California

CBRE Brokers Sale of 112,511 SF Office Building in Metro Sacramento

by Amy Works September 25, 2019

RANCHO CORDOVA, CALIF. — CBRE has arranged the sale of an office building, located at 2882 Prospect Park Drive in Rancho Cordova, a suburb 15 miles east of Sacramento. Lafayette, Calif.-based Prospect Park LLC sold the asset to San Jose, Calif.-based Prospect Park Drive LLC for an undisclosed sum. Matt Post, Stuart Wright and Randy Getz of CBRE’s Sacramento office represented the seller in the deal. Built in 1999, the four-story, 112,511-square-foot property was 88 percent leased at the time of sale. The asset is located within the Highway 50 Corridor submarket, which has a total of 11.4 million square feet of office space.

September 25, 2019

California Loans Office Western

Ready Capital Closes $18.1M in Refinancing for Creative Office Portfolio in Southern California

by Amy Works September 25, 2019

CULVER CITY, CALIF. — Ready Capital has provided a $18.1 million loan for the refinancing, repositioning and lease-up of a vacant creative office portfolio in Culver City. The loan will be used to reposition the 38,000-square-foot property from traditional office to modern, creative-type finishes and simultaneously provide a facility for tenant lease-up. The name of the borrower was not released. Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a 36-month term, two extension options and flexible prepayment. Additionally, the loan is inclusive of a facility to provide future funding for the capital expenditures, tenant leasing costs and interest and operating reserves.

September 25, 2019

Centerpointe-Commerce-Center-Moreno-Valley-CA

California Development Industrial Western

Rockefeller Group, Newcastle Partners Break Ground on 203,944 SF Distribution Center in Inland Empire

by Amy Works September 25, 2019

MORENO VALLEY, CALIF. — Rockefeller Group has broken ground on Centerpointe Commerce Center, a speculative distribution center situated on 8.8 acres of industrial land in Moreno Valley. The 203,944-square-foot facility is slated for completion in summer 2020. Located on Frederick Street, the dock-high industrial building will feature 32-foot clear heights, 8,000 square feet of speculative office improvements, 106 auto-parking stalls and 26 trailer-parking stalls. Additionally, the property will offer access to several Southern California freeways, including Interstate 215, State Route 60, State Route 90 and Interstate 10. Rockefeller Group acquired the site from Newcastle Partners in April. Newcastle pursued the required governmental approvals for the projects beginning in October 2017, and the company successfully obtained the entitlements and zoning just prior to Rockefeller Group’s acquisition. Rockefeller Group and Newcastle selected Newport Beach, Calif.-based RM Dalton as general contractor, Herdman Architecture + Design as architect and SDH & Associates as civil engineer. Bill Heim, Finn Comer, Alex Heim and Nesha Ritchie of Lee & Associates are the exclusive leasing agents for Centerpointe Commerce Center.

September 25, 2019

Acquisitions California Office Western

Polidev Sells 140,047 SF Historic Office Building in Downtown San Francisco

by Amy Works September 24, 2019

SAN FRANCISCO — Polidev has completed the sale of 351 California Street, a 16-story office building located in downtown San Francisco. Tidewater Capital and affiliates of the Goldman Sachs Merchant Banking Division acquired the property for an undisclosed sum. Built in 1920, the 140,047-square-foot building is one of the most recognized historic office buildings in San Francisco’s Financial District. The property features distinct architectural details, U-shaped floor plates and exposed ceilings. The previous owner invested approximately $8 million into the property with a partial renovation in 2010 and a seismic retrofit in 2015. At the time of sale, the property was 87 percent occupied by a diverse roster of tenants, including tech and professional services firms. Kyle Kovac, Mike Taquino, Russell Ingrum, Mandy Lee and Giancarlo Sangiacomo of CBRE’s San Francisco office represented the seller in the transaction.

September 24, 2019

Acquisitions California Industrial Western

JJRE Properties Sells 14,380 SF Industrial Building in California for $2.7M

by Amy Works September 24, 2019

CORONA, CALIF. — JJRE Properties has completed the disposition of an industrial building in Corona. An undisclosed buyer acquired the property for $2.7 million. Located at 508 Bateman Circle, the property features 14,380 square feet of industrial space. Greg Diab of Lee & Associates’ Orange, Calif., office represented the seller in the deal.

September 24, 2019

Acquisitions California Multifamily Western

ARES Buys 235-Unit Apartment Complex in Southern California

by Amy Works September 23, 2019

LONG BEACH, CALIF. — Advanced Real Estate Services (ARES) has purchased a multifamily property located near California State University, Long Beach in Long Beach for an undisclosed amount. The name of the seller was not released. ARES plans to rebrand the property as The Circle Apartments at Long Beach. Additionally, ARES plans to invest more than $6 million in upgrades at the 235-unit community. Renovations will include new windows, pool area upgrades, added business center and paint scheme. Interior unit upgrades will include new flooring, paint, fixtures and smart locks. Some of the non-renovated units will also receive new cabinets and countertops. Community amenities include three swimming pools, a fitness center and lounge. Kevin MacKenzie and Greg Brown of JLL’s Newport Beach, Calif., office arranged $46.8 million in Freddie Mac financing for the buyer. The 10-year loan features interest-only payments.

September 23, 2019

Acquisitions California Retail Western

CalBay Acquires 47,000 SF Retail Space in Los Angeles for $7.4M

by Amy Works September 23, 2019

LOS ANGELES — CalBay Development has purchased the fee interest in a premier retail box in Porter Ranch Town Center in the Porter Ranch/Northridge neighborhood of Los Angeles. A private partnership led by Raider Hill sold the property for an undisclosed price. Situated on four acres, the asset is a 47,000-square-foot space formerly occupied and owned by Toys R Us. Spirit Halloween currently occupies the property on a short-term lease. The asset sits as its own fee parcel within the 560,000-square-foot Porter Ranch Town Center anchored by Walmart, Ralphs, CVS/pharmacy, Best Buy and others.

September 23, 2019

California Market Reports Multifamily Western Western Market Reports

All Signs Point to a Comeback for San Diego Apartment Investment Sales in 2019-2020

by Taylor Williams September 21, 2019

While Proposition 10 — California’s proposal to strengthen rent control — was defeated last November, it somewhat stifled the multifamily investment sector in San Diego as investors worked to figure out the next wave of opportunity. But now that market is starting to bounce back. Total multifamily sales volume in 2018 was just under $2 billion. However, several signs pointed to a resilient San Diego market, including cap rates holding steady at 4.6 percent and an increase in pricing. The tides have begun to turn in the past few months, with numerous apartment deals on the market — more than we’ve seen at one time in the past few years. This is especially true in Downtown San Diego where a significant number of new merchant-built deals are expected to come to market, continuing throughout the year. These are luxury complexes, with some expected to fetch as much as $600,000 per unit. Six conventional multifamily sales (with at least 100 units) closed in the first half of this year, totaling $550 million. This is an increase over the four sales totaling $372.5 million in the first half of 2018. The median price per unit through mid-year was $258,200, although roughly one-quarter …

September 21, 2019

Acquisitions California Loans Multifamily Western

Berkadia Arranges $108.7M Acquisition Loan for 800-Unit Apartment Community in Los Angeles County

by Amy Works September 20, 2019

LANCASTER, CALIF. — Berkadia has secured $108.7 million in acquisition financing for Afton Property’s purchase of Sunset Ridge Apartments, an 800-unit, mixed-income, garden-style multifamily community in Lancaster. Berkadia originated the 15-year, fixed-rate loan, which was purchased by Freddie Mac. The financing features eight years of interest-only payments through Freddie Mac’s Targeted Affordable Housing program. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia’s Boca Raton, Fla., office secured the financing for the Los Angeles-based borrower. Built in four separate 200-unit phases between 1986 and 1988, Sunset Ridge features 800 units in a mix of one-, two- and three-bedroom layouts with fully equipped kitchens, pantries, dishwashers and ceiling fans. Community amenities include a laundry facility, on-site maintenance, a fitness center and swimming pool.

September 20, 2019

Acquisitions California Industrial Western

Rexford Industrial Acquires Eight-Building Industrial Park in Southern California for $66.2M

by Amy Works September 20, 2019

TORRANCE, CALIF. — Rexford Industrial Realty has purchased an eight-building industrial portfolio in Torrance for $66.2 million, or $247 per square foot. The acquisition was funded using cash on hand. The name of the seller was not released. Comprised of four single-tenant buildings and four two-tenant buildings, the asset offers a total of 267,503 square feet of industrial space on 14.2 acres. At the time of sale, the complex was 91 percent leased. Rexford plans to complete capital improvements at the property, including fire sprinkler upgrades, modernization of offices and other functional enhancements.

September 20, 2019

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