HERMOSA BEACH, CALIF. — Chartwell Real Estate Development has purchased Park Pacific Shopping Center, a grocery-anchored retail center in Hermosa Beach, from a private investor for $27.8 million. Located at 1100 Pacific Coast Highway, Park Pacific Shopping Center offers 49,911 square feet of retail space. Current tenants include Trader Joe’s, Starbucks Coffee, Five Below and Sally Beauty. Daniel Tyner, Gleb Lvovich and Geoff Tranchina of JLL handled the transaction.
ANAHEIM, CALIF. — Western National Property Management (WNMP) has opened Link OC Apartments, a multifamily community located at 1075 N. Link in Anaheim. Situated adjacent to Anaheim Canyon Metrolink, Link OC Apartments offers 406 studio, one- and two-bedroom residences spread across two five-story buildings. Units feature a complete kitchen appliance package, in-home washer/dryer, quartz slab countertops with full-height tile backsplashes and wood plank-style flooring. Community amenities include two swimming pools and spas, two fitness centers, two clubhouses, two rooftop decks with barbecue grills, a business center with coworking space, courtyards with barbecue grills, bike storage, electric vehicle charging stations and complimentary Wi-Fi. WNPM, a subsidiary of Western National Group, will serve as property manager for Link OC Apartments.
SACRAMENTO, CALIF. — Dwight Capital has provided a $32.6 million HUD 223(f) refinance for Westlake Apartments, a lakeside multifamily complex in Sacramento. The borrower, Tesseract Capital Group, will use proceeds from the loan to retire existing debt and complete property enhancements. The financing also benefited from a Green Mortgage Insurance Premium (MIP) Reduction to 25 basis points, as Westlake Apartments holds a National Green Building Standard Bronze certification. Situated on 5.9 acres, Westlake Apartments offers 13 two-story residential buildings with 148 renovated one- and two-bedroom units and three amenity buildings. Community amenities include a fitness center, pool, spa and resident-only access to a private beach on Lake Greenhaven.
SAN DIEGO — EQT Exeter, the real estate division of EQT, has acquired an industrial property located at 2345 Britannia Blvd. in the Otay Mesa submarket of San Diego. Washington Capital Management sold the warehouse for $23.4 million. Martin Furniture, a manufacturer of case good furniture for dining, office and entertainment, fully occupies the 115,520-square-foot building as its headquarters. The property offers 32-foot clear heights, grade- and dock-high loading capabilities and well-designed ingress/egress. Bryce Aberg, Jeff Chiate, Jeffrey Bole, Matthew Leupold and Ryan Demarest of Cushman & Wakefield’s National Industrial Advisory Group-West represented the seller in the deal.
LOS ANGELES — Berkadia has secured acquisition financing on behalf of a joint venture between California-based Cityview and New York-based Wafra for the purchase of Silva, a mid-rise multifamily community in Los Angeles. Allan Freedman, Ben Harris, Charlie Haggard, Kevin Mignogna and Michael Beach of Berkadia arranged the floating-rate loan through 3650 REIT. Patrick McGlohn and Brian Gould of Berkadia also assisted with the financing. The loan facilitated the acquisition of Silva at the receipt of Temporary Certificate of Occupancy (TCO). Cityview and Wafra began lease-up of the community following closing. Located at 235 N. Hoover St. on the city’s northwest side, Silva features 221 apartments with floor-to-ceiling windows, condo-quality finishes and an average unit size of 1,000 square feet.
CARLSBAD, CALIF. — LEGOLAND California Resorts, with McCarthy Buildings Cos. as design-builder, is developing a 372,000-square-foot parking structure at LEGOLAND California Resort in Carlsbad. The team has topped out the four-story project, which is slated for completion in late 2025. The $20 million project will feature 1,130 stalls, including 57 electric-vehicle (EV) ready stalls with the option to add an additional 56 EV stalls. McCarthy’s design-build services for the project include preconstruction, marketing, scheduling, VDC, McCarthy Mapping, Castle Contracting, self-perform concrete and yard site services.
— By Dustin Dolby, executive vice president, Colliers — During the second quarter of 2024, the San Francisco multifamily market endured high interest rates and delayed cuts. Between June and December of 2023, expectations of the Federal Reserve cutting rates spurred an increase in transactional activity following an apparent lull in the first quarter of 2023 as interest rates remained elevated. This two-peat of complacent transactions can be attributed to the looming decision concerning interest rate trajectories and its projections. Upon reaching the second quarter of 2024, we have yet to see any such cuts applied. This — along with the Federal Reserve’s consistent reluctance to cut — has resulted in a plateau of transactional volume within the San Francisco multifamily market. Development within the San Francisco submarket has faced similar stagnation. However, this can be attributed to a lengthy “shot clock” that new developments face regarding the city approval process. Because of this, projects that focus on a large percentage of affordable units have been streamlined and comprise the bulk of new developments in the market. If the Federal Reserve lowers interest rates by the end of the third or fourth quarter of this year — as anticipated in its …
BERKELEY, CALIF. — Barings has divested of Varsity Berkeley, a purpose-built student housing property in Berkeley. Hawkins Way Capital acquired the asset for an undisclosed price. Within walking distance of the University of California, Berkeley campus, Varsity Berkeley offers 79 units totaling 263 beds in a mix of furnished and unfurnished studio, two- and three-bedroom floor plans with fully equipped kitchens and bathrooms that include washers and dryers. Community amenities include a rooftop terrace and sun deck, a recently renovated resident lounge, ground-floor courtyard with firepit and electric car charge. Peter Katz and Salvatore Saglimbeni of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Tony Solomon served as Marcus & Millichap’s broker of record in California.
WOODLAND HILLS, CALIF. — Northmarq has secured $23.9 million in refinancing for Topanga & Victory, an office building located at 6325 and 6355 Topanga Canyon Blvd. in Woodland Hills. The 165,336-square-foot property offers office and medical office space, an upgraded lobby space and ample parking. David Blum of Northmarq’s Newport Beach Debt + Equity team arranged the permanent fixed-rate, internal refinancing for the undisclosed borrower through a correspondent relationship with a national commercial mortgage-backed securities platform. The transaction, which had a sub-60 percent loan-to-value ratio, was structured on a 5-year, interest-only term.
IRVINE, CALIF. — TP-Link Systems, as an owner-user, has purchased 5 Peter Canyon Road in Irvine from a joint venture led by Pendulum Property Partners for $40.6 million, or $258 per square foot. Situated on 9.5 acres, the 157,455-square-foot office building offers an onsite café, outdoor patio, a renovated lobby and more than 700 parking spaces. At the time of sale, the three-story building was 87.9 percent leased to a variety of tenants. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson, Matt Didier, Jennifer Whittington and David Dowd of CBRE represented the seller, while Eric Purmort, also with CBRE, represented the buyer in the transaction.
