California

Los-Alamitos-Corporate-Center-Los-Alamitos-CA

Pension Fund Advisors Acquires 685,588 SF Industrial Complex Near Los Angeles for $128.5M

by Amy Works July 22, 2019

LOS ALAMITOS, CALIF. — Alere, a pension fund advisor, has purchased Los Alamitos Corporate Center, an industrial complex located in Los Alamitos. Northwestern Mutual sold the asset for $128.5 million. Situated on 36.9 acres, the 17-building complex is located at 4332-4478 Cerritos Ave., 10541-10681 Calle Lee and 4392-4465 Corporate Center Drive. At the time of sale, the 685,588-square-foot asset was 98 percent leased to 82 tenants. The buildings range in size from 11,788 square feet to 134,186 square feet. Darla Longo, Barbara Perrier, Brett Hartzell, Rebecca Perlmutter Finkel, Eric Cox and Laird Perkins of CBRE represented the seller in the transaction.

July 22, 2019

650-700-Pacific-Coast-Highway-El-Segundo-CA

Acquisitions California Office Western

Vella Group Acquires Boeing-Leased Office Asset Near Los Angeles for $50.8M

by Amy Works July 19, 2019

EL SEGUNDO, CALIF. — New York-based Vella Group has purchased a two-building office campus, located at 650 and 700 Pacific Coast Highway in El Segundo. A private family tenant-in-common sold the asset for $50.8 million. The eight-story property at 650 Pacific Coast Highway, built in 1962, features 121,484 square feet. The two-story building at 700 Pacific Coast Highway features 78,736 square feet. The site also includes 422 surface parking spaces. Boeing will occupy the entire 200,220-square-foot office campus through the end of 2020. Kevin Shannon, Ken White and Michael Moore of Newmark Knight Frank, along with Bill Bloodgood of CBRE, represented the seller, while Antony Arkle of Rodeo Realty represented the buyer in the transaction.

July 19, 2019

California Loans Multifamily Seniors Housing Western

NorthMarq Arranges $7.6M Refinancing for Seawind Seniors Apartments in Oxnard, California

by Amy Works July 19, 2019

OXNARD, CALIF. — NorthMarq has arranged $7.6 million in financing for Seawind Seniors Apartments, an age-restricted community in Oxnard, approximately 65 miles west of Los Angeles. The property features 101 units restricted to residents over age 55. The apartments are marketed as affordable. Marty Meagher and Gardiner Champlin of NorthMarq’s San Diego office arranged the fixed-rate, Fannie Mae loan with a 10-year, interest-only term. The financing pays off existing bonds.

July 19, 2019

Acquisitions California Healthcare Office Western

NAI Capital Brokers $5.5M Sale of Medical Office Building in Southern California

by Amy Works July 19, 2019

LOS ALAMITOS, CALIF. — NAI Capital has arranged the sale a medical office building, located at 10921 Cherry St. in Los Alamitos. Nautica LLC sold the property to ABG Property 1 LLC for $5.5 million, or $759 per square foot. The three-story property features 7,250 square feet of medical office space. At the time of sale, Los Alamitos Medical Surgery Center and Ocean Pacific Surgery Center fully occupied the building. Steve Body and Grant Bullen of NAI Capital’s Investment Services Group represented the seller in the deal.

July 19, 2019

6946-6968-Warner-Ave-Huntington-Beach-CA

Acquisitions California Retail Western

Hanley Investment Group Negotiates $4.1M Sale of Four-Tenant Asset in Huntington Beach

by Amy Works July 19, 2019

HUNTINGTON BEACH, CALIF. — Hanley Investment Group Real Estate Advisors has facilitated the sale of a multi-tenant retail building, located at 6946-6968 Warner Ave. in Huntington Beach. A San Diego-based private investor acquired the property from a Newport Beach, Calif.-based private investor for $4.1 million. Eric Wohl of Hanley Investment Group represented the seller, while Randy Rivera of Capital Real Estate Ventures represented the buyer in the deal. At the time of sale, the four-tenant, 8,600-square-foot retail property was fully occupied by Trading Post Fan Co., Advanced Dental Huntington Beach, Surf City Nails and Alternative Mind Concepts. Built in 1973, the property is shadow-anchored by Sprouts Farmers Market.

July 19, 2019

California Development Multifamily Seniors Housing Western

Canyon Partners Invests $10.9M in West Oaks Seniors Housing Project in California

by Amy Works July 18, 2019

THOUSAND OAKS, CALIF. — Canyon Partners Real Estate LLC has provided $10.9 million of preferred equity to Griffin Living for the construction of a seniors housing community in Thousand Oaks, approximately 40 miles west of Los Angeles. The community is West Oaks, a Class A development featuring 58 assisted living units and 28 memory care units in a 103,704-square-foot, two-story building. Irwin Partners Architects designed the property. “The Thousand Oaks community is an underserved area for seniors housing and memory care with high projections for unmet demand by 2020, yet this project is currently one of only two senior living developments approved in Thousand Oaks,” says Paul Griffin, chief executive officer of Griffin Living. The transaction is Canyon’s fourth investment with Griffin since 2013. The other projects include: The Viano at Riverwalk apartments in Riverside, Calif.; the Georgian Lakeside, a 95-unit assisted living and memory care residence in Roswell, Ga; and VivaBella at Simi Valley, a 101-unit assisted living and memory care community in Simi Valley, Calif.

July 18, 2019

Acquisitions California Leasing Activity Restaurant Retail Western

Bolour Associates Acquires Quick-Serve Restaurant Site in Los Angeles for $7.4M

by Amy Works July 18, 2019

LOS ANGELES — Beverly Hills, Calif.-based Bolour Associates has purchased 0.69 acres, located at 163-179 S. Vermont St. in Los Angeles’ Koreatown, for $7.4 million. Simultaneous to the acquisition, Bolour signed long-term ground lease with an undisclosed quick-serve restaurant for the site. The site’s new tenant signed a 15-year, triple-net lease and is expected to complete tenant improvements on a standalone 3,209-square-foot building, located on the property, before opening for business. Alex Sachs and Brian Peterson of WESTMAC Commercial Brokerage Co. represented the buyer and undisclosed seller. Michael Pakravan of Matthews Real Estate Investment Services represented Bolour in the lease transaction.

July 18, 2019

Acquisitions California Restaurant Retail Western

Locker Realty Corp. Arranges $6.2M Acquisition of Starbucks-Occupied Building in California

by Amy Works July 18, 2019

MONROVIA, CALIF. — Locker Realty Corp. has arranged the purchase of a restaurant and drive-thru property located West Huntington Drive in Monrovia. An undisclosed buyer acquired the property for $6.2 million. Starbucks Coffee occupies the recently completed, 2,200-square-foot building, which is situated on 27,975 square feet of land. The tenant relocated to the new location, which includes a drive-thru and outdoor patio, from 621 W. Huntington Drive. The lease is a corporate signature Starbucks net lease with approximately 20 years remaining. Paul Locker and Kristine Locker of Locker Realty represented the buyer, while Pat Wade and Alex Kozakov of CBRE represented the undisclosed seller in the transaction.

July 18, 2019

California Loans Office Western

CBRE Arranges $55.9M Refinancing for HERE Creative Office Campus in Orange County

by Amy Works July 17, 2019

LAGUNA HILLS, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team in San Diego has arranged a $55.9 million loan for the refinancing of HERE, an office campus in Laguna Hills. Originally built between 1988 and 1989, the five-building property features 223,974 square feet of office space. The borrower, a joint venture between Cigna Investments Management and Cruzan, originally acquired the property in 2015 and invested more than $13 million in capital and tenant improvements, transforming the traditional office space into a creative office campus. Updates include a fitness center with resort-style showers and lockers, an on-site café operated by Steelhead Coffee, a conference center and an open-air tenant lounge. At the time of refinancing, the property was leased to 42 tenants. The asset is located at 23332, 23382, 24322 Mill Creek Drive and 24411 and 24461 Ridge Route Drive. Mark McGovern, Scott Peterson, Morgon Fraser and Brian Cruz of CBRE arranged the two-year, floating-rate loan through ARES for the borrower.

July 17, 2019

California Development Multifamily Western

Intracorp Purchases Land Parcel for Apartment Development in Southern California

by Amy Works July 17, 2019

IRVINE, CALIF. — Intracorp has acquired a land parcel located at 2055 Main St. in Irvine’s Business Complex. LBA Realty sold the asset for an undisclosed price. Intracorp plans to develop a 178-unit apartment building on the 2.2-acre site, which is located at the corner of Main Street and Gillette Avenue. The property will feature five stories of residential living with a rooftop amenity deck. Construction is scheduled to begin in summer 2020, with leasing starting in late 2021.

July 17, 2019

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