California

Kaiser Permanente Unveils Plans for $900M Corporate Headquarters in Downtown Oakland

by John Nelson June 18, 2019

OAKLAND, CALIF. — Healthcare behemoth Kaiser Permanente has unveiled plans to build a new headquarters dubbed The Kaiser Permanente Thrive Center in downtown Oakland. Local developer Lane Partners will break ground on the project in 2020 with a planned opening slated for 2023. The San Francisco Chronicle reports that the $900 million office tower will rise 29 stories. The new campus will consolidate 7,200 Kaiser Permanente employees who are currently working in seven different locations around Northern California. Situated at 2100 Telegraph Ave., the new building will span 1.6 million square feet of office space and will reduce the company’s operational costs by more than $60 million annually, according to Bernard Tyson, chairman and CEO of Kaiser Permanente. The building’s design is set to include dedicated space for a health clinic and health education, healthy food options and 20,000 square feet of public space for weekly farmers markets, exercise and cooking classes and a showplace for community-inspired art. Lane Partners is aiming to achieve LEED Platinum certification for Thrive Center. Kaiser Permanente is the largest private employer in Oakland, and Lane Partners estimates that the new building, which was formerly known as Eastline, will generate a one-time $23 million economic …

June 18, 2019

Acquisitions California Multifamily Western

LandStone Cos. Sells 114-Unit Multifamily Asset in California for $22.5M

by Amy Works June 17, 2019

BAKERSFIELD, CALIF. — Bakersfield-based LandStone Cos. has completed the sale of Mira Sol Gardens, an apartment community located in Bakersfield. A Newport Beach, Calif.-based private investment group acquired the property for $22.5 million, or $197,500 per unit. Built in 2016, the property features 114 apartments in a mix of two- and three-bedroom floorplans with modernized interiors, attached two-car garages and water-saving, drought-resistant landscaping. The asset is situated on 11.4 acres on Gasol Court, Jerno Drive and Callado Lane in the Far Southwest submarket of Bakersfield. Mark Bonas of The Mogharebi Group and Michael Jordan of Kidder Mathews represented the seller in the transaction.

June 17, 2019

Acquisitions California Office Western

Kilroy Realty Sells Westlake Plaza Centre Office Building in Southern California for $18.2M

by Amy Works June 14, 2019

WESTLAKE VILLAGE, CALIF. — Kilroy Realty Corp. has completed the disposition of Westlake Plaza Centre 2, an office building located at 2829 Townsgate Road in Westlake Village. Majestic Asset Management and The Johnston Group acquired the property for $18.2 million. Built in 1990 and situated on 1.2 acres, the three-building asset features 84,098 square feet of office space. Sean Fulp, Ryan Plummer and Mark Schuessler of Newmark Knight Frank represented the seller in the deal.

June 14, 2019

California Development Multifamily Student Housing Western

P3 Breaks Ground on 1,100-Bed Hornet Commons Student Housing at California State University, Sacramento

by Amy Works June 13, 2019

SACRAMENTO, CALIF. — A public-private partnership between University Enterprises Inc. — California State University, Sacramento’s (CSUS) commercial services auxiliary — and Greystar has broken ground on Hornet Commons, a 365,000-square-foot residence complex. The 1,100-bed development will feature six four-story buildings. Shared amenities will include a swimming pool, café, fitness center and a community room. Delivery is slated for fall 2021 The development team includes Sundt Construction Inc. and architectural firm Steinberg Hart.

June 13, 2019

California Loans Multifamily Seniors Housing Western

CBRE Arranges $19.9M Refinancing for Independent Living Community Near San Francisco

by Amy Works June 12, 2019

CONCORD, CALIF. — CBRE has arranged $19.9 million in financing for Carlton Senior Living Concord, a 152-unit independent living community in Concord, approximately 25 miles northeast of San Francisco. The borrower, a joint venture between Carlton Senior Living and Piedmont Properties Group, will use the funds to refinance existing debt. The community is located in an affluent suburb, with average housing value within a five-mile radius of the property of $640,385, while average household income stands at $117,447. The property is located less than 1.5 miles from the John Muir Medical Center, the No. 1 ranked adult specialty hospital in the nation. Andrew Behrens of CBRE Multifamily Institutional Group, along with Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing, arranged the transaction. The 10-year, fixed-rate Fannie Mae loan features full-term interest-only payments. Carlton Senior Living is a Bay Area owner-operator with 11 seniors housing communities across Northern California.

June 12, 2019

California Development Industrial Western

Rexford Industrial Acquires 15.5-Acre Development Site in the Inland Empire for $18.2M

by Amy Works June 12, 2019

EASTVALE, CALIF. — Rexford Industrial Realty has purchased a 15.5-acre, fully entitled development site in Eastvale, within the Inland Empire West submarket, for $18.2 million, or $26.93 per land square foot. Rexford has retained the undisclosed seller as fee developer to construct the project, branded as “The Merge,” which will contain a total of 333,500 square feet of industrial space within six buildings. Once completed, the project will feature 10 warehouse spaces, ranging from 20,000 square feet to 45,000 square feet, offering 30- to 32-foot clear heights, ESFR fire sprinklers and market-leading dock-high loading capacity. Delivery is slated for the third quarter of 2020, after incurring incremental all-in development and construction costs of approximately $37 million.

June 12, 2019

Acquisitions California Net Lease Retail Western

Flocke & Avoyer Negotiates Sale of Three Triple-Net Leased Assets in Oceanside, California

by Amy Works June 12, 2019

OCEANSIDE, CALIF. — Flocke & Avoyer Commercial Real Estate has directed the sale of three single-tenant, triple-net leased assets at Pacific Coast Plaza Center, a 450,000-square-foot retail center in Oceanside. AGC Pacific Coast Plaza sold the three properties for a total consideration of $11.2 million. Mahalah PCP Pad A and C acquired two properties, occupied by McDonald’s and Mimi’s, while H&S Energy purchased the Chevron-occupied asset. Steve Avoyer of Flocke & Avoyer represented the buyer, a private 1031 exchange, in the McDonald’s and Mimi’s transaction. El Warner of The Matthews Group, along with Stewart Keith, Brad Williams and Ashley Tiefel of Flocke & Avoyer Commercial Real Estate, represented the seller of the McDonald’s and Mimi’s deal.

June 12, 2019

Acquisitions California Industrial Western

SteelCo USA Acquires 68,175 SF Manufacturing Facility in Inland Empire for $10.7M

by Amy Works June 11, 2019

CHINO, CALIF. — SteelCo USA has purchased a manufacturing facility located at 13900 Sycamore Way in Chino. A private individual sold the property for $10.7 million. Built in 1986, the 68,175-square-foot facility features 10,116 square feet of office space, 26-foot minimum clear height and eight ground-level drive-in doors with 1.8 acres of excess land. The property will serve as SteelCo USA’s sixth facility in the Inland Empire. West Coast Steel divisions include SteelCo USA, Great Pacific Elbow, Mission Metals and Deluxe Building Products. Tim Pimentel, Chuck Belden and Kyle Kehner of Cushman & Wakefield’s Ontario, Calif., office represented SteelCo USA, while David Nguyen of Lee & Associates and Brad Yates of Colliers International represented the seller in the transaction.

June 11, 2019

Acquisitions California Restaurant Retail Western

SRS Arranges $3.4M Ground Lease Sale of Joe’s Crab Shack-Occupied Property Near Disneyland

by Amy Works June 11, 2019

GARDEN GROVE, CALIF. — SRS Real Estate Partners has arranged the sale of the ground lease for a single-tenant restaurant property, located at 12011 Harbor Blvd. in Garden Grove. A Southern California-based private investor sold the property for $3.4 million. Joe’s Crab Shack occupies the asset, which is situated along restaurant row approximately 1.2 miles from Disneyland. Patrick Luther and Matthew Mousavi of SRS’ National Net Lease Group represented the buyer, a Southern California-based private investor, in the all-cash transaction.

June 11, 2019

Acquisitions California Multifamily Retail Top Stories Western

Douglas Emmett Acquires Apartment, Retail Complex in Los Angeles for $365M

by Jeff Shaw June 11, 2019

LOS ANGELES — Douglas Emmett Inc. (NYSE: DEI) has acquired The Glendon, a multifamily and retail complex in the Westwood Village neighborhood of Los Angeles, for $365 million. Built in 2008, The Glendon features 350 apartment units and 50,000 square feet of ground-floor retail space on a 4.3-acre plot. The multifamily and retail components combined were 97 percent occupied at the time of sale. The Glendon common areas were recently upgraded and the property is midway through a total unit renovation, which DEI plans to complete. Westwood Village is located approximately 12 miles west of downtown Los Angeles. The neighborhood is home to UCLA’s main campus, and abuts popular locations such as Los Angeles National Cemetery and Bel-Air Country Club. The Glendon is also located within walking distance of more than 2.1 million square feet of DEI-owned office space. DEI is a Santa Monica-based real estate investment trust. Although the seller was not officially disclosed, Clarion Partners purchased the property in 2014, according to Los Angeles Business Journal. With the acquisition of The Glendon, DEI has grown its total multifamily portfolio by over 20 percent in the last two years to more than 4,000 units in West Los Angeles and …

June 11, 2019

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