California

Parkview Financial Provides $16.5M Construction Loan for Mixed-Use Project in Los Angeles

by Amy Works June 21, 2019

LOS ANGELES — Parkview Financial has funded a $16.5 million construction loan to Los Angeles-based 5050 Pico LLC for the development of Kentish Town, a mixed-use project in Los Angeles. Located at 5050 W. Pico Blvd., the 60,110-square-foot property will feature 79 residential units and 2,121 square feet of ground-floor retail space. Additionally, the asset will include one grade-level parking area and one subterranean parking level, totaling 67 spaces. Community amenities will include two rooftop decks, a bike room with storage and a residential lounge. Apartments are available in a mix of studio and one-bedroom floorplans, averaging 601 square feet. Units will feature engineered hardwood/vinyl flooring, a full kitchen with stainless steel appliances and an in-unit washer/dryer, as well as balconies on the majority of the apartments. Eight of the units will offer below-market-rate rents.

June 21, 2019

California Development Hospitality Loans Western

CBRE Arranges $15.5M in Development Financing for 124-Room Home2Suites in Southern California

by Amy Works June 21, 2019

GARDEN GROVE, CALIF. — CBRE has arranged $15.5 million in financing for Garden Grove Hotel LLC, a private buyer, for the development of a Home2Suites hotel in Garden Grove. Bruce Francis, Dana Summers, Doug Birrell, Bob Ybarra, Shaun Moothart and David Stinebaugh of CBRE facilitated the loan. The financing features an 18-month floating-rate period during construction that will convert into a fixed-rate loan for 36 months with two one-year extension options. The lending amount represents 73.5 percent of total project costs. Located at 13650 Harbor Blvd., the 124-unit hotel is currently under construction, with completion slated for late 2020.

June 21, 2019

Acquisitions California Industrial Western

MCA Realty Sells 69,914 SF Industrial Property in Ventura County for $10.2M

by Amy Works June 21, 2019

MOORPARK, CALIF. — Orange County, Calif.-based MCA Realty has completed the sale of an industrial building, located at 14401 Princeton Ave. in Moorpark. Big Brand Tires acquired the asset for $10.2 million. The buyer plans to fully occupy the 69,914-square-foot property. MCA purchased the property in November 2017, as part of a 137,465-square-foot, two-building industrial acquisition for $7.5 million. Renovations included the removal of approximately 20,000 square feet of mezzanine space to create more functional space. Additionally, the seller added an expansion truck court and large loading dock with a canopy. Bennett Robinson of CBRE, along with Robert Griffin and Rick Sheckter of Newmark Knight Frank, represented the seller, while John Ochoa of Lee & Associates represented the buyer in the transaction.

June 21, 2019

California Development Mixed-Use Multifamily Restaurant Retail Western

Sudberry Properties Breaks Ground on The Hub at Scripps Ranch Mixed-Use Project in San Diego

by Amy Works June 20, 2019

SAN DIEGO — Sudberry Properties has started construction of The Hub at Scripps Ranch, a mixed-use redevelopment project located at 9850 Carroll Canyon Road in San Diego’s Scripps Ranch submarket. Situated on 9.5 acres, The Hub will features 260 apartments and 10,700 square feet of retail and restaurant space. The property is slated to open in phases, with the first apartments and commercial spaces available for occupancy in the fourth quarter of 2020. The Hub will consist of five four-story, garden-style residential buildings, a leasing center, 2,053-square-foot gym, lounge and a terrace overlooking a landscaped pool area, as well as high-visibility locations for restaurants and retailers. The property will feature apartment units in a mix of one-, two- and three-bedroom layouts, ranging from 614 square feet to 1,391 square feet. Interior amenities will include stainless steel appliances, quartz countertops, wood-style flooring and in-unit washers/dryers. The development team includes MVE Architecture, Reylenn Construction Co., Pasco Laret Suiter & Associates, GroundLevel Landscape Architecture and Design Tec. Matt Mosser of Retail Insite is handling leasing for the property. Aldon Cole and Olga Walsh of HFF arranged a construction loan through a commercial bank, as well as mezzanine financing from a correspondent life company …

June 20, 2019

California Development Healthcare Mixed-Use Office Restaurant Retail Western

Primior to Break Ground on First Harbor Plaza Mixed-Use Project in Santa Ana, California

by Amy Works June 19, 2019

SANTA ANA, CALIF. — Primior is scheduled to break ground on First Harbor Plaza, the firm’s mixed-used development in Santa Ana, on June 26. Located at the intersection of North Harbor Boulevard and West First Street, the two-building First Harbor Plaza will offer 40,129 square feet of restaurant, retail, office and medical office space. Building 1 features 14,400 square feet in two large anchor suites and five smaller spaces on the first floor and the same configuration on the second floor. Building 2 will include 3,880 square feet on the first floor, two suites on the second floor totaling 3,778 square feet and a 3,778-square-foot suite on the third floor. Chase Bank will occupy the first-floor corner space at Building 1, and Optima Salon Studios will occupy the third-floor suite at Building 2.

June 19, 2019

Acquisitions California Retail Western

HFF Arranges $27M Sale of Poway Crossings Retail Center Near San Diego

by Amy Works June 19, 2019

POWAY, CALIF. — HFF has brokered the sale of Poway Crossings, a value-add retail center located at 12622-12654 Poway Road in Poway, a suburb of San Diego. Sterling Organization acquired the property on behalf of its institutional value-add fund, Sterling Value Add Partners III, for $27 million. The name of the seller was not released. Situated on 10 acres, Poway Crossings features 109,455 square feet of retail space. At the time of sale, the asset was 80 percent leased to a variety of tenants, including LA Fitness, Dollar Tree, Big 5 Sporting Goods, Massage Envy, Sola Salon Studios, Sushi Lounge, Banfield Pet Hospital and KFC. The center was constructed in 1979 and renovated throughout the years, most recently in 2015. Gleb Lvovich and Daniel Tyner of HFF represented the seller in the deal.

June 19, 2019

Acquisitions California Office Western

Equinvests Capital Acquires Camino West Corporate Park in California for $8.8M

by Amy Works June 19, 2019

CARLSBAD, CALIF. — San Diego-based Equinvests Capital has purchased Camino West Corporate Park, an office property in Carlsbad. Swift Real Estate Services sold the asset for $8.8 million. Situated on 4.4 acres at 2035 Corte del Nogal, Camino West Corporate Park features 54,830 square feet of office space. At the time of sale, the two-story, multi-tenant property was 72 percent leased. The asset also recently underwent a $2.6 million remodel, including new lobbies, common area, corridors, landscaping, lighting, outdoor lounge areas and restrooms. The office park features an on-site deli, showers and lockers. Louay Alsadek, Matt Pourcho, Hunter Rowe, Anthony DeLorenzo and Gary Stache of CBRE represented the seller in the transaction.

June 19, 2019

Acquisitions California Multifamily Western

Levin Johnston Negotiates $15.9M Sale of Buena Vista Apartments in Alameda, California

by Amy Works June 18, 2019

ALAMEDA, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sale of Buena Vista Apartments, a multifamily community located at 4330-450 Buena Vista Ave. in Alameda. A private, high-net-worth investor sold the property to an undisclosed buyer for $15.9 million. Adam Levin and Robert Johnston of Levin Johnston represented the seller in the transaction. Originally constructed in 1966 and renovated in 2018, the 52-unit property consists of two parcels and offers a mix of studio, one- and two-bedroom floor plans. On-site amenities include laundry facilities, gated secure entrance, bike storage, barbecue and picnic areas, and storage for tenant use.

June 18, 2019

Acquisitions California Office Western

Mission Federal Credit Union Sells Former Headquarters in San Diego for $10.4M

by Amy Works June 18, 2019

SAN DIEGO — Mission Federal Credit Union has completed the disposition of its former headquarters in San Diego. Alvarez & Marsal Capital Real Estate, a creative office developer, acquired the asset for $10.4 million. Located at 5785 Oberlin Drive in San Diego’s Sorrento Mesa submarket, the 61,406-square-foot property features an entry lobby, open floor plans and an extensive glass line with hillside views. The buyer plans to convert the three-story building, which was built in 1985, into creative office space. Matt Pourcho, Anthony DeLorenzo, Gary Stache and Doug Mack of CBRE represented both parties in the transaction.

June 18, 2019

Acquisitions California Retail Western

Faris Lee Investments Arranges $6.9M Sale of Restoration Hardware Location in Irvine, California

by Amy Works June 18, 2019

IRVINE, CALIF. — Faris Lee Investments has arranged the sale of a retail property located in Irvine. A Los Angeles-based buyer acquired the asset from an Irvine-based seller for $6.9 million. Restoration Hardware, a publicly traded company with more than 5,200 employees, occupies the property. Rick Chichester, Tom Chichester and Joe Chichester of Faris Lee Investments represented the seller and buyer in the deal.

June 18, 2019

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