoo, a hair salon.

April 11, 2019

California Development Multifamily Western

MBK Rental Living Buys 14.5-Acre Site in Southern California for Azure Multifamily Community

by Amy Works April 10, 2019

SANTA MARIA, CALIF. — MBK Rental Living has acquired a 14.5-acre land site in Santa Maria for the development of Azure, a multifamily property. Easton Plaza LP sold the site for an undisclosed price. Upon completion, Azure will feature 318 two- and three-story garden-style apartments ranging in size from 406 square feet to 1,211 square feet. Community amenities will include two swimming pools, two hot tubs, a dog park, sports court, fitness center and playground. Grading of the site is slated for this spring, with leasing expected to begin in mid- to late-2020.

April 10, 2019

Acquisitions California Office Western

Madison Partners Directs $31M Sale of 55,000 SF Office Building Near Los Angeles

by Amy Works April 10, 2019

EL SEGUNDO, CALIF. — Madison Partners has arranged the off-market sale of an office building, located at 2221 Park Place in El Segundo. Powerscourt Partners purchased the property from 2221 PPA LLC for $31 million, or $564 per square foot. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, while Geoff Ludwig of Colliers International represented the buyer in the deal. The 55,000-square-foot office building was vacant at the time of sale.

April 10, 2019

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