California

IPA Negotiates $56.2M Sale of Newly Built Multifamily Property in Santa Barbara, California

by Amy Works January 3, 2019

SANTA BARBARA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Marc, a newly constructed multifamily asset located on State Street in Santa Barbara. Realty Center Management acquired the property for $56.2 million. The sellers are a partnership between Los Angeles-based The Kor Group, REthink Development of Santa Barbara and several affiliates of Westport Capital Partners. Built in 2017, the property features 89 multifamily apartments and 2,500 square feet of ground-floor retail space for a total of 78,166 net rentable square feet. Additionally, the property features dual-pane windows, tankless water heaters, drought-resistant gardens and landscaping, and a reflective low-heat roof. Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of IPA represented the sellers in the transaction.

January 3, 2019

Acquisitions California Retail Western

Sunflower Metro Buys Sunflower Plaza in Santa Ana for $9.5M

by Amy Works January 3, 2019

SANTA ANA, CALIF. — Sunflower Plaza Co. has completed the sale of Sunflower Plaza, a shopping center located at 3929-3941 S. Bristol St. in Santa Ana. Sunflower Metro LLC, a company owned by former NBA player Josh Childress, acquired the asset for $9.5 million. Built in 1979 and renovated in 2014, the 27,000-square-foot property is subject to a 30-year ground lease. Situated on 2.66 acres, the two-building property is anchored by Bank of the West, The Vitamin Shoppe, Panera Bread, Jersey Mike’s Subs and zpizza. Fouy Ly of Kidder Mathews represented the seller in the deal. Sunflower Plaza Co. is the original developer and this is first time the asset has sold in the last 40 years. Eyzenberg & Co., as financial advisor to Childress Ventures, secured a $7.4 million CMBS loan with a 20-year amortization through Morgan Stanley to fund the acquisition. Jeff Conti and Mila Babenko of Eyzenberg & Co. arranged the financing.

January 3, 2019

Acquisitions California Hospitality Western

Andy Investment Co. Sells 102-Room Good Nite Inn Near Los Angeles for $8M

by Amy Works January 3, 2019

WHITTIER, CALIF. — Andy Investment Co. has completed the disposition of Good Nite Inn, a hotel located at 10317 Whittier Blvd. in Whittier. Y&C Pacific acquired the property for $8 million. Situated on a 72,869-square-foot land parcel, the hotel features 102 rooms, a swimming pool and monument signage. Nearby amenities include Starbucks Coffee, Carl’s Jr., Dollar Tree and Wingstop Restaurant. Warren Berzack of Lee & Associates represented the buyer and seller in the transaction.

January 3, 2019

Acquisitions California Office Western

Seagate Properties Purchases The Senator Office Building in Sacramento

by Amy Works January 2, 2019

SACRAMENTO, CALIF. — Seagate Properties has acquired The Senator, a landmark office building located at 1121 L Street in Sacramento. Swift Real Estate Partners sold the property for an undisclosed price. Opened in 1924 as a hotel, the property was converted into a 180,123-square-foot office building in 1982. The seller acquired the property in 2015 and implemented a renovation program to transform the building’s traditional office space into modern, creative workspace. Situated across from the California State Capitol, the 10-story building is currently 88 percent leased. Rob Hielscher, Michel Seifer and Erik Hanson of JLL Capital Markets team represented the seller in the deal. Additionally, Alex Witt, John Manning and Tom Gilliland of JLL Capital Markets worked with the buyer to arrange acquisition financing.

January 2, 2019

Acquisitions California Industrial Western

Rexford Buys Industrial Property for $19.5M, Sells Three-Building Asset for $10.4M

by Amy Works January 2, 2019

CITY OF INDUSTRY AND GARDENA, CALIF. — Rexford Industrial has completed two transactions in Southern California markets. In the first deal, the company acquired an industrial property located at 14421-14441 Bonelli St. in City of Industry for $19.5 million, or $131 per square foot. Situated on 6.2 acres, the 148,740-square-foot property features 16 dock positions, 22-foot to 24-foot clearances, heavy power and a fenced yard. At the time of sale, the building was fully leased. In the second transaction, Rexford completed the sale of a three-building asset located at 311, 319 and 329 E. 157th St. in Gardena. Owner-occupants acquired the properties for a total of $10.4 million, or approximately $207 per square foot. The buildings contain 48,000 square feet on 3.2 acres of land. Rexford used proceeds from the disposition in a tax-deferred 1031 exchange to fund a portion of the Bonelli Street acquisition.

January 2, 2019

Acquisitions California Industrial Self-Storage Western

Loeffler Self-Storage Group Arranges $3.6M Sale of EZ Store It Facility in Modesto, California

by Amy Works January 2, 2019

MODESTO, CALIF. — Loeffler Self-Storage Group has brokered the sale of EZ Store It, a self-storage facility located at 1522 Crows Landing and 1601 Jim Way in Modesto. Faith Realty & Development Co. sold the property to a Sacramento-based investor for $3.6 million, or $66.47 per square foot. Built in 1983, the property features 54,533 net rentable square feet. At the time of sale, 94 percent of the 571 units were occupied. Bobby Loeffler and Tyler Skelly of Loeffler Self-Storage Group represented the seller and buyer in the deal.

January 2, 2019

California Company News Office Western

ECP Commercial Merges with SVN/Vanguard’s San Diego Office

by Amy Works January 2, 2019

SAN DIEGO — ECP Commercial, a commercial real estate firm, has joined SVN International, merging offices with SVN/Vanguard’s San Diego professionals. ECP has provided sales, leasing, property management and maintenance services to commercial real estate owners throughout San Diego County for 34 years, since its establishment in 1984 as East County Properties. The existing SVN/Vanguard multifamily team will move from its downtown office into the ECP offices at 4455 Murphy Canyon Road in San Diego. The merged SVN Vanguard/San Diego team will provide the full spectrum of real estate services to the local market. The team currently consists of 14 broker advisors and a combined staff of 25. Managing directors Joe Bonin and Pat Millay, as well as Jorge Jimenez and Dennis Leslie of the current SVN/Vanguard office, will led the new team. SVN/Vanguard is a franchise of SVN International with offices in Orange and San Diego counties.

January 2, 2019

Acquisitions California Healthcare Office Western

Newmark Knight Frank Directs $39.2M Acquisition of Medical Office Property in Burlingame, California

by Amy Works December 21, 2018

BURLINGAME, CALIF. — Newmark Knight Frank (NKF) has arranged the purchase of a medical office property adjacent to Mills-Peninsula Medical Center in Burlingame. Lincoln Property Co. acquired the asset for $39.2 million. Located at 1720 El Camino Real, the property features 104,000 square feet of medical office space spread across three interconnected buildings. Situated on 3.7 acres, the property also includes a five-level parking structure. At the time of sale, the asset was 88 percent occupied by a number of medical users. Seth McKinnon of NKF represented the buyer in the off-market transaction. The name of the seller was not released.

December 21, 2018

Acquisitions California Multifamily Western

MWest Holdings Purchases 168-Unit The View Apartments in Los Angeles

by Amy Works December 21, 2018

LOS ANGELES — MWest Holdings has acquired The View, a high-rise apartment community located at 3460 W. Seventh St. in the Koreatown district of Los Angeles. CIM Group sold the property for an undisclosed price. Originally constructed in 1965 and redeveloped in 2013, the 13-story building features 168 apartment units in a mix of one- and two-bedroom layouts with Caserstone countertops, soft-close cabinetry, Frigidiare stainless steel appliances, double basin stainless steel sinks, recessed lighting and washers/dryers in select units. On-site amenities include a Yoga Works studio on the ground floor, a fitness center, pool and sundeck, barbecue area, outdoor lounge and community room. MWest plans to implement a minor interior upgrade program and revitalize the existing common areas and community amenities.

December 21, 2018

Acquisitions California Office Top Stories Western

Paramount Agrees to Acquire Historic Office Tower in San Francisco for $227M

by Kristin Harlow December 21, 2018

SAN FRANCISCO — Paramount Group Inc. (NYSE: PGRE) has agreed to acquire 111 Sutter Street, a 293,000-square-foot office tower in San Francisco’s North Financial District, for $227 million. The transaction, expected to close in the first quarter of 2019, equates to $775 per square foot. Paramount is considering bringing in a joint venture partner at the property. The seller was not disclosed. The building is currently 79.6 percent leased to technology, media, business services and nonprofit tenants. JLL serves as the property’s leasing agent. The 22-story building originally opened in 1927 and was known as the Hunter-Dulin Building. Electrical and plumbing upgrades as well as new elevator systems were added in 2001. The property, which served as NBC’s West Coast headquarters from 1927 to 1942, is on the National Register of Historic Places. The LEED Silver-certified property includes a 24-hour fitness center on the ground floor. New York City-based Paramount is a real estate investment trust that owns and operates Class A office properties in select central business district submarkets of New York City, Washington, D.C. and San Francisco. PGRE’s stock price closed at $12.79 per share on Thursday, Dec. 20, down from $15.58 per share one year ago. — …

December 21, 2018

Newer Posts

Older Posts