California

First Washington Realty Acquires Fairmont Shopping Center in Pacifica, California

by Amy Works August 22, 2019

PACIFICA, CALIF. — Bethesda, Md.-based First Washington Realty (FWR) has purchased Fairmont Shopping Center, a community shopping center located in Pacifica. Terms of the acquisition, including seller’s name and price, were not released. Situated at the intersection of Hickey and Skyline boulevards, Fairmont Shopping Center features 102,982 square feet of retail space, with Safeway and Rite Aid as anchor tenants. FWR currently owns 103 shopping centers with a value of more than $5.5 billion located in 22 states and the District of Columbia. The company’s centers contain approximately 13.8 million square feet with approximately 2,500 tenants.

August 22, 2019

Acquisitions California Healthcare Office Western

LaSalle Investment Management Buys 89,650 SF Medical Office Property in Orange County

by Amy Works August 22, 2019

BREA, CALIF. — LaSalle Investment Management, through its medical office fund, has acquired a medical office property located at 2767 E. Imperial Highway in Brea. A joint venture between Healthcare Property Advisors and The Innovation Institute sold the asset for an undisclosed price. St. Jude fully occupies the 89,650-square-foot property on a net-lease basis with 14 years remaining on the term. The two-story property is situated on 5.1 acres with frontage and visibility from Imperial Highway, as well as convenient access to the 57 Freeway. St. Jude is a network hospital of Providence St. Joseph Health. Nick Foster of JLL’s Net Lease Practice Group; Evan Kovac and Andrew Milne of JLL’s National Healthcare Capital Markets team; and Andrew Harper from JLL’s Los Angeles office investment team represented the seller. Additionally, John Chun of JLL’s National Healthcare Capital Market team advised from a debt and structured finance perspective.

August 22, 2019

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $12M Sale of Bluff Place Apartments in San Pedro, California

by Amy Works August 22, 2019

SAN PEDRO, CALIF. — Marcus & Millichap has negotiated the sale of Bluff Place, an apartment property located in San Pedro. A limited liability company sold the property for $12 million. Located at 4034 S. Pacific Ave., the building features 36 apartments in a mix of one studio, seven one-bedroom, 24 two-bedroom and four three-bedroom layouts. At the time of sale, 31 of the 34 units were vacant. The buyer plans to extensively renovate the property prior to releasing the units. Kevin King of Marcus & Millichap’s Long Beach, Calif., office represented the seller, while Bryan Schellinger of Marcus & Millichap’s Los Angeles office represented the buyer, another limited liability company, in the deal.

August 22, 2019

Acquisitions California Industrial Western

Terreno Realty Acquires Five-Building Industrial Asset in Los Angeles for $18.1M

by Amy Works August 21, 2019

LOS ANGELES — Terreno Realty Corp. has purchased an industrial asset located in downtown Los Angeles from an undisclosed seller for $18.1 million. The property consists of five industrial buildings located at 130-134 and 140-148 S. Anderson St., 1319 Mono St. and 135-151 S. Utah St. Totaling 53,000 square feet, the asset features 11 grade-level loading positions and parking for 83 cars. At the time of sale, the asset was 90 percent leased to seven tenants, all of which expire within the next three years. Terreno Realty acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay area, Seattle, Miami and Washington, D.C.

August 21, 2019

California Development Loans Multifamily Western

Dekel Capital Arranges More Than $80M in Financing for Development of Multifamily Complex in California

by Amy Works August 20, 2019

SOUTH GATE, CALIF. — Dekel Capital has secured more than $80 million in preferred equity and construction financing for the development of Jefferson on Imperial, a multifamily community located in South Gate. The borrower is JPI. Situated on 4.1 acres at 10920 Garfield Ave., the four-story Jefferson on Imperial will feature 244 apartments in a mix of one-, two- and three-bedroom layouts, as well as a multi-level parking garage with a total of 458 stalls. JPI broke ground on the development in March and expects initial delivery by October 2020. Southern California-based WHA designed the project, which is the first new multifamily development in the last 30 years in the Downey/South Gate area. Alliance Residential Co. will manage, market and lease up the property.

August 20, 2019

Hilton-San-Francisco-Financial-District-San-Fran-CA

California Hospitality Loans Western

PCCP Funds $20M Mezzanine Loan to Refinance Hilton Hotel in San Francisco’s Financial District

by Amy Works August 20, 2019

SAN FRANCISCO — PCCP has provided a $20 million, fixed-rate mezzanine loan for the refinancing of Hilton San Francisco Financial District. Justice Investors, an entity controlled by The InterGroup Corp., owns and operates the hotel. Located at 750 Kearny St. in downtown San Francisco, the 26-story hotel feature 544 guest rooms, with no hotel rooms below the fifth floor. Additionally, the property offers a restaurant and lobby bar, 21,936 square feet of meeting space, a fitness center, a business center and an executive lounge. The ownership has planned a full renovation of the corridors and guest rooms.

August 20, 2019

Acquisitions California Retail Western

SRS Real Estate Partners Brokers $4.3M Sale of South Street Shops in Cerritos, California

by Amy Works August 20, 2019

CERRITOS, CALIF. — SRS Real Estate Partners has arranged the sale of South Street Shops, a value-add retail property located at 10745 South St. in Cerritos. A Los Angeles-based private investor sold the two-tenant asset to a Southern California-based private investor for $4.3 million, or $237 per square foot. Built in 1969 and situated on 1.6 acres, the 18,096-square-foot South Street Shops is part of a larger, 95,000-square-foot community shopping center. Current tenants include SJJ Fitness & Sports Performance and one vacant space of approximately 4,000 square feet. The property is also shadow anchored by Goodwill, which recently signed a 10-year lease renewal. Ara Rostamian and Patrick Luther of SRS Real Estate Partners, along with Eric Mandell of Apex Properties represented the seller, while Sperry CGA Beverly Hills represented the buyer in the deal.

August 20, 2019

Acquisitions California Office Western

Northstar Commercial Partners Sells 67,076 SF Office Building in California for $6M

by Amy Works August 19, 2019

RIVERSIDE, CALIF. — Northstar Commercial Partners has completed the sale of an office building located at 1595 Spruce St. in Riverside. An undisclosed buyer acquired the asset for $6 million. An affiliate of Northstar originally purchased the 67,076-square-foot property in 2015 as one of 24 total assets in a portfolio acquisition totaling $224.3 million. Gary Stache, Doug Mack, Vindar Batoosingh and Phil Woodford of CBRE represented the seller in the deal.

August 19, 2019

California Loans Multifamily Top Stories Western

Bascom Group Receives $235M in Loan Proceeds for Refinancing of Multifamily Portfolio

by Taylor Williams August 19, 2019

IRVINE, CALIF. — The Bascom Group LLC, an Irvine, Calif.-based private equity firm, has refinanced an 11-property multifamily portfolio. Bascom received individual loans for each asset totaling $235 million. Bascom worked with several capital market partners and lenders to complete the refinancing. Comerica Bank provided five loans while Silvergate Bank provided two of the loans. TCF Bank, New York Life, Citizens Business Bank and Texas Capital Bank each funded one loan as well. Brian Eisendrath and Annie Rice from CBRE, Charles Halladay and Jamie Kline from JLL and Tom Sherlock and Erich Pryor from Talonvest arranged the debt financing The portfolio includes six properties that are located in California and two that are located in Las Vegas. The other three properties are located in Colorado, Arizona and Texas. All of the properties are part of Bascom’s third fully discretionary fund, Bascom Value Added Apartment Investors III LLC The transaction yielded more than $39 million in additional loan proceeds for Bascom Group, enabling the firm to reduce its debt service requirement by 16 percent. Most of the loans were structured with interest-only terms for 24 to 36 months and rates between 180 and 200 basis points over LIBOR. “Our lending partners …

August 19, 2019

Acquisitions California Industrial Western

Stockbridge Capital Acquires 6.4 MSF Industrial Portfolio from Westcore Properties

by Amy Works August 16, 2019

SAN FRANCISCO — Stockbridge Capital Group has purchased a portfolio of 26 institutional-quality logistics and e-commerce properties spanning nine U.S. markets, with a heavy focus on the West Coast. PGIM Real Estate Finance provided $350 million in financing for the acquisition. The 6.4 million-square-foot portfolio includes a complement of bulk distribution facilities and light industrial properties. The bulk distribution facilities are relatively new and are as large as 1.1 million square feet, while the light industrial properties are smaller and generally geared toward local last-mile distribution tenants. Approximately 60 percent of the portfolio’s net operating income is generated from assets in California markets: Inland Empire, East Bay, San Diego and Central Valley. PGIM Real Estate Finance served as the lender with Jaime Zadra and Elizabeth Velazquez pf PGIM Real Estate Finance arranged the acquisition financing through two seve-year fixed-rate loans. Kristin Renaudin, Nicole Stagnaro and Kristin Paul led the Stockbridge transaction team. Debra Bonebrake of JLL will serve as property manager.

August 16, 2019

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