California

Hanley Investment Arranges Sale of 24,986 SF Retail, Medical Building in Aliso Viejo, California

by Amy Works October 8, 2024

ALISO VIEJO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a two-story retail and medical building at 26711 Aliso Creek Road in Aliso Viejo. A San Francisco-based private investor sold the asset to an Irvine, Calif.-based private investor for $9.4 million. Both parties requested anonymity. Buffalo Wild Wings Grill & Bar, Active Med Supply, Cold Stone Creamery, F45 Training, Kidcreate Studio and three dental offices are tenants at the 24,986-square-foot building, which was built on two acres in 2004. The building is situated within Aliso Viejo Town Center, a 380,000-square-foot development. Sean Cox and Kevin Fryman of Hanley Investment Group represented the seller, while Alton Burgess of Voit Real Estate Services represented the buyer in the deal.

October 8, 2024

Acquisitions California Office Western

Drawbridge Realty Acquires 225,773 SF Headquarters Office Building in Santa Monica

by Amy Works October 7, 2024

SANTA MONICA, CALIF. — Drawbridge Realty has purchased 2220 Colorado Avenue, a six-story, Class A office building in Santa Monica, from Clarion Partners for an undisclosed price. Universal Music Group (UMG) fully occupies the 225,773-square-foot building on a long-term, net-lease basis. The Netherlands-based company uses the property as its operational headquarters. 2220 Colorado Avenues has two UMG-operated recording studios, several upscale conference facilities, secure parking with direct elevator access, an onsite food commissary and coffee bar, collaboration areas and outdoor decks. Kevin Shannon, Alex Foshay, Ken White, Rob Hannan, Laura Stumm and Michael Moll of Newmark represented the seller in the transaction.

October 7, 2024

Acquisitions California Retail Western

SITE Centers Sells Whole Foods-Occupied Retail Building in Oakland for $44.4M

by Amy Works October 7, 2024

OAKLAND, CALIF. — SITE Centers Corp. has completed the sale of Whole Foods Market Bay Place, a retail asset in Oakland, to an undisclosed buyer for $44.4 million. Whole Foods Market occupies the Class A, 57,218-square-foot property, which was built in 2007, on a long-term basis. The freestanding building is situated on a 2.2-acre corner lot at 230 Bay Place. Eric Kathrein, Geoff Tranchina, Gleb Lvovich and Warren McClean of JLL Capital Markets Investment Sales and Advisory represented the seller and procured the buyer in the deal.

October 7, 2024

California Development Multifamily Student Housing Western

Joint Venture to Break Ground on 262-Bed Student Housing Development Near UC Berkeley

by Amy Works October 7, 2024

BERKELEY, CALIF. — A joint venture between Canyon Partners Real Estate, The Martin Group and Valiance Capital is set to break ground on The Valiant, a 262-bed student housing development located near the University of California, Berkeley (UC Berkeley) campus. Construction on the project is expected to begin imminently with completion planned for fall 2026. The joint venture recently closed on a senior construction loan for the development that was provided by Kennedy Wilson. Further details on the financing were not disclosed. The eight-story community will feature 83 units and 1,461 square feet of retail space. Shared amenities will include a study lobby, fitness center, rooftop deck lounge, gathering spaces, private study lounges and secured bike stations.

October 7, 2024

Acquisitions California Market Reports Office Western Western Market Reports

San Francisco Office Sales Expected to Reach $1B

by Jeff Shaw October 7, 2024

— By Colin Yasukochi, executive director, Tech Insights Center, CBRE — An increasing supply of distressed properties for sale has been met with enthusiasm by a growing number of opportunistic buyers in San Francisco. Prices up to 70 percent lower than the seller’s cost basis, combined with improving fundamentals, has given investors confidence to make property purchases ahead of substantial leasing market recovery. About $1 billion of office sales volume could be reached by year-end 2024. There are 27 properties totaling 3.6 million square feet that have sold (totaling $338 million), are under contract (totaling $193 million) or being marketed ($453 million). If this occurs, it would be the highest number of properties sold since 2019 and the highest square footage and dollar volume since 2021. The years 2022 and 2023 combined had a total sales volume of $945 million. Stabilization in the office leasing market has emerged with vacancy and rents little changed and much higher space demand. Second-quarter 2024 vacancy ticked up to 36.8 percent (+0.1 percent), while average asking rents ticked down to $68.43 (-$0.12) compared to the previous quarter. Demand indicators strengthened with leasing activity and tenants in the market rising in the second quarter of …

October 7, 2024

Arizona California Company News Development Georgia Massachusetts Student Housing Texas Top Stories

ACC Delivers Six Student Housing Developments in 2024 Totaling $855M

by Hayden Spiess October 7, 2024

AUSTIN, TEXAS — American Campus Communities (ACC) has delivered new student housing projects totaling $855 million this year. Together, the six communities — which include Meadows Apartments at Princeton University, Casa del Valle at Arizona State University, The Ridge Graduate & Professional Housing at Emory University, xučyun ruwway Graduate Student Apartments at University of California Berkeley, East Campus Graduate Apartments at The University of Texas at Austin and Graduate Junction at MIT — feature 3,867 beds. Austin, Texas-based ACC is the third-party developer and manager for Graduate Junction (676 beds), East Campus Graduate Apartments (784 beds), The Ridge Graduate & Professional Housing (535 beds) and Meadows Apartments (604 beds). Amenities at Meadows Apartments at Princeton University include a communal kitchen, children’s playroom and a market and café. In addition to a communal kitchen, The Ridge Graduate & Professional Housing at Emory University features a fitness center, study areas and a parking garage. At Graduate Junction at MIT, amenities include study areas, a recreation center and gym and indoor bike storage. ACC is the owner, developer and manager of Casa del Valle at Arizona State University, which offers 507 suite-style beds with social lounges, Zen areas and landscaped outdoor amenities. ACC …

October 7, 2024

Acquisitions California Loans Retail Western

Calmwater Capital Provides $20.9M Acquisition Loan for Cathedral City Marketplace Shopping Center Near Palm Springs

by Amy Works October 4, 2024

CATHEDRAL CITY, CALIF. — Calmwater Capital has provided Rhino Investment Group with $20.9 million in short-term, first-mortgage debt for its acquisition of Cathedral City Marketplace, a grocery-anchored retail center in Cathedral City. The 195,000-square-foot shopping center is located in Cathedral City, approximately seven miles southeast of Palm Springs. Situated on 21 acres at 34091-34351 Date Palm Drive, Cathedral City Marketplace offers parking for 1,093 automobiles. Current tenants include Kroger’s Food 4 Less, Planet Fitness, dd’s Discounts, DJ’s Sports Bar and Subway. Calmwater’s Larry Grantham, Zach Novatt and DaJuan Bennett originated the loan. The Los Angeles-based JLL Capital Markets team of Jeff Sause, Chad Morgan, Daniel Skerrett and Jalynn Borders arranged the financing.

October 4, 2024

Acquisitions California Industrial Self-Storage Western

Capital 360, Barings Sell 2,460-Unit Extra Space Storage Facility in Cerritos, California for $91M

by Amy Works October 3, 2024

CERRITOS, CALIF. — A joint venture between Capital 360 and Charlotte-based Barings has completed the disposition of Extra Space Storage in Cerritos to Houston-based Hines for $91 million. Nick Walker and Trevor Roberts of CBRE’s Self Storage Advisory Group represented the seller in in the transaction. Capital 360 and Barings originally acquired the site in 2018. Situated on 4.9 acres at 17900 Crusader Ave., the three-story, 260,273-square-foot facility offers 2,460 storage units. Constructed in 2020, the facility was more than 88 percent occupied at the time of sale.

October 3, 2024

Acquisitions California Multifamily Seniors Housing Western

Senior Resource Group Acquires, Rebrands 199-Unit Seniors Housing Property in Los Angeles

by Amy Works October 3, 2024

LOS ANGELES — Senior Resources Group (SRG) has purchased Fountainview at Gonda, a seniors housing community in the Playa Vista submarket of Los Angeles, from Los Angeles Jewish Health (LAJHealth) for an undisclosed price. In conjunction with the acquisition, SRG has renamed the property Avocet Playa Vista. A continuing-care retirement community (CCRC), the 199-residence Avocet Playa Vista offers 175 independent living, 12 assisted living and 12 memory care units. Built in 2017 and designed by Gensler, Avocet Playa Vista residences are part of the Playa Vista homeowners association, enabling access to a full-service community with a full-service restaurant, bar/bistro, performing arts theatre, arts center, indoor pool and fitness center, mind and body programs, cultural events and onsite rehabilitative health care. SRG is committed to maintaining the Jewish values foundational to the community and its residents.

October 3, 2024

Acquisitions California Industrial Western

Miramar Acquisitions Buys IOS Facility in Central San Diego for $14.6M

by Amy Works October 3, 2024

SAN DIEGO — Miramar Acquisitions has acquired 7191 Carroll Road, a 3.6-acre industrial outdoor storage (IOS) facility in San Diego’s Miramar submarket, from TFI International for $14.6 million. Evan McDonald, Kurtis Blanchard and Mark Lewkowitz of Colliers represented the buyer and seller in the deal. The low-coverage site features a 6,300-square-foot cross-dock facility with excess paved and secured yard space. The property’s zoning allows for an array of outdoor industrial uses, including equipment and material storage, vehicle equipment and supplies sales and rentals, and trucking and transportation facilities.

October 3, 2024

Newer Posts

Older Posts