California

Valore Ventures Sells Triple-Net Leased Outback Steakhouse Property in Southern California

by Amy Works November 8, 2019

GARDEN GROVE, CALIF. — Valore Ventures has completed the sale of a restaurant property located at 12001 Harbor Blvd. in Garden Grove. A private investor acquired the asset for $6.6 million. Outback Steakhouse occupies the 6,180-square-foot building, which was built in 2001, on a triple-net leased basis. The property is situated a mile from Disneyland and Disney California Adventure and minutes from the Anaheim Convention Center. Valore Ventures originally purchased the property as part of a four-building portfolio that included a Red Robin Gourmet Burger and Brews, Joe’s Crab Shack and Oggi’s Pizza & Brewery. This sale is the last of the four fee simple interests that Valore acquired in January for $13.1 million. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group brokered the transaction.

November 8, 2019

Fourth-Street-Distribution-Center-Rancho-Cucamonga-CA

Acquisitions California Industrial Retail Western

Bridge Development Partners Buys Fourth Street Distribution Center in Inland Empire for $191.1M

by Amy Works November 7, 2019

RANCHO CUCAMONGA, CALIF. — Bridge Development Partners has acquired Fourth Street Distribution Center, a 1.4 million-square-foot distribution/fulfillment center and a 23,240-square-foot retail building in Rancho Cucamonga. West Coast Liquidators sold the asset for $191.1 million. Originally developed in 1984, the asset is situated on 91.4 acres at 12434 Fourth St. in the Inland Empire West submarket. Mark Detmer, Bo Mills, Ryan Sitov, Sharon Wortmann, Mike McCrary and Peter McWilliams of JLL represented the seller in the deal. Additionally, Brian Torp, Kevin MacKenzie and Brian Halpern of JLL Capital Markets arranged $200 million in bridge financing to fund the acquisition for the buyer.

November 7, 2019

Acquisitions California Net Lease Retail Western

NKF Directs $8.8M Sale of Triple-Net Leased Retail Property in Orange, California

by Amy Works November 7, 2019

ORANGE, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of a single-tenant retail property located at 1809 W. Chapman Ave. in Orange. A Southern California-based family trust acquired the property from Orange County, Calif.-based Adray Plaza for $8.8 million in a 1031 exchange. Fresenius Medical Care, a dialysis clinic, occupies the 21,000-square-foot property on an absolute, triple-net lease basis. Glenn Rudy and Rob Ippolito of NKF represented the seller, while Matthew Graham of Graham & Associates represented the buyer in the deal.

November 7, 2019

Acquisitions California Retail Western

Hanley Investment Group Brokers $5M Sale of Retail Asset in Long Beach, California

by Amy Works November 7, 2019

LONG BEACH, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of high-street, multi-tenant retail property located at 5354 E. Second St. in Long Beach’s Belmont Shore neighborhood. A Jackson, Wyo.-based private investor sold the asset to a Long Beach-based private investor for $5 million. Built in 1952, the two-story building features 8,991 square feet of retail space. At the time of sale, the property was 100 percent leased. Current tenants include Arthritis National Research Foundation, Jonnum Media, The Flynn Group and FEA Consulting. Kevin Fryman, Carlos Lopez and Ed Hanley of Hanley Investment Group represented the seller, while Nathan Holthouser of CBRE’s Newport Beach, Calif., represented the buyer in the transaction.

November 7, 2019

California Features Retail Western

Ten-X Commercial: E-Commerce, Store Closures and the Impact on the Retail Real Estate Sector

by John Nelson November 7, 2019

IRVINE, CALIF. — Ten-X Commercial, the online commercial real estate platform formerly known as Auction.com, reports that the U.S. retail market is “largely suffering” in the face of rising e-commerce and massive store closures. In its latest Retail Market Outlook report, Ten-X expects the retail sector to show little to no improvement in the immediate future. By fourth-quarter 2022, the Irvine-based company forecasts that the effective rental rate per square foot for the national retail sector to increase by only 1 percent and the vacancy rate to increase by 10 basis points. Due to store closures, Ten-X reports that retail space absorption has been poor and developers have scaled back construction of new retail spaces as a result. According to Coresight Research, more than 8,560 store closures have already been announced year-to-date in 2019, a steep increase from the 5,524 in 2018. These include by brands such as GNC, Walgreens, Bed Bath & Beyond, Kitchen Collection, Forever 21, Avenue, Dress Barn, Charming Charlie and LifeWay Christian Stores. In their announcements, most brands detail that their profits were sunk due to competition from e-commerce companies. Ten-X reports that e-commerce has doubled its total share of retail sales over the past decade …

November 7, 2019

Acquisitions California Industrial Western

Colliers Brokers $4.8M Purchase of Two-Building Industrial Property in Santee, California

by Amy Works November 5, 2019

SANTEE, CALIF. — Colliers International San Diego Region has arranged the acquisition of a two-building industrial asset located in Santee. Poway, Calif.-based Zuantasnid purchased the property from San Diego-based Pearl and Herschel LLC for $4.8 million. Situated on 2.1 acres at 8745-8747 N. Magnolia Ave., the asset features total of 36,345 square feet of industrial space. Evan McDonald and Taylor DeBerry of Colliers represented the buyer, while pat Geary of CEG Advisors represented the seller in the deal.

November 5, 2019

Affordable Housing California Development Multifamily Top Stories Western

Apple Commits $2.5B to Combat Affordable Housing Shortage in California

by Jeff Shaw November 4, 2019

CUPERTINO, CALIF. — Apple Inc. (NASDAQ: AAPL) has announced a $2.5 billion plan to address the housing availability and affordability crisis in California. Much like Facebook’s recent announcement to commit $1 billion and build 20,000 affordable housing units in the Golden State, Apple cited the major discrepancy between the paces of population growth and affordable housing development as the key catalyst behind its plan. Earlier this year, Microsoft Corp. and Alphabet Inc., the parent company of Google, also pledged a combined $1.25 billion toward the development of affordable housing in metro Seattle and the Silicon Valley area, where those two firms are respectively based. In supporting this measure, Apple referenced a recent study by real estate brokerage firm Redfin that found that some 30,000 people had vacated the San Francisco area between April and June of this year. The study also found that the rate of homeownership in the Bay Area has hit a seven-year low. Both pieces of information suggest that residents, whether buying or renting, are simply being priced out of the region. In response to the growing cost of housing in California, Gov. Gavin Newsom signed a bill in October that would cap annual rent increases imposed …

November 4, 2019

Acquisitions California Office Western

Kennedy Wilson Buys Hamilton Landing Office Campus in North Bay Area for $115M

by Amy Works November 1, 2019

NOVATO, CALIF. — Kennedy Wilson has acquired Hamilton Landing, a wholly owned office campus situated on 20 acres in Novato, a North Bay Area town in Marin County. An undisclosed seller sold the asset for $115 million. For the acquisition, Kennedy Wilson invested $55 million of equity and assumed a $60 million, interest-only loan at a fixed interest rate of 4.34 percent that matures in 2025. Built in the 1930s as an Air Force Base, Hamilton Landing was decommissioned in the 1970s and converted into Class A creative office space in phases between 2000 and 2008. The seven-building campus offers a total of 406,000 square feet of office space. Kennedy Wilson purchased the office campus through a 1031 exchange with proceeds generated from the recent sale of two multifamily properties.

November 1, 2019

Acquisitions California Loans Multifamily Seniors Housing Western

Greystone Provides $44M in Freddie Mac Financing for Seniors Housing Acquisition Near San Francisco

by Amy Works November 1, 2019

DALY CITY, CALIF. — Greystone has provided a $44 million loan for the acquisition of a 207-unit seniors housing property in Daly City, just south of San Francisco. Cary Tremper of Greystone originated the Freddie Mac loan. Senior Resource Group and its partners acquired the asset, formerly known as Monarch Village, now named Peninsula Del Rey. The four-story property was built between 2008 and 2011 and offers independent living and assisted living residences. Senior Resource Group has operated the community since 2012. The company develops, owns and/or manages 32 seniors housing communities in Arizona, California, Florida, Georgia, Oregon and Washington comprising 5,852 units. The seller was not disclosed.

November 1, 2019

Acquisitions California Retail Western

Pacific Coast Commercial Negotiates $2.5M Acquisition of Retail Building in Poway, California

by Amy Works November 1, 2019

POWAY, CALIF. — Pacific Coast Commercial has arranged the purchase of a retail property located at 12947 Poway Road in Poway. FRH Realty acquired the building for $2.5 million. Big O Tires occupies the 3,510-square-foot retail building, which is situated on 0.7 acres. Dave Dilday of Pacific Coast Commercial represented the buyer, while the seller was self-represented in the deal.

November 1, 2019

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