MARTINEZ, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Hidden Creek Apartments, a multifamily property located in Martinez. Fairfield Hidden Creek LLC sold the asset to an undisclosed buyer for $47.5 million. Built in 1985 and situated on 5.4 acres, Hidden Creek Apartments features 168 units in a mix of one- and two-bedroom floor plans, averaging 793 square feet. On-site amenities include a resort-style swimming pool with furnished sundeck, an updated fitness center, a business center and children’s playground. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of IPA represented the seller in the deal.
ANAHEIM, CALIF. — Pacific Industrial, a privately held industrial development and investment firm, has acquired North Stadium Business Center, a multi-tenant business park located at 2020-2120 E. Howell Ave. in Anaheim’s Platinum Triangle. 2020 Howell Avenue Enterprises and Howell Avenue Enterprises sold the asset for $22.6 million. Situated on 9 acres, the property features 151,000 square feet of office space and is within walking distance of Angel Stadium and The Honda Center. At the time of sale, the center was leased to more than 30 tenants. With this acquisition, Pacific Industrial now owns 17.5 contiguous acres between Angel Stadium and The Honda Center. Seth Davenport, Mitch Zehner and Rob Socci of Voit Real Estate Services represented the buyer and seller in the transaction. Additionally, Pacific Industrial appointed Voit has its exclusive agent for the business park and property.
SAN BERNARDINO, CALIF. — Tower 16 Capital Partners, in a joint venture with Henley USA, has acquired Hillside Village Apartments, a multifamily property located in San Bernardino. A private seller sold the property for $11 million. Located at 2196 Kendall Drive, the property features 80 apartments in a mix of one- and two-bedroom layouts with private balconies or patios, a pool, spa, fitness center and laundry facilities. Warren Berzack and Slavic Zlatkin of Lee & Associates represented the buyer and seller in the transaction.
From its near-perfect weather, parks and beaches to its commerce-friendly environment and well-educated workforce, Orange County has plenty of attractions to offer residents, businesses and multifamily investors. Add to that list well-paying jobs in the expanding professional and business services, and tech and healthcare sectors, and you can see why demand for housing in the county is on the rise. Job growth has pushed the unemployment rate to below 3 percent, a level not seen since the fourth quarter of 1999. The strengthening economy has created a tremendous tailwind for apartment demand in a metro where the cost of a single-family home is out of reach for most households. As a result, Orange County’s multifamily vacancy rate stood at the extremely low level of 3.8 percent at the end of the third quarter. The low level of apartment vacancy has also been positively affected by a change in the rate of new construction. After several years of increased supply, the amount of new housing in the pipeline has begun to decrease, having reached the apex of the current cycle in 2017. This year and next, the county will receive about 4,000 new apartments, down from the more than 4,800 units …
BEVERLY HILLS, CALIF. — HFF has secured $160 million, or $5,691 per square foot, in refinancing for a high-street retail property located at 338-346 N. Rodeo Drive in Beverly Hills. Tom Ford, Bally and Balenciaga occupy the two-story, 28,114-square-foot retail property, which is situated on the premier 300 block and across street from the flagship Gucci store. Marc Schillinger led the HFF team that arranged the 10-year, fixed-rate loan through an entity managed by an affiliate of Apollo Global Management for the borrower, a private owner.
CHICO, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of Chico Mall, a regional mall located off Highway 99 and East 20th Street in Chico. Ethan Conrad Properties acquired the 503,710-square-foot property for an undisclosed price. Situated on nearly 39 acres, the mall features more than 30 tenants, including Dick’s Sporting Goods, JCPenney and Forever 21. Nicholas Bicardo, Thomas Dobrowski and Brandon Rogoff of NKF represented the undisclosed seller in the deal.
IMPERIAL BEACH, CALIF. — Sudberry Properties and Tharaldson Development and Hospitality has started construction of Hampton Inn & Suites by Hilton at Breakwater Town Center, located at 771 Palm Ave. in Imperial Beach. Scheduled to open in early 2020, the four-story, 62,000-square-foot hotel will feature 100 guest rooms, beach modern architecture, a fitness center, breakfast and lounge area, business center and swimming pool. Situated on 1.5 acres and including 100 parking spaces, the hotel is the final phase of Breakwater Town Center, public-private partnership by the city of Imperial Beach and Sudberry Properties. The development team includes Las Vegas-headquartered Design Cell Architecture and Carlsbad, Calif.-based Watkins Landmark Construction. Heritage Inn of Imperial Beach LLC will own the hotel, while Sudberry Properties will serve as a managing partner.
LOS ANGELES — Avison Young has arranged the sale of an industrial warehouse facility, located at 7727 and 7729 Burnet Ave. in the Los Angeles neighborhood of Van Nuys. Los Angeles-based Burnet Investments sold the property to JP Burnet for $3.6 million. California Contractors Supplies has occupied the 16,230-square-foot warehouse since the late 1970s. The single-story building features an office space build-out, 32 parking stalls, a gated lot, 16-foot clear heights and two ground-level roll-up doors. Andrew Berk and Mark Evanoff of Avison Young represented the seller, while Berk also represented the buyer in the deal.
LOS ANGELES — Beverly Hills, Calif.-based Weiss Development has completed the sale of a four-property retail portfolio located in Los Angeles’ Northridge and South Bay neighborhoods. A mix of private and institutional investors acquired the portfolio for $35 million. Totaling more than 65,400 square feet, the properties include a Petco-occupied asset in Northridge and a Petco-occupied, an Office Depot-occupied and a multi-tenant property in South Bay. Tenants at the multi-tenant property include Starbucks Coffee, Subway, Flame Broiler and Sushi Boy. Bill Bauman, Kyle Miller and Dan Samulski of Newmark Knight Frank represented the seller in the transaction.
SACRAMENTO, CALIF., AND SALT LAKE CITY — Nearon has added 730,000 square feet of industrial space to its portfolio of industrial properties through two separate transactions. In the first deal, Nearon acquired three buildings, totaling 521,000 square feet, in Sacramento, for an undisclosed price. American Building Supply, a subsidiary of Jeld-Wen Holding, occupies and utilizes the properties for manufacturing, distribution and headquarters functions. The portfolio includes a 196,267-square-foot asset at 8360 Elder Creek Road, a 217,500-square-foot building at 6300 S. Watt Ave. and a 108,000-square-foot property at 8920 43rd Ave. Nick Rini of Nearon directed the Sacramento portfolio acquisition, while Kevin Partington and Matt Cologna of Cushman & Wakefield represented the undisclosed seller. In the second transaction, the company completed a sale-leaseback with Regis Corp. for an 210,000-square-doot distribution center located at 5300 W. Harold Gatty Drive within Salt Lake International Center in Salt Lake City. Upon close of escrow, Regis leased the property, which was developed as a build-to-suit for the tenant in 2001, for 15 years. Chang Soo Lee of Nearon orchestrated the off-market acquisition and sale-leaseback, while Wick Udy and Andrea Robb of JLL sourced the transaction on behalf of Nearon. With these acquisitions, Nearon’s industrial portfolio …