California

IPA Brokers $25.5M Sale of 66-Unit Multifamily Property in Los Angeles’ Echo Park

by Amy Works January 28, 2019

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Morton Gardens, a multifamily property located in the Echo Park neighborhood of Los Angeles. A regional private investor sold the property to an institutional investment fund for $25.5 million, or $386,364 per unit. Built on 2.9 acres in 1972, Morton Gardens features 66 units in a mix of one-, two- and three-bedroom layouts, two courtyards, controlled entry and covered parking. Joe Grabiec, Greg Harris and Kevin Green of IPA, along with Paul Darrow of Marcus & Millichap, represented the seller and procured the buyer in the deal.

January 28, 2019

California Development Hospitality Loans Western

HFF Arranges $155M in Construction Financing for Two Beachfront Hotels in Oceanside, California

by Amy Works January 25, 2019

OCEANSIDE, CALIF. — HFF has arranged $155 million in construction financing for the ground-up development of two oceanfront hotels in Oceanside. The developer/borrower is S.D. Malkin Properties. Situated on a 2.7-acre, two-block site along Mission Avenue and North Pacific Street, the two hotels will offer immediate access to the beach and a total of 387 rooms, 85 percent of which will have water views. Destination Resorts will operate one of the hotels, while Joie de Vivre will operate the other. Hyatt owns both brands. The property operated by Destination Resort will feature 226 rooms, a signature restaurant, indoor/outdoor lounge, pool with ocean views, luxury spa and more than 20,000 square feet of meeting and event space. The hotel operated by Joie de Vivre will feature 161 guest rooms, a rooftop pool and bar, a world-class restaurant, public garden and 3,000 square feet of retail space, as well as the historic 1887 Graves House, which will be renovated and open to the public. Timothy Wright, Scott Hall, Olga Walsh and Aaron Lapping of HFF placed the construction financing with Bank OZK and an East Coast-based institutional investor for the borrower.

January 25, 2019

California Civic Development Western

C.W. Driver Completes $73M Cal Poly Pomona Student Services Building in Pomona, California

by Amy Works January 25, 2019

POMONA, CALIF. — C.W. Drive Cos. has completed the construction of a new student services building at California State Polytechnic University, Pomona. The three-story, 138,400-square-foot structure consists of two buildings beneath an undulating roof, which uses solar power to regulate the building’s temperature and energy efficiency. Designed by CO Architects, the curved steel and concrete roof regulates the building’s temperature through its solid and perforated panels. Additionally, the roof shades the exterior glass windows, reducing glare and maximizing natural light. Serving as the new “front door” to the university, the $73 million building plays a critical role in the long-term development of the university, increases operational efficiency and enables growth. The property replaces former student services and administration areas and consolidates key departments located elsewhere on campus. The building will also serve as a one-stop service center to facilitate access, increase visibility and streamline operations for students and staff.

January 25, 2019

Acquisitions California Industrial Western

HFF Arranges $33M Acquisition of Vacant 340,000 SF Industrial Building in the Inland Empire

by Amy Works January 24, 2019

SAN BERNARDINO, CALIF. — HFF has brokered the sale of a vacant industrial building in San Bernardino. Bixby Land Co. acquired the Class A asset for $33 million. The newly built, 340,000-square-foot property is located at 4982 Hallmark Parkway within the Inland Empire. The acquisition is part of a joint venture with AXA Investment Managers – Real Assets to aggregate $400 million of industrial assets across the Western United States. Andrew Briner and Michael Roberts of HFF represented the buyer, while CBRE represented the undisclosed seller in the transaction.

January 24, 2019

Acquisitions California Office Western

South Korean Gaming Developer Acquires Pettebone Building in Los Angeles for New Headquarters

by Amy Works January 24, 2019

LOS ANGELES — NHN Global, a South Korean video game developer, has purchased the historic Pettebone Building, located at 501 S. Broadway in Los Angeles. RYDA sold the property for $22 million, or $595 per square foot. The video game developer plans to relocate its headquarters, which is currently in Koreatown, to the new location in downtown Los Angeles. Andrew Tashjian and Michael Gooch of Cushman & Wakefield represented the seller, while Carle Pierose of Industry Partners represented the buyer in the transaction. Originally built in 1905, Pettebone Building is designated a Historic-Cultural Monument and underwent an extensive renovation in 2015. The property features updated elevators, fiber internet, and a 3,000-square-foot rooftop deck. Retail tenants at the office building include Mezcalero and YAKIDO.

January 24, 2019

Acquisitions California Multifamily Western

Burbank Housing Development Corp. Buys Parkwood Apartments in Santa Rosa for $15M

by Amy Works January 24, 2019

SANTA ROSA, CALIF. — Burbank Housing Development Corp. has acquired Parkwood Apartments, a garden-style multifamily property in Santa Rosa. L.E.E. & J. Inc. sold the property for $15 million, or $268,000 per unit. Located adjacent to Rincon Valley Community, Parkwood Apartments features 56 units. Vincent Schwab and John Garrett of Marcus & Millichap represented the seller and procured the buyer in the deal.

January 24, 2019

Acquisitions California Industrial Self-Storage Western

Gelt Inc. Purchases 665-Unit Self-Storage Facility in California for $16.5M

by Amy Works January 24, 2019

SOUTH PASADENA, CALIF. — Los Angeles-based Gelt Inc. has acquired Southmark Storage, a self-storage facility located in South Pasadena. Southmark Storage LLC, a California-based private investor, sold the property for $16.5 million. Situated on a 1.8-acre site at 919 Mission St., the six-building property features 623 indoor storage units, 42 outdoor rental units, a site office and a two-bedroom manager’s apartment. At the close of escrow, the property, which was built in 1986, was 99 percent occupied. Immediately upon closing, Gelt hired Extra Space Storage to streamline operations at the property. Gelt also plans to install new roofs, asphalt and paint, as well as signage, property access systems and the addition of a web payment platform. Greg Nassir and Edward Matevosian of CBRE represented the seller, while Gelt was self-represented in the transaction.

January 24, 2019

California Development Mixed-Use Restaurant Retail Western

DWS Group Begins Next Phase of $180M Manhattan Village Redevelopment in Southern California

by Amy Works January 23, 2019

MANHATTAN BEACH, CALIF. — DWS Group has broken ground on Village Shops, the next phase of its $180 million Manhattan Village redevelopment in Manhattan Beach. Manhattan Village is 44-acre, 573,000-square-foot indoor/outdoor mixed-use dining and retail property. Village Shops will feature 60,942 square feet of retail/restaurant space, 30,744 square feet in South Village and 30,198 square feet in North Village; two parking decks encompassing 956 spaces in South Deck, North Deck and surface lots; a water feature; clock tower; and seating areas and lush landscaping. Completion for Village Shops is scheduled for November 2020. Currently signed tenants at Manhattan Village include ROC, Mercado Manhattan Beach, California Pizza Kitchen, Joey Manhattan Beach, Urban Plates, MAC, Origins, Holly and Hudson Nail Lounge, Macy’s, Apple, Williams Sonoma, Pottery Barn, Pottery Barn Kids, Sephora, Victoria’s Secret, Tommy Bahama and Kiehl’s. Manhattan Village is being developed in phases and slated for full completion in 2020. JLL is managing and handling leasing at Manhattan Village.

January 23, 2019

Acquisitions California Hospitality Western

Pacifica Hotels Acquires 128-Room Residence Inn by Marriott in Orange County for $25.5M

by Amy Works January 23, 2019

ANAHEIM, CALIF. — Pacifica Hotels has purchased Residence Inn by Marriott Anaheim Hills Yorba Linda, an extended-stay hotel located at 125 S. Festival Drive in Anaheim. An institutional seller sold the property for $25.5 million. Completed in 2002, the Residence Inn by Marriott comprises one common area building and two guest-room buildings. The 128-unit hotel features a meeting room, complimentary breakfast, evening social event, outdoor terrace with built-in grill, outdoor swimming pool, fitness center and business center. Scott Hall, Tony Malk, Aaron Lapping and Blake Malecha of HFF represented the seller in the deal.

January 23, 2019

California Company News Leasing Activity Top Stories Western

Facebook Signs Lease for 803,000 SF Office Campus Near San Francisco

by David Cohen January 23, 2019

BURLINGAME, CALIF. — Tech giant Facebook has signed a lease to fully occupy Burlingame Point, an 803,000-square-foot office campus currently under construction in Burlingame. Located on more than 18 acres at the edge of the San Francisco Bay, Burlingame Point is being developed by Kylli, a subsidiary of China-based Genzon Investment Group Co. The campus is 16 miles south of San Francisco. Mike Moran and Clarke Funkhouser of Cushman & Wakefield represented Kylli in the transaction. Facebook was represented by JLL. “We couldn’t be more excited that one of the world’s leading technology firms has selected Burlingame Point to expand its Northern California footprint, says Moran. “This is a testament that strong design elements do make a difference to the discerning tenant.” In addition to four new Class A office buildings with bay views, the project will include public amenities that include an improved Bay Trail, a pedestrian promenade and an improved roadway for cyclists and motorists. Facebook first announced the lease was in negotiations in August and the lease was fully executed in the fourth quarter of 2018. Burlingame Point is expected to open in 2020. The project is the first Class A office campus developed by Kylli in the …

January 23, 2019

Newer Posts

Older Posts