California

Santa-Ana-Tustin-Medical-Pavilion-Tustin-CA

Camelot West Commercial Negotiates $4.8M Sale of Medical Office Building in Tustin, California

by Amy Works September 9, 2019

TUSTIN, CALIF. — Camelot West Commercial has arranged the sale of Santa Ana – Tustin Medical Pavilion, a medical office building in Tustin. TKL Westminster acquired the property from Santa Ana Tustin Medical Pavilion LLC for $4.8 million with no concessions or repairs. Developed in 1968, the 17,594-square-foot building is located at 17400 Irvine Blvd. in Tustin. The building features 13 separate suites, each with examination rooms, lobbies, offices and private bathrooms. The building also features a full-service pharmacy. Jennifer Esser of Camelot West Commercial represented the seller, while Mia Pham of Lee & Associates represented the buyer in the transaction.

September 9, 2019

Acquisitions California Net Lease Retail Western

Marcus & Millichap Arranges $2.9M Sale of Net-Leased Building in Livermore, California

by Amy Works September 9, 2019

LIVERMORE, CALIF. — Marcus & Millichap has brokered the sale of a retail building, located at 2287 Second St. in downtown Livermore. A limited liability company acquired the building from tenants in common for $2.9 million. Bank of the West occupies the 7,108-square-foot building with one year remaining on the triple-net lease with no options to extend. Constructed in 1960 on a 0.41-acre lot, the building features multiple drive-in lanes and ample parking. Ethan Pintard and Jarrod Senechal of Marcus & Millichap’s East Bay, Calif., office represented the seller and the buyer in the deal.

September 9, 2019

California Market Reports Multifamily Western Western Market Reports

Multifamily Activity Is Strong in Northern California…For Now

by Taylor Williams September 7, 2019

Northern California’s multifamily market has a strong development pipeline right now, but after 2020, it drops off dramatically. There is an increasingly toxic political climate in California, with measures like AB 1482 and the revival of Prop 10, which will likely throw a wrench in any planned development beyond 2020. Some of the most notable projects currently underway include Brooklyn Basin’s Orion in Oakland. The first 241 units out of a planned 3,700 have been completed. Brooklyn Basin is a $1.5 billion project that is reshaping the Oakland waterfront and transforming the area into a new, vibrant neighborhood. In San Jose, the area around the proposed Google downtown campus is also on everyone’s radar. The majority of current Bay Area development is concentrated in Oakland and Santa Clara County, with the latter currently experiencing a 4.57 percent vacancy rate. Market fundamentals, including proximity to jobs and a more welcoming environment toward multifamily development have attracted developers and renters alike to these two places. Developers Carmel Partner, Hanover and Holland have been particularly active in Oakland, as of late. Current conditions in Northern California have produced a tenant’s market, with an abundance of new units coming online at once. We are …

September 7, 2019

California Development Mixed-Use Top Stories Western

Liberty National Buys Downtown San Diego Site to Develop 40-Story Mixed-Use Project

by Alex Patton September 6, 2019

SAN DIEGO — Liberty National Corp., a San Diego-based multifamily developer, has assembled a 1.38-acre, full-block site in San Diego and announced plans for a mixed-use project on the property. Liberty’s proposal includes a 40-story residential tower and two mid-rise buildings of six and seven stories. The property will offer a total of 640 apartments in a mix of 553 one-bedroom units, 86 two-bedroom units and one three-bedroom unit. Additionally, the development will feature 16,485 square feet of multi-tenant commercial/retail space spread across the ground floors of the three buildings. The project is located at the intersection of Park Boulevard and Broadway in downtown San Diego’s East Village. The San Diego Union-Tribune reports that the Liberty purchased the last piece of the site from the Salvation Army for approximately $7.7 million. “The site is a strategic acquisition given our interests in the area and its location at the juncture of two major entries into the downtown core on the high-activity Broadway and Park Boulevard corridors,” says Randy Williams, vice president with Liberty National. “There remains a housing shortage in San Diego. As this sought-after region continues to grow and attract talent, this new project will appeal to a wide range of residents …

September 6, 2019

Acquisitions California Multifamily Western

Mogharebi Group Arranges $16.5M Sale of Chardonnay Ridge Apartments in Modesto, California

by Amy Works September 6, 2019

MODESTO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Chardonnay Ridge Apartments, a multifamily asset located on Celeste Drive in Modesto. A San Francisco-based private investment group acquired the property from a San Gabriel Valley-based private investor for $16.5 million, or $143,478 per unit. Built in 1979, Chardonnay Ridge features 115 units in a mix of one-, two- and three-bedroom layouts, with an average size of 741 square feet. Additionally, the community features a resort-style outdoor pool, 24-hour fitness center, reserved covered parking and on-site laundry facilities. Alex Mogharebi and Otto Ozen of TMG represented the seller and buyer in the transaction.

September 6, 2019

California Market Reports Retail Western Western Market Reports

Trends in Northern California Retail Echo Changes Occurring Nationally

by Taylor Williams September 6, 2019

Northern California’s retail real estate market is undergoing somewhat of a seismic shift. Traditional shopping centers, such as Serramonte Mall in Daly City and Hillsdale Mall in San Mateo, are seeing name-brand retailers like Payless Shoesource, Gymboree and Charlotte Russe closing stores. This has dictated a recalibration in leasing strategy. , These “prime” retail spaces are often successfully backfilled by business and lifestyle tenants like professional service firms, fitness centers, coffee shops, restaurants and entertainment centers — the sort of businesses that can regain foot traffic. This trend toward more lifestyle and entertainment tenants — often called experiential retail — can also be seen in the region’s vibrant market for new mixed-use developments. Multifamily communities in San Francisco, Cupertino, Santa Clara and Oakland will be delivered in the coming months. Many of these projects are urban infill, transit-oriented developments, which naturally offer strong street-level retail locations. In this setting, experiential retail works well for apartment residents and local foot traffic. Nearly 6 million square feet of new office has been proposed in downtown San Jose, which is driving strong retail interest from new restaurants and service retail. Vacancy rates for retail properties throughout the Bay Area have ticked up slightly, …

September 6, 2019

Acquisitions California Multifamily Western

Marcus & Millichap Brokers Sales of Two Multifamily Assets in Southern California Totaling $41.6M

by Amy Works September 5, 2019

HUNTINGTON BEACH AND CULVER CITY, CALIF. — Marcus & Millichap has arranged the sales of two multifamily properties located in Southern California. The assets sold for a total of $41.6 million in two separate transactions. Undisclosed buyers acquired The Lamplighter, a 63-unit property located at 16102 Springdale St. in Huntington Beach, for $20 million, and The Sheffield Apartments, a 57-unit asset located at 5800 Green Valley Circle in Culver City, for $21.6 million. Tyler Leeson, Matt Zeigler and Matthew Kipp of Marcus & Millichap represented the seller and procured the buyers in both transactions.

September 5, 2019

Acquisitions California Retail Western

Avison Young Arranges $8.1M Sale of Two-Building Retail Property in Hollywood, California

by Amy Works September 5, 2019

HOLLYWOOD, CALIF. — Avison Young has brokered the sale of a two-building retail property located in Hollywood. A New York-based family office sold the asset to a Los Angeles-based family-owned company for $8.1 million. Located at 7611-7623 Sunset Blvd., the property features a 3,725-square-foot building that was built in 1934 and an 8,843-square-foot building, which includes an outdoor patio space. At the time of sale, the asset was 63 percent occupied by five retail tenants. Chris Maling and David Maling of Avison Young represented the seller, while South Park Group represented the buyer in the all-cash transaction.

September 5, 2019

Acquisitions California Retail Western

Monro Mission Square Acquires 161,373 SF Shopping Center in Oceanside, California

by Amy Works September 4, 2019

OCEANSIDE, CALIF. — Monro Mission Square LLC has purchased Mission Square, a shopping center located in downtown Oceanside, for an undisclosed price. Located at 1002-1064 Mission Ave. and 306-326 N. Horne St., the 161,373-square-foot asset was 98 percent occupied at the time of sale. Current tenants include Walmart Neighborhood Market, 99 Cents Only, Auto Zone, Chase Bank and Harbor Freight Tools. Bill Barnett and Doug Hogan of Colliers International, along with Pacific Development Capital, represented the seller, Los Angeles-based Ona Mission Partners, and the buyer in the transaction. The new owner plans to continue regular operations of the retail center and retain Colliers International to handle leasing efforts.

September 4, 2019

Acquisitions California Healthcare Office Western

REDA Sells Two-Building Medical Office Complex in Southern California

by Amy Works September 4, 2019

NEWPORT BEACH, CALIF. — Newport Beach-based Real Estate Development Associates (REDA) has completed the disposition of Newport Heights Medical Center (NHMC), a 59,978-square-foot Class A medical office campus located in Newport Beach. LaSalle Investment Management acquired the fully leased asset for an undisclosed price. Built in 2017, NHMC consists of Building One, a 18,303-square-foot building located at 20350 Birch St., and Building Two, a 41,675-square-foot asset located at 20360 Birch St. Current tenants includes Starpoint Health Outpatient Surgery Center, UCI Health Newport, Eden Fertility Management, Newport Foot and Ankle, Grover Aesthetics and Lea Plastic Surgery. Chris Bodnar, Anthony DeLorenzo and Ryan Lindsley of CBRE represented the seller in the deal. REDA acquired the four-acre site in 2015 for $8.8 million and proceeded to re-entitle the land for construction of two two-story medical office buildings. The development team included Bank of the West, Bascom Group, Westminster Funds, Millie Severson and California Commercial.

September 4, 2019

Newer Posts

Older Posts