GARDEN GROVE, CALIF. — Berkadia has closed $170 million in financing for the Great Wolf Lodge in Garden Grove. Andrew Coleman and Mauricio Rodriguez of Berkadia’s Hotels & Hospitality Group facilitated the deal on behalf of Colorado-based McWhinney. Provided by Wells Fargo, the 10-year, fixed-rate, full-term loan features interest-only payments. The use of the funds was not disclosed. Situated on 12 acres, the nine-story, 105,000-square-foot water park resort features 603 rooms, a 30,000-square-foot conference venue and 18,000 square feet of retail and dining, including seven restaurants, a bowling alley, miniature golf course, kid’s spa and arcade
CARLSBAD, CALIF. — Cushman & Wakefield has arranged the sale of an office building, located at 2888 Loker Ave. East in Carlsbad. Zoe Office Center LLC acquired the property from Global Carlsbad I LLC for $17.6 million. Aric Starck of Cushman & Wakefield, along with Ron Jacobson of SD Realty Partners, represented the seller in the transaction. The 80,659-square-foot asset consists of more than 70 professional office suites surrounding an outdoor atrium, as well as a two-story parking structure on site. At the time of sale, the property was 99 percent leased.
SOUTH GATE, CALIF. — Hanley Investment Group has negotiated the $29.5 million sale of The Crossroads at Firestone, a 53,262-square-foot, ALDI-anchored shopping center in South Gate. The property is located on six acres at 5802-5840 Firestone Blvd., 11 miles south of downtown Los Angeles. The Crossroads was built in in 2017 and was fully leased at the time of the sale to tenants including ALDI, AT&T, Bank of America, The Buffalo Spot, Burgerim, Churroholic, Fast 5 Express Car Wash, Flame Broiler, Hiccups Restaurant & Tea House, Jersey Mike’s Subs, La Michoacana Premium, Panera Bread, Pizza Studio, Sherwin-Williams and Tacos El Gavilan. Ed Hanley of Hanley Investment Group represented both the seller, Catellus Development Corp., and the buyer, SAFCO Capital Corp., in the transaction.
CYPRESS, CALIF. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Cypress Village Shopping Center, a three-building retail asset located at 9515-9575 Valley View St. in Cypress. A Southern California-based private investor acquired the property from Cypress Village Partners LLC for $14.9 million, or $910 per square foot. Situated on 2.4 acres, a variety of restaurants and retailers occupy the 16,433-square-foot property. Current tenants include Pieology Pizzeria, 85°C Bakery Café, Burger Boss, WaBa Grill, Urban Cup and Churned Creamery. Rich Walter, Pat Kent and Parker Walter of SRS Real Estate represented the seller in the transaction.
SUNNYVALE, CALIF. — PCCP has invested $14.7 million of preferred equity, in a joint venture with Bay West Development and Lane Properties, for the construction of 311 Mathilda, a multifamily development in downtown Sunnyvale. Located at 311 S. Mathilda Ave., the five-story property will feature 75 Class A apartment units in a mix of studio, one- and two-bedroom layouts and 4,860 square feet of ground-floor retail space that a Denny’s restaurant is expected to occupy. On-site amenities will include an outdoor courtyard with barbecues, dining terrace, fire pit and lounge seating; a fitness center with an additional exterior courtyard for group activities or classes; a two-story tenant clubhouse; a rooftop deck and lounge; and 54 bike parking spaces. Completion is slated for early 2021.
Since the Baby Boom generation was in its infancy, Southern California has represented the apex of American popular culture, with its freedom, fun and limitless opportunity. But in the last few years the Southland’s place in the American imagination has been superseded to a degree by the digital prowess of its Bay Area and Pacific Northwest neighbors. Recently, the tide has begun to turn. While still wildly successful economically and culturally influential, the Bay Area, Seattle and Portland seem to be bumping into resource constraints that have dimmed their luster. By contrast, the Southland has found its stride, attracting increasing amounts of venture capital, building powerful digital and biotech platforms and proving a bit more adept than the cities to the north at finding space to facilitate economic and population growth. Venture capitalist Peter Thiel hasn’t been the only titan to notice. The impact on multifamily markets is palpable. Property sales volume records were shattered last year and cap rates fell to historic lows. Investors are increasingly embracing the value-add strategies popularized in lower-cost growth markets, driving prices of aging Class B garden properties higher and fueling faster rent growth in submarkets where the renter-by-necessity tenant predominates. Although increased supply …
STOCKTON, CALIF. — CT Realty has sold a newly built, 1.1 million-square-foot industrial facility in Stockton. Bentall Kennedy Limited Partnership, on behalf of its U.S. Core Fund, acquired the asset for $105.3 million. The property is the first phase of development at the 342-acre NorCal Logistics Center. Located at 4532 Newcastle Road, the facility was fully leased to Amazon at the time of sale. The second phase of the NorCal Logistics is under construction and includes 2.7 million square feet spread across five buildings in a mix of speculative and build-to-suit projects. The next building — a 709,556-square-foot facility — is slated for completion at the end of August.
SAN DIEGO — Driftwood Acquisitions and Development (DAD) has entered the California market with the acquisition of Marriott Mission Valley located at 8757 Rio San Diego Drive in San Diego. An undisclosed seller sold the property for $85.7 million. Built in 1988 on a 7.4-acre site, Marriott Mission Valley features 353 guest rooms, more than 37,000 square feet of meeting and event space, Dine Entertain Network Restaurant, M Club Lounge, a business center, fitness center, outdoor swimming pool and convenience store. DAD plans to develop a 130,000-square-foot, 150-key hotel on a 1.7-acre portion of the site. Slated for completion in 2021, the property will include 5,000 square feet of meeting space and a state-of-the-art fitness center.
SIERRA VISTA, CALIF. — SVN Desert Commercial Advisors has brokered the sale of Shoppes at Sierra Vista, a shopping center located at 439/465 N. Highway 90 in Sierra Vista. Pennsylvania-based Kwang Lee of INU Real Estate Management acquired the property for $2.4 million. The seller was Barry Roth with Roth Partnership. At the time of sale, the property was 100 percent leased. Rommie Mojahed and Beau Flahart of SVN Desert Commercial represented the seller in the deal.
CARLSBAD, CALIF. — RAF Pacifica Group (RPG) has purchased five properties totaling six buildings in the Carlsbad market. RPG acquired the assets for a total consideration of $59.6 million. RPG acquired a 67,528-square-foot, value-add industrial property, located at 6305 El Camino Real in Carlsbad, from an institutional owner for $10.5 million. The property features 20-foot clear heights, seven dock-high doors, 195 parking stalls, approximately 28,941 square feet of office space, 28,940 square feet of R&D space and 9,647 square feet of warehouse space. Aric Starck of Cushman & Wakefield represented both RPG and the seller in the deal. The company also purchased three properties within the Carlsbad Research Center in Carlsbad from A&M CapRE Aston LLC: 2320 Faraday Avenue, 2320 Faraday Avenue and 1905 Aston Avenue. The 23,375-square-foot asset at 2320 Faraday Ave. and the 17,451-square-foot facility at 2330 Faraday Ave. are fully occupied, creative-industrial properties that sold for $12.8 million. Each building offers 16-foot to 18-foot clear heights, two grade-level loading doors, 1,000 amps of 227-480 volts and a parking ratio of 3.5/1,000 square feet. RPG acquired the property, at 1905 Aston Ave., for $12.4 million. The asset features 48,818 square feet of creative industrial R&D and corporate headquarters …