California

CIT Arranges $50M Acquisition Financing for Six-Property Industrial Portfolio in San Diego

by Amy Works October 24, 2018

SAN DIEGO — CIT Group’s Real Estate Finance division has arranged $50 million in financing for the acquisition of a six-property industrial portfolio in San Diego’s Otay Mesa submarket. BKM Capital Partners purchased the assets, which total 14 buildings and 703,215 square feet, from Stockbridge Capital Group for an undisclosed price. Cushman & Wakefield represented the seller in the transaction. The light industrial multi-tenant properties offer access to major transportation routes and the border crossing to Mexico. At the time of sale, the portfolio was 97 percent occupied by a diverse range of 44 tenants. The properties are: Border Point Business Park at 6754, 6744 and 6794 Calle De Linea San Diego International Center at 883 Siempre Viva Road Faraday Industrial Park at 2325, 2345, 2365, 2375 Michael Faraday Drive and 2350 Marconi Place Otay Business Center at 6987 and 6995 Calle De Linea Frontera Business Center at 2695 Customhouse Court Otay Crossing Business Park at 2340 Enrico Fermi Drive and 10025 Siempre Viva Road

October 24, 2018

California Loans Multifamily Seniors Housing Western

CBRE Provides $32M Acquisition Financing for 200-Unit Seniors Housing Community in Fresno, California

by Amy Works October 24, 2018

FRESNO, CALIF. — CBRE has provided $32 million in Freddie Mac financing for the acquisition of The Windham Senior Living, a 200-unit independent living and assisted living community in Fresno’s affluent Woodward Park neighborhood. The borrower is The Reliant Group, which plans to make capital improvements and bring in Cadence Senior Living to operate the community under a third-party management agreement. The property is situated on a 10.2-acre parcel and consists of a main three-story building and six one-story buildings featuring 30 cottages each. The CBRE team involved in the financing includes Aron Will and Austin Sacco of CBRE National Senior Housing, as well as Andrew Behrens and Jesse Weber of CBRE Multifamily Institutional Group. The 10-year, fixed-rate, Green Advantage loan features 72 months of interest-only payments. This transaction represents one of the first Freddie Mac Green Advantage loans closed in the seniors housing space.

October 24, 2018

Acquisitions California Office Western

Invesco Real Estate Buys Three-Building Creative Office Campus in Costa Mesa, California

by Amy Works October 23, 2018

COSTA MESA, CALIF. — Invesco Real Estate has acquired The Hive, a three-building creative office campus in Costa Mesa. A joint venture between Goldman Sachs and Steelwave sold the asset for an undisclosed price. Situated on 14.2 acres at 3333, 3335 and 3337 S. Susan St., the 181,822-square-foot property features flexible and open floor plans, a coffee bar adjacent to an outdoor tenant lounge area, a fitness facility with showers and lockers, a conference center, and multiple open-air patios with community activities. At the time of sale, the property was 82 percent occupied by five tenants: Los Angeles Chargers, Lazy Dog Café, Coding Dojo, Agility Fuel Solutions and Steelwave. In addition to existing buildings, the site is entitled for 65,000 square feet of additional commercial development. The seller purchased the property in 2015 and invested approximately $22 million into transforming the development, which was built in 2003, into a creative Class A environment. Kevin Shannon, Paul Jones, Blake Bokosky, Ken White and Brunson Howard of Newmark Knight Frank represented the seller, while Invesco Real Estate was self-represented the in the deal.

October 23, 2018

Acquisitions California Industrial Western

DAUM Commercial Arranges Sale of 93,818 SF Industrial Property Near Los Angeles

by Amy Works October 23, 2018

CITY OF INDUSTRY, CALIF. — DAUM Commercial Real Estate Services has arranged the sale of an industrial facility located at 13260-13280 E. Amar Road in City of Industry, a suburb 22 miles from downtown Los Angeles. Oak Brook, Ill.-based CenterPoint Properties acquired the 93,818-square-foot property for an undisclosed price. Situated on a 6.2-acre site, the building features 24 dock-high loading doors, more than 5,000 square feet of office space, 22-foot clear heights, 56 additional trailer stalls with more than 100-trailer storage capability and three drive-in bays, as well as Union Pacific rail service. CenterPoint plans to invest $2.5 million in renovations to upgrade the asset, which was built in the 1960s. Renovations will include creating a best-in-class, secure, lit and paved yard, updating the façade and modernizing the building systems. Rudy Lara and Nathan Lara of DAUM’s Inland Empire office represented the buyer in the off-market transaction.

October 23, 2018

California Development Industrial Western

Rockefeller Group Delivers 1.9 MSF of Industrial Product in Inland Empire, Sells Two Buildings Totaling 1.1 MSF

by Amy Works October 19, 2018

PERRIS AND SAN BERNARDINO, CALIF. — Rockefeller Group has completed construction of two projects totaling 1.9 million square feet of industrial space in the Inland Empire. Upon completion, the company sold two of the of four buildings, totaling 1.1 million square feet. Located in Perris, Optimus Logistics Center includes two speculative buildings totaling approximately 1.5 million square feet. Ferguson Enterprises, a U.S. distributor of plumbing supplies, PVF, waterworks and fire and fabrication products, acquired a 1 million-square-foot distribution facility at the center. The company plans to move and expand its Ontario, Calif., operations to the new facility. The move will enhance Ferguson’s distribution capabilities from 600,000 square feet to more than 1 million square feet. Additionally, Rockefeller Group sold an 81,286-square-foot industrial building at Tri-City Industrial Complex in San Bernardino to 4F Capital. Optimus Logistics Center features a 407,000-square-foot building available for sale or lease, and Tri-City Industrial has a 344,249-square-foot property available. Both buildings can be subdivided to approximately 138,000 square feet to accommodate a variety of end-user requirements. Mike McCrary, Peter McWilliams and Sharon Wortmann of JLL represented Rockefeller Group in the Optimus transaction, while Darla Longo, Bill Pellington, Len Santoro, Joey Sugar and Kevin Wille of CBRE …

October 19, 2018

Acquisitions California Retail Western

Lucescu Realty Arranges Sale of 326,608 SF Clovis Commons Shopping Center in California for $45M

by Amy Works October 19, 2018

CLOVIS, CALIF. — Lucescu Realty has brokered the sale of Clovis Commons Shopping Center in Clovis. Brixmor Property Group sold the retail center to an affiliate of a Southern California-based privately held investment and management company for $45 million. Target, Best Buy, T.J. Maxx, PetSmart, Office Depot and Dollar Tree anchor the 326,608-square-foot community shopping center. The five anchor tenants, included in the sale, together occupy approximately 64 percent of the gross leasable area in the center. Additional tenants include Round Table Pizza, Farmer Boys, Massage Envy, Sequoia Sandwich Co., El Pollo Loco, Chronic Taco, Verizon Wireless, Starbucks Coffee, Subway, GameStop, Kumon, Menchie’s, Cost Cutters and GNC. Mark Lucescu of Lucescu Realty represented the seller in the transaction.

October 19, 2018

California Loans Multifamily Western

Wilshire Skyline Receives $25M in Financing for 82-Unit Line Lofts Apartments in Hollywood

by Amy Works October 19, 2018

LOS ANGELES — Wilshire Skyline has received $25 million in refinancing for The Line Lofts, a newly completed multifamily community in Los Angeles’ Hollywood neighborhood. Mark Wintner of HFF arranged the 10-year, 4.45 percent fixed-rate loan through a correspondent life insurance company for the borrower. Located at 1737 N. Las Palmas Ave., The Line Lofts feature 82 lofts and flats, ranging from 415 square feet to 1,477 square feet, featuring luxury kitchens and baths, double-pane architectural windows, wood-grain plank flooring and atrium-style outdoor balconies. Zoltan Pali of SPF:architects designed the property. Common area amenities include The Sky Lounge, a penthouse-level lounge providing views of the city; The Retreat, an indoor/outdoor recreation center with a kitchen and lofted library, which opens to the outdoor pool and spa deck; The Wellness Spot, a lobby-level gym; and ground-floor retail.

October 19, 2018

Acquisitions California Industrial Office Western

Madison Capital, PGIM Real Estate Acquire 160,451 SF Mixed-Use Asset in San Francisco

by Amy Works October 18, 2018

SAN FRANCISCO — Madison Capital and PGIM Real Estate have purchased 360 Spear Street, a five-story mixed-use building located in San Francisco’s South Financial District. The transaction was valued at $95 million. The buyers plan to reposition the 160,451-square-foot property. In addition to 49,992 square feet of office space, the property features 110,459 square feet of life science, light industrial and production, and development and repair space. Approximately one-third of the property is leased to major credit tenants Verizon Wireless and AT&T, and the remaining space will be designated for light industrial and creative office tenants. Tim Hennessey of PGIM Real Estate and Jonathan Nachmani from Madison Capital led the acquisition. Seth Siegel of Cushman & Wakefield brokered the transaction.

October 18, 2018

Acquisitions California Industrial Western

Avison Young Brokers $2.7M Sale of Industrial Building in Temecula, California

by Amy Works October 18, 2018

TEMECULA, CALIF. — Avison Young has brokered the sale of an industrial property located at 43223 Business Park Drive in Temecula. Forum Capital acquired the building from a locally based owner-occupant for $2.7 million. Built in 1991 and situated within Rancho California Business Park, the 25,182-square-foot building features 22-foot to 24-foot clear height warehouse space. In addition, the property contains 6,000 square feet of office space in a two-story configuration with a reception area, conference room, offices, restrooms and break room. The buyer plans to use the 25,182-square-foot industrial facility for auto parts distribution. Stan Nowak of Avison Young represented the seller, while Cody Lerner, also of Avison Young, represented the buyer in the transaction.

October 18, 2018

California Mixed-Use Top Stories Western

Public-Private Partnership Breaks Ground on $453M Redevelopment Project in LA’s Koreatown District

by John Nelson October 18, 2018

LOS ANGELES — Trammell Crow Co. (TCC), in a public-private partnership with the County of Los Angeles (LA County), Public Facilities Group and Meta Housing Corp., has commenced construction of Vermont Corridor, a three-site redevelopment project in Los Angeles’ Koreatown submarket. The development costs are estimated at $453 million, according to local media reports. LA County owns all three sites, which span three city blocks between 4th and 6th streets. Situated on Vermont Avenue within one block of the Metro Red and Purple subway lines, the transit-oriented project comprises: • a new, 468,000-square-foot, Class A office headquarters for the LA County Department of Mental Health and Workforce Development, Aging and Community Services • an adaptive reuse of an existing 12-story office building into 172 residential units and • a 72-unit affordable seniors housing complex with a 13,000-square-foot community center to be operated by the YMCA of Metropolitan Los Angeles Construction will occur in multiple phases, beginning with the development of the Vermont Corridor County Administration Building. Designed by Gensler, the 21-story building will feature 7,500 square feet of ground-floor retail space, a peer resource center, fitness facility, open office floor layouts, outdoor terrace with an amenity deck, an indoor/outdoor conference …

October 18, 2018

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